ASX-listed Deep Yellow has selected contractor Ausenco Services to deliver detailed engineering and engineering, procurement and construction management (EPCM) services for the company’s flagship Tumas uranium project, in Namibia. It is intended that an EPCM commercial agreements and contracts award for detailed engineering will be finalised over the coming months, following a final investment decision (FID).
GDP decreased by 0.1% in the first quarter
South Africa’s GDP decreased by 0.1% in the first quarter of this year, Statistics South Africa reports. The manufacturing industry decreased by 1.4% in the first quarter, contributing -0.2 of a percentage point to the negative GDP growth. Five of the ten manufacturing divisions reported negative growth rates in the first quarter.
Gem recovers 172.06 ct diamond at Letšeng
London-listed diamond producer Gem Diamonds recovered a 172.06 ct Type II white diamond at its Letšeng mine, in Lesotho, on June 2. This is the seventh diamond greater than 100 ct recovered at the mine this year.
BHP faces a test of patience after $49bn Anglo bid falters
Days after BHP Group failed to secure the $49-billion takeover of smaller rival Anglo American, investors have one message for CEO Mike Henry — keep your cool.
BHP argues it showed restraint in the battle for Anglo, a welcome attribute in a sector notorious for burning billions of dollars of on underwhelming projects and ill-timed acquisitions just over a decade ago. The question now is whether that discipline holds, even with all mining bosses gunning for more volume in copper, the single most coveted metal as the energy transition accelerates.
De Beers ditches man-made diamonds as it looks beyond Anglo
De Beers will ditch a controversial experiment to sell lab grown diamond jewellery, ending a six-year program that broke one of its oldest taboos. While the company long held the technology to make synthetic gems, it always refused to sell them as jewellery, fearing they would undercut the allure of natural stones. Yet as man-made stones gained traction and started competing directly with natural diamonds, De Beers launched its own jewellery brand in 2018.
South Africa’s ARM completes strategic investment in Canada’s Surge Copper
South Africa’s diversified mining company African Rainbow Minerals has secured its 15% strategic shareholding in Surge Copper, a Toronto Stock Exchange-Venture Exchange company that is advancing an emerging critical metals district in British Columbia, Canada. Johannesburg Stock Exchange-listed ARM, headed by Dr Patrice Motsepe, is now a cornerstone investor in Surge, which owns 100% of the emerging Berg project and the longer-term Ootsa asset, which host porphyry copper, molybdenum, gold, and silver deposits.
Caledonia publishes PEA on Bilboes project ahead of new feasibility study
Gold miner Caledonia Mining Corporation has confirmed that it will develop the Bilboes sulphide gold project, in Zimbabwe, in a single phase instead of multiple phases as initially planned, and with a revised approach to the tailings storage facility (TSF).
In a preliminary economic assessment (PEA) published on May 30, Caledonia and consultancy DRA Projects finds that the TSF will be built on a modular basis to reduce initial capital expenditure and improve economic returns; however, this revised approach constitutes a significant change to the project.
Aura starts dual funding workstreams to garner debt, strategic financing for Tiris
ASX- and Aim-listed Aura Energy has started two funding workstreams to underpin the development of the Tiris uranium project, in Mauritania.
The company aims to secure an integrated funding solution to advance the project to production.
Osino shareholders approve Yintai’s takeover offer
The majority of TSX- and NYSE-listed Osino Resources Corporation’s shareholders have voted in favour of Chinese miner Yintai Gold’s buyout of Osino at a cash consideration of C$1.90 apiece.
The companies are now working to obtain approvals from regulatory authorities in Namibia and China.
Lotus’ US shares upgraded to OTCQX Best Market
Africa-focused uranium company Lotus Resources’ shares have started trading on the US-based OTCQX Best Market, an upgrade from the OTCQB Venture Market. The company’s OTC ticker symbol remains LTSRF.