International - Copperbelt Katanga Mining

Neo Energy Metals Expands Uranium and Gold Portfolio with Beisa Mine Acquisition

August 15, 2024August 15, 2024 Constance

Neo Uranium Resources Beisa Mine (NURB), a subsidiary of South Africa- and London-listed Neo Energy Metals (NEO), has signed a binding agreement to acquire the Beisa North and Beisa South uranium and gold projects in the Witwatersrand Basin, Gauteng, from Sunshine Mineral Reserve. The Beisa North and South projects contain resources of 90.24 million pounds of triuranium octoxide (U3O8) and 4.17 million ounces of gold. These projects are located immediately north and south of the former high-grade Beisa uranium mine and are adjacent to the existing multimillion-ounce gold mining operations… Read More Here

International Gold

Perenti Secures Three-Year Contract with Barrick Gold for Hemlo Mine Operations

August 15, 2024August 15, 2024 Constance

ASX-listed Perenti has announced that its underground mining division, Barminco, has signed a three-year contract with Barrick Gold to continue providing mining services at the Hemlo gold mine in Canada. Located 350 km east of Thunder Bay in Ontario, Hemlo has been in production since 1989. Barrick transitioned the operation to a contract mining model in 2019, with Barminco serving as the primary underground contractor since then. The new contract covers an initial 36-month period and includes two optional 12-month extensions, which could extend Barminco’s involvement at Hemlo until 2029.… Read More Here

International Copper Mergers & Acquisitions

Ivanhoe Electric Completes Full Acquisition of Santa Cruz Copper Mineral Rights

August 15, 2024August 15, 2024 Constance

PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”, the “Company” or “IE”) (NYSE American: IE; TSX: IE) Executive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin have announced that the Company, through its wholly-owned subsidiary Mesa Cobre Holding Corporation (“Mesa Cobre”), completed the final US$10 million payment to exercise its option to acquire 100% ownership of the mineral rights at the Santa Cruz Copper Project in Arizona. Following this transaction, Ivanhoe Electric now owns 100% of the mineral and surface rights for the Santa Cruz Copper Project.… Read More Here

Gold International Press Release

Key Projects Advance as Barrick Keeps Tight Focus on Value Creation and Growth

August 14, 2024August 14, 2024 Constance

TORONTO – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has reported increased earnings and production for its second quarter, in line with guidance, and said the Company was on track for a strong second half of the year. Net earnings1 were up 25% and the attributable EBITDA margin2 was up 17% quarter on quarter to 48% with strong operating cash flows of $1.16 billion and a material increase in free cash flow3 to $340 million. Net earnings per share were up 24% to $0.21, adjusted net earnings per share3 increased by 68% to $0.32, and the quarterly dividend was… Read More Here

International Gold Press Release

Barrick Declares Q2 Dividend and Buys Back Shares

August 14, 2024August 14, 2024 Constance

TORONTO – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced the declaration of a dividend of $0.10 per share for the second quarter of 2024. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q2 2024 dividend will be paid on September 16, 2024 to shareholders of record at the close of business on August 30, 2024. In addition to the dividend, Barrick repurchased 2.95 million shares during the second quarter under the $1 billion share buyback program that was announced in February 2024. “The continued… Read More Here

Gold International Mergers & Acquisitions

Jinteng Mining Challenges Canada’s National Security Review of Peru Gold Mine Acquisition

August 14, 2024August 14, 2024 Constance

Jinteng Mining, a subsidiary of China’s Zijin Mining Group, has filed for a judicial review against the Canadian government’s decision regarding its acquisition of a gold mine in Peru. The move comes after Jinteng purchased Pan American Silver’s gold asset in Peru for $245 million in May, with an option for an additional $50 million payment. The challenge is directed at Canadian Minister François-Philippe Champagne’s order for a national security review of the deal, as reported by the Canadian Press. The judicial review was filed in late July in the… Read More Here

International Copper

Illegal mining soars near First Quantum’s idled Panama mine

August 14, 2024August 14, 2024 Constance

Illegal mining near First Quantum Minerals Ltd.’s Cobre Panama copper mine has soared since the facility suspended operations last year, an industry group warns. More than 250 instances of illegal mining have been identified in the rainforest surrounding Cobre Panama this year, according to Zorel Morales, head of the nation’s mining chamber. That’s a 317% increase from 60 instances in 2023. The illegal miners, Morales said, are mostly searching for gold. Morales and his trade organization, which includes First Quantum, are pushing for a quick resolution on Cobre Panama’s future.… Read More Here

International Copper

Peru’s Copper Production Drops 11.7% in June Amid Ongoing Industry Challenges

August 14, 2024August 14, 2024 Constance

Copper production in Peru fell by 11.7% year-on-year in June, reaching 213,578 metric tons, according to the country’s energy and mines ministry. For the first half of 2021, total production amounted to 1.29 million tons, reflecting a 2.1% decline compared to the same period last year. Peru, which has slipped to the third-largest copper producer globally after being overtaken by the Democratic Republic of Congo, is projected to produce 3.00 million tons of copper this year, up from 2.76 million tons in 2020, according to the ministry. The Peruvian government… Read More Here

International Copper Mining safety

Jiangxi Copper’s subsidiary halts production after fatal accident

August 14, 2024August 14, 2024 Constance

Jiangxi Copper’s subsidiary has suspended its plant in Shandong province after a fatal copper furnace accident, according to a company statement on Monday. Shandong Humon Smelting, controlled by top copper producer Jiangxi Copper, said three workers were killed and fourteen were injured. There was an unexpected spill from the plant’s side-blown copper furnace, the company said, without giving the date of incident. Production has been halted amid an ongoing investigation, the gold-copper producer said. Humon produced 203,023 metric tons of copper last year, according to its annual report. Jiangxi Copper… Read More Here

International Copper Gold

Barrick Gold Expresses Interest in Cobre Panama as Future Partner Amid Ongoing Disputes

August 14, 2024August 14, 2024 Constance

Barrick Gold (NYSE: GOLD) is prepared to step in as a partner in the Cobre Panama copper mine once the Panamanian government resolves the ongoing dispute over the asset, CEO Mark Bristow stated on Monday. The mine, currently owned by First Quantum Minerals, has been embroiled in controversy since November, leading to its closure following widespread protests. The new administration under President Jose Raul Mulino, in power since July, has announced that a decision regarding the mine’s future—which contributes 1% of global copper output and 5% of Panama’s GDP—will be… Read More Here