Author: The AMR

OZ Minerals has reported strong cash position on sound operational performance and a robust market in its latest quarterly release. In particular, a strong second quarter from the company’s major South Australian operations and favourable copper prices led to a 22% uplift in quarter-on-quarter copper production which contributed to a strong first half operating performance, with H1 net revenue of $986m enabling closing cash balance of $134m (unaudited) and zero debt. Group copper production guidance was on track, gold production increased and cash costs were lowered. Grade increased at Carrapateena in line with its mine plan. Prominent Hill continued to reliably increase the level of underground ore mined, with Q2 delivering the highest recorded underground ore mined to date. Managing…

WA-based Lynas Rare Earths, the largest rare earths producer outside China, has posted record quarterly revenue on the back of “very strong” demand for its range of specialised metals that offset softer prices. Lynas reported a jump in fourth-quarter revenue to $185.9m, more than triple $38m a year earlier, pushing the stock up 9%. Demand for rare earth materials such as neodymium and praseodymium (NdPr) has rebounded from a pandemic-driven drop last year as electric vehicles continue to gain popularity amid a global push to reduce carbon emissions. Lynas and other western producers stand to benefit from efforts by the US to curb its reliance on China for the minerals, which are used in items such as magnets for windfarms,…

The Northern Territory is expanding new exploration opportunities and continuing to drive investment and jobs,  with a record $1.7m in grants under the latest Geophysics and Drilling Collaboration program. A total of 18 projects from 15 companies have now been awarded. For the first time since the Resourcing the Territory initiative was launched, projects have also been able to access co-funding to support brownfields drilling programs. In brownfield exploration, geologists look for further deposits near a known mineral deposit or already operating mine. As these areas are known to have high potential for minerals and associated infrastructure, the risk in brownfield exploration is considerably lower. One of the companies awarded co-funding is Vista Gold Australia, which owns the Mount Todd…

Navarre Minerals is upbeat about new diamond drilling results from its ongoing testing program at its wholly-owned Stawell Corridor Gold Project in western Victoria. The drilling is testing part of an exploration target recently declared at the Adventure prospect with the aim of expanding the existing Mineral Resource. Two potential gold shoots have been confirmed inside the area of the exploration target , requiring further expansion drilling to delineate. The best results were from a hole which assayed 2.2m at 3.6g/t gold within a broader zone of 5.4m at 2.1g/t gold. The assays included Adventure’s first recorded visible gold. Navarre managing director Ian Holland said the ongoing campaign would add significantly to the company’s resource base as it continued to…

A production lift at its flagship Cadia mine in NSW has enabled Newcrest Mining to meet production targets. Australia’s largest listed gold miner said gold production for the three months to June 30 rose to 634,950oz from 551,815oz a year ago. Cadia East produced 38.1mtpa and throughput of 34.3mtpa in the June quarter, contributing to 764,895oz of gold produced at the site in the financial year:  above Newcrest’s guidance range of 680,000-760,000oz for Cadia. Total gold production in the June quarter was 6% higher than the previous period partially due to Cadia’s performance. The miner had trimmed its annual output guidance earlier this year after production at Cadia was affected by damage to a tailings wall. Company managing director Sandeep…

Specialist Australian drilling services company DDH1 has declared higher unaudited pro-forma EBITDA of $74.8m, which is 7.9% higher than the forecast of $69.3m contained in its Initial Public Offering Prospectus. DDH1, which listed on the ASX in March, is a profitable WA-based drilling company servicing the mining and exploration sectors, and an industry leader in deep hole directional drilling. The improved performance was mainly due to revenue exceeding forecast by about 5%, $2.3m additional training incentives received and $1.6m lower depreciation than forecasted. Managing Director and CEO Sy Van Dyk said the preliminary results, which remain subject to finalisation and external audit, reflected a strong operating environment, DDH1’s market-leading position and ability to deliver in line with its growth strategy.…

Northern Star Resources will sell its Kundana gold mining operations to Evolution Mining for $400m cash. This includes Northern Star’s 51% interest in each of the East Kundana Production Joint Venture and the East Kundana Exploration Joint Venture, its 75% interest in the West Kundana Farmin Joint Venture, and the Carbine/Carnage gold project. Evolution will be offering employment contracts to and assuming liabilities for all of Northern Star’s transferring employees. In FY21, the Kundana assets produced 120,943oz. The combined resource estimate is 2.4Moz, including reserves of 579,000oz . Proceeds from the sale will be invested in advancing Northern Star’s pipeline of growth projects. Northern Star managing director Stuart Tonkin said the sale represented an opportunity to liberate value from a…

Western Mines Group has listed on the ASX after its $5.5m Initial Public Offering closed oversubscribed amidst strong investor demand, a reflection of the major growth potential of WMG’s portfolio of gold and nickel sulphide-focused exploration projects in the Goldfields region of WA. The IPO closed early after successfully raising $5.5m via the issue of 27.5m shares at 20 cents each. WMG has a portfolio of eight exploration projects, strategically located in major mineral belts of WA. The company’s lead asset is the Mulga Tank Ni-Cu-PGE Project, a major dunite intrusive within the under-explored Minigwal Greenstone Belt. Previous exploration indicates the presence of a working sulphide mineral system, and unlocking the exploration potential of Mulga Tank will be the prime…

Westgold Resources has kicked off stope mining within the Triton North area of the South Emu-Triton underground mine at its Meekatharra Gold Operations. The mines host the majority of the Reedy Mining Area’s 1.5moz of gold endowment. The Triton mine is steeped in Australian mining history as one of the first gold mines developed by Western Mining Corporation (WMC) and one of the early projects where mining legend, the late Sir Arvi Parbo, cut his teeth as a mining engineer. Operating from 1935 to 1948 under WMC, Triton produced about 720,000t of ore @ 9.8g/t Au for 228,000oz. Triton’s oxide caps and historic shaft were later mined via open pit by Metana Mineralsin the 1990s and produced more than 250,000oz of gold.…

Advanced Australian lithium developer Core Lithium has signed a power connection agreement with Power and Water Corporation in the Northern Territory.Connection to the power grid network opens the opportunity for Core to access lower-cost, lower-emission renewable and gas-generated power for its Finniss Lithium Project. Core is preparing to start construction of Finniss in 2021, targeting first exports of lithium in 2022. The two-year agreement allows Core to build a physical link between the project, located near Darwin in the Northern Territory, and the PWC electricity system so that electricity can flow between the two, securing physical capacity of 5000 kVA, sufficient to meet the needs of the project. Core Lithium Managing Director Stephen Biggins said connection to the PWC network…

BHP has announced outstanding results in its June quarter results, safely delivering another year of excellent operational performance and its second consecutive financial year with zero fatalities at its operated assets. Several production records were set and four major projects were brought on safely, on schedule and on budget. BHP Chief Executive Officer, Mike Henry, said the strong performance was a reflection of the capability and commitment of employees and contractors, the strength of the company’s systems and the support of itsbusiness partners. “We achieved production records at our Western Australia Iron Ore operations and the Goonyella Riverside metallurgical coal mine in Queensland,” he said. ”We maintained all-time high concentrator throughput at our Escondida copper mine in Chile. “Olympic Dam…