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Australasia News

Galaxy extends offtake contract

By: Esmarie Iannucci     13th July 2020 Lithium miner Galaxy Resources has extended its existing offtake agreement with Yahua International Investment and Development Co by a further three years until the end of 2025. Yahua has an offtake for 120 000 t/y of high quality spodumene concentrate from Galaxy’s Mt Cattlin operation, in... 

Oil Search warns of impairments

By: Esmarie Iannucci     13th July 2020 ASX-listed Oil Search has warned of a non-cash impairment charge of between $360-million to $400-million for its interim results in 2020. The company on Monday told shareholders that the impairment charge took into account the prevailing economic conditions, the outlook for oil and gas prices... 

More Victorian gas exploration targeted

By: Esmarie Iannucci     13th July 2020 The Victorian government has awarded two new gas exploration permits off the state’s south-west coast, allowing Beach Energy and Bridgeport Energy to explore for gas. Minister for Resources Jaclyn Symes on Monday said that if initial exploration is successful, up to A$85-million could flow into... 

Platinum gets new lease in WA

By: Esmarie Iannucci     13th July 2020 Research done at Curtin University has developed a new method to extract platinum metal from ore, delivering an economically viable processing method for the Panton Sill platinum group metal (PGM) deposit, in Western Australia. The state government through the Minerals Research Institute of... 

Platinum gets new lease in WA

Investors in mining exploration should be incentivised – ANC’s ETC 

By: Martin Creamer     13th July 2020 Listings of mining companies on the Johannesburg Stock Exchange should be encouraged and South African retail investors willing to invest in mining exploration should be incentivised as is the case in other mining jurisdictions, the economic transformation committee (ETC) of the African National... 

ANC document says mining exploration should be incentivised.
Photo by Creamer Media
ANC document says mining exploration should be incentivised.

SSR Mining and Alacer shareholders approve combination

By: Mariaan Webb     13th July 2020 The shareholders of precious metals miners SSR Mining and Alacer Gold have approved their at-market merger, with only court approval still required for the transaction to close. On closing, each of Alacer’s shares will be exchanged for 0.3246 of an SSR common share. The transaction was approved... 

Chinese gold demand to remain strong regardless of pace of economic recovery, says the WGC

By: Marleny Arnoldi     10th July 2020 Gold has received more investment than all other major Chinese asset classes in the first half of this year, says the World Gold Council (WGC). In a WGC blog post, research manager Ray Jia says gold demand in China, particularly investment demand, has benefited from rising concerns about the... 

IEA warns oil demand recovery at risk from virus resurgence

By: Bloomberg     10th July 2020 The International Energy Agency bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound... 

Hydrogen targeted in the NT

By: Esmarie Iannucci     10th July 2020 The Northern Australian government on Friday unveiled its first ever Renewable Hydrogen Strategy to exploit the global demand for clean energy. The strategy outlines a five point hydrogen plan under which the industry and government would work together to prepare industry capabilities and... 

WA flagged as Australia battery destination

By: Esmarie Iannucci     10th July 2020 Western Australia has been tipped as the prime location for a battery cathode active material (CAM) manufacturing destination, according to a new report. The report, commissioned by the Department of Industry, Innovation and Science, pointed out that Australia currently produced nine of the ten... 

WA flagged as Australia battery destination

Copper is surging, but it doesn’t mean economy is booming

By: Bloomberg     10th July 2020 Copper prices are surging, and for once it’s not because the economy is booming. The metal – known colloquially as Dr. Copper because its performance is often used to gauge the health of the overall economy – has surged by a staggering 45% since mid-March. That’s despite the International... 

BFS affirms 'compelling' opportunity at Crown Mountain

By: Esmarie Iannucci     10th July 2020 A bankable feasibility study (BFS) into the Crown Mountain coking coal project, in British Columbia, has found that the project could produce an average of 1.7-million tonnes a year of saleable coal and 57.5-million tonnes a year run-of-mine coal over a mine life of 15 years. ASX-listed Jameson... 

The Crown Mountain project, in the Elk Valley coal field in south eastern British Columbia.
The Crown Mountain project, in the Elk Valley coal field in south eastern British Columbia.

Chesser raises cash for Senegal project

By: Esmarie Iannucci     10th July 2020 Gold explorer Chesser Resources will raise A$6-million to fund large-scale drilling at the Diamba Sud gold discovery, in Senegal. The company has received firm commitments from institutional and sophisticated investors for the placement of 75-million shares, at a price of 8c each. 

New copper record for Red River

By: Esmarie Iannucci     10th July 2020 Base metals miner Red River Resources has reported record copper production for the three months to June at its Thalanga operation, in Queensland, while zinc and lead production remained consistent with the previous quarter. Copper concentrate production in the fourth quarter reached 2 697 t,... 

Red Metal readies for exploration drive

By: Esmarie Iannucci     10th July 2020 Explorer Red Metal will raise A$3-million through a share placement to fund drilling at its projects across Australia. The company on Friday said it had received firm commitments for the placement of more than 33.33-million shares, at a price of 9c each, from institutional and professional... 

Thiess wins A$2.5bn contract extension

By: Esmarie Iannucci     10th July 2020 ASX-listed project house CIMIC Group has been awarded a five-year contract extension to continue providing mining services at the Lake Vermont coal mine, in Queensland. The contract extension, with Jellinbah Group, is expected to generate revenues of some A$2.5-billion for Thiess, CIMIC said on... 

Record-high gold prices are in sight 

By: Bloomberg     9th July 2020 Gold prices could be set to take out their long-standing record as mounting concerns about the global economy fuel gains above $1 800/oz. Spot bullion extended its advance into a sixth day as the resurgence of the coronavirus in some parts of the world adds to concerns about a protracted global... 

$83bn Australian pension fund to divest from thermal coal

By: Bloomberg     9th July 2020 Australia’s second-largest pension fund aims to almost halve carbon emissions across its investments within a decade as it joins global peers in mitigating the risks of climate change. First State Super said it will advocate for Australia’s economy to reduce its greenhouse gas emissions by 45%... 

Kvanefjeld by-products profitable - Greenland Minerals

By: Esmarie Iannucci     9th July 2020 By-products from the Kvanefjeld rare earths project, in Greenland, could contribute as much as $60-million in revenue annually, ASX-listed Greenland Minerals said. The company on Thursday pointed out that the Kvanefjeld deposit contained a large low-grade uranium resource, which could produce... 

IGO signs up for A$30m exploration deal

By: Esmarie Iannucci     9th July 2020 ASX-listed Antipa Minerals has inked a A$30-million farm-in agreement with metals miner Independence Group over the Paterson project, in Western Australia. Under the farm-in agreement, Independence could earn a 70% interest in a joint venture (JV). 

DevEx raises exploration funds

By: Esmarie Iannucci     9th July 2020 ASX-listed DevEx Resources has raised A$5.5-million to fast track exploration work in Western Australia and New South Wales. The company will place an initial 47.5-million shares, at a price of 10c each, to raise an initial A$4.7-million, under its existing placement capacity. A second tranche... 

Freeport is selling more copper than it thought in pandemic

By: Bloomberg     9th July 2020 The world’s biggest publicly traded copper company is navigating the pandemic better than it thought. Freeport-McMoRan expects to report about 8% more copper sales volume and 10% more gold in the second quarter than it forecast in April when it was first coming to grips with the implications of... 

Freeport is selling more copper than it thought in pandemic

South Africa’s July Ndlovu to chair World Coal Association 

By: Martin Creamer     9th July 2020 South Africa’s July Ndlovu has been appointed the chairperson of the World Coal Association (WCA), Mining Weekly can today report. Ndlovu, who heads Anglo American’s coal business in South Africa, takes up the position at a time when, in his words, “the role of responsible coal is front and... 

July Ndlovu and Michelle Manook.
Photo by World Coal Association
July Ndlovu and Michelle Manook.

Maintenance costs cut at Kayelekera

By: Esmarie Iannucci     9th July 2020 ASX-listed Lotus Resources has reduced the care-and-maintenance cost at its recently acquired Kayelekera uranium project, in Malawi, by some 75%, as the company advances certain restart activities. Lotus on Thursday told shareholders that care and maintenance costs for the mine have been reduced... 

Riley gets port access

By: Esmarie Iannucci     9th July 2020 Junior Venture Minerals has inked a port access agreement for its Riley iron-ore mine, in in Tasmania, with TasPorts. Venture on Thursday said that the agreement fully secured the pathway for production from the mine gate to shipping, and effectively meant that mining could immediately start,... 

Borborema economics improves - Big River

By: Esmarie Iannucci     9th July 2020 A review into the definitive feasibility study (DFS) for the Borborema gold project, in Brazil, has reduced the project’s expected costs from the original $99.3-million to $90.7-million. ASX-listed Big River Gold on Thursday noted that the review had resulted in changes to the process design,... 

Bellevue holds A$120m capital raise to fund gold project

By: Esmarie Iannucci     9th July 2020 Gold developer Bellevue Gold has launched a fully underwritten placement to raise A$100-million to accelerate project development at its namesake project in Western Australia. A share purchase plan (SPP) will also be launched with the aim of raising a further A$20-million.  

Rio Tinto closes NZ aluminium smelters

By: Esmarie Iannucci     9th July 2020 Major Rio Tinto on Thursday announced that it would wind down operations and eventually close the New Zealand aluminium smelters (NZAS), following the conclusion of a strategic review. The company in October last year announced a review into the future of the smelter, to determine the... 

Rio Tinto closes NZ aluminium smelters

Gold’s rally to $1 800 sees ETF inflows exceed full-year record 

By: Bloomberg     8th July 2020 Gold’s allure is only getting stronger as 2020 unfolds. Spot prices reached $1 800/OZ and year-to-date inflows into bullion-backed exchange-traded funds have topped the record full-year total set in 2009. Investors have favored havens this year as the coronavirus pandemic rips through economies,... 

GoviEx to appeal termination of Chirundu mining licence

By: Tasneem Bulbulia     8th July 2020 Dual-listed GoviEx Uranium has received a letter from the Mining Cadastre Department of Zambia notifying the company that it had terminated the Chirundu mining licence.  Under the Zambian Mines and Minerals Development Act of 2015, GoviEx has been given 30 days to appeal this decision, which the... 

Getting it right: Kogi Iron

By: Creamer Media Reporter      8th July 2020 Mining Weekly incorrectly reported on July 7 that ASX-listed Kogi Iron had received a large investment from European funds management company Torridon Investments Research to develop its Agbaja cast steel project, in Nigeria. However, Torridon, which is a European funds manager with billions of... 

Kirkland Lake reports increased gold output

By: Esmarie Iannucci     8th July 2020 Triple listed Kirkland Lake Gold has reported a 54% increase in gold production for the second quarter of 2020, compared with the previous corresponding period. The ASX, TSX, and NYSE-listed company on Wednesday announced that gold production in the three months to June had reached 329 770 oz,... 

The Detour Lake mine.
The Detour Lake mine.

Matador raises funds for Canadian exploration

By: Esmarie Iannucci     8th July 2020 Gold explorer Matador Mining has completed an A$8.7-million capital raise to fund exploration at the Cape Ray gold project, in Newfoundland. The company placed 21.4-million shares, at a price of 40.5c each, under its existing placement capacity.  

New Hope makes more job cuts

By: Esmarie Iannucci     8th July 2020 Coal miner New Hope has flagged a next round of redundancies as the stasis around the approval of its New Acland Stage 3 operation, in Queensland, continues. The miner on Wednesday announced that 14% of its corporate staff have been made redundant while 15% of the workforce at its port facility,... 

Northern Star sails past Covid issues

By: Esmarie Iannucci     8th July 2020 Despite the impacts of the Covid-19 pandemic, gold miner Northern Star has reported that its cash, bullion and investments increased by 40% at the end of June, compared with the previous quarter. Cash, bullion and investments increased to A$769.5-million, up from the A$551.4-million at the end... 

Saracen beats records in full year

By: Esmarie Iannucci     8th July 2020 ASX-listed gold miner Saracen Mineral Holdings has beaten its full year production expectations for the year ended June, announcing record production and cash flows. Saracen announced that full year production reached 520 414 oz, which was above the guidance of 500 000 oz previously set, with... 

Nova beats production guidance

By: Esmarie Iannucci     8th July 2020 The Nova base metals project, in Western Australia has beaten its full year production guidance, owner Independence Group said on Wednesday. During the full year ended June, the mine produced 30 436 t of contained nickel, 13 772 to of contained copper and 1 142 t of contained cobalt, which was... 

Era sees production fall in June quarter

By: Esmarie Iannucci     8th July 2020 Uranium miner Energy Resources of Australia (Era) has reported a 10% decline in uranium oxide production from its Ranger mine, in the Northern Territory, for the quarter ended June. Era on Wednesday reported that 377 t of uranium oxide was produced in the June quarter, down 10% on the previous... 

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