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Mining Bulletin

The full story: In-depth news and analysis

JUBILEE METALS EXPANSION GENERATES EARLY PRODUCTION AND COST BENEFITS

Metals recovery specialist Jubilee begins to see significant results from a bold £39.5M expansion and optimisation program at its South African platinum group metals and chrome operations and Zambian copper and cobalt tailings projects.

STRIKE/COVID-19 IMPACTS FORCE ORVANA MINERALS Q1 NET LOSS

A Spanish transport strike and continuing Covid-19 have pushed gold/copper miner Orvana Minerals from a profit to Q1 22 $5.84M loss on gold equivalent output falling to 10,600oz from 15,920oz

HUDBAY MINS: Q1 22 $74M LOSS-TO-PROFIT TURNAROUND DESPITE OUTPUT FALLS

Q1 22 loss-to-$64M profit turnaround for miner Hudbay Mins, despite a string of problems sending all production down

$87M STREAM FUNDING PACKAGE ADVANCES ORION TOWARDS PRIESKA MINE DEVELOPMENT

Major funding and technology agreements deliver pivotal steps towards the development of Orion Minerals’ major development projects in South Africa’s Northern Cape province.

IAMGOLD: FROM LOSS TO Q1 22 PROFIT ON GOLD PRODN UP TO 174,000oz

IAMGOLD out of the blocks and running with Q1 22 gold production well up and profit where there used to be loss

BROADMEADOW CONTRACT ADVANCES BOWEN TOWARDS HIGH AMBITION

Indonesian-owned BUMA Australia expects to begin site work within two weeks after being awarded the coal mining services contract for Bowen Coking Coal’s planned second producing mine, the Broadmeadow East project in Queensland.

SSR MINING: BIG Q1 22 PROFIT SLIDE TO $76M

Lower SSR Mining Q1 22 production from its 4 global operations pushes profit down to $76M, the only positive performer being lead

LUNDIN MINING: IMPRESSIVE Q1 22 DESPITE PRODUCTION FALLS

Lundin Mining has a booming Q1 22 profit run up to $378M from Q1 21's $154M, but on global production down, with the exception of nickel

SANDFIRE RES: MATSA STEPS INTO THE Q3 22 SANDFIRE FRAY

A transformational Q3 22 sees the MATSA mine in Spain join Sandfire Resources to lift copper output, with gold set to fire as the expansion locks in

NEWMONT: Q1 22 PROFIT JUMP DESPITE GOLD FALL

Despite a substantial gold hit, global major Newmont has gone from Q4 21 loss to a Q1 22 $432M profit

‘LIVING WITH COVID’ DAMAGES OZ MINERALS IN Q1 PRODUCTION DOWNTURN

COVID impacts on workforce availability and the additional disruptions of a massive rainstorm that halted road access and supplies to its flagship mine have slowed March quarter production by Australian copper and gold miner OZ Minerals.

SOLGOLD: NEW REPORT FLAGS WORLD CLASS ECUADOR PROJ

New report flags a golden future for SolGold's Cascabel copper-gold-silver project in Ecuador, with the possibility of its LoM going out from an initial 26-years to 50-years

COVID IMPACTS ON NEW PROJECTS SLOW RIO TINTO’S Q1 IRON ORE PERFORMANCE

Rio Tinto chief executive Jakob Stausholm has re-emphasised the need to lift the global mining giant’s operational performance after a challenging first quarter of FY2022 that saw lower production of iron ore, aluminium and copper.

MAGNETITE RESOURCE ADDITION BOOSTS CASTILE’S ROVER 1 TENNANT CREEK PROJECT

Australian explorer Castile Resources is advancing its strategy of extracting maximum value of each tonne of ore mined with the addition of a new 933,000t magnetite resource at its polymetallic Rover 1 project in the NT.

BLACK CAT OUTLINES 24-MONTH PATH TO FIRST MINING AT FORMER NORTHERN STAR MINES

Black Cat Syndicate’s ambitions to become a mid-tier Western Australian gold producer rest on a four-year schedule for development and mining its portfolio of three high-grade mines in the state’s Eastern Goldfields, Eastern Pilbara and Tanami regions. John Feary reports

SYRAH RESOURCES WINS $107M GOVERNMENT FUNDING PROMISE FOR US BATTERY METAL PLANT

US agency offers $107M loan funding under Biden critical minerals strategy to back lithium miner-processor Syrah Resources’ vertically integrated battery metal facility in Louisiana.

KENMARE SEES A BRIGHTER OUTLOOK AFTER WEATHER BLIGHTS ITS Q1 MOMA PERFORMANCE

Poor weather through the March quarter has limited production and shipping volumes at Kenmare Resources’ Moma titanium minerals mine in Mozambique, but the world-leading mineral sands producer is confident better weather will keep it on track through FY2022.

SHEFFIELD-YANSTEEL TARGET 2024 PRODUCTION AFTER $160M NAIF LOAN FOR THUNDERBIRD

Confirmation of up to $160M in financial assistance from the Northern Australia Infrastructure Facility supports plans by Sheffield Resources and 50-50 joint venture partner Yansteel to finalise project funding in the September quarter for development of the Thunderbird mineral sands project on WA’s Dampier Peninsula. John Feary reports

ROBUST BFS SETS MC MINING FOR EARLY START ON MAKHADO COAL PROJECT

South African coal producer MC Mining is targeting the finalisation of financing arrangements and start of construction in 2022 based on a positive BFS for its 68%-owned Makhado hard coking and export-quality thermal coal mine.

NORTHERN STAR RES: BLACK CAT BUYS WA GOLD PROJECTS FOR $44.5M

Northern Star sells its Paulsens Gold Operation and Western Tanami Gold Project, both in Western Australia, to the Black Cat Syndicate for $44.5M in cash/scrip

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START THE WEEK: COMMODITIES (May 15, 2022)

LME ($US) 3-month closing prices, May 15 –
Copper 9,212.50
Aluminium 2,828.00
Zinc 3,539.50
Nickel 27,375.00
Lead 2,078.00
Tin 33,800.00

LME ($US) precious spot closing prices, May 15 –
Gold 1,809.30
Silver 20.97

NASDAQ ($US) closing prices, May 13 –
Copper 4.175
Gold 1,808.20
Palladium 1,917.70
Platinum 930.70
Silver 21.001

NYMEX ($US) 62% Fe CFR China, market close, May 13 –
Iron ore 132.33

START THE WEEK: CALENDAR (May 16, 2022)

Public holidays –
May 16: India (Buddha Purnima/Vesak)
May 16: Indonesia (Waisak Day)
May 16: Malawi (Day Off for Kamuzu Day)
May 16: Mongolia (Great Buddha Day)
May 16: Nepal (Buddha Jayanti)
May 16: Singapore (Day Off for Vesak Day)
May 16: South Sudan (Sudan People’s Liberation Army Day)
May 16: Sri Lanka (Day After Vesak Full Moon Poya Day)
May 16: Thailand (Day Off for Visakha Bucha)
May 17: Congo-Kinshasa (Liberation Day)
May 17: Nauru (Constitution Day)
May 17: Norway (1814 Constitution Day)

START THE WEEK: COMMODITIES (May 8, 2022)

LME ($US) 3-month closing prices, May 8 –
Copper 9,388.00
Aluminium 2,835.00
Zinc 3,791.00
Nickel 30,370.00
Lead 2,230.00
Tin 39,450.00

LME ($US) precious spot closing prices, May 8 –
Gold 1,883.00
Silver 22.38

NASDAQ ($US) closing prices, May 6 –
Copper 4.267
Gold 1,882.80
Palladium 2,023.20
Platinum 956.00
Silver 22.367

NYMEX ($US) 62% Fe CFR China, market close, May 6 –
Iron ore 136.91

START THE WEEK: CALENDAR (May 9, 2022)

Conferences –
May 9-12: Investing in African Mining Indaba, Cape Town (South Africa)

START THE WEEK: CALENDAR (May 16, 2022)

Public holidays –
May 16: India (Buddha Purnima/Vesak)
May 16: Indonesia (Waisak Day)
May 16: Malawi (Day Off for Kamuzu Day)
May 16: Mongolia (Great Buddha Day)
May 16: Nepal (Buddha Jayanti)
May 16: Singapore (Day Off for Vesak Day)
May 16: South Sudan (Sudan People’s Liberation Army Day)
May 16: Sri Lanka (Day After Vesak Full Moon Poya Day)
May 16: Thailand (Day Off for Visakha Bucha)
May 17: Congo-Kinshasa (Liberation Day)
May 17: Nauru (Constitution Day)
May 17: Norway (1814 Constitution Day)

START THE WEEK: COMMODITIES (April 24, 2022)

LME ($US) 3-month closing prices, Apr 24 –
Copper 10,069.00
Aluminium 3,246.05
Zinc 4,393.00
Nickel 33,150.00
Lead 2,387.00
Tin 42,225.00

LME ($US) precious spot closing prices, Apr 24 –
Gold 1,932.50
Silver 24.23

NASDAQ ($US) closing prices, Apr 22 –
Gold 1,934.30
Silver 24.318
Copper 4.602
Platinum 927.40
Palladium 2,376.30

NYMEX ($US) 62% Fe CFR China, market close, Apr 22 –
Iron ore 154.13

START THE WEEK: CALENDAR (April 25, 2022)

Company –
Apr 25 - Copper Mountain Mining Q1, Toronto (Canada)
Apr 27 – Gold Road Resources Q1, Sydney (Australia)
Apr 27 – First Quantum Minerals Q1, Toronto (Canada)
Apr 28 – Regis Resources Q3, Sydney (Australia)

START THE WEEK: COMMODITIES (Apr 17, 2022)

LME ($US) 3-month closing prices, Apr 17 –
Copper 10,332.00
Aluminium 3,293.25
Zinc 4,429.50
Nickel 33,145.00
Lead 2,448.00
Tin 43,400.00

LME ($US) precious spot closing prices, Apr 17 –
Gold 1,971.60
Silver 25.53

NASDAQ ($US) closing prices, Apr 14 –
Gold 1,974.90
Silver 25.70
Copper 4.741
Platinum 994.20
Palladium 2,355.40

NYMEX ($US) 62% Fe CFR China, market close, Apr 14 –
Iron ore 155.69

START THE WEEK: CALENDAR (Apr 18, 2022)

Public holidays –
Apr 18: Observing Countries (Easter Monday)
Apr 18: Zimbabwe (Independence Day)
Apr 19: Brunei, Malaysia Regions (Nuzul Al-Qur’an)
Apr 19: Eswatini (King Mswati III Birthday)
Apr 19: Venezuela (Declaration of Independence)
Apr 21: Brazil (Tiradentes Day)
Apr 21: Iceland (First Day of Summer)
Apr 22-24: Observing Countries (Orthodox Easter)
Apr 23: Iran (Martyrdom of Imam Ali)
Apr 23: Turkey (National Sovereignty and Children’s Day)
Apr 24: Armenia (Genocide Remembrance Day)
Apr 24: Ethiopia (Fasika)

GLOBAL MINING: FRASER INSTITUTE SURVEY TOP 10

Top 10 most attractive jurisdictions for mining investment in 2021 (position in the 2020 survey)
1. Western Australia (4)
2. Saskatchewan (3)
3. Nevada (1)
4. Alaska (5)
5. Arizona (2)
6. Quebec (6)
7. Idaho (9)
8. Morocco (-)
9. Yukon (18)
10. South Australia (7)

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Mining Billboard

Insights and analysis from leading industry commentators

RAMAPHOSA PLEDGES URGENT ACTION TO CLEAR THE OBSTACLES FACING SOUTH AFRICAN MINING

(COMMENTARY) The shock of seeing South Africa fall to the bottom 10 of attractive jurisdictions for mining investments in the influential Fraser Institute global survey has triggered a welcome recognition by President Cyril Ramaphosa of the urgent need to remove the impediments to the growth and development of the mining industry.

DESPITE ITS GOOD INTENTIONS, AUSTRALIA FAILING TO PROFIT FROM ITS CRITICAL MINERALS

(COMMENTARY) Australia has the world’s largest supply of four critical minerals and is in the top five for many more, so why is it not making the most of them? By Mohan Yellishetty

INDABA RETURNS TO ITS TRADITIONAL FORMAT WITH ITS EYES FIXED ON NEW REALITIES

Indaba is back with a focus on new principles and innovative technologies that can help Africa’s mining industry achieve greater efficiency and sustainability in a world where the transition to a low-carbon future will create increasing demand for minerals and metals.

PILOT PLANT SITE TO ADVANCE PLAN FOR WA INTEGRATED GRAPHITE BATTERY ANODE PLANS

(DEVELOPMENT) Home-grown International Graphite’s plan to establish the first mine-to-market graphite business with a sovereign supply chain wholly located in Western Australia have advanced with the signing of a lease agreement for the site of a pilot plant to deliver battery anode graphite for use in electric vehicles, renewable energy storage and other decarbonisation technologies.

WARNING FOR AUSTRALIA IN LOOMING ‘FAST AND FAR’ DROP IN CHINESE DEMAND FOR SEABORNE COAL

(COMMENTARY) China’s desire for energy security poses a stark threat of 20%-plus falls in demand for thermal and coking coal from the Australian exporters currently enjoying a boom.

FERREXPO PRAISES UKRAINE GOVERNMENT AND WORKER RESILIENCE TO RUSSIAN ATTACKS

(ESG GOVERNANCE) There’s been no fanfare for iron ore pellet giant Ferrexpo in announcing strong FY2021 financial results for its Ukrainian operations, pointing out they all relate from a “very different time” – prior to the brutal Russian military invasion.
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Mining Brokers

START THE WEEK: COMMODITIES (May 15, 2022)

    START THE WEEK: CALENDAR (May 16, 2022)

      START THE WEEK: COMMODITIES (May 8, 2022)

        START THE WEEK: CALENDAR (May 9, 2022)

          START THE WEEK: CALENDAR (May 16, 2022)

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