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Nuclear Fuels raises nearly C$14m to advance US projects

Published: 21 Nov 24

Uranium exploration company Nuclear Fuels has closed a private placement of 25-million units, raising C$13.9-million to advance its uranium projects in the US. As part of the offering, Nasdaq-listed enCore Energy acquired 5.2-million units to maintain its ownership stake in Nuclear Fuels.

Proxy firm recommends IsoEnergy’s acquisition of Anfield Energy

Published: 21 Nov 24

Independent proxy advisory firm Institutional Shareholder Services (ISS) has recommended that shareholders of Toronto-listed IsoEnergy vote in favour of its proposed acquisition of Anfield Energy. The deal, announced last month, involves a C$126.8-million all-share transaction, which will position IsoEnergy for increased uranium production in the US.

Capital appoints Graeme Dacomb independent nonexec director

Published: 21 Nov 24

London-listed mining services company Capital has appointed Graeme Dacomb as an independent nonexecutive director, effective from December. Dacomb, who is based in London, will join the company’s audit committee as chairperson, in addition to becoming a member of each of the nomination and remuneration committees.

Segele mine inaugurated in Ethiopia

Published: 21 Nov 24

Euronext- and Frankfurt-listed Akobo Minerals, alongside the Ethiopian government, has announced the official inauguration of the Segele mine, in the Gambella region. Ethiopian PM Abiy Ahmed joined the ceremony on November 20, which included a gold pour as a symbolic act. The gold pour yielded 6.5 kg of gold.

China’s coal bounty to keep prices in check over peak season

Published: 21 Nov 24

China’s abundance of coal is likely to forestall power outages and suppress prices, even as the country heads into what’s typically a peak season for consumption. Record supply, from domestic mines and imports, and flagging industrial demand have combined to create an “avalanche” of stockpiles, according to the China Coal Transport and Distribution Association. The likelihood of milder weather is also bolstering optimism that power to homes and factories will be uninterrupted over the winter — and adding to the gloom around prices. “The oversupply problem has become more acute in recent months,” CCTD analyst Han Lei told a briefing on Wednesday. The association expects the benchmark price for heating coal to ease below 800 yuan ($110) a ton in late December or January.

MinRes to de-link with founder Chris Ellison after tax evasion scandal

Published: 21 Nov 24

Australia's Mineral Resources (MinRes) said on Thursday it plans to unwind or exit deals with entities linked to its billionaire founder Chris Ellison after an internal probe found he misused company resources for personal gain and tax evasion. The diversified miner is reviewing its leases of properties from entities linked to Ellison, who has offered to sell them, its 49% stake in a trust where Ellison's consortium holds the remaining stake, and other deals with people close to him including his daughter and brother.

Resolute CEO, two other employees leave Mali after release from detention

Published: 21 Nov 24

ASX- and LSE-listed Resolute Mining has confirmed that its CEO Terence Holohan and two other employees have left Mali after finally being released from detention. "All three employees are safe and well," the company says.

Resources Watch

Published: 20 Nov 24

This week: South Africa has impressively low battery manganese incentive price, Mintek@90 hears and, South Africa back on investor radar screen, Roger Baxter reports

AngloGold, Centamin merger passes another hurdle

Published: 20 Nov 24

Gold miners Centamin and AngloGold Ashanti have reported that the Jersey Court has sanctioned the scheme of arrangement between the two parties that will result in AngloGold acquiring all of Centamin's share capital.

UBS joins Goldman in forecasting that gold’s rally isn’t over

Published: 20 Nov 24

Gold will rally to $2 900/oz by the end of next year, according to UBS Group, echoing a call from Goldman Sachs Group for further gains as central banks expand their holdings. There’s likely to be a period of consolidation due to the stronger dollar and concerns over the potential for more US fiscal stimulus to lead to higher rates before the precious metal starts climbing again, UBS analysts including Levi Spry and Lachlan Shaw said in a note. Bullion would rise further, to $2 950 an ounce, by the end of 2026, they said.