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Burgundy sold $93m of diamonds in its fourth quarter sales cycles

Published: 17 Dec 24

ASX-listed Burgundy Diamond Mines, which operates the Ekati mine in Canada, generated revenue of $93-million from two sales cycles in the fourth quarter. Its October sales cycle generated $47-million in proceeds from the sale of 583 000 ct at an average price of $80/ct. The December sales cycle resulted in the sale of 425 000 ct at an average price of $106/ct for revenue of $46-million.

Jubilee facing production issues in Zambia amid power outages

Published: 17 Dec 24

Diversified metals processor Jubilee Metals, which has operations in South Africa and Zambia, has reported increased disruptions at its Roan facilities, in Zambia, owing to unplanned power outages in that country. These blackouts have significantly impacted on production, with the Roan operations being particularly vulnerable compared with the Sable refinery, which benefits from private electricity supply.

Novo Resources to acquire two NSW gold projects

Published: 17 Dec 24

ASX- and TSX-listed Novo Resources Corp has entered into binding term sheets with fellow ASX-listed companies TechGen Metals and Manhattan Corporation to acquire their respective John Bull and Tibooburra gold projects, in New South Wales (NSW). The two projects support Novo’s strategy of identifying ‘drill ready’ exploration targets with a demonstrated pathway with potential to be a standalone project with more than one-million ounces of development potential.

Nioko proposes buyout of Hummingbird amid the latter’s financial struggles

Published: 17 Dec 24

African investment company CIG's wholly-owned subsidiary Nioko Resources Corporation has announced a recommended cash offer to acquire debt-ridden Aim-listed Hummingbird Resources, aiming to address the latter's significant financial and operational challenges. The offer, valued at about £13.8-million, proposes paying 2.68p a share for Hummingbird's issued and to-be-issued share capital not already held by Nioko. The deal includes a critical debt-to-equity conversion plan to stabilise Hummingbird's finances.

Aura raises A$9m to advance Tiris development activities

Published: 17 Dec 24

ASX- and Aim-listed Aura Energy has received firm commitments to raise about A$9-million through the issue of 64.28-million shares at an issue price of A$0.14 a share. Proceeds will be used to further progress development activities at Aura's Tiris uranium project, in Mauritania, beyond a final investment decision.

Restarted Blyvoor gold mine is on the way back up on Joburg’s West Rand

Published: 17 Dec 24

Blyvoor gold mine, the restarted underground Witwatersrand gold mine west of Johannesburg, is on the way back up. South African mining company Aurous Resources reported on Monday, December 17, that rising gold prices and Blyvoor’s improved operational performance has increased the Carletonville mine’s operating profit by 59%.

Interim study confirms Phalaborwa project’s viability

Published: 17 Dec 24

The findings of an interim study at miner Rainbow Rare Earths’ Phalaborwa project, in South Africa, has confirmed the project’s viability and “exceptional economics”, despite two years of significant inflationary pressure. The aim of the interim study was to update the economics of the project further to incorporate changes to the primary flowsheet to recover rare earth elements (REE) from the phosphogypsum stacks at Phalaborwa, as well as updating to current market pricing for all key areas of capital and operating costs.

BlueScope, BHP, Rio Tinto to build ESF pilot plant to decarbonise Australian steel industry

Published: 17 Dec 24

The Kwinana Industrial Area, in Western Australia, has been selected as the location for Australia’s largest ironmaking electric smelting furnace (ESF) pilot plant. The project combines the expertise of manufacturer BlueScope and diversified miners BHP and Rio Tinto to test technology to enable the use of the Pilbara iron-ore to produce iron without the need for traditional blast furnaces using direct reduced iron- (DRI-) ESF technology.

India's gold imports to plunge in December after record November

Published: 17 Dec 24

India's gold imports are poised for a sharp slowdown in December following record purchases in November, in the absence of any major festival and as rebounding prices prompt buyers to delay purchases, trade and government officials said. Lower imports by India, the world's second-biggest consumer of the precious metal, could cap a rally in global prices XAU= that hit a record high in October. The drop in imports could also help India narrow its trade deficit and support the ailing rupee.

Prieska Copper Zinc Mine in South Africa’s prospective Northern Cape.

More indications of quality copper in South Africa’s well-endowed Northern Cape

Published: 17 Dec 24

The final assay results from diamond drill holes completed to test strike and down-dip extensions of the high-grade copper mineralisation at the Flat Mine South deposit, part of the Okiep Copper Project in the Northern Cape, South Africa. The latest results add further momentum to mine development company Orion Mineral’s development strategy for the Okiep Copper Project building on the outstanding outcomes of the recently completed confirmation drilling programme, which has confirmed the geology and endowment of the Flat Mines area.