Mining Weekly
Glencore’s oil-price rigging puts spotlight back on benchmarks
Fri, 27 May 2022 11:40:00 +0200
Glencore's settlement with US prosecutors has cast fresh light on manipulation of an under-the-radar part of the commodities world that’s crucial for valuing physical deals and derivatives. The raw-materials giant this week agreed to plead guilty to rigging fuel-oil assessment prices after probes into wide-ranging bribery and corruption. The process for setting the benchmarks involves price reporters polling traders in the market for bids, offers and transactions so that they can publish values on products that otherwise would remain private information.
SilverCrest starts commissioning at Las Chispas
Fri, 27 May 2022 11:36:00 +0200
Ausenco Engineering Canada has completed construction of the Las Chispas processing plant, in Mexico, and handed it over to SilverCrest Metals, the Canada-based precious metals company reported on Thursday. Other construction activities handled directly by SilverCrest, including road, bridge, dry stack tailings facility, temporary diesel power plant and assay lab, have also been completed.
Equinox and Sandstorm launch new royalty company
Fri, 27 May 2022 11:14:00 +0200
Toronto-listed companies Equinox Gold and Sandstorm Gold on Thursday announced the creation of a new diversified metals royalty company, with assets in the Americas and Europe­. Equinox Gold and Sandstorm have entered into definitive purchase and sales agreements with Rosedale Resources, whereby Rosedale will acquire a portfolio of royalties from Equinox Gold for $28.4-million in shares of Rosedale and $32.9-million in promissory note convertible into common shares of Rosedale.
Electra advances cobalt refinery, says project budget at risk
Fri, 27 May 2022 10:58:00 +0200
Cost pressures emerging from systematic inflation, constrained global supply chains and the sanctions on trade with Russia have put the capital budget of Electra Battery Metals’ cobalt refinery, in Ontario, at risk. The TSX- and Nasdaq-listed company said on Thursday that project cost inputs, such as steel, copper, nickel and freight rates, have all increased. Labour and contractor rates have increased, with 8% to 9% wage settlements in construction trades, as well as a number of concurrent developments in Canada that created a very competitive market for experienced trades.
Billionaire’s seized mines pose quandary for new Zambian leader
Fri, 27 May 2022 09:20:00 +0200
Zambia’s new business-friendly president faces a dilemma: risk a political backlash by returning mining shafts seized from an Indian company his mines minister once labeled as the nation’s worst-ever investor, or prolong a three-year legal dispute over one of its most important assets. Hakainde Hichilema, who won power in August, has yet to say what he’ll do to revive Konkola Copper Mines -- key to realizing his ambition of more than doubling national output of the metal within five years and rebooting the debt-stricken economy.
Sigma Lithium doubles production target at Brazil mine - CEO
Fri, 27 May 2022 08:50:00 +0200
Canadian miner Sigma Lithium has more than doubled its target production rate at its Brazilian lithium mine, set to begin production in December, valuing the mine at $5.1-billion, co-chief executive Ana Cabral told Reuters on Thursday. Cabral said the mine will begin operations with a target of 37 000 t of lithium carbonate equivalent (LCE), but which should rise to 72 000 t of LCE once the mine is fully built.
Former Transnet CEO Siyabonga Gama arrested
Fri, 27 May 2022 08:39:00 +0200
Five former Transnet officials have been arrested by the Hawks and the National Prosecuting Authority's Investigating Directorate on Friday morning on charges of fraud, corruption and money laundering. News24 has established that two of the five include former Transnet CEO Siyabonga Gama and Eric Wood from the Gupta-linked companies Regiments Capital and Trillian Capital Partners. 
Talga grows graphite resource in Sweden
Fri, 27 May 2022 07:01:00 +0200
ASX-listed Talga has reported a 54% increase in the resource estimate for its Vittangi graphite project, in Sweden, adding more than 10-million tonnes to Europe’s largest graphite resource. The Vittangi project is now estimated to host a mineral resource of some 30.1-million tonnes of graphite ore, at 24.1% carbon in graphite.
Aus ready to meet Korean gas demand - Santos
Fri, 27 May 2022 07:00:00 +0200
Australia’s gas sector could benefit greatly from Korea’s decarbonising efforts, oil and gas major Santos said. Speaking at the Korean Government Energy Summit, Santos MD and CEO Kevin Gallagher noted that Korea’s proposed measures to cut particle emissions by restricting around one-quarter of Korea’s coal-fired power capacity during winter and its hopes to almost halve its coal-fired generation by 2030, would mean an increase in demand for liquefied natural gas (LNG).
POSCO Chemical plans to invest in $633m battery materials plant with GM
Fri, 27 May 2022 05:56:00 +0200
South Korea's POSCO Chemical said on Friday it plans to invest in a $633-million battery cathode materials plant in Canada with U.S. automaker General Motors Co (GM). The South Korean materials maker said in a regulatory filing that it plans to invest $278-million through September 2024 on the joint venture plant with GM.
Yancoal facing $1.8bn takeover from shareholder
Fri, 27 May 2022 05:51:00 +0200
ASX-listed Yancoal has gone into a trading halt after its major shareholder Yankuang Energy Group Company announced plans to acquire the remaining 37.7% of the company to the Hong Kong Stock Exchange. Yankuang Energy Group is considering offering Yancoal shareholders convertible bonds worth $3.60 each for the remaining 498.2-million shares not yet held by the company, valuing the transaction at around $1.8-billion.
Sayona raises A$190m for NAL's start in 2023
Fri, 27 May 2022 05:47:00 +0200
Lithium developer Sayona Mining on Friday announced a successful A$190-million institutional placement to fund the 2023 restart of its North American Lithium (NAL) operations in Québec. Sayona told shareholders that it had received firm commitments for the placement of more than one-billion shares at a price of 18c each, with the issue price representing a 12.2% discount to the company’s last closing price on May 24.
Magazine round up | 27 May 2022
Fri, 27 May 2022 03:00:00 +0200
A video round up of this week’s magazine, highlighting our cover story, features and Business Leader.
Workers at Rusal's Guinea bauxite mine go on strike
Thu, 26 May 2022 16:21:00 +0200
Workers at Russian aluminium giant Rusal's Guinea subsidiary Compagnie des Bauxites de Dian Dian (Cobad) went on strike on Thursday, a union leader told Reuters. Rusal did not immediately reply to a request for comment, and it was not immediately clear whether production at the Cobad bauxite mine was continuing.
Amplats signs five-year wage agreement with three unions
Thu, 26 May 2022 16:16:00 +0200
JSE-listed Anglo American Platinum (Amplats) has signed a five-year wage agreement with three of its four recognised unions. The wage agreement, which will be implemented from July 1, will result in an average 6.6% increase in employees’ cost-to-company salary every year over the five-year period.
NUM frustrated at exclusion from Mpumalanga energy summit
Thu, 26 May 2022 16:06:00 +0200
The National Union of Mineworkers (NUM) has expressed its frustration at not having been invited to participate in a two-day energy summit held in eMalahleni, Mpumalanga, earlier this week. The union says the Mpumalanga government had undermined it as a key stakeholder in the just energy transition. The summit was led by Premier Refilwe Mtshweni-Tshipane and attended by various provincial and national stakeholders including representatives from the Congress of the South African Trade Unions and power utility Eskom.
Kenmare paid Mozambique govt $15.41m in taxes, royalties in 2021
Thu, 26 May 2022 16:04:00 +0200
LSE-listed mineral sands miner Kenmare Resources paid $15.41-million to the government of Mozambique as part of its tax, royalties and fees payments for 2021. Kenmare operates the Moma titanium minerals mine, on the north east coast of Mozambique. It contains deposits of heavy minerals, including titanium minerals ilmenite and rutile, as well as the zirconium silicate mineral, zircon.
South Africa must reform its regulatory environment, make itself investor-friendly – simple
Thu, 26 May 2022 16:04:00 +0200
South Africa must reform its regulatory environment and make itself investor-friendly – simple. That is the straight-forward view of Dr Mathews Phosa, who was speaking to Mining Weekly in his capacity as the non-executive vice-chairperson of the high-flying Jubilee Metals Group plc, a London Aim- and Johannesburg AltX-listed company that is rolling out an investment of R786-million in South Africa and Zambia.
Sovereign Metals to publish ESG framework soon
Thu, 26 May 2022 15:36:00 +0200
ASX- and Aim-listed Sovereign Metals has taken what it deems proactive steps to establish an environment, social and governance (ESG) framework poised to position it as an industry leader on corporate social responsibility in Malawi, where it is developing the Kasiya rutile project. MD Dr Julian Stephens says Sovereign has worked hard to maintain a strong and positive social licence to operate in Malawi over the last decade.
Aton starts 5 000 m drilling programme at Hamama West
Thu, 26 May 2022 15:32:00 +0200
TSX-V-listed gold explorer Aton Resources started reverse circulation drilling at its Hamama West gold/silver project on May 25 as part of a programme expected to take between two to three months to complete. Located in the company’s fully-owned Abu Marawat concession, in the Eastern Desert of Egypt, the Hamama West project has an indicated resource of 137 000 oz of gold-equivalent (gold and silver), and an inferred resource of 341 000 oz of gold-equivalent.

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