Glencore invests US$355 million to extend the useful life of Australian copper assets
Mining and commodities giant Glencore said on Wednesday that it will invest 500 million Australian dollars (about 355 million US dollars) to extend the service life of its copper smelter and refinery in Queensland, Australia until after 2022. This decision was made after reaching an agreement with the state government, which will provide one-time incentives as part of the North Queensland economic recovery plan.
Barrick Gold expands business in Japan
Barrick Gold Corporation and Japan Gold Corporation acquired the Kanehana project, expanding its business scope in Japan. The Kanehana project includes 40 new mining rights and covers 7 historic gold mines, including Muka, Jindai, Jomon, Hokushin, Kokka, Hyakuhan and Souryu. The asset covers an area of 12,431 hectares and is adjacent to the Ikutahara project of Japan Gold Corporation in Hokkaido.
Maverix Metals acquires royalty portfolio from Newmont
Maverix Metals said the company has reached an agreement with Newmont to acquire 11 royalty portfolios from Newmont for $90 million. The royalty portfolio includes gold assets located in Mexico, the United States, Canada and Guatemala, which are in multiple production stages from exploration to project construction.
Citibank believes that gold prices may set another record
Citibank recently stated that gold prices may hit a record before the end of the year, partly because of the risks posed by the US presidential election. Citibank analysts said in the quarterly commodity outlook report that the uncertainty of the general election and the delay to the results may be "underestimated by the precious metals market." The bank predicts that gold bullion futures prices will soar from current levels by more than $200.
Anglo Gold resumes production guidance for fiscal year 2020
Anglo Gold resumed its full-year production guidance for fiscal 2020 due to increased operational certainty and is about to sell its South African assets to Harmony Gold Mining for a price of US$300 million. The company expects that its gold production will fall between 3.03 and 3.1 million ounces in 2020, which is lower than the initial guidance value of 3.03 to 3.3 million ounces. The maintenance cost will be between US$1,060 and US$1,120 per ounce, and capital expenditures will be between 890 and 950 million. Dollar.
Wheaton Precious Metals plans to list in London
Wheaton Precious Metals, the world’s leading precious metals streaming company, said this week that it is seeking a listing on the London Stock Exchange. This move is part of the company's growth strategy and will enhance Wheaton's available equity pools in the UK and major financial centers in Europe, the Middle East and Africa. In the first half of this year, Wheaton achieved record revenue of more than US$500 million, operating cash flow of nearly US$330 million, and record sales of 322,000 ounces of gold equivalent.
Lindian Resources acquires majority stake in Guinea's high-quality bauxite project
Lindian Resources, a listed company on the ASX, has reached an agreement with the privately held Sarmin bauxite mine to acquire a 75% interest in the Guinea Lelouma bauxite project. According to the terms of the agreement, Lindian Resources will issue more than 30.67 million shares to Sarmin’s existing shareholders at a price of 1.6 cents per share and agree to provide funding for all expenditures of the Lelouma project until the final feasibility study is completed. The Lelouma project currently has 847 million tons of resources that meet the requirements of the Joint Ore Reserves Committee, with grades of 45.1% alumina and 2.1% silica. This resource is considered suitable for open-pit mining, and ore can be transported directly without processing or beneficiation.
Australia's resources sector uses technology to reduce carbon emissions
Australia’s resources sector is at the forefront of developing and deploying low-emission technologies that are critical to Australia and the world’s response to climate change, and are also the focus of the Australian Minerals Commission’s climate action plan released earlier in 2020. The industry will develop the minerals required for a low-emission future, including aluminum, copper, nickel, zinc, iron, uranium, base metals, lithium, ore, rare earths, etc.
Pebble Partnership CEO resigns
Northern Dynamic Minerals announced on Wednesday that Tom Collier, CEO of its US subsidiary Pebble Limited Partnership, has submitted his resignation. Earlier, Tom Collier’s comments on the US election and regulatory officials were secretly videotaped and released by an environmentalist organization. When the news was announced, there were growing doubts about the planned Pebble copper-gold-molybdenum mine.
Queensland allows more gas exploration
The Queensland Resources Commission welcomes the opening of more than 3,000 square kilometers of land for natural gas exploration in parts of southwest and central Queensland. Manufacturing Minister Bucher stated that Senex Energy, Comet Ridge, State Gas and Denison Gas have won bids and will explore in areas close to existing infrastructure, so that more natural gas can be quickly put on the market.
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