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Mining Bulletin

The full story: In-depth news and analysis

NEW BARRICK OFFER TO GET PORGERA BACK INTO GOLD PRODN

Barrick Gold has thrown another 15% stake in the giant Porgera gold mine in PNG into the negotiation pot to get the mine back into operation

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LEPIDICO STUDY BACKS FIRST-MOVER BID FOR CRITICAL AND STRATEGIC METALS

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WESTERN AREAS' $28M PANORAMIC DEAL OPENS DOORS TO NEW ENERGY VEHICLES GROWTH

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McEwen Mining’s Q1 20 loss has blown out to $99.2M, hit by an $84M impairment and 3 COVID-19 mine shutdowns

ELEMENT 25 EYES EARLY START ON LOW-COST DEVELOPMENT STRATEGY FOR BUTCHERBIRD

Element 25 has confirmed the potential for its Butcherbird project to be Australia’s next significant manganese mine with a PFS identifying the opportunity for a low-cost, long-life development that will deliver first concentrate much earlier than previously anticipated. John Feary reports.

HUDBAY Q1 20 HIT BY LOWER PRICES, HIGHER COSTS AND MAJOR MINE SUSPENSION

A range of issues across its Americas base/precious metals operations has seen Hudbay Minerals Q1 20 loss blow out to $76M

TAKEOVER TARGET SEMAFO KICKS OFF 2020 WITH DOUBLED Q1 20 PROFIT

SEMAFO has overcome the COVID-19 virus bite to double Q1 20 profit on increased gold production from its Burkina Faso operations

SSR LAUNCHES $1.72B ALL-SHARE BID FOR ALACER GOLD

SSR Mining $1.72B bid for Alacer gold to create $4B market cap, 780,000oz AuEq pa producer

Gt PANTHER MINING Q1 20 LOSS UP ON PRODN FROM ALL 3 MINES DOWN

All 3 of Great Panther Mining’s operations have posted Q1 20 output losses, taking its net loss out to $40.5M

NEW 740,000oz UNDERGROUND DISCOVERY AT EQUINOX’ AURIZONA

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A DOUBLED Q1 20 LOSS SEES HECLA CUT FY/CY20 GUIDANCE

Hecla Mining’s Q1 20 loss blowout to $17.2M on lower production of all its commodities sees FY/CY20 gold/silver expectations cut

BARRICK GOLD EXPECTS Q1 20 GOLD-COPPER SLIDE TO CONTINUE THROUGH FY20

Q1 20 gold-copper production falls have prompted Barrick Gold to cut its FY/CY20 gold expectations by 200,000oz

COVID RUCTIONS FORCE SIGNIFICANT CUTBACKS AT TERRACOM’S BLAIR ATHOL THERMAL COAL MINE

TerraCom is taking “decisive action” to reduce operations and unit costs at its Blair Athol thermal coal mine in Queensland, Australia to cope with the market volatility resulting from the global COVID-19 pandemic.

COVID-19 BITES TAIL END OF IAMGOLD’S Q1 20, CUTTING OUTPUT BY 22,000oz

IAMGOLD has cut its Q1 20 loss back to $34.4M from $303.8M, despite reduced gold production and resultant revenues

CHINESE LITHIUM GIANT YIBIN TIANYI OFFERS NEW $10.7M BACKING FOR AVZ’S DRC PROJECT

After a previous deal failed the Australian foreign investment hurdle, AVZ Minerals has attracted a new $10.6M equity investment from prospective Chinese lithium chemical producer Yibin Tianyi for its flagship Manono lithium-tin project.

CENTERRA BACK FROM FY/CY19 LOSS WITH $20M Q1 20 PROFIT

Despite easing gold production, increased copper output has seen Centerra Gold post a $30M turnaround to Q1 20 $20M profit
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PANORAMIC RESOURCES: IGO TAKEOVER BID HITS A ZETA SNAG

 

Perth, Nov 8

Australian diversified miner Independence Group is facing a hurdle to its $A312M hostile takeover offer for struggling nickel producer Panoramic Resources, with major shareholder Zeta Resources opposing its all-scrip bid.
The international resource investor, which holds 34.73% of Panoramic shares, says IGO is being opportunistic at a time when Panoramic has completed most of the difficult preparatory work at its Savannah mine.
Zeta, describing itself as a patient investor, warns fellow shareholders that accepting IGO’s all-share offer would significantly dilute their exposure to nickel.
IGO’s bid is conditional on 50.1% acceptance. It started with a 3.8% shareholding but Zeta’s opposition will make it more difficult to bridge the gap.

IGO Limited (Independence Group)

Exchange Code: 
ASX:IGO
Website: 
http://www.igo.com.au

Perth-based miner with nickel, copper-zinc-silver and gold operations in Western Australia.
Jan 2020: Name change from Independence Group NL

Panoramic Resources Ltd

Exchange Code: 
ASX:PAN
Website: 
http://www.panoramicresources.com

Perth-based miner holding the Savannah underground nickel sulphide mine in Western Australia and other nickel, copper, cobalt, gold and PGM projects in WA and Canada

Zeta Resources Limited

Exchange Code: 
ASX:ZER
Website: 
http://www.zetaresources.limited

Bermuda-based investor in resources including gold, base metals and oil and gas

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