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An image showing the Dugbe gold project, in Liberia

Pasofino continuing discussions with counterparty for strategic acquisition

Published: 14 Nov 24

Aim-listed Hummingbird Resources has provided an update on its 53%-owned subsidiary Pasofino Gold’s progress on a potential strategic transaction. Pasofino is continuing discussions with a counterparty to facilitate due diligence and submission of a formal proposal for the potential strategic acquisition of the company.

De Beers CEO sees talks on new Botswana diamond pact concluding soon

Published: 14 Nov 24

The CE of global diamonds giant De Beers, Al Cook, said that his company expected negotiations with Botswana's government over a new diamond sales pact to conclude soon. "We see negotiations concluding in days and weeks, not months and years," Cook said after meeting Botswana's new President Duma Boko, according to a video clip shared by Botswana's presidency.

Antofagasta unveils South America's first hydrogen-powered locomotive

Published: 14 Nov 24

Chile-based copper miner Antofagasta’s transport division, Ferrocarril de Antofagasta a Bolivia (FCAB), has unveiled South America’s first hydrogen-powered locomotive. The new locomotive, which runs on hydrogen produced using renewable energy, is set to begin operations in 2025 and forms part of Antofagasta’s broader strategy to replace fossil fuels, reduce greenhouse gas emissions, and enhance sustainability within the mining sector.

Lexington Gold, Gold One Africa mull cooperation at their South African projects

Published: 14 Nov 24

Aim-listed Lexington Gold and its broad-based black economic empowerment partner Letsema have entered into an intention to cooperate agreement with Gold One Africa, which will see the parties seek to explore potential collaboration opportunities to enhance the financial viability and operation of certain of their respective gold projects in South Africa. Gold One Africa, a subsidiary of Gold One Group, holds a mining right in Ventersburg, Virginia and Henneman in the Free State province, covering about 13 837 ha, while Lexington Gold, through its 74%-ownership of White Rivers Exploration, holds prospecting rights adjacent to Gold One Africa’s mining right, covering a total area of about 19 633 ha.

Lucara records strong quarter marked by exceptional discoveries, shaft sinking progress

Published: 14 Nov 24

TSX-listed Lucara Diamond Corp recovered two exceptional diamonds larger than 1 000 ct and sold 116 221 ct of diamonds in the third quarter ended September 30, generating revenue of $44.3-million. The company recovered 104 390 ct from its Karowe mine, in Botswana. This included 96 597 ct from direct ore feed from the pit and stockpiles, at a recovered grade of 13.4 carats per hundred tonnes (cpht) and an additional 7 793 ct recovered from the processing of historic recovery tailings.

Hudbay says copper and gold diversification drives strong Q3 performance

Published: 14 Nov 24

Canadian miner Hudbay Minerals delivered strong operating and financial results in the third quarter, with record gold production in Manitoba and robust cost controls across the business, says CEO Peter Kukielski. The miner achieved consolidated third-quarter copper production of 31 354 t, in line with its production guidance, and gold output of 89 073 oz, beating expectations. The performance represents an increase of 10% and 52%, respectively, from the second quarter of 2024.

Gold Fields may sell smaller mines to focus on new Canadian Osisko assets

Published: 14 Nov 24

Gold Fields may look for buyers for its smaller mines in Ghana and Peru to focus on bigger operations and is hoping to make new mineral discoveries at both mines to enhance their appeal, CEO Mike Fraser said on Thursday. The Johannesburg-based gold miner is shifting focus to advancing its new Salares Norte mine in Chile as well projects belonging to Osisko Mining, which it recently bought for about $1.6-billion. Gold Fields could potentially sell its Damang mine in Ghana where it is only processing stockpiled ore after stopping mining operations last year, Fraser said. The miner could also seek buyers for its Cerro Corona in Peru operation in Chile - which has five years left on its lifespan - the CEO added.

China's copper smelters to cut output next year on raw material shortage

Published: 14 Nov 24

Chinese copper smelters are likely to further cut production, shut down or extend maintenance to cope with a severe shortage of raw material or concentrate supply next year, participants at a conference in Shanghai said on Wednesday. Global mine disruptions and smelters expanding capacity at a fast pace have led to extreme competition for copper concentrate and pushed treatment charges - a gauge of concentrate availability - to historic lows. The concentrate deficit is estimated at more than one million metric tons next year, analyst Zuo Haoen from Minmetals Nonferrous Metals Company told delegates at the CRU World Copper Conference Asia.

Rio Tinto approves 25 MW solar plant for US copper mine

Published: 14 Nov 24

Mining company Rio Tinto has approved construction of a new 25-MW solar plant at its Kennecott copper operation in Utah, bringing the mine’s total solar capacity to 30 MW. The new solar plant will be located next to Kennecott’s existing 5 MW solar plant, which was completed in 2023. Together, the two solar plants will reduce Kennecott’s Scope 2 emissions by about 6%, or 21 000 t/y of carbon dioxide equivalent.

Resolute shares suspended after Mali demands $160m

Published: 14 Nov 24

Resolute Mining suspended trading after Mali demanded the Australian gold miner pay about $160-million to resolve a tax dispute that’s seen its chief executive officer detained. The company’s shares in Sydney were suspended pending an announcement, it said in an exchange filing Thursday. The stock fell 8.1% during the trading session and has tumbled 40% in total since news of the detention of CEO Terry Holohan, along with two colleagues, became public at the weekend.