Australia/New Caledonia/Papua New Guinea Mining – Page 13

Top Stock Fund Wagers BHP, Rio Tinto Will Weather Iron-Ore Slump – by Georgina McKay (Bloomberg News – May 17, 2023)

May 19, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — A top equities fund manager is backing BHP Group Ltd. and Rio Tinto Ltd., betting they can withstand softer iron-ore prices and will benefit as China’s reopening boosts demand for the commodity.

Australian producers are attractive as they have relatively low operating costs and high exposure to the mainland, the world’s largest consumer of the steel-making ingredient, according to David Wilson, who oversees the equivalent of $5.3 billion at Australia-focused First Sentier Wholesale Geared Share Fund. The fund has returned 10% this year, beating more than 90% of its peers.

Lithium prices to keep rising as demand outpaces supply – by Nicki Bourlioufas (Australian Financial Review – May 16, 2023)

May 17, 2023

https://www.afr.com/

Lithium prices are set to extend their recovery from a brutal sell-off of 70 per cent as demand outstrips weaker-than-expected lithium supply growth, underpinned by the growing take-up of electric vehicles to meet carbon emission targets.

The recent rise in lithium prices follows a horror five-month period during which tumbled more than 70 per cent after China curbed electric vehicle (EV) subsidies in January, a move that led to faltering demand and rising inventories.

Newmont Seals $19 Billion Newcrest Takeover in Top Gold Deal – by Harry Brumpton and Dinesh Nair (Yahoo Finance/Bloomberg – May 15, 2023)

May 15, 2023

https://ca.finance.yahoo.com/

Newcrest Mining Ltd. has agreed to a takeover deal with Newmont Corp. worth about A$28.8 billion ($19.2 billion) to create the world’s biggest gold producer.

Newcrest shareholders will get 0.4 shares in Newmont for every Newcrest share they own, giving them 31% ownership of the combined group, the Melbourne-based company said Monday, confirming a Bloomberg News report Sunday. The deal gives Newcrest an implied enterprise value of A$28.8 billion, which includes net debt.

Why magnetite matters more to Fortescue in the green iron era – by Brad Thompson (Australian Financial Review – May 7, 2023)

May 11, 2023

https://www.afr.com/

Andrew Forrest gave a big green tick to Fortescue producing a high-grade magnetite at Iron Bridge.

Andrew Forrest says there’s a graveyard somewhere full of failed magnetite projects, but his will be different. Fortescue Metals Group’s Iron Bridge magnetite mine reached a first production milestone last week after surviving its own near-death experience in early 2021. The Fortescue founder and chairman breathed a great sigh of relief on May 1 when Iron Bridge started churning out magnetite with an iron content greater than 68 per cent.

It has taken other projects years to achieve target grades and some have never got there. The breakthrough for Fortescue comes at a time when high-grade product from the iron ore industry is seen as the quickest path to greener iron and therefore greener steel. And in a green iron world, magnetite projects make more sense than they did in the past.

Head of New Lithium Giant to Focus on Supply Chain for Americas – by James Fernyhough (Bloomberg News – May 10, 2023)

May 11, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — The soon-to-be chief executive of what will become the world’s third-biggest lithium producer says the new company will focus on building a supply chain in the Americas, as US automakers look for non-Chinese sources of the battery metal.

“America-centric is a big differentiator for us with customers, with investors,” Paul Graves said in an interview Thursday, a day after it was announced Livent Corp. will combine with Allkem Ltd. to create a $10.6 billion company. China, where US-based Livent has refineries, “will not be a focus of growth for us in the future,” he said.

Mining the Northwest: Evolution Mining endures growing pains at Red Lake – by Staff (Northern Ontario Business – May 5, 2023)

May 8, 2023

https://www.northernontariobusiness.com/

Australian miner seeks to fix operational and cultural issues at Red Lake complex before investing in mill expansion

Evolution Mining executives want to see a better performance out of its Red Lake gold operation before it’s willing to invest on a processing mill expansion. In a recent webcall, Evolution’s CEO Lawrie Conway said when Red Lake consistently mines at a 1.1-million-tonne per year run rate, the Australian company will consider further spending to boost capacity at its milling facilities.

“Red Lake’s gotta earn the right to get the upgrade,” said Conway in an April 20 webcall with analysts to discuss Evolution’s March 2023 quarterly results.

Lithium markets at a ‘turning point’: Morgan Stanley – by Alex Gluyas (Australian Financial Review – May 8, 2023)

May 8, 2023

https://www.afr.com/

Morgan Stanley believes lithium markets have hit a turning point following a brutal sell-off in the battery metal, as sentiment improves due to falling inventories and softer-than-expected supply growth. While lithium spot prices in China have plunged 70 per cent over the past five months, the broker noted that prices have rebounded.

Carbonate spot prices have bounced 30 per cent from their lows and hydroxide has recovered by 20 per cent. While lithium chemicals are gaining, the spodumene concentrate price has continued its downward trajectory, and now sits at $US4050 a tonne.

Rio buys scandium project – by Esmarie Iannucci (MiningWeekly.com – April 28,2023)

April 28, 2023

https://www.miningweekly.com/

PERTH (miningweekly.com) – Diversified miner Rio Tinto has struck a $14-million deal with ASX-listed Platina Resources to acquire its Platina scandium project, in New South Wales. The project comprises a long-life, high-grade scalable resource that could produce up to 40 t/y of scandium oxide, for an estimated period of 30 years.

Rio currently produces scandium oxide from titanium dioxide production waste streams at Sorel-Tracy in Quebec. Once operational, the Platina scandium project will enable Rio Tinto to more than double its yearly scandium production.

Australia seeks Japan’s help to be critical minerals ‘superpower’ – by Michael Smith (Australian Financial Review – April 21, 2023)

April 21, 2023

https://www.afr.com/

Tokyo | Australian critical mineral producers say Japan offers crucial capital and a growing market for their products at a time when the federal government is promoting investment from “like-minded” countries instead of dominant player China.

A delegation of Australian critical minerals companies visiting Tokyo this week said they were optimistic about Japan’s ability to replicate the huge investments it has made in Australian gas and iron ore over the decades, but they also warned it was pointless trying to compete with China.

Australian junior miner grows its lithium bank in northwestern Ontario – by Staff (Northern Ontario Business – April 19, 2023)

April 20, 2023

https://www.northernontariobusiness.com/

Green Technology Metals boasts two lithium deposits as Sioux Lookout-area project shows growth potential

Green Technology Metals, an Australian exploration upstart, is boosting its storehouse of lithium resources in northwestern Ontario. The company posted a first-time resource estimate for its Root Project, situated northeast of Sioux Lookout, and one of their two leading properties.

The maiden estimate for Root is 4.5 million tonnes at 1.01 per cent lithium oxide, along with 110 parts per million tantalum pentoxide, all in the inferred category. It stems from an almost 15,000-metre drilling program that the company kicked off on the property last August.

NEWS RELEASE: LAND SECURED AT KWINANA FOR AUSTRALIA’S FIRST PROPOSED INTEGRATED BATTERY MATERIAL FACILITY (April 14, 2023)

April 14, 2023

IGO Limited (ASX: IGO) (IGO) and Wyloo Metals Pty Ltd (Wyloo) have today announced that land has been secured at Kwinana for their proposed integrated battery material facility (IBM Facility or the Project).

IGO, in conjunction with Wyloo, is working towards making a financial investment decision on the development of the Project which involves integrating a downstream nickel refinery with a plant producing high-value nickel dominant precursor cathode active material (PCAM) for the battery supply chain.

The proposed Project would combine IGO’s disruptive nickel refining technology with PCAM production expertise via a low-cost and low-carbon process. The Project would represent the first commercial production of PCAM in Australia and would align with the State Government’s drive to grow Western Australia’s future battery industry.

Australia and Germany to partner on critical minerals – by Esmarie Iannucci (MiningWeekly.com – April 11, 2023)

April 11, 2023

https://www.miningweekly.com/

PERTH (miningweekly.com) – Australia and Germany will collaborate on new opportunities for critical mineral projects, with Minister for Resources and Northern Australia Madeleine King signing a joint Declaration of Intent with Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Climate Action Dr Franziska Brantner.

The Declaration will support a joint study to help Australia meet its ambitions to develop value-added industries around critical minerals, from extraction to refinement and recycling, and to help Germany secure reliable supplies of critical minerals to underpin its manufacturing and recycling activities.

Newmont plumps final bid for Australia’s Newcrest to $19.5 bln – by Melanie Burton (Reuters – April 11, 2023)

April 11, 2023

https://www.reuters.com/

MELBOURNE, April 11 (Reuters) – Newmont Corp (NEM.N) laid down a best and final offer for Australia’s Newcrest Mining Ltd (NCM.AX) on Tuesday at A$29.4 billion ($19.5 billion) to close a deal that would extend Newmont’s lead as the world’s biggest gold producer.

If successful, the deal would lift Newmont’s gold output to nearly double its nearest rival Barrick Gold Corp (ABX.TO). The merger is set to be the third-largest deal ever involving an Australian company and the third-largest globally in 2023, according to data from Refinitiv and Reuters calculations.

Newcrest, Harmony Gold ink deal to move Wafi-Golpu project forward – by Cecilia Jamasmie (Mining.com – April 6, 2023)

April 6, 2023

https://www.mining.com/

Newcrest Mining (ASX, TSX: NCM) and Harmony Gold (NYSE: HMY) said Thursday they have signed a framework agreement with the Papua New Guinea (PNG) government that sets key terms to jointly develop the Wafi-Golpu copper and gold project.

The memorandum of understanding (MoU) outlines the main aspects to be included in the mining development contract, a prerequisite for obtaining a special mining lease for the project, equally owned by both miners.

Australia Is Quitting Coal in Record Time Thanks to Tesla – James Fernyhough (Bloomberg News – April 4, 2023)

April 6, 2023

https://www.bnnbloomberg.ca/

(Bloomberg) — Like so much in our modern era, Australia’s high-stakes gamble on renewable energy starts with an Elon Musk Twitter brag. South Australia’s last coal-fired power plant had closed, leaving the province of 1.8 million heavily reliant on wind farms and power imports from a neighboring region.

When an unprecedented blackout caused much of the country to question the state’s dependence on clean power, Tesla boasted — on Twitter, of course — that it had a solution: It could build the world’s biggest battery, and fast. “@Elonmusk, how serious are you about this,” replied Australian software billionaire and climate activist Mike Cannon-Brookes. “Can you guarantee 100MW in 100 days?”