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Australasia News
Alto ups Lord Nelson estimate
By: Esmarie Iannucci 27th May 2020 Takeover target Alto Metals has reported a 60% increase to the resource estimate of its Lord Nelson deposit, at the Sandstone gold project, in Western Australia. A Joint Ore Reserves Committee compliant mineral resource of 1.8-million tonnes, grading 1.9 g/t gold for 109 000 oz of gold has now... →
Rox to increase stake in Youanmi
By: Esmarie Iannucci 27th May 2020 Junior Rox Resources has announced plans to raise more than A$12-million to fund an increased stake in the Youanmi gold project, in Western Australia. Rox has received binding commitments from institutional and sophisticated investors to raise an initial A$8.74-million through a placement... →
Taylor urges more gas for Australian domestic market
By: Esmarie Iannucci 27th May 2020 Federal Energy and Emissions Reduction Minister Angus Taylor has called on the state and territory governments to unlock more gas for the domestic market. Quoting the latest official electricity data, Taylor noted that gas fired electricity generation accounted for 21% of Australia’s total... →
Lithium producers must wait as pandemic slows electric vehicle revolution
By: Reuters 26th May 2020 The coronavirus pandemic has paused the electric vehicle revolution, forcing producers of battery metal lithium into survival mode with output cuts, expansion delays and sales of major assets. Lithium industry shares have dropped sharply since January as the economic downturn from the pandemic... →
Gold giant Australia is firing back up a record exploration boom
By: Bloomberg 26th May 2020 Gold miners in Australia -- set to leapfrog China next year to become the top producer -- are resuming a pandemic-disrupted exploration spree as prices surge amid a dearth of major discoveries. “Gold does really well in volatile times, so my sense of this is we’re on the cusp of a fairly major... →
Drilling under way at Altus' Mali project
By: Tasneem Bulbulia 26th May 2020 Dual-listed Altus Strategies has started a 1 600 m diamond drilling (DD) programme at its Tabakorole gold project, in southern Mali. The programme is focused on the 2.7-km-long FT Prospect and is being managed and financed by Glomin Services under the first phase of a joint venture (JV) between... →
Australia's Downer EDI secures $295.7m Eliwana mine contract from Fortescue
By: Esmarie Iannucci 26th May 2020 Australia's Downer EDI has secured a A$450-million ($295.70-million) contract from Fortescue Metals Group for early mining and maintenance services at Eliwana iron-ore mine in the Pilbara region of Western Australia, the engineering contractor said on Tuesday. Fortescue, the world's No. 4... →
Neometals adds to Gillett estimates
By: Esmarie Iannucci 26th May 2020 Junior Neometals has reported a 30% increase in the mineral resource at the Gillett deposit, at its Mt Edwards nickel project, in Western Australia. The Gillett deposit is now estimated to host some 1.3-million tonnes, at 1.7% nickel for 22 500 t of contained nickel. →
Piedmont's North Carolina plans unveiled
By: Esmarie Iannucci 26th May 2020 Studies by ASX-listed Piedmont Lithium has delivered a viable alternative source for lithium hydroxide based out of the US. Piedmont on Tuesday revealed that a prefeasibility study (PFS) into a proposed lithium hydroxide chemicals plant in Kings Mountain, in North Carolina, had proven the... →
Senex adjusts production, sets more gas for domestic market
By: Esmarie Iannucci 26th May 2020 ASX-listed Senex Energy on Tuesday said that it has reached an agreement with Gladstone Liquefied Natural Gas (GLNG) to re-direct around 1 PJ of natural gas from the Roma North project to the domestic market. Senex told shareholders that the company would market the natural gas, along with... →
Titan launches Core Gold review, flags asset sale
By: Esmarie Iannucci 26th May 2020 ASX-listed Titan Minerals has launched a strategic review into the assets of newly acquired Core Gold, flagging the potential divestment of its Peruvian and non-core gold assets. Core Gold has been delisted from the TSX:V exchange since Titan’s acquisition of the Canadian company, with Titan now... →
New Century takes aim at Vale Goro nickel/cobalt mine
By: Esmarie Iannucci 26th May 2020 Base metals miner New Century Resources has struck an exclusivity agreement with major Vale to negotiate the purchase of a 95% interest in the issued shares of Vale Nouvelle-Caledonie (VNC), which owns the Goro nickel and cobalt mine, in New Caledonia. Vale said on Tuesday that the negotiations... →
ELB shareholders vote in favour of Australian business disposal
By: Marleny Arnoldi 26th May 2020 JSE-listed capital equipment and solutions provider ELB Group will proceed with selling its Australian business, after a majority of shareholders voting in favour of the disposal. The company hosted a general meeting on May 25 for shareholders to vote on the proposed disposal of ELB Australia. →
OreCorp completes share placement
By: Esmarie Iannucci 26th May 2020 Gold and base metals developer OreCorp has completed the placement of 45-million fully paid ordinary shares, raising A$13.5-million. The company in May announced the capital raise, priced at 30c a share, to fund continued work at its Nyanzaga gold project, in Tanzania. →
BHP pledges A$3.3m to Aboriginal health services
By: Esmarie Iannucci 26th May 2020 Diversified miner BHP will invest more than A$3.3-million in funding through its Vital Resources Fund to Aboriginal and Torres Strait Islander controlled community health services across Australia, as part of new partnerships established to support communities through the Covid-19 pandemic.... →
Coronado to restart US operations
By: Esmarie Iannucci 26th May 2020 ASX-listed Coronado Global Resources has taken the decision to restart its Buchanan and Logan mining operations, in the US, on June 1. The company noted that as a result of substantial inventory reduction over the past two months, the idled mines would resume production to jointly provide more... →
South Africa’s potential to export green hydrogen boosted 
By: Martin Creamer 26th May 2020 South Africa, which has been examining its competitiveness as a potential supplier of green hydrogen to Japan, is also being courted by Europe as a potential supplier in a world that is taking steps to decarbonise, Mining Weekly can report. Clean hydrogen is enjoying unprecedented political and... →
Prieska economics improve with BFS
By: Esmarie Iannucci 26th May 2020 An updated bankable feasibility study (BFS) into the Prieska copper/zinc project, in South Africa has increased the capital requirements for the project by some A$21-million while extending the mine life and increasing the expected free cash flows. ASX-listed Orion Minerals on Tuesday told... →
CRU warns most commodities have further to fall
By: Mariaan Webb 25th May 2020 As the economic fallout of governments’ responses to the Covid-19 pandemic is starting to be counted, commodity market analyst CRU has warned that the repercussions will be significant and that most commodities prices have not yet reached the bottom. The coronavirus crisis has affected all... →
M&R says order book remains healthy, despite delayed projects
By: Marleny Arnoldi 25th May 2020 JSE-listed engineering and construction group Murray & Roberts (M&R) says few of its projects have continued with little or no disruption as a result of Covid-19-related suspensions and restrictions. As a result, the company is reasonably certain that its earnings per share (EPS) for the... →
Kairos finds drill funding
By: Esmarie Iannucci 25th May 2020 Junior explorer Kairos Minerals will raise A$4.2-million to fund drilling and exploration programmes at its Pilbara gold project, in Western Australia. The company on Monday said that it had received firm commitments to raise an initial A$2.5-million through a share placement priced at 1.1c a... →
Warrego raises A$15m
By: Esmarie Iannucci 25th May 2020 ASX-listed Warrego Energy will raise A$15-million through a two tranche share placement to institutional and sophisticated investors to fund drilling at its West Erregulla assets, in Western Australia. The first tranche will consist of 94.9-million shares will be issued under the company’s... →
Kalium Lakes raises cash to fund Beyondie overrun
By: Esmarie Iannucci 25th May 2020 Potash developer Kalium Lakes has raised A$48.8-million through the completion of a share placement and the institutional component of its entitlement offer, to fund the cost-overrun in the construction of its Beyondie sulphate of potash (SOP) project, in Western Australia. The company last... →
Santos and Denison start gas exploration in Qld
By: Esmarie Iannucci 25th May 2020 Oil and gas major Santos and junior Denison Gas will start exploring for new gas resources in Queensland. Mines Minister Dr Anthony Lynham said Santos would seek new gas between Chinchilla and Roma and Denison Gas would start exploring for gas near Emerald. →
Resource exports remain strong - ABS
By: Esmarie Iannucci 25th May 2020 New data by the Australian Bureau of Statistics (ABS) has shown that while the value of exports and imports of goods both decreased in April, demand for resource commodities remained strong. The preliminary international trade figures show that exports fell A$4-billion or 12% from the record... →
Weekly Coal Index Report
25th May 2020 Coal prices enjoyed a moderately volatile yet upbeat week, at least for API#4, although the RB1 discount widened a little. Rand strength also means that domestic prices are lower. The wider energy complex stabilised with oil prices moving higher, although natgas is still suffering from oversupply. →
Miners call for changes to boost investment
By: Esmarie Iannucci 25th May 2020 The Minerals Council of Australia (MCA) has urged the Australian government to implement reforms to lower taxes and shorten project approval times, to allow the minerals industry to play a greater role in supporting the economy post Covid-19. CEO Tania Constable on Monday said that the industry... →
NT gets serious about post-Covid economy
By: Esmarie Iannucci 25th May 2020 The Australian Petroleum Production and Exploration Association (Appea) has welcomed the formation of the Territory Economic Restructuring Commission in the Northern Territory. Chief Minister Michael Gunner said that the Territory Economic Restructuring Commission would be tasked with helping to... →
Western Areas takes major stake in Panoramic as part of capital raise
By: Esmarie Iannucci 25th May 2020 Nickel miner Panoramic Resources on Monday announced A$90-million capital raise to de-risk the restart of its Savannah nickel mine, in Western Australia, and to fund project enhancement activities. Panoramic told shareholders that it would undertake a fully underwritten institutional placement,... →
Mponeng detects 196 Covid cases, suspends mining – AngloGold Ashanti
By: Martin Creamer 24th May 2020 Gold mining company AngloGold Ashanti on Monday confirmed that, following the detection of its first positive Covid-19 case at its Mponeng gold mine last week, a comprehensive screening, contact tracing and testing programme had revealed 196 positive cases at the site in Merafong, in Gauteng... →
Full reopening of mining from June 1 – President Ramaphosa
By: Martin Creamer 24th May 2020 Subject to strict Covid-19 protocols, mining will be allowed to reopen fully from June 1, President Cyril Ramaphosa said on Sunday. In his address on South Africa’s response to the coronavirus pandemic, the President announced that South Africa would advance to level 3 from June 1, with an... →
President Cyril Ramaphosa
Australia’s Fortescue ups stake in Candente Copper
By: Mariaan Webb 22nd May 2020 Australian iron-ore major Fortescue Metals has made another C$1.38-million investment in TSX-listed Candente Copper, upping its interest to 19.92%. Through wholly owned subsidiary Nascent Exploration, Fortescue has subscribed for 27.5-million at C$0.05 apiece in Candente, which owns a... →
Trident raises funds to execute opportunities
By: Tasneem Bulbulia 22nd May 2020 Diversified miner Trident Resources has successfully placed 80-million new ordinary shares, at a price of 20p per ordinary share, raising gross proceeds of about £16-million, or about $20-million. The placing was led by Tamesis Partners, Ashanti Capital and Azure Capital and received strong... →
A gold vault in London is key to a $62bn ETF’s success
By: Bloomberg 22nd May 2020 Gold-backed ETFs are on pace for a record haul in a year that’s seen some funds tracking oil futures founder. Investors have poured unprecedented amounts of cash into gold exchange-traded funds, with inflows totaling $16.8-billion in less than five months and set for a record year, according to... →
Lynas says political debate puts US Defence contract progress on hold
By: Marleny Arnoldi 22nd May 2020 A political debate on the merits of rare-earth supply in the US has put on hold progress on the US Department of Defense (DoD) Phase 1 contract for a heavy rare-earth separation facility. This is according to Australia's Lynas, which on April 22 had been advised of the DoD's intent to award a... →
Alto receives potential competing offer
By: Mariaan Webb 22nd May 2020 Takeover target Alto Metals has a new suitor – privately owned investor Habrok Mining. The Western Australia-based gold explorer said on Friday that it had received a proposal from Habrok to make an offmarket takeover offer of 6.6c a share. The intended offer beats the 6.5c-a-share offer that... →
Red 5 buys more prospective deposits around Darlot mine
By: Marleny Arnoldi 22nd May 2020 Australian gold miner Red 5 has exercised an option to buy gold deposits 10 km north of its Darlot mine, in Western Australia. The deposits - Cables and Mission - were last reported by Leopard Resources to host an inferred resource of 185 000 oz. →
Basto to run BHP’s Australian mines
By: Mariaan Webb 22nd May 2020 Edgar Basto has been promoted to president of mining major BHP’s entire suite of Australian operations, including iron-ore, coal, nickel and copper, with effect from July 1. The Colombia-born executive previously headed BHP’s Western Australia iron-ore business and is filling the position left... →
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