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‘Innovative’ Pan African funding avoids dilution, says analyst thmess

Mining Weekly 1 week ago
UK-based Edison analyst Lord Ashbourne has hailed dual-listed Pan African Resources’ funding package for its Mintails dump retreatment project, outside Johannesburg, as an “innovative” transaction that avoided dilution. The funding, which was completed early this week, entails a synthetic forward sale agreement with Rand Merchant Bank (RMB), whereby the mining company will sell 4 846 oz a month of gold to RBM for 24 months, starting in March at a fixed price of R1.025-million a kilogram ($1 750/oz) in return for an upfront premium of R400-million.

Germany in talks with coal giant to end mining eight years earlythmess

Mining Weekly 1 week ago
The German government is in talks with the country’s second-biggest coal miner to end production by 2030, eight years earlier than the company planned, according to people familiar with the matter. Discussions between Economy Minister Robert Habeck and Thorsten Kramer, CEO of LEAG, started after Habeck toured LEAG’s power plant near Spremberg last month and are continuing, the people said, asking not to be identified because the talks aren’t public. Germany wants to phase out coal in 2030 — bringing forward an earlier target of 2038. Now it needs to get the companies to help it comply.

Indian industries stock up on coal before summer crunch arrivesthmess

Mining Weekly 1 week ago
Industries in India, including metals producers and paper makers, are stockpiling coal to avert shortages during the summer, when heat-waves are expected to drive consumption of the country’s main power generation fuel. Although supplies to non-power industries have improved in recent months, companies remain wary of shipments thinning out when demand from power stations soars during the hot season starting in April. The fear of disruptions to mine output when monsoon rains begin a couple of months later is also a factor.

China to look at measures to curb 'unreasonable' iron-ore pricesthmess

Mining Weekly 1 week ago
China's state planner said on Friday it will look at measures to curb "unreasonable" iron ore prices, the latest in a series of warnings to the market to try to cool surging prices. The price monitoring centre of China's National Development and Reform Commission (NDRC)recently visited Qingdao port in eastern China and Tangshan port in northern China to investigate port inventories of iron ore, storage fees and the market and price situation, it said in a notice on its official Wechat account.

Lockheed Martin sells deep-sea mining firm to Norway's Lokethmess

Mining Weekly 1 week ago
Norway's Loke Marine Minerals has acquired deep-sea mining firm UK Seabed Resources (UKSR) from US weapons manufacturer Lockheed Martin, the companies said on Thursday as international rules governing seabed mining are hammered out. Norway, whose vast oil and gas reserves made it one of the world's wealthiest countries, has taken a leading role in the global race to mine the ocean floor for metals that are in high demand as countries transition away from fossil fuels.

EU tags copper and nickel as strategic, but industry wants morethmess

Mining Weekly 1 week ago
The European metals sector welcomed a move by the EU on Thursday to include copper and nickel as strategic materials for the first time and ensure speedier permits and easier access to capital, but said more could be done to secure supplies. The Critical Raw Materials Act (CRMA) unveiled by the European Union adds the two major industrial metals to a list that had previously focused on more niche minerals such as cobalt, lithium and rare earths.

Exxaro well-advanced on own-mine renewables plan, says new energy MDthmess

Mining Weekly 1 week ago
Coal miner Exxaro has advanced considerably on progressing the generation of renewables to supply electricity to its own mining operations, newly appointed Exxaro MD for Energy Leon Groenewald said in response to Mining Weekly during Thursday’s media conference at which the JSE-listed coal, energy and ferrous markets company Exxaro reported record earnings before tax interest depreciation and amortisation (Ebitda) of R19 002-million in the 12 months to December 31. Groenewald said financial close on the large-scale solar facility at Lephalale, which is being reported in alternating current (AC) rather than direct current (DC) terms, is expected in the next couple of weeks.

Base metals recover from banking shocks; face weekly lossthmess

Mining Weekly 1 week ago
Most base metals prices rallied on Friday, boosted by an easing of concerns over a banking crisis triggered by Silicon Valley Bank and Credit Suisse, but lingering fears over rising interest rates and recession left them on course for weekly losses. Three-month copper on the London Metal Exchange rose 1.9% to $8 683.50 a tonne by 08:57 GMT. The contract has declined 2.1% this week.

UEC increases total resources in Arizonathmess

Mining Weekly 1 week ago
US-based Uranium Energy Corp (UEC) has increased the resources under its control in Arizona to 32-million pounds in the measured and indicated category and about 4.5-million pounds in the inferred category. The increase follows the disclosure of mineral resources for the Workman Creek project, in Arizona. Total disclosed inferred resources for the project is stated at 4.46-million pounds-equivalent of uranium oxide (U3O8), with 1.98-million tons grading 0.113% U3O8-equivalent. Drill data from 446 holes was used for the Workman Creek resource estimate.

Tendele prepares for another onslaught against Somkhele mine expansionthmess

Mining Weekly 1 week ago
KwaZulu-Natal-based Tendele Mining says it will defend its right to mine at the Somkhele anthracite coal mine, near Mtubatuba, north of Richard’s Bay, amid a latest attempt by an environmental organisation to halt the restart of the operation. Tendele has been preparing to resume development activities at the mine following a hiatus in activity, owing to several months of previous litigation that sought to close the mine.

Minto to cease copper shipments through Skagway portthmess

Mining Weekly 1 week ago
Canadian miner Minto Metals on Thursday announced that it would not have access to the Port of Skagway, Alaska, for at least two years, while the port undertakes a redevelopment project to better position itself for cruise ships and tourism. The port redevelopment project involves significant rework of the Ore Dock over the next two years and the industrial section revamp will restrict ore loading until the project is completed.

Just energy transition to be job-positive, but youth skills and businesses crucialthmess

Mining Weekly 1 week ago
South Africa's transition from fossil fuel dependence to a renewable energy-based economy will add more jobs than will be lost in fossil fuel value chains, but the skills that young people have to participate in the transition, including by establishing careers and businesses in nascent value chains, is a central element of any just energy transition discussion. These were some of the views expressed by a range of energy industry representatives who spoke during the 'Youth dialogue on the Just Transition' webinar hosted by the Department of Mineral Resources and Energy (DMRE) and the South African National Energy Association on March 16.

LRC buys James Bay area royalty from Arianne thmess

Mining Weekly 1 week ago
Development-stage phosphate mining company Arianne Phosphate has sold royalties covering 25 mining claims in the James Bay area, Quebec, to Toronto-listed Lithium Royalty Corp (LRC) for C$2.35-million. The royalty, retained by Arianne as part of an earn-in option agreement first entered into in 2009, provided for a 1.5% net smelter return on the property.  These claims currently constitute part of speciality lithium chemicals company Allkem’s James Bay lithium project.

Copper Mountain appoints new president and CEOthmess

Mining Weekly 1 week ago
Toronto-listed Copper Mountain Mining has appointed Patrick Merrin as president and CEO with effect from April 24. Merrin has extensive experience in the mining industry including ten years of senior executive operational and technical experience.

Financing models, exploration, solar projects make headlines thmess

Mining Weekly 1 week ago
Mining Weekly Editor Martin Creamer discusses Orion Minerals’ plan to build smaller but get base metals into production much sooner; Rifle-Shot’s Dilley Naidoo's belief that exploration investment is the key to get the country’s economy going; and Exxaro’s plans to build a 68 MW solar power plant in Limpopo.  

ARC’s portfolio resilient amid challenging macroeconomic environmentthmess

Mining Weekly 1 week ago
JSE-listed African Rainbow Capital (ARC) says its diverse investment portfolio has shown remarkable resilience in what was challenging macroeconomic conditions for all the firms it is invested in, in the six months ended December 31, 2022. ARC’s intrinsic investment value in the African Rainbow Capital Fund (ARC Fund) increased by 0.2% from R13.24-billion as at June 30, 2022, to R13.27-billion at the end of December 31, indicating stability.

G2 Goldfields to raise C$12m in bought-deal offerthmess

Mining Weekly 1 week ago
TSXV-listed G2 Goldfields has announced a C$12-million capital raising to advance exploration activities at its Oko project, in Guyana. The company has entered into an agreement with a syndicate of underwriters, led by Cormark Securities, to purchase on a "bought deal" basis 15-million common shares of the company at a price of C$0.80 each.
Mining Weekly covers real-time news on mining projects across a range of minerals including gold, platinum, diamonds, copper and ferrous metals.
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