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What you missed in the news this week 4 Nov 2022

Rox Resources announced a 110% increase of production to 187koz Au since 2018.

The increase is at their Mt Fisher and Mt Eureka gold projects in the Eastern Goldfields.

Rox Resources

 

Rio Tinto and BHP have joined forces to for research into technology to increase water recovery from mine tailings.

They are currently trialling a large-volume filter unit to remove up to 80% of water in the trailing stream before it is deposited in a storage facility.

Removing more water would reduce risks associated with moisture in storage facilities, reduce the foot print of these facilities and allow them to productively reuse tailings are raw material.

 

After unsuccessfully suing the Western Australian Government, Clive Palmer is trying again, planning to sue the Commonwealth for billions in damages over his stalled iron ore mine in the Pilbara.

Palmer plans to bring the claim under the international courts through his Singapore-based company Zeph International.

If Palmer is successful, tax payers can expect to foot the bill of upwards of $32B.

 

Classic Minerals has commenced construction on their new Kat Gap gold mine, south of Southern Cross.

Classic Minerals has begun building internal roads and clearing space for the camp but has yet to receive processing approval.

They are hoping to have stage 1 open-pit mining before the end of the year.

 

Swedish company, Epiroc, has agreed to acquire Kalgoorlie Boulder company, Remote Control Technologies Pty Ltd.

RCT was founded 50 years ago and provides automation solutions to mining companies.

RCT is the second Kalgoorlie Boulder company acquired by Epiroc this year, after their acquisition of JTMEC earlier in the year.

The acquisition is expected to be completed by the end of the year.

Courtesy of Epiroc

MLG celebrates 20 years this week. The Kalgoorlie Boulder based company started with founder and managing director Murray Leahy and his truck to a business that services 29 sites across Western Australia and the Northern Territory.

 

S&P/ASX 200 peaked this week on Wednesday at 7,009.00 points, before taking a sharp fall to 2,849 points on Thursday. The markets rounded out the week at 6,893 points.

 

ASX

 

All Ordinaries followed suit this week, peaking on Wednesday at 7,194 points before plummeting to 7,015 points. The All Ords finished the week at 7,089 points.

 

Gold is sitting at $2,600.28oz t today, making a solid comeback from Tuesday’s fall. Gold is sitting at a similar position to how October started the month, with $2,567.36oz t on 3rd October.

Silver finished off at $31.48oz t, finishing a little lower than yesterday’s $31.05oz t.

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Epiroc acquires another Kalgoorlie Boulder company

Swedish company, Epiroc, has agreed to acquire Kalgoorlie Boulder company, Remote Control Technologies Pty Ltd.

RCT provides automation and remote-control solutions for single machine and entire mixed fleets, and provides data and information systems, fleet and machine management systems.

RCT began in 1972 when Kalgoorlie Boulder based founder Bob Muirhead saw numerous fatalities and serious incidents accepted as a “side effect” of the mining industry, so he designed a fail-safe engine protection system. Today, RCT has spread to over 70 countries.

 

Courtesy of Epiroc

Epiroc provides safe equipment such as drill rigs, rock evacuation and construction equipment, and tools for surface and underground applications.

Epiroc’s president and CEO, Helena Hedblom said “Automaton is increasingly important for the mining industry to strengthen safety and productivity” and believes that Remote Control Technologies’ advanced solutions “complement Epiroc’s existing automation offering well.”

RCT is the second Kalgoorlie Boulder company Epiroc has acquired this year. In April this year Epiroc announced their acquisition of JTMEC, an electrification infrastructure solutions provider founded in 2005.

The acquisition is expected to be completed by the end of the year.

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What You Missed This Week In The News

Buru Energy Ltd was dealt a blow in this week’s Federal Budget.

In April 2022, Buru was awarded a $7M Commonwealth Government Grant for Geovault, their offshore geological storage of greenhouse gas in the Carnarvon Basin.

The program that the grant was offered by has been cancelled in this new budget.

A revised grant will be offered which Buru says they will aggressively pursue.

Summit Minerals Ltd will start its maiden drilling campaign at the Stallion REE Project, east of Kalgoorlie.

Summit received approval from the Department of Mines, Industry Regulation and Safety for a 16-hole RC drill program and is expected to begin as early as next week.

 

Riversgold Ltd also announced its maiden 2,500M RC drilling program, which has commenced at their Tambourah Lithium Project in the Pilbara Region.

The project is Riversgold most advanced lithium project and will include up to 21 holes.

 

Koba Resources Ltd.’s share price has soared by 136% to $0.260 this week after it staked mining claims covering 145km2 at its Whitlock Lithium Project in Canada.

Koba Resources

WA1 Resources’ saw a significant jump in its share price this week after announcing the first results of its maiden West Arunta Project drilling program.

The share price rose by a whopping 542% to $0.94 after the revealing the drilling found the first Niobium deposits in the area.

WA1 Resources

The S&P/ASX Markets closed the day lower than yesterday, which saw the end of a 4-day streak. The markets fell by 58.60 points to 6,786.50 after setting a new 20-day high yesterday at 6,870 points.  

The All Ordinaries also finished off the week on a lower note, dropping 0.98% to 6,973.40, but also saw a 20-day high yesterday.  

 

Gold also finished lower at $2,566.62oz t, after peaking at $2,620.42 at the start of the week.  

Silver has remained steady after the fall it had last week, finishing at $30.52oz t compared to the low of $30.02 last week. 

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Federal Budget Breakdown

The 2022 October Federal Budget has been announced. Here’s how the Goldfields and mining are affected.

 

The migration cap will increase 35,000 persons to 195,000 people in 2022-23. At least 90% of these 35,000 will be for skilled migrants and more than 25% will be targeted to regional areas.

This will ease labour shortages and include accelerating visa processing. Student and secondary training visa holders will have their work restrictions relaxed until 30 June 2023.

 

In an effort to transform regional industries to net zero by 2025, the Government will establish a $1.9B Powering the Regions Fund to transform Australia into a renewable energy superpower. $1.5B will be allocated to the Pilbara Region to support mining, mineral processing, and local manufacturing, and provide investment in hydrogen and renewable energy projects.

 

$500M Driving the Nation Fund will reduce transport emissions by installing electric charging infrastructure at 117 highway sites and hydrogen highways for key freight routes. Electric cars will be exempt from fringe benefits tax (FBT) and the 5% import tariff.

$350.0M will be dedicated to seal the Tanami Road between Norther Western Australia and the Northern Territory, $400M for the Alice Springs to Halls Creek Corridor upgrade and $125M for electric bus charging in Perth.

 

$757.7M will be allocated to improving mobile and broadband connectivity in regional Australia. $7.4B will be invested to support regional development across Australia. The Growing Regions Program will support community groups, fund local projects such as libraries and regional airport upgrades. The Government will also dedicate $1.4B for local community, sport and infrastructure projects across Australia.

 

$143.3M will be provided over 4 years to support access to healthcare in rural and regional areas by investing in primary care services, training, workforce incentives and trials for innovative models of care.

 

A $50.5M Critical Minerals Research and Development Fund will invest in lithium, cobalt, manganese, titanium and rare earths to meet growing demands for batteries, electric vehicles and clean technology.

 

Multinational corporations will pay an extra $1B in tax with the crackdown on excessive deductions and profit-shifting to lower-taxing countries.

Individual taxpayers and businesses will also be targeted with the ATO cracking down on over-claiming deductions and incorrect reporting of income.

 

Due to high inflation and low wage growth, worker’s pay will effectively go backwards until 2024-25 when inflation is expected to return to 2-3%. Inflation is expected to peak at 7.75% in December.

 

The Better Regions Fund (BBRF) was the former Government’s regional grants program designed to deliver funding for regional infrastructure projects and community development activities. The Government scrapped the fund in the budget as they believe the fund wasn’t awarded based on merit and were favouring National Party electorates.

However, the budget includes a new national grants program.

 

Truck drivers will be hit with an extra 0.8 cents in tax for every litre of diesel they purchase. The Heavy Vehicle Road User Charge will increase from 26.4 cents/litre to 27.2cents/litre.

 

Consumer confidence continues to sit at a low, having peaked in 2021. The current figure is comparable to the start of the pandemic in 2020 and the Global Financial Crisis in 2008.

Source: Westpac-Melbourne Institute, MWM Research, October 2022
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What You Missed In The News This Week

St Barbara’s share price plummeted to a 7 year low, dropping 35.18% after they released their quarterly report on Tuesday. The shares dropped from $0.68AUD to just $0.46AUD. Production was down almost 26% and costs up 34.8% from last quarter. Currently it costs St Barbara $4/oz more to produce gold than they receive from selling it.

IGO chief executive Peter Bradford has passed away at 64. Bradford began working in the mining industry in 1979 and has been a supporter of clean energy and climate change. He was an active mentor for the Women in Mining WA organisation and a committee member of CEOs for Gender Equity Inc.

Peter Bradford | LinkedIn

St Ives has resumed operations after a worker was killed last week. The worker died at the Hamlet underground mine near Kambalda. The tragic incident was one of two mine site deaths last week, with a second occurring at a Pilbara mine site last Thursday.

St Ives | Gold Fields Australia

Rox Resources has announced significant results from its Reverse Circulation drilling at their Mt Fisher Gold Project. Managing director Alex Passmore said these results continue to confirm the “strong prospectively of the highly under-explored Mount Fisher Gold Project.”

 

Raiden Resources’ Mt Sholl maiden diamond drilling to be completed over the next two days ahead of schedule. Of their completed holes, all have intersected visual Nickel and Copper mineralisation. The tenements are located 22km southeast of Karratha in the Pilbara region.

 

The S&P/ASX200 has finished the week at 6,676.80 points today, falling 0.80% from yesterday. The All Ordinaries finished much the same at 6,869,90, falling 0.71% from yesterday. Gold rounded out the week at $2,588.81oz t.

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Karora Posts Strong First Quarter

Higginsville Mill

Canadian miner Karora Resources posted a positive start to the first quarter based on their Higginsville Mining Centre and Kambalda Beta Hunt operations. Announced to the market late Friday night Western Australia time, Karora posted gold production of 24,694 ounces and gold sales of 25,547 ounces. While Karora nickel production is currently limited to remnant nickel resources south of the Alpha Fault at Beta Hunt. However there has been positivity to future nickel production with 30C Nickel Trough discovery and Gamma Zone – 50C”, where 11.6% nickel over 4.6 metres, including 18.4% nickel over 2.2 metres was intersected

Chairman and CEO Paul Andre Huet who recently relocated to Australia from Canada said “I am pleased with Karora’s first quarter performance, which places us on a very strong footing to achieve our full year 2021 gold production guidance of between 105,000 and 115,000 ounces and AISC of US$985–$1,085 per ounce sold. First quarter gold production of just under 25,000 ounces was right on budget as we prepared new higher grade mining areas at Higginsville Central. Over the course of 2021, as we have previously stated, we expect quarterly grade improvements resulting from Spargos and Two Boys to drive increased production towards the second half of the year.” he said.

Beta Hunt production is to be increased with a staged fleet replacement and upgrade program, including the addition of a CAT R2900 underground loader and two CAT AD60 trucks into the mining fleet. With expansion planned for 2021.The first of these two new trucks recently hauled its first load of ore at Beta Hunt in May.

At Higginsville, The Two Boys mine dewatering and exploratory work was significantly advanced during the first quarter of 2021. Mining is on track to commence as planned in the second quarter of 2021. Alongside this there are further developments at Baloo in terms of optimisation and mining focus directed towards Hidden Secret.

Higginsville Mill at Sunrise

Mr Huet also elaborated on expansion at Higginsville “I am extremely happy to announce that our Phase I mill expansion is proceeding well ahead of schedule. We have already achieved an annualised production rate of 1.5 million tonnes per annum. Once completed, as previously announced, the Phase I expansion will increase production capacity at our Higginsville mill in 2021 by approximately 15%, or 550 tonnes per day, to 1.6 million tonnes per annum from the prior capacity of 1.4 million tonnes per annum.”

Karora closed the day down $3.82 from an open of $4.08 on trade on the TSX.

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Operation Nets Drugs At FIFO Airport

This morning Leonora Police alongside Kalgoorlie Detectives and Canine Unit, seized cannabis as part of regular checks on regional airports, targeting drugs on FIFO flights. The police canine identified several bags from the operation and had Leonora Police spreading the message via social media today “If you are visiting Leonora, don’t risk bringing drugs with you. It will cost your job.” it posted. Similar operations have been conducted at regional and major airports in the past, netting results for illicit and prescription drugs and steroids.

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Northern Star Set for May Reserve Resource Upgrade

ASX 100 Miner Northern Star Resources has delivered its March 21 quarterly activities report noting strong progress to a May Reserve resource upgrade – Which Managing Director Raleigh Finlayson mentioned on a conference call to “watch this space”. Whilst reporting that factors such as a 14 day mill shutdown at KCGM modernising mill control systems, Unplanned maintenance at Thunderbox on the mill motor and lower head grades at Pogo.  

Northern Star reported underlying free cash flow of A$97 million at an average realised price of A$2,222 per ounce.  

Highlights from operations included 

Yandal – Jundee – Development advance was especially strong in March with a new monthly record for jumbo advance of +2,000m. 

Yandal – Thunderbox – Investment continues in a large, shallow single-stage cutback adjacent to the mill. 

Kalgoorlie – KCGM – The new underground portal was successfully cut in the “Super Pit” with development currently advancing. This is located in the Western Wall and is the first new underground activity on the Golden Mile in decades. 

A CAT 793 hauls up a ramp at the KCGM Super Pit

Kalgoorlie – Kanowna – District milling optimisation has commenced, with 24kt of Mt Charlotte ore successfully treated at Kanowna Belle, resulting in a >3% recovery improvement to 87.5%. 

Kalgoorlie – Carosue Dam – The mill delivered record quarterly throughput of 887kt. 

Pogo – The ongoing focus is accelerated decline advance to enable access to additional stoping horizons and set up diamond drill platforms to further grow the Pogo Resource. 

A new strategic road map will be presented in July. Executive Chair Bill Beament said “We have overcome a few one-off events to ensure we remain on track to meet our annual guidance This is a huge credit to our team and also reflects the underlying quality of the assets. “ 

“In addition to this achievement, there has been enormous progress made behind the scenes on several fronts. This includes the extensive exploration campaign, which will feed into the May Reserve and Resource update. This will in turn be a central plank of our Strategy Day in July.” he said 

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Drilling Commences At Ravensthorpe

Drilling commenced yesterday at the Medallion Metals Ravensthorpe Gold Project, between Hopetoun and Ravensthorpe in the South East of Western Australia. The 32,000m drill program will include around 26,000m at the Kundip Mining Centre which according to 2012 JORC gold Mineral Estimates entails around 674,000oz. Further targets at Kundip centre on known deposits of Flag, Harbour View and Kaolin, while also looking at near mine potential sites of Gem Restored and Gift South. 

Drilling Commences at Medallion Metals Ravensthorpe Gold Project

The Managing Director Paul Bennett commended the team for the swift approach and earmarked the first results “It’s a credit to the Project team to get up and running safely and within this short timeframe. With drilling now underway, we’re looking forward to reporting the first drill results in May and the pace of that reporting increasing as the second rig to site next week.” he said.

Medallion Metals has opened on the markets at $0.250.

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Regis Enters Agreement For Independence Stake In Tropicana

IGO has this morning announced it has entered into a binding agreement with Regis Resources for the sale of its stake in Tropicana Gold Mine. Independence held a 30% stake in the mine with AngloGold Ashanti holding the remaining 70%.  

Autonomous Drill Fleet at Tropicana Gold Mine – Pic Macmahon

According to IGO Managing Director and CEO Peter Bradford, the sale allows IGO to concentrate on its focus towards commodities aligned with clean energy. “Since discovery in 2005, Tropicana has been an important part of IGO’s history and a key driver of our sustained growth. While IGO continues to believe that Tropicana is a high-quality tier-1 gold asset with strong upside potential, it is no longer aligned with our focus on commodities critical to clean energy. We are therefore delighted to have entered into an agreement to sell Tropicana to Regis. This transaction, along with the recent investment in Tianqi Lithium assets in Australia, solidifies IGO’s position of becoming a globally relevant pure-play battery minerals producer and developer, uniquely exposed to tier 1 nickel, copper, cobalt and lithium”. He said.  

The deal is subject to the waiver or non-exercise of a right of last refusal (“ROLR”) of up to 60-days held by AngloGold Ashanti as per same price and same terms as Regis. Mr Bradford also thanked AngloGold Ashanto for the partnership and their part of the process “We are extremely pleased with the outcome of the transaction and the assistance of the AngloGold Ashanti teams throughout the sales process. I take this opportunity to acknowledge and thank AngloGold Ashanti for their partnership and support over the last 18 years.” said Mr Bradford.