Mining Breaks

South Australian explorer Magnetite Mines has built total probable ore reserves to 1.98Bt and extended the potential mine life at its 100%-owned Razorback project with the posting of a maiden reserve of 362Mt at the Iron Peak deposit.
At 16.8% mass recovery, Iron Peak is the highest-grade deposit and priority mining target at the project 55km S of Yunta in SA.
The Iron Peak deposit remains open at depth and along strike. CEO Tim Dobson says the company is assessing potential upside from further drilling and investigations.

European Metals and its 51% JV partner, leading European energy group CEZ, remain on track for development of the Cinovec lithium-tin project in Czechia with agreement to purchase an industrial site for construction of the plant to beneficiate the ore and produce battery-grade lithium hydroxide.
The $US44M land package is 6km from the Cinovec mine portal area. Its purchase allows DRA Global to complete plant layout designs.
The DFS for the proposed $644M mine development to produce 29,386tpa battery-grade LiOH.H2O over 25 years is due in the Dec 2023 qtr.

AIM-listed producer BlueRock Diamonds has fallen into administration due to uncertainty about the financial situation of its high-quality Kareevlei mine in South Africa’s Northern Cape province.
Operations at the mine remain suspended despite the renewal of its mining licence. Negotiations have been under way for a project restructure, but BlueRock says it’s doubtful of receiving a final distribution.
Allister Manson and Trevor Binyon of Opus Restructuring were appointed joint administrators on June 5.

Australian explorer Surefire Resources has posted a maiden aluminium oxide resource of 37.7Mt @ 23.3% Al2O3 at its Victory Bore project, boosting the potential of its 100%-owned WA Mid West project ahead of an economic PFS due in Nov.
The aluminium resource is additional to Victory Bore’s vanadium resource of 234.8Mt @ 0.39% V2O5.
Surefire indicates the potential to produce high-purity alumina as well as vanadium at Victory Bore will benefit from the ability to use magnetic beneficiation to separate the vanadium and aluminium ores, minimising waste quantities.

Australian multi-commodity miner Clara Resources will press on with a scoping study after processing tests supported its plans to reopen a long-abandoned thermal coal mine in northern NSW to produce coking coal.
The Ashford mine supplied unwashed thermal coal for over 30 years to a local power station before both were closed in 1989.
Clara says tests by metallurgical consultants A&B Mylec have encouraged the long-held belief that the Ashford coal specifications are close to coking coal standards.
The proposed mine revival will also benefit from construction of Australia’s Inland Rail Project, which will open an efficient haulage route for coal production to Newcastle port.

A 48% increase in measured and indicated contained nickel has strengthened the project operating model for Poseidon Nickel as it moves towards a final investment decision on the restart of mining at its Black Swan project in Western Australia.
The update by independent resource consultant WSP Australia on assay data to May 2023 delivers 118,000t (16Mt @ 0.73%) measured and indicated, within the total mineral resource of 189,000t (26.3Mt @ 0.72%). Both exclude 7,800t (1.6Mt @ 0.5%) in historical mine stockpiles.
MD-CEO Peter Harold says the upgrade is a key deliverable in Poseidon’s “fill the mill” strategy leveraging off Black Swan’s existing infrastructure including its 2.2Mtpa process plant.

A 48% increase in measured and indicated contained nickel has strengthened the project operating model for Poseidon Nickel as it moves towards a final investment decision on the restart of mining at its Black Swan project in Western Australia.
The update by independent resource consultant WSP Australia on assay data to May 2023 delivers 118,000t (16Mt @ 0.73%) measured and indicated, within the total mineral resource of 189,000t (26.3Mt @ 0.72%). Both exclude 7,800t (1.6Mt @ 0.5%) in historical mine stockpiles.
MD-CEO Peter Harold says the upgrade is a key deliverable in Poseidon’s “fill the mill” strategy leveraging off Black Swan’s existing infrastructure including its 2.2Mtpa process plant.

Canadian-focused lithium explorer Green Technology Metals will assess the potential for stand-alone development of its 100%-owned Root project in Ontario after updating its inferred mineral resource to 12.6Mt @ 1.21% Li2O and 62ppm Ta2O5.
Root is 200km W of GT1’s flagship Seymour project, which holds indicated and inferred resources of 9.9Mt @ 1.04% Li2O and 137ppm Ta2O5.
CEO Luke Cox says the Root project update is just the beginning, with field exploration now started on an expanded untested area and the potential to host its own concentrator in line with its corporate strategy.

Miner/explorer Perseus Mining is preparing to return to its 70%-owned Meyas Sand gold project in Sudan, a little over a month after withdrawing most of its employees from the exploration project due to escalating armed conflict.
Perseus says the continuing conflict between rival military units has not resulted in any reported incidents near the project, which is nearly 900km N of Khartoum.
A security force led by company personnel and including national mining police as well as local community representatives will protect the site. Perseus expects to restart preliminary sitework and confirmatory drilling by end-June.

Developer Pembroke Resources has celebrated one of Australia’s largest steelmaking coal producers with the first dirt moving at its Olive Downs Complex in the Bowen Basin of central Qld.
Olive Downs is expected to reach its first shipments of high-quality coking coal and pulverised coal injection products in early 2024 to key markets including Japan, India and South Korea. Its JORC reserve of 527Mt is expected to sustain an 80-year mine life.
The official opening featured senior executives of full mining services contractor Thiess and equipment suppliers Caterpillar and Hastings Deering. The mine features the first autonomous-ready 794 AC haul trucks, CAT’s autonomous haulage system and autonomous drilling system in Australia.

International explorer Megado Minerals has halted plans to commence on-ground exploration activities at its Cyclone lithium project in the James Bay region of Quebec, Canada in mid-June due to the province’s wildfires crisis.
Quebec’s Ministry of Natural Resources and Forestry has banned access to forest lands and closed forest roads while crews battle to bring more than 160 fires under control.
With all geological exploration in the James Bay region banned, Megado and partner Dahrouge Geological Consulting have demobilised until further notice. CEO-MD Ben Pearson says it can’t avoid a delay but, as the companies were not yet fully mobilised, the impact should be minimal.

Australian miner Westgold Resources has gone public with a $A177M all-scrip off-market takeover offer for explorer Musgrave Minerals, a move it claims will provide a fast-track development route for Musgrave’s Cue gold project in WA.
It argues combining the companies will be safer than Musgrave’s proposal to develop a $121M stand-alone processing facility in a region already well serviced with processing infrastructure.
The 1-for-5.37 shares offer equates to 30cps, up from Musgrave’s 5-day VWAP of 22.9cps. Westgold made a confidential initial approach to the Musgrave board last week, but says a surge in share trading volumes shows the secret has been leaked.

Australian miner Bowen Coking Coal has raised $A40M it hopes will help it counter third-party logistical delays that have slowed development of the Ellensfield South pit at its Burton Complex in Qld and impacted its near-term cashflow.
At the same time as completing its placement at 17ps with strong support from new and existing institutional investors, BCB has launched a $10M fully underwritten share purchase plan.
Ellensfield South is expected to deliver first coal in Sept, and at steady state its low-cost, high-yield output should substantially increase Burton coking coal exports.

Canadian-based explorer Kincora Copper has engaged international financial services company Cerberus Advisory to lead a review process after receiving unsolicited expressions of interest in its 100%-owned Southern Gobi copper-gold project portfolio in Mongolia.
Kincora says the review will consider partnering, funding and other asset initiatives for the assets, led by its Bronze Fox project with resources of 1.2Mt Cu and 0.8Moz Au.
Since conducting the first modern district-scale exploration across the region, Kincora has been seeking third-party investors while it turns its focus on its large Australian portfolio.

The worsening risk of wildfires has led Winsome Resources to halt drilling and field activities at its projects in the James Bay region of Quebec, Canada.
With the province’s fire authority reporting it is battling 153 fires, Winsome says it has responded to its request to cease field exploration but will continue the processing of previously drilled core.

A formal investment decision is imminent on Hillgrove Resources’ Kanmantoo copper-gold project in South Australia after gaining Foreign Investment Review Board approval for a $A17M placement by commodities trader Freepoint Metals & Concentrates.
Hillgrove says it has now raised a total $38M to complete underground development and continue mine life expansion drilling at its 100%-owned project 55km SE of Adelaide.
The company has already entered key contracts, appointed key employees and commenced underground development in anticipation of its final investment decision, remaining on track for first copper concentrate production in the March 2024 qtr.

The way is clear for Bellevue Gold to pour first gold in the Dec qtr from its 100%-owned namesake project in the West Australian Goldfields after gaining its state government tailings facility and water storage permits, the final approvals required for commissioning and full operation of the forecast 200,000ozpa producer.
Construction and underground development for the redevelopment of the historic project 40km NW of Leinster are running on time and on budget.

Australian producer Evolution Mining has given the go-ahead for a full feasibility study into a underground expansion that promises to extend the life of its Ernest Henry mine by 11 years out to 2040 by delivering an extra 343,000t copper and 609,000oz gold.
The approval follows an update that more than doubled proved and probable reserves at the N Qld mine to 77.4Mt @ 0.76% for 589,000t Cu and 0.45g/t for 1.11Moz Au and a PFS that defined incremental NPV of $690-1,010M and IRR of 28-38%.
MD-CEO Lawrie Conway says, on top of the excellent PFS financial returns, Evolution’s current exploration success will further boost the new study.

Attacks allegedly by illegal miners allied with a major crime gang have been blamed for the deaths of two workers and injuries to another 15 at a gold mine in Colombia owned and operated by Chinese government majority-owned Zijin Mining.
Zijin has shut down operations in 60% of the underground complex due to the risk of attacks by illegal miners, Reuters reports.
The attacks have become so frequent the Colombian Mining Association has suggested Zijin employees wear body armour and have police protection against gun attacks and attacks using cylinders of propane gas.

It’s arbitration or nothing for Australian-based explorer Energy Transition Minerals after the Greenland government formally rejected its exploitation licence application for its 100%-owned Kvanefjeld project.
The project has been in peril since late 2021 due to the government’s opposition to uranium mining, given its significant occurrence among the rare earths, zinc and fluorspar content.
MD Daniel Mamadou says the government’s decision relates to its original 2019 application, which included uranium production. An amended application in Dec 2022 treating uranium as an impurity will be decided separately.
Mamadou says ETM has no choice but to continue with plans to lodge a statement of claim with Copenhagen’s arbitral tribunal in July.

The Namibian government has moved to counter “misconceptions” that led to widespread reports it may seize minority stakes in mining and petroleum producers.
The fallout from media reports has impacted uranium miners and developers Paladin Energy, Deep Yellow, Bannerman Energy and Elevate.
“The government has no intention to seize any stake from existing mineral or petroleum licence holders and remain committed to uphold the sanctity of contract,” it said in a statement aimed at clarifying comments by mines minister Tom Alweendo last week.
It may demand a minimum stake through the state-owned Epangelo Mining or National Petroleum Corp in future mineral or petroleum licences to meet the Namibian people’s legitimate expectations of having an ownership share in the country’s natural resources.