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Mining Bulletin

The full story: In-depth news and analysis

OZ MINERALS TEAMS WITH HAVILAH TO ADVANCE POTENTIAL NEW S AUST COPPER PROVINCE

Prominent Australian producer OZ Minerals has teamed with explorer Havilah Resources in a strategic alliance that aims to explore and develop what could be Australia’s next great copper region in the Curnamona Province of South Australia.

JUBILEE METALS EXPANSION GENERATES EARLY PRODUCTION AND COST BENEFITS

Metals recovery specialist Jubilee begins to see significant results from a bold £39.5M expansion and optimisation program at its South African platinum group metals and chrome operations and Zambian copper and cobalt tailings projects.

STRIKE/COVID-19 IMPACTS FORCE ORVANA MINERALS Q1 NET LOSS

A Spanish transport strike and continuing Covid-19 have pushed gold/copper miner Orvana Minerals from a profit to Q1 22 $5.84M loss on gold equivalent output falling to 10,600oz from 15,920oz

HUDBAY MINS: Q1 22 $74M LOSS-TO-PROFIT TURNAROUND DESPITE OUTPUT FALLS

Q1 22 loss-to-$64M profit turnaround for miner Hudbay Mins, despite a string of problems sending all production down

$87M STREAM FUNDING PACKAGE ADVANCES ORION TOWARDS PRIESKA MINE DEVELOPMENT

Major funding and technology agreements deliver pivotal steps towards the development of Orion Minerals’ major development projects in South Africa’s Northern Cape province.

IAMGOLD: FROM LOSS TO Q1 22 PROFIT ON GOLD PRODN UP TO 174,000oz

IAMGOLD out of the blocks and running with Q1 22 gold production well up and profit where there used to be loss

BROADMEADOW CONTRACT ADVANCES BOWEN TOWARDS HIGH AMBITION

Indonesian-owned BUMA Australia expects to begin site work within two weeks after being awarded the coal mining services contract for Bowen Coking Coal’s planned second producing mine, the Broadmeadow East project in Queensland.

SSR MINING: BIG Q1 22 PROFIT SLIDE TO $76M

Lower SSR Mining Q1 22 production from its 4 global operations pushes profit down to $76M, the only positive performer being lead

LUNDIN MINING: IMPRESSIVE Q1 22 DESPITE PRODUCTION FALLS

Lundin Mining has a booming Q1 22 profit run up to $378M from Q1 21's $154M, but on global production down, with the exception of nickel

SANDFIRE RES: MATSA STEPS INTO THE Q3 22 SANDFIRE FRAY

A transformational Q3 22 sees the MATSA mine in Spain join Sandfire Resources to lift copper output, with gold set to fire as the expansion locks in

NEWMONT: Q1 22 PROFIT JUMP DESPITE GOLD FALL

Despite a substantial gold hit, global major Newmont has gone from Q4 21 loss to a Q1 22 $432M profit

‘LIVING WITH COVID’ DAMAGES OZ MINERALS IN Q1 PRODUCTION DOWNTURN

COVID impacts on workforce availability and the additional disruptions of a massive rainstorm that halted road access and supplies to its flagship mine have slowed March quarter production by Australian copper and gold miner OZ Minerals.

SOLGOLD: NEW REPORT FLAGS WORLD CLASS ECUADOR PROJ

New report flags a golden future for SolGold's Cascabel copper-gold-silver project in Ecuador, with the possibility of its LoM going out from an initial 26-years to 50-years

COVID IMPACTS ON NEW PROJECTS SLOW RIO TINTO’S Q1 IRON ORE PERFORMANCE

Rio Tinto chief executive Jakob Stausholm has re-emphasised the need to lift the global mining giant’s operational performance after a challenging first quarter of FY2022 that saw lower production of iron ore, aluminium and copper.

MAGNETITE RESOURCE ADDITION BOOSTS CASTILE’S ROVER 1 TENNANT CREEK PROJECT

Australian explorer Castile Resources is advancing its strategy of extracting maximum value of each tonne of ore mined with the addition of a new 933,000t magnetite resource at its polymetallic Rover 1 project in the NT.

BLACK CAT OUTLINES 24-MONTH PATH TO FIRST MINING AT FORMER NORTHERN STAR MINES

Black Cat Syndicate’s ambitions to become a mid-tier Western Australian gold producer rest on a four-year schedule for development and mining its portfolio of three high-grade mines in the state’s Eastern Goldfields, Eastern Pilbara and Tanami regions. John Feary reports

SYRAH RESOURCES WINS $107M GOVERNMENT FUNDING PROMISE FOR US BATTERY METAL PLANT

US agency offers $107M loan funding under Biden critical minerals strategy to back lithium miner-processor Syrah Resources’ vertically integrated battery metal facility in Louisiana.

KENMARE SEES A BRIGHTER OUTLOOK AFTER WEATHER BLIGHTS ITS Q1 MOMA PERFORMANCE

Poor weather through the March quarter has limited production and shipping volumes at Kenmare Resources’ Moma titanium minerals mine in Mozambique, but the world-leading mineral sands producer is confident better weather will keep it on track through FY2022.

SHEFFIELD-YANSTEEL TARGET 2024 PRODUCTION AFTER $160M NAIF LOAN FOR THUNDERBIRD

Confirmation of up to $160M in financial assistance from the Northern Australia Infrastructure Facility supports plans by Sheffield Resources and 50-50 joint venture partner Yansteel to finalise project funding in the September quarter for development of the Thunderbird mineral sands project on WA’s Dampier Peninsula. John Feary reports

ROBUST BFS SETS MC MINING FOR EARLY START ON MAKHADO COAL PROJECT

South African coal producer MC Mining is targeting the finalisation of financing arrangements and start of construction in 2022 based on a positive BFS for its 68%-owned Makhado hard coking and export-quality thermal coal mine.
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ALTONA PROJECT SET FOR FUTURE DEVELOPMENT

Foster Stockbroking has slashed its buy recommendation for shares in base metals miner Altona Mining by 10c after Xstrata Copper opted not to exercise its option to acquire a 51% stake in Altona’s Roseby copper project in Queensland, Australia.
Xstrata subsidiary Mount Isa Mines walked away from the deal which would have given it a majority interest in the proposed 39,000tpa copper development following a definitive feasibility study in 2012.

TRIPLE-TREAT POTENTIAL IN A BREAK-UP OF GBM RESOURCES

The uncommon scope of its 100%-owned Milo project in the Cloncurry district of far NW Queensland may have contributed to the market overlooking the inherent value of Australian explorer GBM Resources, research house RM Research says.
The recently completed scoping study by Mining One points to a viable, economic project with a base case cash flow of $A702M, giving GBM the confidence to progress directly to prefeasibility.

RUSSIAN GOLD MINER STRIKING SMART DEALS AND DELIVERING ON PRODUCTION

Numis Securities has re-rated Russian gold miner Petropavlovsk on news out yesterday that it has beaten its full year production forecast, expects further improvements in the current year, and has reduced its exposure to intimately related (66%-owned) Hong Kong iron ore group, IRC.
Petropavlovsk produced 10,000oz over and above its 700,000oz guidance figure and forecast growth of 4-10% for 2013 – eclipsing Numis expectations.

ABG IS SETTING ITSELF FOR A MUCH IMPROVED 2013

Numis Securities senior analyst Cailey Barker is looking for improved efficiencies to emerge from African Barrick Gold’s current operational review, after higher than anticipated cash costs tainted an otherwise reasonable year of production.
Barrick released its fourth term and full year production results today, for 180,600oz and 626,000oz of gold respectively from its Tanzanian operations base.

NRE POSITIONED FOR HEAVY RARE EARTHS UPTURN

 

OLD CORE RE-SAMPLING GREATLY ENHANCES MT HARDY

The results from new testing of 1960s diamond core has lifted TNG’s Mt Hardy polymetallic project to major status.

ROCKLEA IRON ORE PRODUCTION Q3 2014, REPORT

A new report says Dragon’s 264Mt resource is enough for a stand-alone Rocklea iron ore project in Western Australia’s Pilbara.A new research report sees Dragon Energy’s current JORC Resources at its Rocklea iron ore project in Western Australia’s premium Pilbara region as sufficient to justify a stand-alone 20-year operation at 2Mtpa-5Mtpa with 1st production in 3Q 2014.

SEYMOUR PIERCE BAFFLED BY ORTAC SHARE PRICE

AIM-listed junior Ortac Resources is moving purposefully toward development at its Sturec gold project in Slovakia and represents a “strong buying opportunity” at current prices, according to London brokerage Seymour Pierce.
The firm’s comments were prompted by Ortac’s interim results published today, which showed that the company remained on track to complete its prefeasibility study at Sturec in the first quarter of next year.

ST ANDREW TRANSFORMATION GETS BACKING FROM BROKERAGE

A 40% predicted drop in operating costs and a 26% increase in production for 2012 has prompted a target price more than 150% greater than the current valuation of Canadian gold miner, St Andrew Goldfields.
Independent Canadian brokerage Loewen, Ondaatje, McCutcheon (LOM) has slapped a 12-month target price of $C1.06/sh on St Andrews, which is currently valued at $C0.42/sh in Toronto.

PARINGA NEW KID CRANKS UP BRAZILIAN GOLD EXPLORATION

A look over new Brazilian-focused Australian gold hopeful Paringa Resources, now awaiting an ASX listing after raising $A10M from 33.3M IPO at $0.30ps

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Mining Billboard

Insights and analysis from leading industry commentators

RAMAPHOSA PLEDGES URGENT ACTION TO CLEAR THE OBSTACLES FACING SOUTH AFRICAN MINING

(COMMENTARY) The shock of seeing South Africa fall to the bottom 10 of attractive jurisdictions for mining investments in the influential Fraser Institute global survey has triggered a welcome recognition by President Cyril Ramaphosa of the urgent need to remove the impediments to the growth and development of the mining industry.

DESPITE ITS GOOD INTENTIONS, AUSTRALIA FAILING TO PROFIT FROM ITS CRITICAL MINERALS

(COMMENTARY) Australia has the world’s largest supply of four critical minerals and is in the top five for many more, so why is it not making the most of them? By Mohan Yellishetty

INDABA RETURNS TO ITS TRADITIONAL FORMAT WITH ITS EYES FIXED ON NEW REALITIES

Indaba is back with a focus on new principles and innovative technologies that can help Africa’s mining industry achieve greater efficiency and sustainability in a world where the transition to a low-carbon future will create increasing demand for minerals and metals.

PILOT PLANT SITE TO ADVANCE PLAN FOR WA INTEGRATED GRAPHITE BATTERY ANODE PLANS

(DEVELOPMENT) Home-grown International Graphite’s plan to establish the first mine-to-market graphite business with a sovereign supply chain wholly located in Western Australia have advanced with the signing of a lease agreement for the site of a pilot plant to deliver battery anode graphite for use in electric vehicles, renewable energy storage and other decarbonisation technologies.

WARNING FOR AUSTRALIA IN LOOMING ‘FAST AND FAR’ DROP IN CHINESE DEMAND FOR SEABORNE COAL

(COMMENTARY) China’s desire for energy security poses a stark threat of 20%-plus falls in demand for thermal and coking coal from the Australian exporters currently enjoying a boom.

FERREXPO PRAISES UKRAINE GOVERNMENT AND WORKER RESILIENCE TO RUSSIAN ATTACKS

(ESG GOVERNANCE) There’s been no fanfare for iron ore pellet giant Ferrexpo in announcing strong FY2021 financial results for its Ukrainian operations, pointing out they all relate from a “very different time” – prior to the brutal Russian military invasion.
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