News

Shares in Venturex ticked higher after the company announced a $100 million project debt facility and offtake agreement with Swiss commodity trading giant Trafigura for its Sulphur Springs copper and zinc project in the Pilbara (reports The West Australian).

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9th August 2019

Lucapa Diamond Company and its partners have generated A$8.8 million in the latest round of diamond sales from the Lulo alluvial operation in Angola and the Mothae kimberlite mine in Lesotho, taking total sales for the year to date just above $50 million (reports MiningNews) Lulo sales totalled $6.3 million from a run of mine parcel of 3558 carats for an average of $1768/ct. Total Lulo sales of 9582ct generated $37.4 million at an average price of $3899/ct in 2019. Lucapa is 40% owner and operator of the mine.

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Calidus Resources is another of the next wave of Australian gold developers being cautious with its project assessments given the “speed wobbles” seen of late in the sector (reports MiningNews). peaking at Diggers & Dealers, Calidus MD Dave Reeves said the company had been "very conservative" on the grade estimate for the Warrawoona gold project near Marble Bar, with his presentation pointing to dilution and ore loss assumptions that "de-risk project economics".

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Mincor Resources has signed a long-term agreement with mining giant BHP to supply nickel concentrate (reports The West Australian). BHP’s Nickel West division will process up to 600,000 tonnes a year of nickel sulphide at its Kalgoorlie smelter out to 2025 once Mincor has restarted its operations in December.

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Sipa Resources (ASX: SRI) is staking its claim as one of the explorers best positioned for discovery success in Western Australia’s white-hot Paterson copper province (reports Stockhead). The Perth-based junior was a first-mover in the Paterson district, throwing down well before all the recent hype surrounding Rio Tinto’s much-vaunted Winu copper-gold discovery. It’s now one of the only companies outside of Rio Tinto with granted tenements and exploration programs under way, with its western tenement boundary sitting just 10km from the site of the Winu find.

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Northern Star Resources executive chairman Bill Beament believes the gold market is “going to start popping”

Northern Star Resources executive chairman Bill Beament believes the gold market is “going to start popping” (reports MiningNews). Beament addressed the company's annual pre-Diggers & Dealers strategy day on Saturday just as Australian dollar spot gold hit an all-time high of A$2129 an ounce. He said Northern Star had seen this coming about a year ago and acquired the Pogo mine in Alaska when the gold price was about US$300 an ounce lower in US dollar terms. "This is not luck - we saw this coming," Beament said.

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Saracen Mineral Resources boss Raleigh Finlayson says the company is in no hurry to pay a maiden dividend because shareholders were getting better bang for their buck from the company’s exploration success

Saracen Mineral Resources boss Raleigh Finlayson says the company is in no hurry to pay a maiden dividend because shareholders were getting better bang for their buck from the company’s exploration success (reports The West Australian). Queried on the company’s dividend policy at the annual Diggers and Dealers Mining Forum in Kalgoorlie, Mr Finlayson said the company was discovering gold at $30 per reserve ounce versus merger and acquisition that was $300 to $400 per ounce.

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Plus, $4m Tanga Resources dangles visible copper with assays pending

Plus, $4m Tanga Resources dangles visible copper with assays pending The Misima gold mine on its namesake island in PNG was one of the world’s great gold mines in its day. Between 1989 and 2004, its average annual production was 230,000oz at an average life of mine cost of $US218 an oz. The closure decision by the previous owner, Canada’s since-taken over Placer Dome, was made at a time of sub-$US300 an oz gold prices, would you believe.

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