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Armadale sets out to earn a majority stake in US silver asset

Published: 24 Apr 24

Aim-listed investment company Armadale Capital, which holds mine investments in Africa, has entered into an agreement to earn a 50% interest in Africo American Incorporated (AAI), the holding company of the Canyon Silver lead/zinc/silver exploration asset, in Idaho, in the US. Armadale has an option to acquire an initial 25% interest in AAI through the purchase of new shares for $500 000 in cash before December 31.

First Quantum navigates Zambia power crisis through imports, renewable projects

Published: 24 Apr 24

In response to Zambia's recent declaration of a national emergency owing to a severe drought affecting power generation, copper miner First Quantum Minerals is taking measures to ensure the continuity of its operations. Power utility Zesco has introduced daily eight-hour loadshedding for its retail customers and initiated consultations with mining companies to reduce power supply to the sector by 150 MW from May 1 to December 31. First Quantum’s operations are expected to have power curtailed by about 80 MW over this period.

China copper gauge at zero offers stark warning to metal bulls

Published: 24 Apr 24

A key measure of Chinese copper demand just sank to zero, another sign that global prices are not balanced with what buyers in the biggest market are prepared to pay. Premiums paid on imported refined copper extended a months-long decline to reach zero for the first time in Shanghai Metals Market data going back to 2017. The unusually low levels come just days after copper on the London Metal Exchange rallied to a two-year high near $10 000 a ton.

China coal prices have bottomed, will surpass 2023 highs, industry group says

Published: 24 Apr 24

China's domestic coal prices have bottomed out and will exceed 2023 highs this year, a major coal industry group said on Wednesday. "Overall stockpiles are not very high, so if market purchases increase, that will directly cause prices to rise," said Han Lei, General Manager at the research department of China Coal Transportation and Distribution Association (CCTD).

World’s biggest energy traders are returning to metals markets

Published: 24 Apr 24

Some of the world’s biggest energy trading companies are returning to metals, years after getting burnt in the notoriously difficult markets. Vitol Group, Gunvor Group and Mercuria Energy Group are among the traders building out their metals teams, as they look to deploy capital generated by record profits.

Perseus expects strong operating performance to continue

Published: 24 Apr 24

ASX- and TSX-listed Perseus Mining has reported gold sales of 115 648 oz in the March quarter – a 19 489 oz decrease on sales in the December 2023 quarter, owing to the timing of gold sales. The weighted average gold price realised was $2 025/oz, $62/oz more than the December 2023 quarter price of $1 963/oz.

West African on track to meet full-year guidance following solid first quarter

Published: 24 Apr 24

Unhedged gold mining company West African Resources’ Sanbrado mine, in Burkina Faso, produced 56 595 oz of gold at an all-in sustaining cost (AISC) of $1 291/oz in the first quarter of this year. The company says it is tracking well to achieve full-year guidance of 190 000 oz to 210 000 oz at an AISC of less than $1 300/oz.

Ironveld enters facility agreement with Tracarta

Published: 24 Apr 24

Aim-listed mining development company Ironveld has entered into a further working capital loan facility agreement with shareholder Tracarta, in which Ironveld chairperson John Wardle has a beneficial interest. The facility agreement enables the company to draw down up to £125 000 on equivalent terms to the existing loan facilities with Tracarta and has a term of six months.

Miner Freeport-McMoRan beats quarterly profit estimates on strong production

Published: 24 Apr 24

Copper miner Freeport-McMoRan beat Wall Street estimates for first-quarter profit on Tuesday, helped by higher production and easing costs. The mining giant said its quarterly production of copper rose to 1.1-billion pounds from 965-million pounds a year earlier, helped by a 49% jump in output from its Indonesia operations.

G Mining draws remaining $33m for TZ project

Published: 24 Apr 24

Toronto-listed G Mining Ventures (GMIN) has successfully drawn the remaining $33-million on its $75-million senior secured term loan with an affiliate of Franco-Nevada, in accordance with an announcement in July 2022. The proceeds of the term loan will be used to continue the development and construction of GMIN's 100% owned Tocantinzinho gold project currently under construction in Brazil.