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Andrew Forrest. Credit: Sean Gallup/Getty Images.

Mining companies have called for a green price premium to be introduced for sustainably produced nickel traded on the London Metal Exchange (LME) as the global sector scrambles for recovery. 

Australian mining major BHP and metals magnate Andrew Forrest, the Australian billionaire and owner of Wyloo Metals, have been pushing the LME to formally distinguish between poor-quality nickel and cleaner supplies. 

“We have got to differentiate between dirty nickel and green nickel. The LME must differentiate between dirty and clean. They are two different products, they have two vastly different impacts,” Forrest told reporters at a briefing in Australia. 

The move comes as the sector tries to combat an ongoing price crisis arising from an abundance of low-quality, cheap supplies from Indonesia. However, now miners in the country are looking to list their metal as high quality. 

In early March, Chinese-Indonesian nickel producer PT CNGR Ding Xing New Energy applied to be listed as a ‘good delivery brand’ on the LME for the first time in history, sparking discomfort among western producers.

Trigg Minerals has finalised the acquisition of a 90% stake in four new licence areas, spanning 431km² in northern Queensland, from Boadicea Resources. The acquisition is pending final approval from the Queensland Government Department of Resources. 

In the meantime, Trigg will assume operating rights and expenditure commitments for the tenements on behalf of Boadicea Resources (BOA). 

The acquisition includes the Clarke Reward and Mt Carmel licences in the Drummond Basin region, as well as the West Ravenswood licence in the Charters Towers area. These licences, covering an area of 214km², feature anomalous magnetic characteristics indicative of significant gold exploration potential. The Clarke Reward and Mt Carmel licences are located at the edge of the Drummond Basin and the Anakie Metamorphics.

Australia-based junior resource company Inca Minerals has announced the end of its operations in Peru, intending to sell its Riqueza project and focus on its Australian ventures. 

This decision follows an 18-month period of unsuccessful discussions with potential joint venture (JV) partners for the Peruvian project. The Riqueza project, prospective for potential Tier 1 deposits, has proven costly due to the high expenses and complex regulatory environment in Peru. 

Inca’s board has deemed the cost of maintaining Peruvian operations unsustainable, particularly without the assurance of securing a JV funding partner. 

The redirection of funds from the ceased Peruvian operations will enable Inca Minerals to allocate more resources towards priority exploration activities in Australia. 

Australia-based uranium developer Deep Yellow has secured binding commitments to raise A$220m through a placement to develop its Tumas Project in Namibia. 

The placement will see the issuance of 179,591,836 fully paid ordinary shares at A$1.225 apiece. It will be done in two tranches, with the second tranche awaiting shareholder approval. 

Under Tranche 1, the company looks to attract around A$140.5m through the issuance of 114,706,334 shares, while Tranche 2 will help garner around A$79.5m through the issuance of 64,885,502 shares. 

The company also plans to raise A$30m through an SPP to be offered to eligible Deep Yellow shareholders. Deep Yellow noted that the placement was backed by both new and existing domestic and international institutional investors.

Australian cobalt and nickel producer Jervois Global is implementing cost-cutting measures and reducing jobs due to a significant slump in cobalt prices.

In a filing with the stock exchange, the company announced the elimination or conversion to part-time status of 30% of its senior corporate management positions. Fees for non-executive directors have been reduced by the same percentage.

Jervois also disclosed that approximately 5% of its workforce at project in Finland have been laid off.  

In a press release, Jervois said that bonuses will not be paid to its CEO, and corporate salaries will be frozen throughout 2024. It pinned the blame for falling profits on “adverse cobalt market conditions caused by Chinese overproduction and its impact on pricing”.