Canadian miner Teck Resources on Wednesday raised its forecast for sales volumes of its steelmaking coal in the third quarter, and also said it expects to realise an average price of around $158/t to $163/t.
US coal major Peabody Energy has notified lenders that it will repay a further $150-million of its senior secured term loan, bringing total debt repaid in the third quarter to $300-million. The St Louis, Missouri-based miner also said it was seeking amendments to accommodate a repricing of the company's senior secured term loan, which will total $647.6-million after the prepayment.
TSX-V-listed International Lithium Corp (ILC) has received the final proof of concept study for the recovery of lithium using membrane separation as a potential alternative to the natural evaporation process, which is currently proposed at the lithium brine joint venture project in Salta, Argentina.
Dual-listed Kirkland Lake Gold has entered into a term sheet agreement with Novo Resources to acquire 14-million units at a price of C$4 apiece, totalling C$56-million. Kirkland, which already owns about 9.2% of the issued and outstanding common shares of Novo, is expected to own around 18.2% of Novo – 25.5% on a partially diluted basis – by financing end.
LSE-listed Acacia Mining has bought put options covering 210 000 oz of gold at a strike price of $1 300/oz as it continues implementing ongoing cash outflow mitigation measures.
US coal major Peabody Energy struck a deal with the Lenton joint venture (JV), in which ASX-listed New Hope Corporation holds a 90% interest, to divest of the majority of its Burton mine, in Queensland, for $11-million.
Teck Resources dropped the most among large mining stocks after China Investment Corp unloaded nearly half its stake in Canada’s largest diversified miner. The Vancouver-based company dropped 6.7% to C$29.47 at the close in Toronto, making it the worst performer in the Bloomberg World Mining Index, which was little changed. The shares have gained 33% in the past year.
Canada’s Kirkland Lake Gold has invested C$56-million through a private placement in fellow-listed Novo Resources. Kirkland Gold would acquire 14-million units in the Western Australian-focused Novo, at a price of C$4 each, with the units consisting of one common share and one share purchase warrant, that could be exercised at a price of C$6 each within the next 36 months.
Following a business review in the wake of legislative changes in Tanzania, Aim-listed Shanta Gold is optimistic of emerging with a leaner cost structure, an enhanced focus on increased cash generation, greater internal Tanzanian leadership and reduced financial risk.
The directors of London-based Central Asia Metals (CAML) confirmed on Monday that they were in “advanced talks” with a third party on a “potential transaction”.
CAML, which has requested a suspension in the trading of its shares on the Aim, reported that the intended transaction would be classified as a reverse takeover under listing rules.