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Rio Tinto invests $165m in Quebec smelter

Published: 19 Jun 24

Diversified miner Rio Tinto has announced a $165-million (C$226-million) investment in its Grande-Baie smelter, located in Quebec. The investment aims to refurbish two anode baking furnaces that have reached the end of their operational lifespan. The company will also carry out feasibility studies for the eventual replacement of the scrubbers and overhead bridge cranes at the anode production centre.

B2Gold unveils new PEA for ‘medium-scale’ Gramalote project

Published: 19 Jun 24

Vancouver-headquartered B2Gold has unveiled a new preliminary economic assessment (PEA) for the Gramalote project, in Colombia, outlining a medium-scale operation that marks a shift from previous plans. The new PEA envisons an openpit mine producing an average of 185 000 oz/y of gold over a 12.5-year lifespan. In the initial five years, the mine is expected to yield 234 000 oz/y at an all-in sustaining cost of $822/oz.

JCHX closes in on Zambian copper mine deal as China tightens Africa grip

Published: 19 Jun 24

JCHX Mining is close to concluding a deal to buy Zambia's Lubambe Copper Mine, two sources told Reuters, in the latest in a string of copper deals by Chinese companies intent on growing their control of the African copper mining industry. The Shanghai-listed mining services and contracting firm's deal to buy an 80% stake in Lubambe mine held by EMR Capital is now nearing completion, the sources said.

US Senate passes bill to support advanced nuclear energy deployment

Published: 19 Jun 24

The US Senate on Tuesday passed a bill to accelerate the deployment of nuclear energy capacity, including by speeding permitting and creating new incentives for advanced nuclear reactor technologies. Expanding nuclear power has broad bipartisan support, with Democrats seeing it as critical to decarbonising the power sector to fight climate change and Republicans viewing it as a way to ensure reliable electricity supply and create jobs.

Nickel 28 reaches settlement with fired CEO to end misconduct claim

Published: 19 Jun 24

Nickel 28 Capital’s former CEO agreed to relinquish nearly half the stock he owned in the company that accused him and other ousted executives of “serious misconduct.” Anthony Milewski agreed to return about 4.97-million shares of Nickel 28 as part of a June 17 settlement with the firm that fired him in May, according to a Tuesday statement. Milewski, who helped found the Canadian nickel and cobalt producer, will own and control about 5.72 million shares — or a 6.4% stake — following the disposition. The settlement includes a full and final mutual release of any claims between the former CEO and the company and no admission of any wrongdoing.

Fortescue is the world's fourth-biggest iron-ore miner

US-based Capital Group sells Fortescue shares worth A$734m

Published: 19 Jun 24

US-based investment management firm Capital Group Companies has sold shares worth A$733.9-million in Australian miner Fortescue, according to an exchange filing on Wednesday. The announcement came after the Australian Financial Review reported on Tuesday that an institutional investor had sold off a A$1.1-billion stake in billionaire Andrew Forrest-led Fortescue after the close of trade on Monday.

Refreshed Lake Maitland uranium study impresses

Published: 18 Jun 24

Australian company Toro Energy has announced the outcomes of a refreshed scoping study for the Lake Maitland deposit, at Wiluna in Western Australia, showcasing “impressive outcomes”. The study, which re-examines its 2022 predecessor amid improved uranium oxide (U3O8) prices, produced a 37% uplift in pretax net present value to A$832.8-million, with a 2.1- year payback period and strong free cashflow projects.

New Talisman secures processing plant

Published: 18 Jun 24

ASX- and NZX-listed New Talisman Goldmines has agreed terms to purchase a processing plant for the Talisman mine project, in New Zealand. The plant, which uses modular gravity separation, has a 100 t/d capacity, which will be sufficient for the near-term production forecast of the mine, the company said in a statement.

Central banks to increase gold holdings in next 12 months - World Gold Council

Published: 18 Jun 24

More than eight in ten, or 81%, of respondents to the 2024 Central Banks Gold Reserves survey said they expect reserve managers to continue to increase their gold holdings in the next 12 months. This data, released by the World Gold Council, reflects the highest confidence level recorded since the survey began in 2019. Despite high gold prices and two successive years of record central bank purchasing, nearly 30% of central banks plan to add to their own gold reserves within the next year. This trend highlights a persistent favourable view of gold among reserve managers, who see the precious metals as a hedge against political and economic uncertainty.

Flashback to the listing of Southern Palladium on the Johannesburg Stock Exchange two years ago.

Southern Palladium remains committed to advancing Bengwenyama project

Published: 18 Jun 24

The completed prefeasibility study (PFS) drilling campaign for the Bengwenyama platinum group metal (PGM) project, on the eastern limb of South Africa’s distinctively endowed Bushveld Complex, is emphasising the robustness of the upper group two (UG2) reef, project developer Southern Palladium reported on Tuesday. An updated mineral resource estimate (MRE) will now follow in the third quarter of this year to facilitate the commencement of mine planning for the PFS.