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Successful Placement
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that it has received firm commitments to raise $1.15M through a Share Placement pursuant to Section 708 of the Corporations Act (Cth).
Highlights
- Firm commitments received to raise $1.15M through a share placement at an issue price of $0.025 (2.5 cents) which represents a 10.7% discount to the last closing price.
- Placement supported by new and existing shareholders
- Exploration activities on Broken Hill copper – cobalt targets to be accelerated following receipt of placement funds
The proceeds of the share placement will be used to accelerate exploration of copper – cobalt targets at the Company’s 100% - owned Broken Hill Project and provide for general working capital.
Commenting on the Placement, Rimfire’s Managing Director Mr David Hutton said:“We are thankful for ongoing shareholder support in this placement by new and existing shareholders.
In conjunction with funding from our scandium exploration partner – GPR, these placement funds will underpin a busy second half to the year, with maiden scandium JORC Resources planned for the Melrose and Murga scandium prospects, further metallurgical work for Melrose as well as diamond drilling of the Bald Hill copper - cobalt prospect at Broken Hill”.
Placement Details
The placement comprises the issue of a total of 45,800,000 fully paid ordinary shares at an issue price of $0.025 (2.5 cents) per share, raising $1.15M to sophisticated investors eligible under section 708 of the Corporations Act (Cth).
The issue price of the current placement represents a 10.7% discount to the closing share price on 28 June 2024 and a 150% premium to the issue price of the Company’s last placement (see Rimfire’s ASX Announcement dated 14 December 2023).
In addition, 15,266,665 free attaching unlisted options are being issued on a one (1) for three (3) basis, being one (1) free attaching unlisted option for every three (3) new shares subscribed for and issued under the placement with an exercise price of $0.05 (5 cents) each, and an expiry date of 31 December 2025.
The 45,800,000 placement shares will be issued under Rimfire’s existing ASX Listing Rule 7.1A placement capacity and the 15,266,665 unlisted options will be issued under Rimfire’s existing ASX Listing Rule 7.1 placement capacity.
The new shares will rank equally with existing Rimfire fully paid ordinary shares quoted on the ASX.
Settlement of the placement is expected to occur on or about Monday 8th July 2024 and shortly thereafter the Company will make an application to the ASX seeking quotation of the placement shares.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Rimfire Pacific Mining
Company Overview
Rimfire Pacific Mining (ASX:RIM) has its roots in NSW with a long history of exploration activity within some of the world's most prolific mining jurisdictions in Central Western NSW and the Broken Hill districts. With a highly capable and accomplished technical team, the company is committed to employing best-in-class geoscience to discovery Australia's next critical minerals mines.
With a combination of 100% owned assets and JV projects, Rimfire's Lachlan Orogen Projects are on the doorstep of some of Australia's truly great gold-copper porphyry mines such as Northparkes, Cadia and Cowal within a region dominated by major international mining businesses.
In the iconic Broken Hill region which has been a major production centre for base metals, Rimfire is primarily focused on chasing up historical occurrences of cobalt mineralisation and has projects proximate to ASX listed Cobalt Blue Ltd's Broken Hill Cobalt Project.
As a company committed to the discovery of critical minerals orebodies of scale, Rimfire aims to deliver enduring value to shareholders.
Basin Energy Limited (ASX: BSN) – Trading Halt
Description
The securities of Basin Energy Limited (‘BSN’) will be placed in trading halt at the request of BSN, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 31 October 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
TRS Boomsafe and Steelwrist Introduce Automated Attachment Changes for Crushing Plants
Total Rockbreaking Solutions (TRS) announces a groundbreaking solution for attachment changeovers in crushing plants that minimises downtime, increases safety, and maximises productivity for mining operators.
TRS BoomSafe® boom control system has been programmed to work with the SteelWrist fully automatic quick couplers that allow fully automatic attachment changes, eliminating the need for manual intervention.
Time is a critical factor in any crushing plant, where delays can significantly impact production. Equipment disruptions, such as the need to service a hammer or change its tool, are inevitable. However, with advanced systems like BoomSafe® paired with Steelwrist's automatic hydraulic connection, attachment switching is now faster and safer, eliminating the need for manual intervention.
Operators can now keep crushing plants running seamlessly with BoomSafe®'s automated attachment changeover feature. At the press of a button, BoomSafe® automatically connects, disconnects, and switches between attachments such as hammers, without any manual effort from the operator.
The BoomSafe® system is designed to work in perfect synchronisation with Steelwrist quick couplers, which comply with the Open-S industry standard for fully automatic quick couplers. This integration ensures a fully automated attachment change, preventing the need for manual steps like disconnecting hydraulic hoses, unlocking pins, or bleeding the system. The result is faster, safer transitions between attachments, minimizing leakages and pressure drops.
Benefits of BoomSafe® and Steelwrist Integration:
- Automated Switching: Attachments can be changed quickly, keeping production running smoothly.
- Increased Safety: Eliminates the need for manual intervention, reducing the risk of injury.
- Improved Efficiency: No need to manually close valves or purge for trapped gases, saving valuable time.
About BoomSafe®
BoomSafe® is a purpose-built boom control system designed to optimize the operation of fixed pedestal boom systems. It offers remote operation, automated movements, and advanced collision prevention, making it the most reliable and cost-effective automation and remote-control solution on the market. BoomSafe® has been successfully installed across multiple sites and is recognized for its rugged design, ease of customization, and low maintenance.
About Steelwrist Quick Couplers
Steelwrist quick couplers allow fully automatic attachment changes in compliance with Open-S, the open industry standard. This ensures compatibility, reliability, and performance, enhancing the efficiency of mining operations worldwide.
About Total Rockbreaking Solutions (TRS)
Total Rockbreaking Solutions (TRS) is a Western Australian-owned company specialising in the design, sales, and service of boom systems, boom control technologies, hydraulic power units, and a wide range of specialist hydraulic attachments for the mining, construction, civil works, and recycling industries.
For more information, contact TRS at 1300 921 498, email engineering@trswa.com.au, visit https://www.totalrockbreaking.com.au/applications/mining-quarrying/boomsafe-boom-automation-and-control-system/ or view the demo video on https://youtu.be/Gv6DT0kJ6b0
Fleet Takes Next Big Step in Exploration Space
‘Reducing friction between data acquisition, integration and targeting essential to accelerate the path to discovery’
Fleet Space Technologies CEO Flavia Tata Nardini says the fast-moving Australian scale-up has taken another key step in its mission to accelerate terrestrial mineral exploration discovery rates by integrating gravity survey data gathering into its multi-physics technology platform.
Tata Nardini, who will update on ExoSphere Gravity and a big recent haul of new Fleet customer alliances at IMARC 2024 in Sydney on October 29, says combining gravity with the company’s real-time Ambient Noise Tomography (ANT) surveys can boost exploration productivity and speed.
“By leveling up traditional geophysical methods with ExoSphere’s vertically integrated hardware stack powered by space and AI we can maximise the value of multi-physics datasets like gravity and decrease cost per discovery, all while minimising environmental impact,” she says.
“Reducing the friction between data acquisition, integration and targeting is essential to accelerate the path to discovery.”
Fleet Space chief scientist Gerrit Olivier says an integrated multi-physics approach can cut common gravity model false positives and put more high-value data in front of geoscientists early in search cycles.
He says density, as measured by gravity surveys, and seismic velocity, as measured by ANT, are critical metrics for effective mineral detection.
“Joint analysis of ambient noise tomography and gravity is critical to enhance vectoring into mineralisation and optimise drilling design,” Olivier says.
“By simultaneously analysing multiple physical properties we significantly de-risk and reduce the uncertainty of interpreting geophysical anomalies by delivering a far more comprehensive understanding of the subtle and significant geological connections of the subsurface composition.”
More than 40 users, including mining majors Rio Tinto and Barrick Gold, have deployed ANT and Fleet’s ExoSphere nano-satellite real-time 3D imaging tools.
Extension of Fleet’s ongoing collaboration with Rio Tinto into Argentina was recently announced with a large-scale ExoSphere deployment at the Rincon lithium project. Rio Tinto will develop 3D subsurface maps across 100 square kilometres of the project’s salt flat and nearby subvolcanic structures to probe reservoir basement depth and brine influencing features.
Fleet says ANT data acquisition and processing using its satellite network can deliver actionable 3D subsurface insights in days with near-zero environmental impact.
This year it has already conducted its largest real-time ANT copper survey across 1800sq.km of Australia’s Macquarie Arc for Inflection Resources and AngloGold Ashanti, and done the world’s highest ANT survey for Gold Fields at Salares Norte in Chile.
Barrick engaged Fleet Space to deliver 3D subsurface maps across 1150sq.km of its major Reko Diq copper project in Pakistan.
Fleet Space announced a new A$50 million private equity funding last year.
Metso Opens DRI Smelting Furnace Pilot Plant in Finland
‘The road to a one million tonnes per annum plant is not far away’
Metso senior smelting manager Timo Haimi will have some news hot off the proverbial steel press when he talks about green iron smelting technology for Australian iron ores at IMARC 2024 in Sydney this week.
Haimi arrives from Finland, where Metso has just announced the opening of its state-of-the-art DRI (direct reduced iron) Smelting Furnace pilot facility at Pori in the country’s west.
The new facility enables customer-specific pilot-scale testing to demonstrate the applicability and results of industrial-scale DRI smelting with Metso’s Outotec DRI Smelting Furnace technology, supporting what the manufacturer says is rapidly increasing demand for reliable testing as iron and steel makers transition to emissions-free smelting.
“This new pilot facility is yet another example of Metso’s cutting-edge solutions that support the minerals and metals processing industry in the quest to implement new sustainable technologies,” said Metso smelting vice president, Jyrki Makkonen.
“Metso’s DRI Smelting Furnace substitutes traditional blast furnaces used in iron and steel making and enables a significant reduction of emissions when combined with a direct reduction plant.
With the pilot facility, Metso can reliably test various types of customer materials for industrial scale-up.
Speaking with Mining Beacon recently (https://miningbeacon.com/industry/applied-innovati...), Haimi said the DRI Smelting Furnace was one of the company’s breakthrough technologies for decarbonising the iron and steel industry.
It could be integrated with Metso’s hydrogen-based Circored process or other direct reduction processes.
“The DRI Smelting Furnace is based on the same proven technologies that we have been using for decades in multiple smelting projects, but for different metals. We are already processing hundreds of tonnes of feed materials in our smelters,” Haimi told Mining Beacon.
“So only the feed material, the DRI, is new for the process, which is why we are doing internal and external pilot testwork to prove this process.
“But compared to other new technologies we are well advanced.
“The road to a one million tonnes per annum [DRI Smelting Furnace] plant is not far away.”
Timo Haimi talks green iron smelting and potential applications for Australian iron ores on Wednesday at 12.55pm in the Caterpillar Energy Transition & Decarbonisation Theatre and returns to the theatre on Thursday for a panel discussion on Australia’s strategic steps to becoming a green superpower.
Chile’s Mining Undersecretary Chahuan Heads IMARC Delegation
Event a ‘great opportunity to collaborate and take advantage of our complementary strengths’
Chile and Australia share global leadership in the production of critical minerals essential for the energy transition but also a “common vision of more sustainable, inclusive and environmentally friendly mining”, according to Chile mining undersecretary Suina Chahuan Kim, who is leading a large delegation from the country at IMARC 2024.
The Ministry of Mining-led contingent features 25 public and private companies as well as representatives from Auscham, Invest Chile, Sonami (Sociedad Nacional de Mineria) and Fisa.
“Participating in IMARC is an excellent opportunity to highlight the solid offering of our national suppliers and open doors to foreign investment, showing the diverse opportunities that mining offers in our country,” undersecretary Chahuan says.
“At the same time we seek spaces for collaboration to explore innovative technologies and strategies that improve the efficiency and sustainability of our industry.”
The two countries had a “great opportunity to collaborate and take advantage of our complementary strengths”.
Chile’s mining exports have grown by an average 8% a year since 1960 to hit US$52.46 billion in 2023. Last year also saw Chilean companies supply circa-500 products and services worth more than $1.2 billion to over 90 markets outside Chile.
Sales of these products and services to Australia have nearly doubled to $15.8 million over the past six years.
The Chilean delegation in Sydney is being hosted by the country’s ambassador to Australia, Jaime Chomali, and ProChile commercial director, Juan Pablo Julio.
“Our country is internationally recognised as a world leader in the production of copper and other minerals,” says Juan Pablo.
“This position is due to, among other factors, the professionalism of national companies, their human capital and their ability to respond to the highest standards and demands, delivering innovative and highly technological solutions.
“This is the offer we want to present at IMARC 2024 so that more and more Chilean companies are established here in the Australian market.”
Chilean companies and organisations present this year include LM Abogados, Sonami, Vantaz Group, Pares & Alvarez, 100 Minds, Novamine, Andes Analytical Assay, Grupo Bbosch, Consorcio FMT-Bbosch, Codelco, WIM Chile, Auscham, Inexlink, WeTechs, GEM Mining Consulting, C&G, Mine Partner, Sattel, Sorena, X-Analytic and American Air.
Jorge Riesco, president of the country’s national mining society, Sonami, says IMARC is a key platform for the organisation in Australia.
“The objective is to support the work that seeks to position Chile as the main mining supplier worldwide,” he says.
“As part of our attendance we will not only participate as exhibitors in the different seminars that will be held, but we will also hold meetings with industry executives to strengthen our commercial ties and highlight the potential of our mining industry, which, while it has interesting resources, also has adequate regulations to attract investments and highly qualified human capital.”
Don’t miss undersecretary Chahuan and other Chilean mining industry leaders speaking on Tuesday about the country’s contribution to the global energy transition, and other themes, in the MMG Global Opportunities Theatre, or the La Noche de Chile networking event on Wednesday.
On Thursday, Centre for Innovation and Circular Economy Chile founder, Petar Ostojic, is speaking in the Newmont Plenary Theatre, while Jorge Riesco appears in the Global Opportunities Theatre.
IWIM Seeks Partners to Drive Industry-Wide Equity Initiatives
International Women in Mining (IWIM) is looking for new partners to help it “scale up our impact” on the industry’s energy transition, critical minerals, decarbonisation, social and governance agendas.
“We are seeking partners who share our vision of an inclusive future for the natural resources sector,” IWIM industry relationship manager Allison Coppel said ahead of IMARC 2024, where the global not-for-profit organisation is launching its new growth strategy.
“By aligning your organisation with IWIM you will help drive tangible, measurable change while enhancing your own position as a leader in equity and sustainability.”
With an expanded focus on diversity, equity, and inclusion (DEI) beyond gender, IWIM is well-positioned to lead systemic change across the industry, according to Coppel.
It was seeking “like-minded financial partners to join us on this journey”.
IWIM’s new vision is an “equitable and inclusive natural resources sector where all people can thrive”, the group says.
Over 15 years it has “consistently demonstrated its ability to affect meaningful change at both the policy and industry levels”.
“Our new strategy leverages this experience, offering potential partners the opportunity to invest in sustainable change, influence policy and industry standards and drive tangible results,” IWIM says.
The latter has been seen in leadership diversity and organisational transformation outcomes achieved through strategic initiatives such as the International Women in Resources Mentoring Programme (IWRMP) and IWIM’s DEI tools and frameworks.
IWIM is also looking to work with corporate partners on collaborative impact and learning programs, focused on creating safe spaces for shared learning and tailored DEI support.
“This collective approach accelerates change, ensuring the broader adoption of best practices in diversity, equity and inclusion,” it says.
Aligning with IWIM can help companies boost their brand reputation.
“In today's rapidly evolving industry, businesses and stakeholders alike recognise that diversity of thought is not just a moral imperative, but a critical driver of innovation, productivity, and profitability,” the group says.
“IWIM is uniquely positioned to lead this transformation but we cannot do it alone.
“With the right financial support IWIM will be able to accelerate the pace of transformation, scaling our initiatives globally and making sure that no one is left behind in this critical movement toward a more inclusive industry.”
To learn more about IWIM’s new strategy and partnerships arrange a meeting with Eliza-Jane Young at IMARC or explore investment opportunities by contacting Allison Coppel: acoppel@internationalwim.org
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