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MinRes sells stake in Onslow Iron haul road for A$1.3bn

Published: 05 Jun 24

ASX-listed Mineral Resources (MinRes) on Wednesday announced a binding agreement to sell a 49% interest in the Onslow Iron project’s dedicated haul road to Morgan Stanley Infrastructure Partners for A$1.3-billion. The Onslow Haul road is a key component of the transportation infrastructure solution that MinRes developed to unlock stranded iron-ore deposits in the West Pilbara region of Western Australia.

China’s unusually large copper stockpiles fuel demand concerns

Published: 05 Jun 24

China’s copper inventories are growing at exactly the time of year when they should be shrinking fast — an anomaly that underscores concerns about demand in the world’s biggest market. Stockpiles of the metal held in Shanghai Futures Exchange warehouses ended last week well above 300 000 t. That’s not the biggest volume ever, but it is the most for any end-of-May date on record. In China’s highly seasonal economy, inventories typically peak in March and slide lower as factories ramp up activity heading into the summer.

An image showing a dry screening plant at the Krone-Endora at Venetia project

Diamcor closes first tranche of increased placement

Published: 05 Jun 24

TSX-V-listed Diamcor Mining has closed a $1.4-million first tranche of a nonbrokered private placement following receipt of conditional acceptance of the offering from the TSX-V. The company now anticipates the offering will be oversubscribed and has increased the total amount of the original offering from $1.5-million to an aggregate of up to $2.5-million, with a second and final tranche closing expected to occur on or before June 15.

BHP turns to mediation as Chile miners seek share of copper boom

Published: 05 Jun 24

BHP Group is heading into mediation with union leaders in Chile in a bid to avoid a strike as this year’s surge in copper prices inflates the bottom lines of producers and expectations of their employees. The Spence mine operated by the Melbourne-based mining giant requested a five-day mediation under Chilean labor rules after management failed to reach an agreement with the union in regular negotiations.

First shipment of Kanmantoo copper sets sail

Published: 05 Jun 24

Australia’s newest copper producer Hillgrove has completed loading its first shipment containing 10 099 wet metric tonnes of concentrate from the Kanmantoo underground mine. The company achieved its first shipment in less than 12 months since operations at the South Australian mine started.

Gold purchases by central banks were strong in April despite high prices, WGC says

Published: 05 Jun 24

Net purchases of gold by global central banks rose to 33 metric tons in April from a revised net buying of 3 tons in March, the World Gold Council (WGC) said, signalling continuing strong appetite from the sector despite high prices for the metal. Safe-haven demand, driven by geopolitical and economic uncertainty, as well as persistent central bank buying contributed to a rally in gold in March-May. The spot price hit a record high of $2 449.89/oz on May 20.

Foremost to spin out past-producing New Mexico mines

Published: 05 Jun 24

The Winston Group of Properties, located in New Mexico, is set for a listing of its own, with Nasdaq- and CSE-listed Foremost Lithium announcing its intention to spin out the gold and silver assets into a new subsidiary. The new unit, to be named Rio Grande Resources (RGR), will own the Winston Group of Properties, which contains three historic past producing gold and silver mines: Ivanhoe, Emporia and Little Granite in Sierra county.

Independence is located entirely within Nevada Gold Mines' Phoenix mine permitted plan of operations.

Nexus Uranium to separately list its Nevada gold project

Published: 05 Jun 24

North America-focused Nexus Uranium has announced that it will spin off and separately list its Independence gold mine, in the Battle Mountain district of Nevada, on a Canadian exchange. The creation of a new entity holding the project, which is located adjacent to Nevada Gold Mines’ Phoenix-Fortitude mine, will enable the asset to advance independently with new funding, said Nexus CEO Jeremy Poirier.

Glencore to toll treat Crean Hill bulk sample – Magna

Published: 05 Jun 24

Exploration and development company Magna Mining has signed a toll milling agreement with Glencore Canada for the surface bulk sample of the 109 Footwall (FW) zone at its Crean Hill project, in Sudbury, Ontario. This development, CEO Jason Jessup says, is the next step of advancing the Crean Hill project – a past-producing nickel, copper and platinum group metals (PGM) mine.

Eskay Mining taps P2 team to bolster Golden Triangle success

Published: 05 Jun 24

TSX-V-listed Eskay Mining has entered into a nonbinding letter of intent to acquire fellow junior P2 Gold in a business combination transaction to create a gold and copper explorer focused on the Golden Triangle of British Columbia and Nevada. The combined company will be managed by the team that discovered and developed the Brucejack mine, in the Golden Triangle. P2 Gold president and CEO Joe Ovsenek will take on the same role at the combined company and Eskay president and CEO Mac Balkam will become chairperson.