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March 24, 2023

What You Missed in the News This Week

Rivet Mining Services has gone into administration due to extreme weather events, labour shortages, project delays and rising costs.

Mining services, which provides bulk haulage and ancillary onsite services to mining companies in WA, is the only business within the Rivet Group effected.

Chris Hill, Vaughan Strawbridge and Hayden White from FTI Consulting have been made receivers and managers of the company.

Desert Metals has begun extensive field work at three of its key projects near Meekatharra.

The projects include drilling of a previously untested 15m greenstone belt for gold and other base metals at the Belele project; heritage surveys at the Dingo Pass project; and metallurgical work to determine recovery rates of clay hosted REE mineralisation at the Innouendy project to identify the most cost-effective processing methodology.

Rio Tinto has been the victim of a data hack.

Data on GoAnywhere software regarding former and current employees may have been stollen by hackers who have threatened to release stollen data.

“While investigations into this incident are ongoing and threats have been made by a cybercriminal group to release data on to the dark web, to date none of the records described above have been released, and we still do not know if the cybercriminal group holds these records or not,” a memo to staff said.

Several companies using GoAnywhere have reported data breaches, including Hitachi.

Lightning Minerals has identified lithium soil anomalism at its 100% owned Dundas project in WA.

Lightning Minerals CEO, Alex Biggs, said: “Further positive lithium in soil anomalism being identified at our Dundas project again supports our exploration strategy and belief in the region as an emerging lithium and critical minerals district.”

The S&P/ASX200 markets had a turbulent week, falling from 6,974 points o Monday to 6,900 on Tuesday, the market jumped again on Wednesday to 7,030 points before falling to 6,961 points on Thursday then finishing off the week at 6,955 points on Friday.

The All Ordinaries has lost 0.70% over the last 5 days. The market was at its lowest at close on Monday at 7,085 points. The All Ordinaries closed at 7,138 points on Friday.

Gold fell Tuesday afternoon from $1,985.88USD to $1,943.47USD before recovering the remainder of the week to $1,990.70USD on Friday, the highest price since April 2022.

Silver finished at $23.22USD on Friday, the highest it’s been since the start of February 2023.

March 17, 2023

What You Missed in the News This Week

Roy Hill has awarded a $70m order to Epiroc to automate their mixed fleet, making it the world’s largest autonomous mine.

The contact involves driverless conversion of 96 haul trucks, including 54 Caterpillar and 42 Hitachi trucks, and future trucks.

MACA has been awarded a mining contract with Atlas Iron at their McPhee Creek project in the Pilbara.

The tree-year project covers mine load and haul of up to 10million tonnes of iron ore per annum, and transportation to Roy Hill for processing.

Thiess Group executive and MACA CEO David Greig said “We’ve been working with Atlas for almost 15 years across our crushing, civil and mining businesses, and I look forward to working with them once again on the McPhee Creek Project.”

The West Australian Government and the Korea Institute of Geoscience and Mineral Resources signed a Memorandum of Understanding to research and develop the critical minerals chain.

The MoU was signed by Mines and Petroleum Minister Bill Johnston in the Republic of Korea as part of the State Government’s mission to promote the resource capabilities of WA.

In a statement announcing the partnership, the State Government said the MoU will further strength the relationship between WA and the Republic of Korea following the signing of a historic letter of intent by Mark McGowan on February 1.

“The letter of intent signed with MOTIE (Republic of Korea’s Ministry of Trade, Industry and Energy) recognises our strong strategic partnership with South Korea and charts a course for new opportunities into the future,” McGowan said.

“By signing an agreement with MOTIE, we are establishing a formal relationship to promote economic collaboration in the new energy and downstream processing sectors between Western Australia and South Korea.

The S&P/ASX200 dropped twice this week, dropping 102 points on Tuesday and 131 points on Thursday. The markets finished at 6,995 on Friday. Liontown Resources was the top performing stock on Friday, up 8.20%.

The All Ordinaries lost 161 points over the week, dropping on Tuesday and Thursday.

Gold had a good week, starting at $1,871.04USD, the price steadily increased throughout the week to $11933.43USD, following an upward incline since last week.

Silver had a slightly less stable incline over the week, slightly increasing from $20.80USD to $22.09USD.

March 10, 2023

What You Missed in the News This Week

Lynas has secured $200m in investments from Japan Australia Rare Earths through a subscription of ordinary shares.

Lynas CEO and managing director, Amanda Lacaze, said “JARE has been a valued and strategic partner to Lynas since 2011 and we welcome these new agreements which better reflect demand forecasts from the Japanese rare earths market.”

MinRes has pledged $600,000 over 3 years to the Lion’s Healthy Hearing Outback Program for Aboriginal Children in the Pilbara.

The Lions Healthy Hearing Outback program is run by a conglomerate of health organisations, including Ear Science Institute Australia (ESIA), Rural Health West and the Puntukurnu Aboriginal Medical Service.

“MinRes is proud to partner with Ear Science to help expand this life-changing ear health service into some of Western Australia’s most remote communities,” MinRes managing director, Chriss Ellison said.

“Far too many Aboriginal children experience ear disease and hearing loss, and Ear Science Institute are at the forefront of reducing that devasting burden.”

GBM Resources and Novo Resources have signed a sale and Purchase Agreement for GBM to sell its remaining 50% interest in the Malmsbury Gold Project to Novo.

The sale includes cash of $1M plus 4,037,872 Novo Shares, representing $1.45m.

The S&P/ASX200 dropped sharply on Friday, dropping 166.4 points to 7,144.7, setting a 20-day low.

The All Ordinaries followed suit, dropping 166.2 points to 7,348.2 points on Friday.

Gold fell sharply on Wednesday, falling from $1,881.58 to $1,816.17 but recovered slightly on Friday to $1,834.35.

Silver dropped sharply on Tuesday, falling from $21.35 to end the week at $20.24.

March 3, 2023

What You Missed in the News This Week

The Federal Government has prevented Chinese company Yuxiao Fund from raising its stake in Northern Minerals on grounds of national interest.

Yuxiao Fund wanted to increase its holding from 9.92% to 19.9% but needed approval from the Foreign Investment Review Board.

Northern Minerals has been focused on fine-tuning its heavy rare earths processing system through a pilot plant, which could make the Western Australia-based miner one world’s first significant heavy rare earth producer outside of China.

The Department of Water and Environmental Regulation has ordered Alcoa to clean out the toxic pipeline it built over Samson Dam in Waroona without approval.

The US based company had already built the pipeline to move firefighting PFAS contaminated water over the dam before even applying for approval.

DWER found the pipeline did not meet the requirements to prevent leaks and its location made it at risk of damage by vehicles.

This news is the latest in a series of potentially disastrous environmental blunders by Alcoa: earlier in the week the WA Forest Alliance called in the WA Environment Protection Authority to review Alcoa’s plans to mine jarrah forests after fear their mines will endanger Perth’s water supply and last week the state government expressed concerns Alcoa mines posed a risk to 1/3 of Perth’s drinking water in Serpentine Dam.

Forest Alliance convenor Jess Beckerling said the risks from Alcoa’s mining warranted a full and transparent assessment of its cumulative impact.

“This is obviously a matter of major public concern,” she said.

“The expectation must be that current best-practice WA government policy and aspirations are applied and maintained, and that the safety of drinking water and the integrity of ecological function is protected.”

Austral Gold has completed the sale of its Pinguino project to E2 Minerals, receiving $3.7M on Tuesday, with another $3.7M over the next 3 years.

Austral Gold’s CEO Stabro Kasaneva said “The transaction resulted in the immediate cash injection of US$2.5M to partially fund the development of the Heap Reprocessing project at our flagship Guanaco-Amancaya mine complex in Chile.”

Enegex has entered into a sale agreement with Caravel Minerals to sell them a tenement of Walebing Project.

Tenement E70/5442’s 82.4km² are located 122km northeast of Perth.

Enegex will retain 100% ownership of the remaining 3 tenements at the site.

Enegex Director, Rae Clark, said they are excited the transaction will “provide Enegex with exposure to Caravel’s exploration expertise through a royalty agreement.”

The S&P/ASX200 markets had a positive week, finishing at 7,284 points, 0.39% higher than Thursday. The top performing stocks were Liontown Resources, up 13.19%, and Ramelius Resources, up 5.58%.

Liontown was also the top performing stock in the All Ordinaries, the markets finished at 7,484 points.

Gold has made a swift recovery after a disappointing end to February. The week started at February’s lowest of $1,812.73USD before steadily climbing to $1,850.38USD.

Silver peaked on Wednesday at $21.35, stumbling on Thursday before recovering on Friday to $21.31.

February 10, 2023

What You Missed in the News This Week

The West Australia government fears heavy rains could wash polluted water from Alcoa mines into the state’s biggest dam, making the water undrinkable.

The US aluminium giant that mines bauxite within 300 metres of the water’s edge at Serpentine Dam changed its methods about five years ago, increasing the risk of sediment flowing into the dam.

If the water was contaminated, it would cost taxpayers up to $2.6b and potentially take years to fix.

Battery Age Minerals has appointed Nigel Broomham as it’s General Manager of Exploration.

Broomham will spearhead the exploration of its portfolio of international batter metal assets.

Battery Age CEO Gerard O’Donovan said “Nigel is a highly experienced geologist who played an important role in the exploration, development and operation of Pilbara Minerals’ world-class Pilgangoora lithium project,” he said.

“He brings extensive technical geological expertise, strong commercial acumen and considerable energy and enthusiasm – all of which will be invaluable as we embark on our growth journey as a diversified battery metals company.”

Aerison Group has been awarded multiple new contracts for projects in Western Australia and South Australia, totalling $100m.

The projects involve the rare earths, agricultural, green energy and chemicals sectors and includes the Yuri Green Hydrogen project in the Pilbara.

Aerison CEO Giuseppe Leone said “These contract awards are an important step in delivering our industry diversification strategy, with an increasing focus on the critical mineral, agriculture and chemicals sectors.”

Newcrest has received a $24B takeover offer from rival gold miner Newmont.

The offer would entitle Newcrest shareholders 0.38 Newmont shares for ever 1 Newcrest share they own.

Newmont president Tom Palmer said “The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business, and we welcome the consideration of Newcrest’s board of directors.”

Hancock Energy is the sole bidder for the takeover of Warrego Energy after Strike Energy bowed out this week.

Mineral Resources and Beach Energy were both contenders but pulled out last month.

Strick Energy will still walk away with $116m from their shares worth 25.99% voting power.

The S&P/ASX200 markets closed lower today after a disappointing week.

Starting off at 7,560 points on Monday, the markets fell throughout the week to end on 7,434 points. The markets still sit 479 points higher than the start of the month.

The All Ordinaries closed lower too, at 7,631 points, though still higher than the last 6 months.

The gold price remained steady after the dramatic fall last week, hovering around $1,875USD, before finishing at $1,866.15.

Silver has remained steady, rounding off the week at $22.34USD.

February 3, 2023February 3, 2023

What You Missed in the News This Week

Boss Energy has appointed James Davidson as general manager of its Honeymoon Uranium project and Jacobus van Rooyen as its construction manager.

Boss Energy managing director, Duncan Craib said James Davidson “has immense experience across project management and construction, with particular emphasis on uranium metallurgy and operations.”

Craib also said “Kobus is a team player, having held and achieved key senior roles as a multi-disciplined
construction manager, effectively managing resources to deliver small scale all the way through to mega project objectives and deliverables safely, on time and within budget, he will further bolster our team as construction at Honeymoon ramps up.”

Oz Minerals saw an increase of total copper production in the December Quarter compared to the previous quarter, increasing 6,295 tonnes to 36,307 tonnes. Total gold production decreased from 56,334 ounces to 54,856 ounces.

Both copper and gold production of the FY2022 sat within the target figure – which was revised mid-year.

Managing Director and CEO, Andrew Cole said “A strong final quarter saw a 21 per cent lift in copper production, quarter on quarter, resulting in group production and cost guidance (revised mid-year) being met and creating positive momentum for 2023.

“We are pleased with how the team rest and recalibrated performance to end the year on a strong note after a challenging first half impacted by adverse weather, COVID-19 absenteeism, and supply chain disruption and inflationary pressure. The December quarter of 36,307 tonnes of copper is the highest group copper production on record.”

Iluka Resources has awarded SciDev a three-year contract for the supply of MaxiFlox chemistry, used for the treatment of mine site tailings to maximise water recovery and reduce the tailings footprint.

SciDev CEO, Seán Halpin said “Our ongoing relationship with Iluka reflects both the quality of our products and the skill set of our team.”

Liontown Resources has commenced open pit mining at its Kathleen Valley Lithium Project.

Iron Mine Contracting is providing open pit mining services at the site, including drilling; blasting; loading and hauling of ore and waste; hauling road construction; and pit dewatering services.

Liontown Managing Director and CEO, Tony Ottaviano said “Completion of the first blast and commencement of open pit mining at Kathleen Valley is a significant milestone for Liontown, signifying our transition from explorer to mining operator.”

The S&P/ASX200 markets have continued the strong increase from the start of the year, beginning the week at 7,492 points and finishing off at 7,558 points.

The All Ordinaries followed the same trend, setting a new 100-day high, and ending at 7,772 points.

Gold continues to stay around the highest its been since May, sitting at $1,919.07oz.

Silver started slow at $24.07oz and peaked at $24.47oz on Thursday but fell again at the end of the week to $23.75oz.

January 27, 2023

What You Missed in the News This Week

St Barbara Minerals released their December quarterly report this week, with disappointing results.

Consolidated gold production was down from 63,700oz in the September quarter to 60,976oz.

The Leonora operations saw a reduction of gold production from 34,078oz last quarter to 32,175oz. The December quarter from the year before produced 16,462oz more gold than this quarter.

The amount of gold sold was 32,634oz, down 2,712oz from last quarter and 22,966oz less than the same quarter last year.

St Barbara’s share price dropped 21.348% to $0.70 after the report was released on Wednesday.

Pilbara Minerals has appointed John Stanning as Chief Development Officer.

In the newly created position, stanning will over see Pilbara Mineral’s corporate development, growth and exploration functions.

Managing Director and CEO, Dale Henderson said “John brings an impressive track record of lithium sector experience and relationships across the value chain. We are looking forward to having John join our executive team and working closely with him to further our growth objectives as an emerging leader in the provision of sustainable battery materials products.”

Pilbara Minerals has awarded Primero Group a $62m contract for construction work at its Pilgangoora project.

The contract is for the construction of a primary rejection facility and preliminary works for a new crushing and ore sorting facility.

Located 120km from Port Hedland, the project is located at one of the world’s largest hard rock lithium deposits.

Pilbara Minerals managing director and CEO, Dale Henderson said “We look forward to working closely with Primero for the safe and successful delivery of this package, which will step-up our production run-rate to the next level with a total of
680 kilo-tonnes per annum of spodumene concentrate across the combined Pilgangoora operation.

“The successful completion of this project will further cement Pilbara Minerals’ position as
an emerging leader in the provision of sustainable battery materials products.”

Fortescue Metals has released its December quarter report for 2022, announcing record shipments.

Andrew Forrest said “The Fortescue team delivered our highest ever December quarterly shipments of 49.4 million tonnes, our best ever half year, grew the mineral and green energy business globally, strengthened our balance sheet, kept costs low, all while maintaining our excellent safety performance.”

Fortescue’s cash balance increased to $4B USD on 31^st December 2022, compared to $3.3B USD for the September quarter.

The S&P/ASX200 markets finished up on Friday at 7,493.8 points, setting a new 100-day high.

The week started at 7,435 points before gaining 0.56% through the week.

Megaport Limited and Liontown Resources were the top performing stocks, gaining 7.22% and 5.19% respectively.

The All Ordinaries closed up at 7,707.5 points.

The top performing stocks were 88 Energy Limited and Develop Global Limited, gaining 18.18% and 12.68%.

Gold peaked at $1,951.15USD on Wednesday, continuing a 9-month high, and rounding off the week at $1,928.82USD.

Silver stumbled at the start of the week, falling from $24.18USD to $23.79USD on Tuesday, before it rose again to finish off the week at $24.07USD.

January 13, 2023

What you missed in the news this week

Hancock Energy has increased its offer to buy Warrego Energy from $0.28 cash per share to $0.36 cash per share, totalling $447m if the offer is approved.

Three of the Four Warrego directors have recommended shareholders accept the deal over an offer made by Strike Energy, offering one Strike share for every Warrego share.

Great Western Exploration will extend its Firebird Gold Project after gold anomalism was found at their Greenstone Belt site, located near Wiluna.

The announcement saw a 4% share price increase for Great Western Exploration to $0.052.

Fortescue CFO Ian Wells has announced his resignation in order to spend time with family and friends.

Wells is the ninth executive in two years to resign, not long after Guy Debelle resigned in November last year.

Wells said that despite his resignation, “Fortescue is in a strong position to be able to deliver on short-, medium- and long-term growth options through the Iron Bridge magnetite project, Fortescue’s decarbonisation, and FFI’s (Fortescue Future Industries) portfolio of opportunities.”

Everest Metals Corporation’s share price jumped 20.87% to $0.110 per share after an initial drilling program at their Mt Edon mining lease saw positive pegmatite levels, causing EMC to push to exercise its exclusive farm-in option to acquire the right to 100% interest in the Mt Edon Project.

Chief Operating Officer, Simon Phillips said “EMC is pleased to announce its decision to exercise its right to farm into the Mt Edon LCT Pegmatite Project, subject to Shareholder approval. The company is pleased to have the opportunity to take the next step towards 51% ownership in a project with such an extensive array of pegmatite outcrops over six kilometres. The recent reconnaissance drill program gave EMC the data it needed to commit to the next stage of exploration at this highly fertile pegmatite field as part of the Company’s commitment to its Battery Minerals project development strategy”

Lithium Power International has commenced its drilling program at its East Kirup Lithium Prospect this week.

East Kirup is located in the Greenbushes region, Southwest of Collie.

LPI Executive Director, Andrew Phillips said ““The results of this drilling program will be used − along with previously completed environmental surveys − to prepare a CMP to allow drilling on new tracks, the commencement of phase three.

The intention is to hit the ground running in 2023, and we are pleased that the commencement of the program is so early in the year.”

The S&P/ASX 200 started off the week slow at 1,178 points before falling to 7,126 points on Wednesday. The market picked up again, increasing 202 points to finish off at 7,328 points.

The All Ordinaries finished at 7,540 points. The top performing stocks where Poseidon Nickle and Andromeda Metals.

Gold had a slow rise this week, starting at $1,882.00 USD and rounded the week off at $1,898.90 USD at the close of the ASX.

Silver was more turbulent, falling from $24.30 USD to $23.89 USD on Tuesday, raising again to $24.17 USD on Wednesday, then falling again on Thursday to $23.88 USD before finishing off the week at $23.94 USD.

December 2, 2022

What You Missed in the New this Week

Surbiton Associates has announced Australian gold production for the September 22 quarter is down 9% from the June 22 quarter.

The September quarter saw 76 tonnes compared to the 83 tonnes from the June quarter.

Surbiton Associates director, Dr Sandra Close said gold production for the quarter is somewhat disappointing and stated “some wet weather and Covid-19 problems affected output adversely” but is confident these effects are slowly receding.

Gold Fields has awarded their Barren Lands open pit project to establish a new mine at their Agnew Gold Mine, 150km Northwest of Leonora to MLG Oz.

The project will run alongside their current St Ives cooperation.

MLG founder and managing director Murray Leahy said “we are very proud to continue to support Gold Fields at their St Ives and Agnew operations extending what has, and continues to be, a long and rewarding relationship.”

Metal Hawk Limited has announced diamond drilling at their Berehaven Nickel Project has commenced.

The project, located 20km Southeast of Kalgoorlie Boulder, continued after high grade nickel sulphide was discovered in the area last year.

Minerals Resources is offering starting salaries of over $140,000 to New Zealanders in an entice them to Perth. The campaign is set to see several hundred New Zealanders over the next 6 months.

The S&P/ASX200 stumbled slightly on Monday before recovering to start the month on a high of 7,372 points yesterday. The markets finished off the week on 7,302 points, dropping 0.72% from yesterday.

The All Ordinaries peaked at 7,572 points yesterday, finishing at 7,504 points today.

Gold was relatively stable at the start of the week, before picking up on Wednesday to finish the week at the biggest high since August at $1,802.25USD/oz.

Silver followed suit, starting stable before reaching the biggest high since June at $233.04USD/oz.

November 4, 2022

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.

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.

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.

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 3^rd October.

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