https://www.northernontariobusiness.com/
Harte Gold granted creditor protection by court, Australia’s Silver Lake Resources looks to take control of Sugar Zone Mine property
A prospective new owner of White River’s Sugar Zone Mine might not be determined until next spring, at the earliest.
So far, early front runner Silver Lake Resources of Australia has the inside track to acquire the underground operation. But things are looking bleak for common shareholders of Harte Gold.
(Bloomberg) — Billionaire Gautam Adani’s coal mine in Australia, a project that’s become a global emblem for opposition to fossil fuels, is preparing to begin exports after more than a decade of bitter dispute over its development.
Proposed in 2010 and stalled by legal challenges, financing setbacks and a sustained campaign from climate activists, the operation is scheduled to ship first cargoes before the end of December and aims to supply an initial 10 million tons of thermal coal annually for at least 30 years.
Tokyo | China will boost domestic iron ore production by 30 per cent, significantly ramp up investments in overseas mines and strengthen scrap steel recycling under a plan designed to break Beijing’s dependency on Australia’s most valuable commodity export.
China’s top steel industry executives and senior government officials outlined a strategy for achieving the five-year targets in an article published this week, which highlights the Chinese government’s frustration with volatile iron ore prices and its desire to follow Japan’s lead by investing heavily in offshore mines.
https://www.canadianminingjournal.com/
Osisko Mining (TSX: OSK) has signed an agreement with Australia’s Northern Star Resources (ASX: NST) to raise $154 million for continued work on its Windfall gold project 200 km north of Val d’Or, Que. The two companies have also agreed to negotiate the terms of an earn-in and joint venture allowing Northern Star to earn up to a 50% interest in the Windfall project.
The financing agreement will see Osisko issuing a convertible senior unsecured debenture due Dec. 1, 2025, to Northern Star. The debenture bears an interest rate of 4.75% per year payable semi-annually.
NS Energy
Western Australia’s vast Greenbushes lithium mine is the world’s largest operation to extract hard rock deposits of the mineral critical to the energy transition
At the southern tip of Western Australia, around 250 kilometres south of Perth, lies the Greenbushes lithium mine – the world’s largest project to extract the increasingly critical mineral driving the clean energy transition.
The operation, which claims its name from a nearby town, is owned by Talison Lithium, a joint venture between China’s Tianqi Lithium and US chemicals firm Albemarle – although recent reports have emerged that the Chinese producer is seeking to offload some of its 51% stake in the project amid financial difficulties.
https://www.northernminer.com/
Newcrest Mining, Australia’s largest gold producer, will soon become the biggest gold producer in the Canadian province of British Columbia once its $3.5 billion (US$2.8 billion) acquisition of Pretium Resources is completed over the next three or four months.
The Aussie gold major already held a 4.85% stake in the Canadian miner before announcing the deal this week, and it’s the second time Newcrest has planted its corporate flag in Canadian soil. In 2019 the company acquired a 70% stake in the Red Chris mine from Imperial Metals for US$806 million.
Mining magnate Gina Rinehart has struck a deal to buy into an iron ore project in WA’s northern Goldfields, further expanding her iron ore empire which includes the Roy Hill mine in the Pilbara.
A subsidiary of Ms Rinehart’s Hancock Prospecting has struck a deal to form new joint venture agreement with the owners of the Mt Bevan project, 100 kilometres west of Leonora.
BHP is looking at investing in additional early-stage development projects as the company aims to grow its copper and nickel portfolio.
BHP chief executive officer Mike Henry spoke at the company’s annual general meeting on Thursday, suggesting the success of its current copper and nickel projects should inspire more developments to follow.
https://www.theglobeandmail.com/
The latest big deal to shake up Canada’s gold industry has the acquirer on the defensive for paying a premium, but at least one money manager is salivating at the prospect of an even higher offer.
Australia’s Newcrest Mining Ltd. faced questions from analysts, and a declining stock price, after it unveiled plans late Monday to acquire Pretium Resources Inc. for $3.5-billion. Melbourne-based Newcrest is offering $18.50 in cash, or 0.8084 Newcrest shares, for each Pretium share.
Fortescue Metals Group has defended its “crazy” green ambitions, saying the bold plans are a commercial imperative, not just environmental.
The miner’s new Fortescue Future Industries division has been inking deals around the world to look into massive “green” hydrogen and renewable energy projects, with founder and chair Andrew ‘Twiggy’ Forrest flagging potential costs worth more than $US100bn ($134.6bn).
It was supposed to be a big win for climate activists: another of the world’s most powerful mining companies had caved to investor demands that it stop digging up coal.
Instead, Anglo American Plc’s strategy reversal has become a case study for unintended consequences. Its exit has transformed mines that were scheduled for eventual closure into the engine room for a growth-hungry coal business.
Newcrest Mining Ltd. agreed to buy Pretium Resources Inc. in a cash and shares deal valuing the Canadian gold producer at about $2.8 billion, adding to a wave of consolidation in the sector.
Melbourne-based Newcrest will offer Pretium holders C$18.50 ($14.87) a share, a 23% premium to the target’s closing price Monday in Toronto. The transaction is unanimously recommended by Pretium’s board and requires the approval of two-thirds of the company’s shareholders.
Fortescue Metals Group has reported record first quarter iron ore shipments of 45.6 million tonnes (Mt), a three per cent increase on the same period last year.
Ore processed and railed also achieved record first quarter volumes, reflecting strong operational performance across the supply chain and expanded system capacity following the ramp up of Eliwana.
Rio Tinto’s (ASX, LON, NYSE: RIO) last pink, red, blue and violet diamonds from its iconic Argyle mine, in the remote east Kimberley region of Western Australia, smashed records on Thursday.
Mining ended at Argyle in November 2020, after 37 years of uninterrupted production, during which the mine became the source of about 90% of the world’s prized rose-to-magenta hued stones.
The 1960s were a decade of optimism during which Australia swapped the sheep’s back for massive resources industries. Ironically, some of it was financed by an old foe.
“It was obvious long before the end of 1959 that in 1960 Australia should enter its most exciting decade,” The Australian Financial Review quoted economist Douglas Copland as saying a couple of years later.
But the 1960s started with a credit squeeze from Australia’s new stand-alone central bank and a call on International Monetary Fund reserves. The business and political reaction was “hostile and spontaneous”, reported the Financial Review.
