Spruce Ridge Resources Ltd has confirmed its option agreement with Benton Resources Inc. as of September 20, 2023. Through this agreement, Benton has the option to earn up to a 70% stake in Spruce’s Great Burnt Copper/Gold Property. Key Points of the Agreement: Upon Benton securing a 70% interest, both companies will jointly operate the property. Should either company’s interest...
Mining news
Toxic Pollution Probe at Cadia Gold Mine Intensifies in New South Wales, Australia
Continuing Investigation The New South Wales Government’s inquiry into potential toxic pollution advances, setting its sights on the Cadia gold mine and other Central West mining sites. The probe is meticulously examining the impact of mining activities on public health, land, and water quality. Earlier Proceedings Previous hearings held at NSW Parliament House brought Cadia’s managing director, Mick Dewar, under...
Glencore to Halt Financing to Koniambo Nickel by 2024, Seeks New Financing Solutions
Glencore’s Financing Decision: On Wednesday, September 27, Glencore, a major shareholder in Koniambo Nickel SAS (KNS) with a 49% stake, announced plans to withdraw financial support for the New Caledonian firm by the end of February 2024. This decision hinges on the absence of alternative financing solutions. A Nickel for Koniambo’s Thoughts: The majority stakeholder of KNS, Société minière du...
Pan American Silver Completes Divestment of MARA and Morococha
Pan American Silver (PAAS) has successfully completed the previously announced divestment of its 56.25% stake in the MARA project in Argentina and its 92.3% ownership in the Morococha mine in Peru. These divestments align with Pan American’s strategic goal of optimizing its portfolio after acquiring Yamana Gold. The transactions will lead to a reduction in the company’s annual costs related...
Weekly Metals News Digest (Sept 18-24)
Check out a recap of the most important mining news from the past week: China Increases Winged Metal Production Primary aluminum production in China demonstrated strong growth in August, increasing by 3.1% compared to the same month in 2022, reaching 3.6 million metric tons. In comparison to July 2023, it surged by 3.4%. This significant rise in winged metal production...
Weekly Metals News Digest (Sep 1-17)
Check out a recap of the most important mining news from the past week: WPIC Raises Global Platinum Deficit Forecast to Record 1 Million Ounces in 2023 The deficit in the global platinum market will most likely top 1 million ounces this year due to strong demand growth from carmakers and other industries amid flat supply, the World Platinum Investment...
Former Head of Rosaviation, Neradko, Plans to Join Norilsk Nickel
Former head of Rosaviation, Alexander Neradko, intends to take a position at Norilsk Nickel. This information was provided to TASS by a source close to the Ministry of Transport. “He will move to Norilsk Nickel, to the position of vice president. Two possible companies were discussed for his move – Aerodynamics and Norilsk Nickel, he decided on Norilsk Nickel. Earlier,...
FTSE 100 Hits Six-Week High Driven by Mining Gains
London’s FTSE 100 soared over 2% led by mining giants Anglo-American, Rio Tinto, and Glencore, each gaining over 5% as commodity prices surged, notably iron ore and oil. The index closed at 7,673.08, marking its highest since July 31, with a 1.95% increase. Chris Beauchamp, chief market analyst at IG, noted the rally was spurred by surging commodity prices, particularly...
University of Minnesota Researchers Synthesize Unique Topological Semimetal Material for Enhanced Computing Power
A team of researchers from the University of Minnesota has achieved a significant breakthrough by synthesizing a thin film of a distinctive topological semimetal material, offering the potential to enhance computing power and memory storage while significantly reducing energy consumption. The researchers successfully created the material, composed of platinum, tin, and iron, in a thin-film format, and further studies unveiled...
Teck Resources spins off steelmaking coal unit to focus on energy transition metals, takes new name
Canadian diversified miner Teck Resources announced on Tuesday it would spin off its steelmaking coal business into a new company, called Elk Valley Resources (EVR), to focus on energy transition metals. The remaining business will take a new name, Teck Metals, and retain steelmaking coal cash flows for the transition period. The deal will be structured as EVR’s spin-off. Teck...