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West Australian explorer Tyranna Resources has identified an early mining opportunity that could be worth about $A2.6M in positive cash-flow over 2 months following a restart study of its 100%-owned Eureka gold project just 50km N of Kalgoorlie.
MD Bruno Seneque says the Entech study demonstrates Eureka’s potential to generate a very good cash margin quickly with upfront capital of $A0.6-0.7M.
A shallow openpit and adit into the...
Global mining major Freeport-McMoRan is selling its cobalt refinery in Kokkola, Finland, and related cobalt cathode precursor business to Belgian-based international materials technology/recycling group Umicore for $US150M.
Under the agreement, Freeport will separate its cobalt business, with Umicore acquiring the refinery/cathode precursor business, which represents about 60% of the refinery’s historical revenues....
West Australian gold miner Millennium Minerals has cut forecast FY2019 production from its 100%-owned Nullagine operations in the East Pilbara region as it implements new mine scheduling plans and tackles construction delays that slashed its March quarter output.
Millennium now expects production for the year to December to come in at 80,000-90,000oz, down from its former guidance of 90,000-100,000oz. Costs performance is showing a similar negative...
Ongoing stoppages at Newmont Goldcorp’s Penasquito Gold Mine in Mexico are costing both public coffers and the company millions of dollars-a-day, according to Mexico’s deputy economy minister responsible for mining, Francisco Quiroga, who’s urging a solution to restart operations at the country’s largest gold mine, Reuters reports.
The open-pit mine, in the N Zacatecas state, produced 272,000oz in 2018 and accounts for about 17...
Western Australia-based Myanmar Metals has raised $A20.8M from institutional/sophisticated investors to start construction this year on a low capex $US300M phase-1 pilot scale operation for its 51%-owned world-class, lead-silver-zinc Bawdwin project in Myanmar, an initial 13-year LoM operation with mining beginning in 2021.
The 319.9M over-bid share issue at $0.065ps, includes binding commitments of $7.4M from China's Shenzhen...
A $A20M mezzanine debt facility from major shareholder IMC Group will prop up West Australian miner Millennium’s working capital while it seeks to restore production at its 100%-owned Nullagine operation in the East Pilbara.
The first $10M draw-down is anticipated by May 31 under the in-principle agreement with Singapore-based IMC, with $5M tranches in June-July conditional on gold production hurdles.
It will...
Queensland, Australia, Premier Anna Palasczcuk says the process for final approvals for Indian coal giant Adani Mining’s controversial $US2.9B development of the giant Carmichael thermal coal project in the centre of the state, must be concluded by mid-June.
Referring to the 2 outstanding mine permits, she says “these deadlines are set by the independent co-ordinator general and they are the timeframes.”
Adani has been working for...
West Australian miner Mincor has followed up its acquisition of the Long mine with the announcement of a $A23M capital raising to fast-track its planned restart of high-grade nickel sulphide mining in the Kambalda district.
It’s gained $18M through a strongly supported placement of shares at 40cps to professional and sophisticated investors and will follow it with a $5M share purchase plan.
Independence Group,...
Australian miner Metals X is preparing a new life-of-mine plan for the Renison tin operations on Tasmania's west coast after posting a 22% increase in underground mine resources to 263,000t contained tin (17.55Mt @ 1.5%).
It includes a 14.5% improvement in global resource grade, and measured-indicated resources have nearly doubled to 228,000t.
MD Damien Marantelli says Metals X is now updating ore reserves and the LOM plan, which...