Gold and base metals explorer Sipa Resources has inked a A$12-million farm-in agreement with the exploration arm of major Rio Tinto over its Paterson North copper/gold project, in Western Australia. Under the terms of the farm-in and joint venture (JV) agreement, Rio will commit a minimum exploration spend of A$3-million within a two-and-a-half year period. By spending a further A$3-million, the major would secure a 55% interest in the project.
Junior Peel Mining has exercised its pre-emptive rights to acquire joint venture (JV) partner CBH Resource’s 50% stake in the Mallee Bull base metals project, in New South Wales, launching its one-for-eight pro-rata non-renounceable entitlement offer. The company in July this year announced plans to raise A$17.1-million through a share placement and entitlement offer, to fund the Mallee Bull buy.
Junior AuStar Gold has inked a definitive concentrate sales agreement with New York based metals trading house MCC Non-Ferrous Trading for the sale of high-grade concentrate product. AuStar told shareholders that the terms of the agreement remained commercial-in-confidence, but represented realization of a ‘very attractive’ proportion of contained gold at prevailing market prices, without any further costs or administrative obligations on the part of AuStar beyond the point of sale.
Gold explorer Tietto Minerals will raise A$62.5-million through a share placement and share purchase plan (SPP) to fund exploration work and feasibility studies at the Abujar gold project, in Cote d’Ivoire. The ASX-listed company on Monday said that it had received firm commitments for the placement of 92.7-million shares, at a price of 62c each, to institutional and sophisticated investors, to raise an initial A$57.5-million.
Mineral sands developer Strandline Resources has awarded a A$23-million contract to civil and mining contractor Macmahon for the construction of road access and bulk earthworks at the Coburn project, in Western Australia. The scope of the work will include the construction of a 43-km bitumen sealed access road connecting the mine with the North West coastal highway, the installation of other site roads, bulk earthworks pads, dams and drainage associated with the mine and process infrastructure.
Diversified miner BHP on Monday announced that up to 30 new jobs would be created in Queensland’s Bowen Basin as a result of a new partnership with Novum Energy to recycle mining truck tyres for the first time in Australia. Used earth moving tyres from all seven coal mine sites in Queensland would be supplied to Novum who will convert the tyres into heavy and light oils, carbon black, syngas and steel at a processing plant being built in Nebo in the Isaac region.
Major Rio Tinto on Monday announced plans to invest some A$60-million in Western Australia in 2021 to support the development of critical skills for the mining industry. By 2021, the company will start recruiting over 150 people as part of its intake of graduates, apprentices, trainees and vacation students in Western Australia.
Triple listed Clean TeQ has warned of a A$180-million noncash writedown of the carrying value of its Sunrise nickel/cobalt/scandium project, in New South Wales, for the 2020 financial year. The company on Friday told shareholders that a review of the carrying value of the Sunrise project was undertaken based on a conservative best estimate of what the probable project execution plan (PEP) outcomes would be, as well as highly conservative macroeconomic assumptions, including the forecast metal process.
The Association of Mining and Exploration Companies (Amec) has welcomed the Western Australian government’s decision to turbocharge regulatory reforms in order to boost economic recovery. The state government on Friday announced that state laws would be amended to further streamline mining and tourism approva
ASX, TSX and NYSE-listed Kirkland Lake Gold has reported a strong second quarter and half-year on the back of increased gold production and higher gold prices. Despite the impacts of the Covid-19 pandemic, Kirkland Lake reported a 54% increase in quarterly production which reached 329 770 oz in the three months to June, compared with the 214 593 oz delivered in the previous corresponding period, while gold production in the interim period increased from the 446 472 oz produced in the first half of 2019 to 660 634 oz.