“The sun is finally shining on us,” an upbeat Orion Minerals CEO Errol Smart enthused during an Australia/South Africa webinar on Wednesday, when he outlined how South Africa has become one of the world’s most compelling short-term investment stories. Predicting that this country’s investment narrative would super heat over the next couple of weeks, he pointed out how strongly this was advancing Orion’s Prieska copper project, where trial mining has been under way for some time, as well as Orion’s high-grade Okiep copper project, which is following closely behind.
Diamcor seeks to extend closing of second tranche of revised private placement
Diamond mining company Diamcor Mining is seeking to extend the closing of the second tranche of its non-brokered revised private placement following its announcement on June 4 that it had closed the first tranche. The company previously indicated that the original offering, announced on May 1, would be oversubscribed. Diamcor is therefore seeking additional time to accommodate and finalise the documentation and related required items for several additional interested investors.
Taseko restarts mining at Gibraltar
Midtier copper miner Taseko Mines is resuming operations at its Gibraltar mine, in British Columbia, on Wednesday, as a labour agreement have been ratified.
The company announced earlier this week that it had reached an agreement with the union representing workers at Gibraltar. The new agreement will be in place until May 31, 2027.
Infinity Lithium’s San Jose project declared of regional interest
The regional government of Extremadura, Spain, has awarded Premia status to Infinity Lithium’s San José, streamlining the permitting process for the lithium venture.
The ASX-listed company’s project is now recognised as one of regional and general interest, expediting its progression through governmental channels.
Fast-greening Richards Bay Minerals now eyeing on-site renewables, storage, aggregation
Energy-intensive Richards Bay Minerals (RBM), which consumes an average of 1.8 terawatts of power a year, was able to secure its latest 140 MW wind energy power purchase agreement (PPA) in six months. When operating at full capacity, RBMs, power consumption across its mining and smelting operations can reach up to 400 MW and this month’s quickly concluded wind PPA was, in fact, the second renewable-energy project of this Rio Tinto company.
China is building Europe battery supply in Morocco, VW unit says
China is building a battery supply chain for Europe in Morocco, as the continent struggles to develop its own industry to feed electric-car manufacturing, PowerCo’s operations head said. “We don’t have any supply chain. This has to be set up,” Sebastian Wolf, chief operating officer for Volkswagen’s battery unit, said Tuesday at an event in Stuttgart. “Right now, we have to be honest that the set-up of LFP supply chain is happening in Morocco and not in Europe.”
Resources Watch
This week: Copper 360 on home straight to produce quite a bit of cash, CEO reports; Reserve Bank concern about decline of public markets welcome development; and, Artificial intelligence used to eliminate need for rare earths in permanent magnets
Carson block raises money to bet on rising metals and mining stocks
Carson Block, who made his name betting against companies, is gathering money for a fund that will bet on rising metals and mining stocks.
The Muddy Waters Resources Fund filed a private placement notice Tuesday with the US Securities and Exchange Commission, indicating the vehicle initially brought in about $1.5-million this month.
Gemfields earns $68.7m in revenue from June ruby auction
London-listed Gemfields Group recorded total auction revenues of $68.7-million from the June auction of mixed-quality rough rubies recovered from the Montepuez ruby mine, in Mozambique. The group reports that 94 of the 97 lots, comprising 217 044 ct, offered for sale in the June auction were sold (97%).
JCHX closes in on Zambian copper mine deal as China tightens Africa grip
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.