TSX-V-listed Diamcor Mining has closed a $1.4-million first tranche of a nonbrokered private placement following receipt of conditional acceptance of the offering from the TSX-V. The company now anticipates the offering will be oversubscribed and has increased the total amount of the original offering from $1.5-million to an aggregate of up to $2.5-million, with a second and final tranche closing expected to occur on or before June 15.
Many Peaks raises A$5.2m to fund gold exploration in Côte d’Ivoire
ASX-listed Many Peaks Minerals has completed a A$5.2-million equity raise within a 24-hour period from a small number of high-net-worth and institutional investors to accelerate exploration over an extensive area of gold-anomalous geochemistry with early but “very encouraging” drilling results at the Odienne and Ferke gold projects, in northwest Côte d’Ivoire. The company said on June 5 that it had received firm commitments for a two-tranche placement of about 23.6-million new fully paid ordinary shares at a price of A$0.22 a share. The placement price was set at the company’s last closing price of A$0.22 a share and represented a 1% discount to the company’s 15-day volume-weighted average price through the close of trading on June 3.
Gold purchases by central banks were strong in April despite high prices, WGC says
Net purchases of gold by global central banks rose to 33 metric tons in April from a revised net buying of 3 tons in March, the World Gold Council (WGC) said, signalling continuing strong appetite from the sector despite high prices for the metal. Safe-haven demand, driven by geopolitical and economic uncertainty, as well as persistent central bank buying contributed to a rally in gold in March-May. The spot price hit a record high of $2 449.89/oz on May 20.
South Korea, African countries sign agreements on minerals, exports
Nearly 50 deals and agreements have been signed during South Korea’s first summit with leaders from 48 African countries to cooperate in areas such as mining, energy and manufacturing, South Korea’s industry ministry said on Wednesday. Hyosung Corp, a South Korean conglomerate, signed a contract to supply electric transformers to Mozambique worth $30-million, the ministry said in a statement.
First call applications for R400m junior mining exploration fund close July 12
The first call applications for the R400-million junior mining exploration fund (JMEF) close on July 12. This was stated on Tuesday in a media release issued by the Department of Mineral Resources and Energy (DMRE), in partnership with the Council for Geoscience (CGS) and the Industrial Development Corporation (IDC).
Employees hold unprotected sit-in at Sibanye’s Kroondal mine
Multinational mining and metals processing group Sibanye-Stillwater reported on June 4 that more than 200 employees remained underground in an illegal sit-in at its Kroondal mine. The group said the sit-in started on the morning of June 3, with morning shift employees, including contractors, at the Kwezi shaft.
Diamond transparency from mine to finger is on way from Petra
Traceability is becoming an increasingly important part of the natural diamond industry, specifically in terms of being able to verify provenance or origin. G7 sanctions being applied also make traceability technology more important.
Hummingbird bolstered by strong Mali performance, weathers Guinea challenges
Aim-listed Hummingbird became a multi-asset, multi-jurisdiction gold producer in the full -year to December 31, with its Yanfolila mine, in Mali, performing strongly and meeting guidance, and the group achieving first gold production at Kouroussa mine, in Guinea, despite facing challenges in the ramp-up of mining operations, CEO and interim chairperson Dan Betts avers. Yanfolila met its production guidance, producing 83 965 oz of gold at an all-in sustaining cost of $1 331/oz sold, which has been adjusted under accounting measures.
Volvo to issue world’s first EV battery passport ahead of EU rules
Volvo Cars is launching the world’s first EV battery passport recording the origins of raw materials, components, recycled content and carbon footprint for its flagship EX90 SUV, which is about to start production, the Swedish automaker told Reuters. The passport was developed by Volvo, which is owned by China’s Geely, in partnership with UK startup Circulor, which uses blockchain technology to map supply chains for companies, and took over five years to develop.
Pan African concludes 5-year wage agreement at Barberton Mines, ESOP matures
JSE-listed Pan African Resources has concluded a milestone five-year wage agreement for increases and other conditions of service with the National Union of Mineworkers (NUM), the representative union for Category 4 to 8 bargaining unit employees, at its Barberton Mines operations. The agreed increases for the period June 1, to June 1, 2029, amounts to an average yearly increase of about 5.3% a year over the five-year period.