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Nickel 28 fires founders on ‘serious misconduct’ that they deny

Published: 07 May 24

Nickel 28 Capital said it has fired its founders, including CEO Anthony Milewski, after an investigation uncovered “serious misconduct” — claims the ousted management team says are untrue and part of a years-long battle for control at the Canadian mining firm. The nickel and cobalt producer removed Milewski, along with President Justin Cochrane and CFO Conor Kearns, with immediate effect, it said Monday, after the board reviewed findings made by an independent special committee. The investigation found evidence the management team had breached their duties and repeatedly lacked judgment, the board said.

Arrow’s Simandou North drilling off to a promising start

Published: 07 May 24

Australian junior Arrow Minerals as hit the ground running at its Simandou North deposit, in Guinea, uncovering high-grade mineralisation in the area during the initial stages of drilling. The first five holes, totalling 328 m of drilling, have yielded strong results, with assays including grades as high as 63% from surface samples.

Central Puerto eyes stake in McEwen’s Argentina copper project

Published: 07 May 24

Central Puerto, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter. After recently signing a deal for a stake in the Diablillos silver-gold project in Salta province, Central Puerto is committed to getting involved in a second mining venture, according to one person, who like others didn’t want to be named discussing private negotiations. The company is eyeing Los Azules as well as other gold and silver sites.

Analysts say Jose Raul Mulino's victory is a good outcome for First Quantum.

First Quantum to seek talks with Panama’s Mulino on closed mine

Published: 07 May 24

First Quantum Minerals will seek talks with Panama’s incoming president in an effort to resolve the dispute that shuttered the Cobre Panama copper mine. President-elect Jose Raul Mulino, seen as an investor favorite, has said little about First Quantum’s $10-billion mine, which closed last year following months of civil unrest. But his pro-business credentials and historical support for the mining industry are raising hopes for a reopening.

Copper 360’s underground copper mine set to open three months ahead of schedule

Published: 06 May 24

Last month copper mining company Copper 360 surprised on the upside by producing its first copper concentrate from surface material well ahead of schedule. Now, this month, it is doing the same on the underground mining front in that it will be opening its Rietberg underground copper mine three months ahead of schedule.

Saudi Manara Minerals' team in Pakistan for talks on Reko Diq mine stake, document shows

Published: 06 May 24

Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in Pakistan's Reko Diq gold and copper mine, a Pakistan government document showed on Monday. The mine, located in Pakistan's restive southwestern Balochistan province, is considered one of the world's largest underdeveloped copper-gold areas by global mining company Barrick Gold, which owns the project jointly with Pakistan.

Denel displays guided weapons, landward defence systems at Defence Service Asia

Published: 06 May 24

State-owned defence technology company Denel is displaying its guided weapons and landward defence systems at the Defence Service Asia (DSA) exhibition this week. Its Umkhonto surface-to-air missile can be launched from naval vessels or ground-based launchers. It travels at more than twice the speed of sound, can be configured to carry up to eight missiles and can reach simultaneous targets.

Eastplats reports record revenue for 2023 financial year

Published: 06 May 24

JSE- and TSX-V-listed Eastern Platinum (Eastplats) has reported net income attributable to shareholders of $13.8-million for the 2023 financial year, compared with a loss of $900 000 for the 2022 financial year, mainly as a result of higher revenue. Revenue increased to a record $106.9-million, compared with revenue of $53.9-million in the prior financial year.

Sibanye appoints Peter Hancock as nonexec director

Published: 06 May 24

Multinational mining and metals processing group Sibanye-Stillwater has appointed Peter Hancock as independent nonexecutive director, with effect from May 6. Hancock is a mining industry executive with more than 30 years of experience with Glencore overseeing nickel mining operations, developing and commercialising process technologies, and ramping up nickel projects. As VP of Glencore's nickel assets in Western Australia, he oversaw the Murrin nickel/cobalt mining operations.

Theta raises $10m

Published: 06 May 24

ASX-listed Theta Gold Mines, which owns gold assets in South Africa, has received a firm commitment from Hong Kong Ruihua Investment Management to invest $10-million in the company through a share subscription agreement. The funds will be used to complete funding packages for the TGME gold plant’s construction; advancing engineering, procurement and construction (EPC) contracts; development works for the plant, a tailings storage facility and water management at the TGME project; and to strengthen Theta’s balance sheet.