Mining Weekly
Miners seek gold under the desert sands after Egypt changes rules
Fri, 23 Apr 2021 12:01:00 +0200
Mining companies awarded blocks in Egypt's Eastern Desert are set to start exploring for gold under a legislative overhaul that seeks eventually to unlock vast untapped mineral resources. Despite plentiful reserves and a rich mining history that gave rise to elaborate Pharaonic gold jewellery, Egypt has just one commercial gold mine in operation. Foreign investment in oil and gas has grown, but mining has languished. Now, the country is banking on high gold prices and amended mining laws that scrap red tape and a profit-sharing rule, unpopular in the industry, to lure interest.
Kazatomprom sells 49% of Ortalyk to China’s CGNPC
Fri, 23 Apr 2021 11:52:00 +0200
Kazakhstan national operator Kazatomprom on Friday announced that it would sell a 49% interest in Ortalyk to China General Nuclear Power Corporation (CGNPC) for $435-million. The sale and purchase agreement, signed on Thursday, followed a cooperation agreement between Kazatomprom and CGNPC entered late last year.
Second environmental court ruling hits BHP's Cerro Colorado mine
Fri, 23 Apr 2021 10:54:00 +0200
A Chilean court ordered BHP's Cerro Colorado copper mine, in the extreme north of the country, to cease drawing water from a riverbed near its facility and regulate nearby waste deposits following complaints from a nearby indigenous community. The ruling follows another by the Supreme Court in January which upheld local indigenous communities’ complaint that Cerro Colorado's operations were overdrawing water and impacting local wetlands and ordered a fresh environmental review.
Torex makes first foray into renewable energy at its mines
Fri, 23 Apr 2021 10:49:00 +0200
Canada-based intermediate gold producer Torex Gold on Thursday announced that it would build a new 8.5 MW solar plant at its Morelos property, which includes the El Limon Guajes mine and Media Luna project, in Mexico. The Toronto-listed company has entered into a commercial lease agreement with Scatec, a global renewable energy producer to build the plant, which will not only yield environmental benefits, but also an economic upside.
Sibanye prepares for the future with new senior management appointments
Fri, 23 Apr 2021 10:44:00 +0200
In line with its revised organisational structure, JSE- and NYSE-listed precious metals miner Sibanye-Stillwater has established various leadership positions to enhance the company’s capacity to conduct business in an increasingly dynamic and complex world, with stakeholders expecting delivery to “ever more exacting standards of responsibility and excellence”, says group CEO Neal Froneman. The new appointments are also on the back of the appointment of Richard Stewart as COO and Robert van Niekerk as CTO in February.
Canada Nickel consolidates and expands land package
Fri, 23 Apr 2021 10:40:00 +0200
TSX-V-listed Canada Nickel Company has entered a transaction to acquire the properties that it previously optioned from Noble Mineral Exploration, plus additional claims in northern Ontario. Under the terms of the transaction, the current option agreements with Noble Mineral Exploration will be terminated and Canada Nickel will acquire 100% of the optioned claims and other interests in return for 3.5-million of the company's common shares.
Kore focusing on pursuing Kola project
Fri, 23 Apr 2021 10:02:00 +0200
London-listed Kore Potash is excited at the opportunity presented by the Summit Consortium potentially financing the construction of the world-class Kola project, in Congo-Brazzaville, CEO Brad Sampson says in a company update. Kore on April 1 signed a nonbinding memorandum of understanding with Summit Consortium to arrange the total financing required for the construction of the project.
Neometals seeks London listing
Fri, 23 Apr 2021 10:00:00 +0200
ASX-listed Neometals on Friday announced that its was hoping to list on the London Stock Exchange (LSE) as part of its strategy to capitalise on UK and European investor interest. “Neometals’ projects are advancing towards development decisions, so the time is right to maximise liquidity and better access the huge pools of European investment capital,” said Neometals MD Chris Reed.
Mangaratiba iron-ore terminal in Brazil reopens
Fri, 23 Apr 2021 08:41:00 +0200
The environmental agency of Brazil's Rio de Janeiro state said on Thursday it has allowed Vale's iron ore terminal in Mangaratiba to reopen. Earlier authorities had closed the Ilha de Guaiba terminal, which exports nearly 40-million tons of iron-ore a year, saying it had been operating without a required permit.
Santos prices $1bn bond
Fri, 23 Apr 2021 08:25:00 +0200
Oil and gas major Santos has priced $1-billion ten-year bond in the US dollar market. The bonds have been priced at a fixed coupon of 3.649% for a period of ten years, and would mature in April 2031, with the company saying on Friday that the bond would extend its weighted average term to maturity on its debt facilities to more than five years, while lowering the weighted average cost of debt.
Silver Lake ups gold output in March quarter
Fri, 23 Apr 2021 08:17:00 +0200
Gold miner Silver Lake Resources has reported higher gold production for the quarter ended March, compared with the previous quarter. Group gold production in the three months to March reached 60 502 oz, up from the 57 566 oz produced in the previous quarter, while copper production increased slightly from 410 t to 411 t.
Hammer taps capital markets
Fri, 23 Apr 2021 08:00:00 +0200
Junior Hammer Metals will raise A$5-million in a share placement to existing, as well as sophisticated and institutional investors. The company on Friday announced that it had received firm commitments for the placement of more than 52.6-million shares, at a price of 9.5c each, representing a 13.6% discount to Hammer’s last closing price.
PGMs, exploration, ferrochrome make headlines
Fri, 23 Apr 2021 08:00:00 +0200
Mining Weekly Editor Martin Creamer unpacks how Government can help boost economic growth by joining the promotion of platinum group metals, how South Africa’s exploration backlog could be cleared by the Department of Mineral Resources and Energy and the ferrochrome industry taking its first steps towards independent power generation.  
Xanadu raises cash for Mongolian exploration
Fri, 23 Apr 2021 07:59:00 +0200
Dual listed copper explorer Xanadu Mines will raise A$10.2-million in a share placement to fund exploration work at the Kharmagtai copper/gold project, in Mongolia. The ASX- and TSX-listed company has received firm commitments for the placement of 163.8-million shares, at a price of 6.2c each to professional and sophisticated investors under its existing placement capacity.
Plans for Marillana firm up as JV is established
Fri, 23 Apr 2021 07:58:00 +0200
Juniors Brockman Mining and Mineral Resources (MRL) will officially form a joint venture (JV) over the Marillana iron-ore project, in Western Australia, to progress it towards development. The ASX-listed Brockman on Friday announced that MRL’s farm-in obligations, through its subsidiary Polaris Metals, had now been completed, with 50% of the Marillana project now being transferred to Polaris.
RareX mulls demerger and IPO
Fri, 23 Apr 2021 07:57:00 +0200
Junior RareX has announced plans to spin-out its nickel/copper/platinum-group element (PGE) and gold assets into a separately listed company. RareX said on Friday that the decision to pursue a demerger and separate listing for its Byro East nickel/copper/PGE and Orange East gold projects, in Western Australia and New South Wales respectively, followed a strategic review of the company’s asset base in light of the recent exploration success at the Cummins Range rare earths project, also in Western Australia.
Renascor to raise A$15m for Siviour work
Fri, 23 Apr 2021 07:55:00 +0200
Graphite developer Renascor Resources will raise A$15-million through a share placement to fund the technical, regulatory and marketing workstreams for its Siviour battery anode material project, in South Australia, ahead of a final investment decision. The company told shareholders on Friday that it had received firm commitments for the placement of 187.5-million shares at a price of 8c each, from institutional investors in both Australia and overseas.
Anglo American re-enters Grosvenor
Fri, 23 Apr 2021 07:54:00 +0200
Diversified miner Anglo American this week announced the start of the re-entry process to the underground workings os the Grosvenor coal mine, in Queensland, following approval from Resources Safety & Health Queensland (RSHQ). CEO of Anglo American’s metallurgical coal business, Tyler Mitchelson, said the re-entry was a positive step towards the safe restart of mining at Grosvenor.
Magazine round up | 23 April 2021
Fri, 23 Apr 2021 03:00:00 +0200
A video round up of this week’s magazine, highlighting our cover story, features and Business Leader.
Glencore chair defends pay plan for commodity trader’s new CEO
Thu, 22 Apr 2021 16:38:00 +0200
Glencore's chairperson defended an incentive plan for the commodity giant’s new chief executive officer, after prominent advisory firms urged investors to vote against it. Gary Nagle, the handpicked successor of outgoing CEO Ivan Glasenberg, will take over the helm of the world’s biggest commodity trader later this year. Unlike billionaire Glasenberg, he’s not a major shareholder and will be more dependent on his salary and bonus rather than dividend payments.