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Australasia News
New economics unveiled for Kanmantoo
By: Esmarie Iannucci 27th February 2023 An updated economic assessment into the Kanmantoo underground copper mine, in South Australia, has estimated that the Stage 1 operation could deliver free cash flows of up to A$205-million from the restart of operations in 2023. The economic assessment estimated that the project could be brought... →
Sierra Rutile sees increased earnings
By: Esmarie Iannucci 27th February 2023 ASX-listed Sierra Rutile Holdings has reported a 38% increase in revenue for the full year ended December, on the back of increased production and higher rutile prices. Revenue for the full year reached $254-million while earnings before interest, tax, depreciation and amortisation (Ebitda)... →
Bellevue appoints mining contractor
By: Esmarie Iannucci 27th February 2023 Gold developer Bellevue Gold has awarded near A$24-million openpit mining contract to a subsidiary of NRW Holdings. Bellevue said on Monday that mining at the Vanguard open pit is set to start in late March or early April, and will offer Bellevue the opportunity to generate early cashflow via a... →
Stanmore's investment delivers results
By: Esmarie Iannucci 27th February 2023 Coal miner Stanmore has reported an 852% increase in revenue for the full year ended December, and a 10 597% increase in net profits, following its $1.35-billion deal with diversified miner BHP and Mitsui & Co to acquire an initial 80% interest in the SMC asset last year. The company at the end... →
Australian exploration spend dips
By: Esmarie Iannucci 27th February 2023 New data from the Australian Bureau of Statistics (ABS) on Monday indicated that mineral and petroleum exploration expenditure fell during the December quarter by 1.3% and 9.9% respectively. In seasonally adjusted terms, mineral exploration fell by A$13.7-million to over A$1.01-billion. In... →
End in sight for Warrego
By: Esmarie Iannucci 27th February 2023 Suitor Hancock Energy has started the compulsory acquisition of the remaining shares in ASX-listed Warrego Energy, after gaining a 95.63% interest in the takeover target. Warrego on Monday announced that the process was likely to take between four to six weeks to complete. →
Core produces first concentrates at Finniss
By: Esmarie Iannucci 27th February 2023 Junior Core Lithium has produced its first spodumene from its Finniss lithium project, in the Northern Territory. The company on Monday announced that it had completed construction of the dense media separation (DMS) plant, and commissioning is now well advanced. →
Lynas still fighting in Malaysia
By: Esmarie Iannucci 27th February 2023 Rare earths miner Lynas on Monday said it had lodged two administrative appeals to the Malaysian government over the recent renewal of its operating licence in that country, which prohibits the import and processing of lanthanide concentrate after the start of July, and which would mean the... →
Pilbara secures downstream funding, pays first dividend
By: Esmarie Iannucci 27th February 2023 Lithium miner Pilbara Minerals on Monday reported that its joint venture (JV) with Korean major POSCO, POSCO Pilbara Lithium Solution Co, had executed a $460-million debt facility with Korean government-owned banks. The debt facility represents the balance of the total funding requirement for... →
Woodside posts impressive results
By: Esmarie Iannucci 27th February 2023 Oil and gas major Woodside has reported a 73% increase in production volumes for full year ended December, driving a 142% increase in operating revenue and a 172% increase in earnings before interest, tax, depreciation and amortisation (Ebitda). Woodside on Monday reported that production during... →
Gascoyne plans major capital raise
By: Esmarie Iannucci 27th February 2023 Gold junior Gascoyne Resources has unveiled a A$50-million funding package to advance exploration work and deliver an updated operating plan for its Dalgaranga gold project, in Western Australia. The funding package will comprise a A$26.3-million equity raise, a A$21.3-million investment from... →
Lithium producers defy mining sector slump with surging profits
By: Bloomberg 24th February 2023 Lithium producers in Australia saw profits surge on the back of high prices last year, avoiding a slump in earnings by other metal miners. Pilbara Minerals, one of the nation’s top producers, and Allkem both said net income jumped more than 10-fold in the second half of 2022 from a year earlier.... →
World warming at rate well above what Paris Agreement requires, Anglo CEO warns 
By: Martin Creamer 24th February 2023 The world is on a trajectory to reach 2.7°C of warming above pre-industrial levels, which is quite a long way mathematically from the 1.5°C that is required by the Paris Agreement. This was pointed out by Anglo American CEO Duncan Wanblad, quoting independent sources such as Climate Action Tracker. →
Anglo American CEO Duncan Wanblad.
Allkem posts massive jumps in revenue
By: Esmarie Iannucci 24th February 2023 Lithium miner Allkem has nearly tripled revenue in the half-year ended December, compared with the previous corresponding period, on the back of higher production from its Olaroz operation, in Argentina, and higher commodity prices. Group revenue for the interim period increased to... →
Vulcan marks another environmental milestone in Germany
By: Esmarie Iannucci 24th February 2023 ASX-listed Vulcan Energy Resources has marked another milestone at its Zero Carbon lithium project, in Germany, receiving a preliminary environmental approval (EIA) for drilling further development wells at its core Insheim license. The preliminary EIA approval found that the environmental... →
Newmont-Newcrest tie-up to create 'significant value' – Palmer
By: Mariaan Webb 24th February 2023 US-based gold major Newmont CEO Tom Palmer has expressed his disappointment in the Newcrest board’s rejection of the group’s $17-billion takeover of the Australia-based company. Newmont is engaging with the Newcrest team in relation to their offer to provide it with access to more information,... →
King hosts sit-down with critical minerals stakeholders
By: Esmarie Iannucci 24th February 2023 Federal Resources Minister Madeleine King this week met with key industry and community groups to discuss how to best develop Australia’s critical minerals sector. King said the roundtables discussed how governments could help attract investment and support the development of critical minerals... →
Consortium revises offer for Origin
By: Esmarie Iannucci 24th February 2023 Takeover target Origin Energy this week said it would continue discussions with a consortium after receiving a revised takeover proposal from the consortium. The company in November last year received a A$9 a share non-binding indicative takeover offer from the consortium, which includes... →
BHP prices $2.75bn in US markets
By: Esmarie Iannucci 24th February 2023 Major BHP has successfully priced $2.75-billion of senior unsecured bonds in the US market. The offering comprises three tranches of bonds, the first tranche of which is $1-billion in three-year bonds priced at a fixed coupon of 4.875% maturing on February 27, 2026. →
Rio extends mine life at Diavik
By: Esmarie Iannucci 24th February 2023 Diversified miner Rio Tinto has extended the mine-life at its Diavik diamond mine, in the Northwest Territories of Canada, announcing a $40-million investment in the first phase of underground mining below the existing A21 openpit. “Rio Tinto’s decision to support the underground development of... →
Catalyst strikes another gold deal in WA
By: Esmarie Iannucci 24th February 2023 ASX-listed Catalyst Metals is continuing with its acquisitions campaign, announcing plans to acquire TSX-V listed Superior Gold. Catalyst and Superior Gold have agreed to merge via a Canadian Plan of Arrangement which has been unanimously recommended by the Superior board. Under the terms of the... →
De Beers delivers excellent set of 2022 results 
By: Martin Creamer 23rd February 2023 Diamond company De Beers last year delivered a revenue of $6.6-billion and earnings before interest tax depreciation and amortisation (Ebitda) of $1.4-billion built on operational excellence across its producing assets. Rough diamond production increased by 7% to 34.6-million carats, reflecting... →
Rio battles high-bidding carmakers in hunt for lithium deals
By: Bloomberg 23rd February 2023 Rio Tinto, one of the world’s most profitable companies, faces a tough battle to grow its lithium business, with some of the biggest carmakers prepared to pay a price it won’t match. Lithium is Rio Tinto’s No. 1 target for deals, but it’s found that companies such as Tesla seem willing to outbid... →
Gold Fields’ production exceeds guidance but its full-year profit falls
By: Donna Slater 23rd February 2023 JSE- and NYSE-listed gold miner Gold Fields produced 2.4-million ounces of gold for the year ended December 31 – a 3% year-on-year increase and exceeding guidance of between 2.31-million and 2.36-million ounces. In what interim CEO describes as an "eventful" year for the gold producer, its profit... →
Gold Fields interim CEO Martin Preece
Tin prices to take a dip this year as global economy slows
By: Marleny Arnoldi 23rd February 2023 Research agency Fitch Solutions Country Risk & Industry Research expects tin prices to remain under pressure over the first half of this year as the global economy continues to slow. The agency maintains its tin price forecast for 2023 at $20 000/t, as a strengthening dollar places a cap on... →
Anglo has 600 MW keyed up ready to go, green hydrogen also developing rapidly, says Wanblad
By: Martin Creamer 23rd February 2023 All policy in South Africa specifically relating to energy certainly does tend to be moving into a path of time and space where it really is incentivising the building out of renewable energy generation capacity in the country, said Anglo American CEO Duncan Wanblad on Thursday when the London-... →
Lucapa recovers 150ct diamond in Angola 
By: Esmarie Iannucci 23rd February 2023 A 150 ct white diamond has been recovered from ASX-listed Lucapa Diamond’s Lulo alluvial mine, in Angola. The company on Thursday said that the stone was the fifth of more than 100 ct recovered from Mining Block 28, and was the thirty-sixth stone of more than 100 ct to be recovered at Lulo. →
Nifty's funding talks fail to deliver
By: Esmarie Iannucci 23rd February 2023 ASX-listed Cyprium Metals has been forced back to the drawing board after failing to secure funding to restart its Nifty copper project, in the Pilbara. The company has called off a previously announced share placement to raise A$35-million after its negotiations with international debt capital... →
Qld's hydrogen ambitions get watered
By: Esmarie Iannucci 23rd February 2023 Queensland’s budding hydrogen industry has been given a boost with the approval of the A$983-million Fitzroy to Gladstone water pipeline. The Fitzroy to Gladstone Pipeline will deliver water security to the Gladstone region , where industry currently generates A$6-billion in gross regional... →
Closer alliance needed for critical minerals development - Minister
By: Esmarie Iannucci 23rd February 2023 Government and industry would need to work together to bring forward a new wave of investment to advance Australia’s critical minerals sector, federal Resources Minister Madelein King said this week. Speaking in Perth, King noted that Australia’s critical minerals major project pipeline... →
Pacific Nickel close to Kolosori start
By: Esmarie Iannucci 23rd February 2023 Junior Pacific Nickel is hoping to start direct shipping ore (DSO) production at its Kolosori nickel project, in the Solomon Islands, late in the third quarter of this year, subject to financing and contractor mobilisation. The company on Thursday told shareholders that following the completion... →
MinRes and Albemarle deepen partnership
By: Esmarie Iannucci 23rd February 2023 US lithium major and ASX-listed Mineral Resources (MinRes) have announced plans to restructure the MARBL lithium joint venture (JV), in Australia, and for MinRes to invest in Albemarle conversion assets in China. Under the restructuring agreement of the MARBL JV, MinRes would increase its... →
King still believes in Chevron's CCS plans
By: Esmarie Iannucci 23rd February 2023 Federal Resources Minister Madeleine King has backed US energy major Chevron’s carbon capture and storage (CCS) efforts at its Gorgon liquefied natural gas (LNG) project, in Western Australia. The Gorgon project off the coast of Western Australia is Australia’s only carbon capture use and... →
Cost brings down Regis' joy
By: Esmarie Iannucci 23rd February 2023 While cost pressures impacted gold miner Regis Resources’ earnings in the half-year ended December, the miner reported an increase in gold sales and gold revenues. Regis has reported that gold sales for the half year ended December had reached 227 000 oz, up from the 217 000 oz in the previous... →
Minbos flags cost cuts in Angola
By: Esmarie Iannucci 23rd February 2023 ASX-listed Minbos Resources has flagged a $10-million capital cost saving at its Cabinda phosphate project, in Angola, on the back of a simplified flowsheet. The company on Thursday reported that following field trials in December last year, which confirmed that phosphate rock from the Cácata... →
Red 5 to raise A$90m
By: Esmarie Iannucci 23rd February 2023 Junior gold miner Red 5 has completed a fully underwritten A$90-million capital raise to support work at the newly commissioned King of the Hills (KOTH) mine, in Western Australia. The ASX-listed miner has completed a bookbuild for a fully underwritten A$80-million two-tranche share placement,... →
Cokal raises cash to advance BBM
By: Esmarie Iannucci 23rd February 2023 ASX-listed Cokal will raise A$16-million to accelerate metallurgical coal production at its Bumi Barito Mineral (BBM) project in Indonesia, where first saleable coal was recently produced. Cokal on Thursday announced that it would place some 100-million new fully paid ordinary shares to... →
BHP trials green fuel in the Pilbara
By: Esmarie Iannucci 23rd February 2023 Diversified miner BHP is trialling the use of Hydrotreated Vegetable Oil (HVO) at its Yandi iron-ore operations, in Western Australia, to help power mining equipment. Supplied through a collaboration with energy major bp, the renewable diesel made from HVO will be used in haul trucks and other... →
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