News

Former Integra Mining boss, Chris Cairns, who has led Stavely Minerals to success looking for copper in Victoria, has turned his eyes back westward, looking for orogenic gold discoveries (reports MiningNews).

Cairns is the proposed non-executive chairman of E79 Gold Mines, which is seeking A$4-7 million at 20c, with the aid of lead manager Euroz Hartleys, to prospect around 683sqkm of Western Australia's Yilgarn Craton. The company owns projects in the Laverton Tectonic Zone and Murchison Greenstone Belt, which have produced more than 55 million ounces historically.

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Nuclear power generated more than a sixth of the world’s electricity at its peak (reports The Financial Times).

In the following quarter of a century, safety and cost concerns pushed its contribution down to a tenth. Now, soaring fuel prices and the push to decarbonise are strengthening the case for a nuclear renaissance. Investors will be wary. Backing nuclear has been a bruising experience, particularly since the meltdown at the Fukushima plant in Japan in 2011.

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Canaccord Genuity analysts believe the uranium spot price will continue to rise over the coming weeks, peaking as high as US$80 per pound by year-end as the Sprott Physical Uranium Trust continues to hoover up volumes for its physical uranium fund

According to Canaccord's calculations, SPUT still has $889 million available for uranium purchases out of a total facility of $1.3 billion. Sprott has bought an average of 2.3Mlb per week since launching its "at the market" equity program in August. The trust has purchased about 30Mlb of uranium, equivalent to about 17% of global demand. Spot prices have risen sharply from just over $30/lb mid-August to a fraction below $50/lb today.

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Following a detailed assessment, TNG Limited (ASX: TNG) has elected to construct its downstream TIVAN processing facility at its Mount Peake mine site instead of the previous proposed industrial site in Darwin, Northern Territory (reports Small Caps).

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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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