The mining industry briefing
The latest news, trends, and data from the mining industry
News in numbers
$377.8m
Prospect has sold its 87% interest in the Arcadia project to a subsidiary of Zhejiang Huayou Cobalt for $377.8m
100%
Aura Minerals will acquire 100% of Australian firm Big River Gold for approximately $67.6m
93%
93% of the creditors of Brazilian mining joint venture Samarco Mineracao have dismissed a debt restructuring proposal
10,000
Alphamin, which boasts a total production of 10,000 tonnes per annum, has put itself up for sale amid soaring tin prices
8
Trevali Mining has halted operations at its Perkoa mine in Burkina Faso after flooding led to eight miners going missing
Project updates
Chilean miner Antofagasta has announced that the capital expenditure for the Los Pelambres expansion project in Chile would increase by $900m to $2.2bn, due to revised Covid-19 costs and other factors.
MMG has announced the cessation of operations at its Las Bambas copper mine in Peru from 20 April, following protests. The company stated that Fuerabamba community members entered the mine on 14 April, accusing the company of lapses in its social investment commitments.
Antler Gold has signed a binding agreement to purchase a 90% stake in the Onkoshi Gold Project in Namibia from an arm’s length vendor. Upon completion of the deal, the project will be held in Antler’s project generation vehicle, which is 87.5% owned by Antler and 12.5% by Sherpa Resource Holdings.
Barrick Gold has announced plans for its Reko Diq copper-gold deposit in Balochistan, Pakistan, which will be developed in two phases. The project will begin with a plant with a production capacity of nearly 40 million tonnes per annum, with the capacity expected to double in five years.
FURTHER READING
Rio Tinto quits key mining lobby group
Rio Tinto has pulled out of the Queensland Resources Council (QRC) following concerns regarding its coal mining advocacy. According to the miner, QRC’s policy for coal mine expansion was inconsistent with the Paris Climate Agreement.
Earlier in 2020, rival BHP exit its membership after QRC campaigned against the Greens before an election in Queensland. The Australasian Centre for Corporate Responsibility, a research and shareholder advocacy organisation, had earlier filed a resolution, asking Rio Tinto to end its membership with the council.
The centre also criticised the membership of South32 , Anglo America, Origin Enery, and others, which have pledged to the Paris Climate Agreement, asking them to follow in the footsteps of Rio Tinto.
Source: Mining Technology
