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October 27, 2022October 27, 2022

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

October 21, 2022October 21, 2022

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.

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.

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.

May 9, 2021May 9, 2021

Karora Posts Strong First Quarter

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.

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.

April 21, 2021

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

April 14, 2021April 14, 2021

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.

April 13, 2021April 13, 2021

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.

April 8, 2021April 8, 2021

St Barbara Mines Aquire Lake Wells Tenements

Gold miner St Barbara Mines has acquired a 70% interest in the tenements comprising of Australia Potash Limited’s Lake Wells Gold Project in the Northern Goldfields of Western Australia.

As released to the market today, St Barbara and Australia Potash have now formed an unincorporated Joint Venture to continue the exploration, development and mining of mineral resources on the project. Under the terms of the Agreement, Australia Potash shall not be obliged to make any contribution to project expenditure until such time as St Barbara has completed a bankable feasibility study into the development of any non-potash orebody within the project tenements.

April 7, 2021April 7, 2021

New Nickel Discovery At Kambalda’s Beta Hunt Mine

A new high grade nickel discovery has occurred at Karora Resources Beta Hunt Mine at Kambalda in Western Australia. Named the 50C Nickel Trough, the discovery is the second new nickel discovery at the mine in the last six months and compliments an increasing gold system at the mine.

With a key nickel intersection of 11.6% Ni over 4.6 metres, including 18.4% Ni over 2.2 metres, the 50C Nickel Trough has the potential to repeat the Beta zone which has delivered over 32,000 tonnes of nickel to date. While the results for nickel have been quite promising, the drilling for nickel also intersected gold. In the key nickel intersection above, a gold intersection included 5.2 g/t Au over 3.2 metres. However the highlight of gold intersects included 2.7g/t Au over 12.0 meters, including 10.1g/t Au over 1.4 metre. The recent gold drilling has also indicated extensions to the known gold mineralised system at Beta Hunt to be over 3.5km along strike.

Paul Huet, Chairman and CEO of Karora said, “I am very excited with the latest set of drill results from Beta Hunt, which continues to return outstanding intersections and now a second new nickel discovery, all within close proximity to existing mine development. While we are focused on gold production as our core strategy, the potential by-product credits from these nickel grades, as high as 18%, are undoubtedly substantial. While our drilling in the 50C discovery area was aimed at nickel targets, our efforts also returned some meaningful gold assays including 5.2 g/t over 3.2 metres in hole G50-22-005E. These gold results demonstrate yet another potential area to add to the growing gold resource at Beta Hunt in the near term and have extended the strike extent of Beta Hunt gold mineralisation to 3.5 kilometres from 3.1 kilometres previously.”

April 6, 2021April 6, 2021

Savannah Set To Restart – Letters of Intent Placed

Hot on the heels of the Cassini mine opening near Kambalda recently, another Western Australian nickel project is making the move this morning – Panoramic Resources Savannah Nickel Project in the East Kimberley. Panoramic is preparing with the restart of mining from August 2021 and the first shipment of concentrate earmarked for December. A 12-year mine life with an average annual production target of 9,072t nickel, 4,683t copper, and 676t cobalt in concentrate is earmarked.

The Savannah Nickel Project has had quite a busy 12 months since April 2020 and has resulted in a more optimised project moving forward. Panoramic Managing Director and CEO Victor Rajasooriar said

“It is pleasing to see that Savannah, one of the most advanced nickel sulphide development assets in Australia, is forecast to come into production as the battery thematic continues to grow worldwide. We learnt many lessons in the lead up to the temporary suspension of operations at Savannah in April 2020, amid the onset of the COVID-19 pandemic. Since that time, we have recapitalised the business and undertaken a range of planning and site-based initiatives to put the operation in a much stronger position for the restart. This process of optimisation combined with the improved outlook for Savannah’s high-quality nickel, copper and cobalt products, has given the Board confidence in approving the restart with a target of the first shipment from Wyndham Port by the end of 2021. I would like to thank our staff, contractors, local stakeholders, and shareholders for being patient as we de-risked the project over the past 12 months, enabling Savannah to now be well-positioned for future success.”

As part of the announcement this morning, Panoramic also has announced it has engaged with Letter of Intents with two contractors – Perenti’s Barminco for underground mining and NRW subsidiary Primero, for its operations and maintenance contracts.

Under the contract with Barminco, it is intended that Barminco will provide all underground mine development and production works with mobilisation expected in July 2021. While Primero will operate and maintain the processing and surface infrastructure facilities at the Savannah nickel mine for an initial term of three years, with an option to extend an additional two years.

Perenti Managing Director and Chief Executive Officer Mark Norwell said: “We are very pleased Panoramic has elected to restart the Savannah Nickel Project and we look forward to finalising the contract details for Perenti to support the recommencement of operations at this long-life project.” while NRW CEO Jules Pemberton said, “This agreement further strengthens the annuity revenue stream that our Minerals, Energy and Technology division has been building through its various businesses. RCR and its product support and maintenance business, DIAB through its shutdown and maintenance activities and now this significant award to Primero for a three year plus two-year option delivering operations and maintenance services to the Savannah Nickel Project”.

February 19, 2021

What You Missed This Week

There has been plenty on the views of Facebook and news outlets, sadly they can’t post their news… but we can!

Here are seven things you missed this week

1 – WesTrac continue to be part of the KCGM Super Pit with a new contract worth over $250 Million!

2 – Goldfields gold miners, Beacon Minerals and Horizon Minerals had a good week – Beacon announcing a 0.007c Dividend and Horizon announced excellent drill results at Jaques Find near Kalgoorlie.

3 – Drilling firm Top Drill celebrate their 15 years in operation. The Western Australia driller has a new/late model fleet of 25 Schramm and Sandvik rigs now since beginning in Boulder in 2006

4 – The First Gold Pour has taken place for Novo Resources at Beaton`s Creek in the WA Pilbara.

5 – Former WMC Exploration Chief Dr Roy Woodall passed away at the age of 90. Dr Woodall is credited with assisting in the discovery of nickel around Kambalda in WA

6 – Rio Tinto announced $12.4 bn in underlying earnings for the 2020 financial results. While BHP had the best production half at Olympic Dam in five years.

7 – Northern Star and Saracen’s marriage became official as of this week. Norther Star’s share price closed the week at $10.38.

If you have any news or upcoming events that should feature as part of our wrap of the week, get in touch news@industrylinkmedia.com