Gold developer Azumah Resources has finalised a A$17-million earn-in agreement with private equity group Ibeara Capital over the Wa gold project, in Ghana.
The agreement, which was announced in early August, will see Ibeara earn an initial 42.5% interest in Wa by spending $11.25-million over a two-year period. If additional funds are required to achieve the joint venture (JV) objectives, Azumah could elect not to participate in the funding, leaving Ibeara to sole fund the next A$2.8-million to earn an additional 5% interest in the project.
Metals developer Mod Resources on Friday announced plans to double its exploration budget for the next 12 months to A$10-million, to further test its licence holdings in Botswana.
Mod would extend drilling well beyond its T3 copper project, where a 70 hole diamond drilling campaign was currently in progress, to encompass district scale targets.
ASX-listed Geopacific Resources has raised A$10.5-million through a share placement to advance its Woodlark gold project, in Papua New Guinea, towards production.
The company on Friday announced that it would place 250-million shares, at 3c each, to a wide range of high-calibre investors, the majority of which were already shareholders.
Rare earths developer Hastings Technology Metals has signed its second offtake memorandum of understanding (MoU) over its Yangibana project, in Western Australia.
The MoU with China Rare Earth Holdings would see the two parties enter discussions to formalize a commercial offtake agreement for some 2 000 t/y of mixed rare earth carbonate.
ASX-listed Metals X has downgraded production expectations for the September quarter at its Nifty copper mine, in Western Australia, following a temporary suspension of operations in August.
The company on Friday told shareholders that as a result of the temporary suspension of operations, and the subsequent delays in underground stoping since operations were restarted in late August, copper production for the September quarter would be lower than previously anticipated.
ASX-listed Yancoal Australia has completed the acquisition of mining major Rio Tinto’s Coal & Allied (C&A) assets, marking the diversified mining company’s official exit from the thermal coal sector .
“Today is a significant achievement for Yancoal Australia and redefines our business as a leader within the Australian resources sector and a major competitor throughout international coal markets,” said Yancoal chairperson Xiyong Li.
The Minerals Council of Australia (MCA) has called on the Australian government to rethink its nuclear prohibition, saying the ban on nuclear power could no longer be afforded given the country’s current energy challenges.
“Nuclear power is off the table in Australia – literally banned,” the MCA’s executive director for uranium, Daniel Zavattiero said on Friday.
Peru will award rights to develop the proposed Michiquillay mine that holds an estimated 1.16-billion tonnes in copper resources on November 15, state bidding agency Proinversion said on Thursday. Anglo American returned Michiquillay to Peru in late 2014 due to capital constraints.
Brazil’s government said late on Thursday it would suspend action on a decree opening a vast section of the Amazon rainforest to mining, backtracking in the face of activist criticism and a legal challenge. The mining ministry said in a statement that, after consulting with President Michel Temer, it would suspend all procedures related to mining rights in the recently abolished mineral reserve for 120 days while it collects public feedback.
ASX-listed Centaurus Metals has completed exploration drilling at its Serra Misteriosa gold project, in northern Brazil, and is mobilising exploration field teams to the Salobo West copper-gold project, in the Pará province, in northern Brazil. The company announced Thursday that the first phase of the maiden drill programme at Serra Misteriosa had been completed, with nine holes drilled to date for a total of 2 450 m.
The exit by Cerro Vanguardia (CVSA) from its joint venture (JV) with CTSX-listed Mirasol Resources for the Claudia gold-silver project, in Argentina’s Santa Cruz province, is complete. Mirasol noted on Thursday that it had received the full exploration data set comprising the results of CVSA’s $1.97-million exploration programme completed at Claudia. It will also receive a $205 000 payment from CVSA for uncompleted exploration commitments.
JSE-listed Bauba Platinum swung to a net profit of R95.53-million in the financial year ended June 30, compared with a loss of R5.23-million in the prior financial year. The company’s only operating mine Moeijelijk resumed mining activities in January amid a significantly improved chrome ore market.
Russian aluminium giant Rusal said on Friday the second tranche of its Panda bonds with the principal of 500-million yuan had been priced, with a tenor of 2+1 years and a coupon rate of 5.5% per year.
The proposed offering of the Panda bonds is expected to be completed before Sept. 5, 2017, the company said.
The recent spike in fatalities at South African mines, with the most recent occurring at Harmony Gold’s Kusasalethu mine, near Carletonville, should serve as a timely reminder to the mining industry that a significant step change in health and safety practices is needed to ensure the goal of zero harm is achieved, Department of Mineral Resources (DMR) chief inspector of mines Mthokozisi Zondi said on Friday. A tremor measuring 1.3 on the Richter scale caused sections of the Kusasalethu mine to collapse at around 10:30 on August 25, resulting in the death of five employees.
Government must make a clear-cut decision on whether or not to proceed with shale gas exploration in the Karoo, University of Cape Town Institute of Marine and Environmental Law Professor Jan Glazewski said on Friday. Speaking to Engineering News Online on the sidelines of a national shale gas conference, in Port Elizabeth, on Friday, he said it was crucial to know if there were payable quantities of shale gas in the Karoo.
There are insufficient skills in South Africa to support the development of a shale gas industry, South African National Energy Association secretary general Dave Wright said at a national shale gas conference, in Port Elizabeth, on Friday. He noted that the country had a small and limited upstream exposure to shale gas and that there has not been a big demand for skills in that sector.
Mineral Resources Minister Mosebenzi Zwane said on Friday that the Kusasalethu mine incident where five mineworkers lost their lives should be a “turning point” in the health and safety of the country’s mining industry. “Kusasalethu mine deaths should be a turning point in mine safety in the country. We will begin to be tough in exercising our powers and regulatory issues like this,” Zwane said.
Minerals explorer Beowulf Mining chairperson Bevan Metcalf has announced his intention to retire from his role with the company.
Metcalf, who has been serving as executive chairperson since May 2015, will retire once a success has been appointed.
The Romanian government has announced that it will approach the United Nations Education, Scientific and Cultural Organisation (Unesco) to withdraw a request to declare the Roşia Montană gold mine a protected area.
Prime Minister Mihai Tudose reportedly told a talk show on Romania TV this week that his government would ask that Unesco set aside a request by the country’s former government, as the inclusion of the 2 000-year old mining area would make it impossible to exploit resources in the area.
NYSE-listed gold and copper producer Newmont’s Tanami expansion project, in northern Australia, has reached commercial production, adding profitable production and extending the life-of-mine, the company stated Thursday. The project, which was completed on time and within budget, will increase profitable gold production and support the ongoing exploration and development of Tanami’s prospective underground resource.
JSE-listed Tranx Hex will place its Baken mine, in the Northern Cape, on care and maintenance from November 1. The diamond miner on Friday said that, while every effort has been taken to sustain operations at the mine, its low-carat production and subsequent financial losses have made the operation unsustainable.
Deputy President Cyril Ramaphosa has called for a broadening of competition policy and legislation to address ongoing structural concentration in the ownership and control in key economic sectors in South Africa, while still continuing to address anticompetitive behaviour by companies. Speaking at the eleventh competition law and policy conference in Johannesburg on Friday, Ramaphosa described the performance of the competition authorities since their formal operational establishment on …
Chilean authorities’ handling of an iron-ore project has stoked a political storm that cost the jobs of two ministers. The industry hopes it will help keep politics out of projects in the future. In a country boasting strong institutions and clear rules of the game, a government committee’s decision to block the $2.5-billion Dominga project even after it was backed by regulators is sounding alarm bells in the industry.
Global diversified mining company Glencore has sold its 80% stake of the Rosh Pinah mine, and its 39% interest in the Gergarub project, both in Namibia, as well as its 90% stake of the Perkoa mine, in Burkina Faso, to zinc-focused base metals miner Trevali Mining Corporation for a total consideration of $417.8-million. Glencore’s sale of its portfolio of zinc assets included a cash payment of $245-million and shares in Canada-based Trevali worth $172.6-million, which has increased Glencore’s share in Trevali from 4.3% to 21.3%.
TSX-listed base metals miner First Quantum Minerals has signed an agreement with LS-Nikko Copper to acquire the Korea-based smelter’s 10% ownership interest and shareholder loans in Minera Panama, First Quantum’s Panamanian subsidiary, for a headline value of $635-million, payable in six installments over a five-year period. Minera Panama holds the concession for the Cobre Panama openpit copper development project, in Panama.
After serving two five-year terms, Abiel Mngomezulu is stepping down as CEO and president of national mineral research organisation Mintek, effective September 3. The Mintek board had not yet announced his successor after advertising the position in May.
ASX-listed junior Kingston Resources has stuck a binding heads of agreement with TSX-V listed WCB Resources to merge by way of a plan of arrangement.
Under the terms of the agreement, each WCB shareholder would receive 4.5 Kingston shares for every WCB common share held, to create a new Australasian focused gold and lithium development and exploration company.
The Association of Mining & Exploration Companies (Amec) has warned the Western Australian government, ahead of its Budget, that an increase in the gold royalty rate would be detrimental to investment in the sector.
Speculation emerged this week that the state government was considering hiking the current 2.5% production royalty, after Premier Mark McGowen pointed out that gold miners were not covered by State Agreements.
As the mining industry winds down from the supercycle, thereby coming under increasing budget constraints as markets tighten up and commodity prices fall, more mines are closing and the need for their rehabilitation is coming to the fore. There is growing debate regarding the use of rehabilitated mine land to produce either a viable crop or pasture for livestock or to rear livestock in a bid to expand South Africa’s fragile economy and help ease the burden caused by the loss of mining-related jobs by creating employment in agriculture.
Former workers who contracted deadly lung diseases in South African gold mines decades ago may soon finally receive compensation. Six large mining companies including Anglo American Plc have set aside about $390-million to settle a class-action lawsuit brought by victims. At the same time, a $290-million government-managed fund says it’s tripled annual payouts after tackling administrative problems that have left more than 100 000 verified claimants waiting for money.
Research shows a disturbing trend towards alcohol and drug consumption before work for people in mining and agriculture.
Platinum- and chrome-mining company Tharisa is to commission a 1 MW pilot-scale furnace to produce metal alloys rich in platinum-group metals (PGMs). Tharisa, headed by CEO Phoevos Pouroulis, is taking this action through its beneficiation research and development subsidiary Arxo Metals, which has entered into an agreement with Western Platinum, a subsidiary of Lonmin, on the operation of Lonmin’s K3 upper group two (UG2) chrome plant, as well as the marketing and sales of the UG2 chrome concentrate produced.
Uranium producer Peninsula Energy has warned of a $25-million to $35-million impairment charge in the second half of the financial year, following further downgrades in future uranium price consensus forecasts and lower annual production levels.
The impairment in the second half of the financial year was in addition to the $39-million non-cash impairment reported in the first half of the year.
HOUSTON–(BUSINESS WIRE)–DXP Enterprises, Inc. (NASDAQ: DXPE) today issued an announcement regarding the impact of Hurricane Harvey. DXP’s thoughts and prayers are with those that have been and continue to be affected by Hurricane Harvey and the devastating flooding in Houston and surrounding communities. We would like to thank everyone for the outpouring of concern directed towards DXP and our employees. We have received countless calls, emails and texts from our fellow employees, business as
Dual-listed Orocobre has delivered a maiden full-year net profit after tax of A$19.4-million on the back of the first full financial year of commercial production at its Olaroz lithium facility, in Argentina.
The ASX- and TSX-listed company has reported record production of 11 862 t of lithium carbonate for the year ended June 30, with 12 296 t sold, generating revenue of $120-million.
