News - Market Insights

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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Centaurus Metals, which last week announced a new greenfields discovery at Tigre, hasn’t let up the pace at Jaguar South, where step-out and infill drilling continues to grow potential resources at the core of the Brazilian project with eight rigs in operation (reports MiningNews). The deepest step-out drilling at the core Jaguar South deposit to date has returned "consistent high-grade" intersections, such as 7m at 1.24% nickel from 349m, including 3m at 2.31%, over 21m at 1.25% from 367m, including 3m at 5.56%. The hit was 50m down-dip of previous drilling.

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Iron ore prices have slumped in recent weeks, currently sitting at US$120/tonne, or around AU$164/tonne (reports Stockhead).

It’s sweet spot to be in for players like Fenix Resources (ASX:FEX) who hedged ~45% of their planned production from October 2021 to September 2022 at A$230/dry metric tonne. The company had entered iron ore swap arrangements for 50,000 tonnes per month of the Monthly Average Platts TSI 62 Index converted to AUD for the 12-month period as part of its price protection policy. The idea was to secure the medium-term future of the Iron Ridge project – whilst maintaining exposure to the iron ore price.

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Macmahon has finalised a $210 million contract for mining services at Calidus Resources’ Warrawoona gold project in the Pilbara as on-site construction heads towards completion (reports The West Australian).

The scope of work at the emerging gold producer’s development south of Marble Bar will include all open cut mining activities until December 2026. Macmahon is already engaged in separate civil works at Warrawoona where it has 65 workers on site. Calidus said the mill had been installed was now 60 per cent complete. Construction of the processing plant was now 63 per cent complete. Warrawoona is forecast to produce up to 105,000 ounces a year, with the potential to increase to 139,000oz when the nearby Blue Spec deposit is developed.

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