News

23rd September 2021

It’s Tempranillo all round as El Simich solves miner’s big problema with purchase of long-life copper asset on attractive terms

Sandfire Resources (SFR) has had a problem ever since an exploration hole in May 2009 overseen by a young geologist, Margaret Hawke, hit bonanza copper grades in WA’s Bryah Basin. It was nice problem to have as the near-6% copper hit – along with good gold values – at the DeGrussa prospect always meant the find would be developed quick smart. And it was, with first production in 2013, and the nearby Monty deposit discovery in 2015 chiming in with its high-grade feed from 2019.

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Buy when others are selling. It’s one of the oldest pieces of investment advice and its one that Karl Simich and Andrew Forrest put into practice this week with copper and nickel deals.

Buy when others are selling. It’s one of the oldest pieces of investment advice and its one that Karl Simich and Andrew Forrest put into practice this week with copper and nickel deals. Simich, chief executive of Sandfire Resources, took the WA-based company he leads into Spain via the $1.2 billion acquisition of the Matsa mining complex. Forrest, chairman of Fortescue Metals Group, boosted his private stake in a Canadian nickel explorer to 37.3% through the conversion of a loan into shares in what could be the knock-out blow in a fight with BHP for Noront Resources.

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Raleigh Finlayson is set to follow the lead of gold mining peer Bill Beament by taking the helm of a junior explorer and emerging with a substantial stake by pumping funds into its coffers (reports The West Australian).

The former Saracen Mineral Holdings boss will join gold play Genesis Minerals as managing director next year and will kick in $7 million of his own cash as part of a broader $20.8m funding package announced by the company yesterday. Mr Finlayson’s foray into Genesis mirrors the recent move by former Northern Star Resources boss Bill Beament, who joined aspiring copper play Venturex Resources as managing director and became the major shareholder by investing $37.3 million into the explorer.

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Sandfire Resources has boosted the economics of its proposed Motheo copper project in Botswana after establishing a maiden reserve for its A4 deposit and outlining an expanded production profile (reports The West Australian).

The Karl Simich-led company this morning announced a 114,000t copper reserve at A4 that it said would allow it to boost throughput at Motheo from 3.2 million tonnes per annum to 5.2Mtpa. The results of a pre-feasibility study on the expanded Motheo hub showed it would lift production from 30,000 tonnes per annum to more than 50,000tpa over a 10-year mine life.

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Venturex Resources managing director Bill Beament says global investors are hungry for exposure to future facing commodities (reports MiningNews).

Beament previously ran ASX 100 gold miner Northern Star Resources, but now leads copper-zinc developer Venturex (soon to be renamed Develop). He is also an advisor to special purpose acquisition company (SPAC) Metals Acquisition Company, run by Venturex director Mick McMullen, which recently raised US$250 million and listed in New York. It is one of a number of SPACs focused on clean metals. SPACs are currently banned on the ASX, but Beament predicted they would suck talent out of the Australian market.

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23rd September 2021

Sensore has entered into a joint venture over Chalice Mining’s Auralia nickel-copper-platinum group element project in Western Australia (reports MiningNews).

Sensore has entered into a joint venture over Chalice Mining’s Auralia nickel-copper-platinum group element project in Western Australia (reports MiningNews). SensOre can earn 51% by spending A$1.5 million over two years and, at both parties' election, an additional 19% by expending $3.5 million over a further two-year period. The project covers 1218sq.km of the Madura Province, 500km east of Kalgoorlie.

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Junior explorer Kin Mining (ASX: KIN) has announced a 45,000 ounce increase to the mineral resource estimate at the recently-discovered Cardinia Hill gold deposit within its flasghip Cardinia project in Western Australia (reports Small Caps).

Updated figures released today have seen the deposit’s estimate rise to 2.2 million tonnes at 1.5 grams per tonne gold for 106,000 ounces contained gold, within a global resource of 31.1Mt at 1.27g/t gold for 1.28 million ounces. The resource includes a maiden underground inferred estimate of 125,000 tonnes at 2.71g/t gold for 11,000oz at a 2.0g/t cut-off grade and is constrained to the main lode which displays mineralisation continuity and is amenable to extraction methods.

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Plus, Boss positioning to be first cab off the uranium rank and Kingston prepares to finish DFS on 2.5Moz Misima

It has been a champagne week for the ASX-listed lithium sector. The first-up boost for the sector came from Pilbara Minerals (PLS), courtesy of the spectacular price achieved in the second auction of spodumene concentrate on its newbie online platform, the Battery Material Exchange (BMX). Then there was Ioneer (INR) securing $US560 million ($A765m) in backing from South Africa’s Sibanye-Stillwater for its Rhyolite Ridge lithium-boron project in Nevada. PILBARA:

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