Dual-listed Osisko Gold Royalties on Monday announced that it would buy TSX-V-listed Barkerville Gold Mines in a transaction that valued the owner of the Cariboo gold project, in British Columbia, at C$338-million, while also launching a new project development platform. Osisko is offering each shareholder of Barkerville 0.0357 of its common shares for each share held, implying a consideration of C$0.58 a Barkerville share. The offer is a premium to Barkerville’s closing price of C$0.46 a share on Friday and a 44% premium based to its 20-day volume-weighted average price.
US coal miner Peabody’s share price fell to an all-time low on Friday, after the St Louis-based company announced the previous day that it was terminating a cash tender offer to buy back $1-billion in debt. The company on Thursday terminated its cash tender offers, noting that, “at this particular time, debt markets do not accommodate a path towards completing the offers and achieving the company’s refinancing objectives in an economic fashion”.
British Columbia-based Fission Uranium on Monday outlined the potential for “highly economic “ production at the Patterson Lake South (PLS) project in the Athabasca basin of Saskatchewan by focusing on an underground-only mining scenario. Shifting to an underground-only option, as opposed to the hybrid mine approach of underground and openpit mining outlined in an earlier PFS, Fission has reduced the construction timeline of the mine at the Triple R deposit at PLS by one year and slashed the capital costs by one fifth, while still enjoying a strong return on investment.
The municipality of Red Lake, in Ontario, has declared a state of emergency following a severe storm on Friday. Extreme wind conditions had damaged municipal infrastructure and resulted in a loss of hydro electricity, Mayor Fred Mota said on Saturday, announcing the state of emergency.
Uranium project developer Denison Mines has started installing higher cost, larger diameter commercial scale wells as part of the insitu recovery (ISR) field test programme at its Wheeler River uranium project, in northern Saskatchewan. The commercial-scale wells form part of the second stage of ISR field testing at the Phoenix deposit. It follows positive results from initial field tests, which have confirmed hydraulic connectivity within a significant portion of the ore zone tested.
London-listed Asiamet said on Thursday that a number of recent government infrastructure initiatives and planned upgrades to bridges and roads within central Kalimantan was expected to significantly improve transport and logistics options for its BKM copper project. The infrastructure upgrades should result in reduced operating costs relating to the transport of supplies in and copper cathode out of the proposed BKM mine site.
Canadian junior exploration company Giyani Metals has reached an agreement to sell its 45% interest in a privately held South African gold exploration company for R9.56-million, or about C$868 000, the company announced on Thursday. The sale of its interest in Rock Island Trading 17 to its partner, State-owned Corridor Mining Resources (CMR), signifies the firm’s formal departure from its gold exploration past in South Africa.
Project developers have welcomed the this week’s Constitutional Court ruling in Ecuador that dismissed a petition to seek local consultation to consider prohibiting mining activities in Azuay province. The court concluded that referendums implying constitutional reforms were incompatible with the Ecuadorian constitution. Further, it ruled that any referendum which could result in other nationally enjoyed constitutional rights being restricted, were inadmissible.
TSX-V-listed Victoria Gold has successfully poured the first gold at its Eagle Gold mine, in central Yukon. “After all the blood, sweat and tears required to explore, develop, permit, finance and build a gold mine in Canada’s north, it is extremely gratifying to pour the first gold bar at Eagle,” stated president and CEO John McConnell on Wednesday.
Azerbaijan copper/gold miner Anglo Asian produced 39 905 gold-equivalent ounces in the six months ended June 30, which is a 7% increase on the first half of 2018. Gold production increased to 34 349 oz and copper production increased to 963 t, the Aim-listed company reported on Wednesday.