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Category: International

Barrick and Antofagasta to spend $95m exploring for copper in Chile 1 International Copper Exploration 

Barrick and Antofagasta to spend $95m exploring for copper in Chile

Constance
Canada’s Barrick Gold (TSX: ABX)(NYSE: GOLD) and Chilean miner Antofagasta (LON: ANTO) have partnered to explore together for copper and other metals in the Alto del Carmen area of the country’s northern Atacama region. Through the newly formed Minera El Encierro, the companies will invest about $95 million to enable 60 drilling platforms on a property comprising 35 concessions that cover an area of 9,400 hectares. Drilling will be carried out over five years and each campaign will have an estimated duration of 10 months, El Encierro said in its… Read More Here
Barrick Sounds Out First Quantum Holders on Possible Bid 2 Gold International 

Barrick Sounds Out First Quantum Holders on Possible Bid

Constance
Barrick Gold Corp. has spoken with some of First Quantum Minerals Ltd.’s major investors to gauge their support for a potential takeover, after the sudden closure of its flagship mine left the Canadian copper producer reeling and wiped out more than half its market value. Barrick Chief Executive Officer Mark Bristow approached some of First Quantum’s largest investors late last year, according to people familiar with the situation, who asked not to be identified as the talks were private. It wasn’t immediately clear if Barrick has made a fresh approach… Read More Here
Workers at FQM’s shuttered Panama mine warn of threat to ‘invade’ site 3 International Copper 

Workers at FQM’s shuttered Panama mine warn of threat to ‘invade’ site

Constance
The union representing workers at First Quantum’s copper mine in Panama on Wednesday warned of another union’s plan to “invade” the site next week, the latest face-off over the now-shuttered mine that provoked nationwide protests last year. The UTRAMIPA miners’ union said in a statement it was “worried” by the plans of the Suntracs construction workers union, the largest in the country, to force its way into the Canadian miner’s operation on Jan. 9. First Quantum in late November suspended commercial production at the mine and put it into care… Read More Here
Anglo American submits $1.1 billion tailings, water management plan for Los Bronces 4 International Copper 

Anglo American submits $1.1 billion tailings, water management plan for Los Bronces

Constance
Anglo American (LON: AAL) submitted an environmental impact declaration before Chile’s Environmental Assessment Service (SEA), which is aimed at accelerating the tailings removal process from the Pérez Caldera Dam at its Los Bronces mine; adapting the operation’s water supply so that it functions with desalinated water; and repowering the recovered water system. In a statement sent to local media, Anglo American said that the $1.1 billion plan will pay special attention to re-pulping or moving mineral pulp or tailings from the Pérez Caldera dam to the Las Tórtolas tailings dam.… Read More Here
UMK announces reduction in Manganese production 5 Battery Metals International Press Release 

UMK announces reduction in Manganese production

Constance
Johannesburg: United Manganese of Kalahari (UMK) announced today that, in response to the worsening market conditions, it will reduce the production of manganese ore and concomitant to that, the sale of its ore products, for the time being. “Softened demand side conditions have informed our decision to ease production and sales,” said UMK chief executive Malcolm Curror.  He added that the company will return to normalised outputs when the market recovers.  Curror noted that the temporary slowdown in production and sales will have no impact on the company’s employee body. … Read More Here
Illegal Chinese Gold Mining Leaves An Open Wound In Ghana 6 International Gold 

Illegal Chinese Gold Mining Leaves An Open Wound In Ghana

Constance
Chinese national En “Aisha” Huang is well known in Ghana as the “Galamsey Queen,” a nickname bestowed by the local media to describe her status as a kingpin of illegal gold mining operations. Her arrest and recent sentencing are emblematic of Ghana’s serious, ongoing problem with Chinese involvement in illegal artisanal small-scale gold mining (ASM). A Ghanaian court on December 4 sentenced Huang to 4½ years in prison and levied a $4,000 fine for running an illegal mining operation. Authorities told reporters that she will be deported after serving the… Read More Here
Dundee to acquire Osino’s Twin Hills gold project in Namibia for $214 million 7 International Gold 

Dundee to acquire Osino’s Twin Hills gold project in Namibia for $214 million

Constance
Dundee Precious Metals (TSX: DPM) is buying Osino Resources (TSXV: OSI) for C$287 million ($214m) in cash and shares to acquire its advanced-stage Twin Hills gold project in Namibia. The half-stock, half-money deal gives Dundee all of Osino’s shares for C$0.775 each plus 0.0801 of a Dundee share, representing a premium of 44% on the 30-day, volume-weighted average price of Osino stock as of Dec. 15. Osino shareholders will get 7% of the company in the transaction expected to close by June. Twin Hills is an open-pit project with a… Read More Here
Saudi mining company Ma’aden announces 'significant' gold discovery 8 Gold International 

Saudi mining company Ma’aden announces ‘significant’ gold discovery

Constance
Saudi Arabian Mining Company (Ma’aden), the biggest mining company in the Arab world, has announced the discovery of a “significant gold resource potential” in the kingdom. The new discovery extends along a 100km stretch from the existing Mansourah Massarah gold mine, the company said on Thursday. It is the “first find from the company’s extensive exploration programme, launched in 2022, aimed at building Ma’aden’s production pipeline”, it said. “These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country… Read More Here
Botswana Minister Greenlights MMG's Acquisition of Khoemacau Copper Mine 9 International Copper 

Botswana Minister Greenlights MMG’s Acquisition of Khoemacau Copper Mine

Constance
The Minister of Minerals and Energy in Botswana, Honorable Lefoko Moagi, has granted approval for the acquisition of Khoemacau by the Hong Kong-listed company MMG Limited. In a recent development announced in late November, MMG and Khoemacau confirmed their agreement for MMG to acquire 100% ownership of Cuprous Capital, the holding company of Khoemacau Copper Mine. MMG disclosed that the purchase agreement involves a substantial consideration of $1.89 billion (approximately P25 billion) for this acquisition. However, the acquisition is contingent upon several approvals, including the crucial change in control of… Read More Here
Gold and silver to shine again in 2024 10 International Gold 

Gold and silver to shine again in 2024

Constance
Gold hit an all-time high in 2023, dragging silver up with it and experts see little reason why its upward progress should falter in the coming 12 months. Traditionally, gold is on the other end of a seesaw with the US dollar. The established wisdom is if the US currency strengthens, gold’s value drops and vice versa, a pattern played out pretty much to the letter in 2023. Gold dipped when interest rates were rising in a US central bank bid to curb inflation, pushing the dollar higher. As soon as… Read More Here

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