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US-Australia a Critical Alliance for the World, says DOS Energy Head
‘You could argue Australia may have the best brand of any country in the world in the US right now’
The US probably doesn’t have a stronger mining partner in the world than Australia – “a superpower when it comes to energy and especially energy minerals” – assistant secretary for energy resources at the Department of State, Geoffrey Pyatt, told the IMARC 2024 conference.
New models were needed for planning, financing, building and operating the mines of the future, Pyatt said in an exclusive IMARC interview with Gracelin Baskaran, director of the Critical Minerals Security Program at the Centre for Strategic and International Studies (CSIS) in Washington DC.
He said Australia, together with the US, could play a major role in shaping them.
“I think we’re in a moment of tremendous opportunity,” Pyatt told Baskaran.
“Across the board what I hear is a desire to find an alternative to the traditional model in this sector.
“And to do so in a way that is perceived in the developing world as equitable, as ensuring that the producer countries see the benefits of their resources, as they should expect, and that there are investments made in human capital formation and in infrastructure to guarantee that governments are able to demonstrate to their citizens that there is a reward for pulling out the commodities of their Earth in a way that is sustainable and delivers net benefit for the societies.
“We also have to significantly expand the opportunities for extraction and processing globally, and we need to do so in a way that delivers value for the producer countries.
“I think this is an area where Australia has a very strong calling card, which is the ESG principles that its companies are committed to.
“Nobody worries that an Australian mining company is going to cut corners on environmental or worker rights issues because it faces the scrutiny of its shareholders and its regulators at home.
“We’ve got to figure out, how do we market that to demonstrate, as my boss secretary [Antony] Blinken likes to say, that we are delivering a better offer, especially to the producer countries in the developing world.
“I think there’s a very strong alignment between the US and Australia on these issues.
“You could argue Australia may have the best brand of any country in the world in the United States right now.”
Pyatt said a visit to Australia earlier this year gave him a deeper appreciation of the exceptional level of innovation domestic producers and technology firms were applying to decarbonise mines and transport systems and meet other technical challenges. “It was incredibly impressive for me to see the overwhelming role that the extractive industries, and especially the mining industry, plays,” he said.
He said the US and Australian governments were working closely via the Critical Minerals Taskforce, and broader regional alliances such as QUAD and the Mineral Security Partnership (MSP), to accelerate pathways for investment.
“But at the end of the day the proof of our success is going to be what our companies are able to do together.
“I’ll always remember listening to [Fortescue executive chair] Andrew Forrest talking about his Infinity Train: an electric powered locomotive that would deliver iron ore from the mine face to ports, with essentially zero net energy requirement, by capturing the latent energy of descending to sea level and then using the storage of that energy to carry the locomotive back up to the mine face.”
Pyatt said this was the type of innovation that would fire greater collaboration between US and Australian companies.
Baskaran said current multilateral and bilateral critical minerals supply chain alliances needed to be developed further, quickly, in the face of low incentive prices for key metals, dipping global private mining investment – outside of the gold and copper sectors – muted consumer spending on EVs and other goods, and the fact that China “is no longer the world’s biggest engine of growth”.
“Governments need to step in and create incentives for private sector investment,” she said.
“We need to focus on building responsible mining practices to reduce the friction between government, mining companies and indigenous communities.
“We need to invest in recycling … and the circular economy.”
“And we need to create a more mutually beneficial mining model to ensure countries are benefiting from their resources in an equitable manner.”
Baskaran said strong bipartisan support in Washington for the range of measures and steps taken to help create new resilient, secure mineral supply chains now recognised across the US political divide as being “of utmost importance to our national security, energy security and economic competitiveness” meant the looming US election result was unlikely to alter the present course.
Nifty PFS Confirms $1,12Cm Pre-Tax NPV and 7C7kt Ore Reserve
Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) is pleased to present the Prefeasibility Study (“PFS”) for the Nifty Copper Complex. The PFS confirms the economic viability of large-scale production of copper in concentrate (“Concentrate Project”) through the refurbishment and expansion of Nifty’s brownfield concentrator and accompanying new surface mine. The PFS also confirms economics of producing copper cathode by re-treating Nifty’s Heap Leach Pads 1-6 (“Initial Cathode Project”) which is a subset of oxide opportunities. This PFS supports the first Ore Reserve Estimate (“ORE”) to be published on the Concentrate Project and Initial Cathode Project (collectively referred to as the “Projects”).
Highlights on a combined basis include:
- LOM production of 718kt copper including average annual production of 37.3ktpa over the first ten years
- Gross revenues of A$9.2 billion, EBITDA of A$4 billion and pre-tax cash flow of $3.1 billion on C1 costs of US$2.39 / lb at a long-term copper price assumption of A$13,253/ tonne
- Brownfield redevelopment costs of $458 million represents 2.3x average EBITDA over first 10 years of concentrate production
- $1,129 million pre-tax NPV8 ($756 million after-tax); pre-tax IRR of 28.9% (23.6% after-tax)
- All major permits currently in hand, to be updated using PFS information
- Concentrate Project Ore Reserves of 83Mt at 0.90% Cu for 753Kt contained Cu
- Initial Cathode Project Ore Reserves of 10.6mt at 0.41% Cu for 44Kt contained Cu
“The successful completion of this comprehensive PFS marks a pivotal milestone for Cyprium. This is important, foundational work that we will build on” said Executive Chair Matt Fifield.
“The PFS highlights the long duration and immense profitability of Nifty’s Concentrate Project. With 797,000 tonnes of copper in total reserve supporting more than $3 billion dollars of pre-tax cash flow, Nifty is a large and important copper source and economic engine for Australia,” said Fifield.
“There are few near-term copper development opportunities that present the scale, longevity and positive economics of Nifty’s Concentrate Project, and really none that have the speed and cost advantages of a permitted brownfield site and access to Western Australia’s world-class supply chain,” added Fifield. “The important information in this PFS serves as a strategic foundation for our forward activities as we move towards project execution.”
For a copy of this announcement and a short introductory video please visit Cyprium Metals Investor Hub at https://investorhub.cypriummetals.com/link/drLK0e.
Click here for the full ASX Release
This article includes content from Cyprium Metals, 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.
First Drilling Approvals Received Under New Northern Territory Licensing Process
DeSoto Resources Limited (ASX:DES or ‘Company’) is pleased to announce that first drilling approvals have been received for its Northern Territory Exploration Licences. DeSoto is the first company to be granted drilling approvals under the Northern Territory’s new Environmental (Mining) Licence system which came into effect on the 1st July 2024.
Drilling approval has been received for the Fenton South Gold Project for up to three (3) RC pre-collared diamond holes. DES was awarded $160,000 in co-funding for Fenton South under the Resourcing the Territory (RTT) Round 17 exploration drilling grants scheme in June 2024. With the onset of the wet season and the prolonged delay in obtaining new drilling approvals, an extension of time has been granted to complete the Fenton South and Spectrum Project grant drilling in 2025.
In 2023, the Company intersected 72m @ 0.43g/t Au from 528m, including 5m @1.02g/t Au (FMD0004)1, highlighting the prospective nature of the Fenton Shear zone more than 4.5km south of Spectrum. The Company did not assay for rare earth potential.
Upon the acquisition of Spectrum in late May 2024 and the high-grade Rare Earth Element (REE) intersections uncovered in historical drilling2 (50m @ 1.55% TREO from 245m incl. 6m @ 6.55% TREO from 248m - TDD8, 21.9m @ 2.55% TREO from 276m, incl. 9.2m @ 3.78% TREO from 288m - TDD10, 17m @ 1.0% TREO from 254m, incl.1m @ 6.42% TREO from 254m -TDD19) the Company has begun a review of the 2023 drill core from Fenton drillholes FMD0001-FMD0004 for REE mineralisation potential. A total of 218 assay pulps will be re-submitted for detailed analysis of REE with results expected in December.
During 2024, the Company has completed extensive geophysical programs to upgrade the Spectrum targets which include Vesper, an 8km-long copper-in-soil anomaly which overlays 4 significant mid to late-time EM conductors and builds on the REE/Uranium historic discovery to the north at the Quantum target.
Drilling approval for the Spectrum Project (Vesper and Quantum) is expected to be received in the coming month. Exploration drilling at both Spectrum and Fenton South is now planned to commence as early as possible in 2025 with the wet season now underway in the NT.
No new exploration results are reported, and the company is not aware of any new information to be reported.
Click here for the full ASX Release
This article includes content from Desoto Resources 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.
Restructure of Nebari Senior Debt and Royalty De-risks Balance Sheet, Lowers Costs and Provides Flexibility
Metro Mining Limited (ASX: MMI) (Metro or the Company) announces that, after a competitive refinancing process, it has entered into a binding and definitive agreement with Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP (collectively, Nebari), for two additional tranches of financing for up to US$21.5 million (A$33M)1.
- Binding documents executed by Metro Mining and Nebari Partners LLC (Nebari) to convert Nebari’s private royalty into a Tranche 3 Financing Facility of US$11.5M (A$18M)
- 2% reduction in the coupon rate across senior debt tranches 1, 2 and 3 to SOFR +7%
- An additional “Stand-by” Tranche 4 of US$10M (A$15M) at the same rate made available
- Principal amortisation will commence in July 2025 and reach maturity in March 2027
- Minimal establishment fees with no new issue of warrants or options
- This transaction de-risks the balance sheet in the short term, reduces financing costs in 2025 by $4M and avoids shareholder dilution.
The coupon on Tranche 1 and 2, and the new tranches 3 and 4, are all priced at a 7% premium to the US Federal Reserve 90-Day Secured Overnight Financing Rate (SOFR, currently 4.98%). This coupon rate is a 2% reduction for original Tranche 1 and 2, and for Tranche 3 a significant reduction versus the default royalty rate of 2.2% payable from April 2025.
A deferral of principal amortisation from March 2025 to July 2025 has also been negotiated, with a new option to defer further. A summary of the facilities is provided in Appendix 1.
Overall, borrowings due and payable in CY2025 have reduced from A$39M to A$23M with interest payments projected to be $9M vs previous interest and royalty payments of $13M3.
All junior debt is expected to be paid down before the end of CY2024.
Simon Wensley, CEO & Managing Director of Metro, stated: “I am extremely pleased that after an effective and competitive refinancing process that we have been able to restructure our senior debt and private royalty with Nebari, reflecting Metro’s much reduced corporate risk profile. This substantially de-risks our pathway into 2025 when the full effects of our 7Mtpa expansion will be evident, selling into a very strong bauxite market. The new facilities and terms from Nebari demonstrate their continued flexibility and support of Metro”.
Andre Krol, Managing Partner of Nebari, stated: “Since initially funding Metro’s expansion, management has continued to demonstrate excellent balancing of value and risk in their decision making as they deliver on their plans. Based on Metro’s performance and our experience with it as a borrower, Metro has earned an improved internal credit rating. We are thus extremely pleased to be able to provide a fit for purpose restructure of the senior debt facility and additional facilities.”
ICA Partners and Ashurst acted as financial and legal advisors respectively to Metro in relation to the Financing Facility.
Click here for the full ASX Release
This article includes content from Metro 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.
3km Strike of Outcropping Manganese Confirmed from Wandanya
Australian manganese explorer and developer, Black Canyon Limited (Black Canyon or the Company) (ASX: BCA) is pleased to announce results from detailed mapping and pXRF analysis of rock chip samples undertaken within the manganese corridors at the Wandanya Project. The results show the scale potential of the manganese mineralisation discovered at Wandanya and potential for significant high grade iron formations, which had not been previously drilled or mapped prior to Black Canyon prospecting the targets.
- Detailed mapping and rock chip sampling completed over the Wandanya project following successful RC drill2 and previous rock chip sampling campaigns1.
- Portable XRF (pXRF) analysis confirms multiple widespread rock chip samples with consistently similar grades to the RC drilling completed at W2, ranging between 30 and 50% Mn.
- 3km overall strike of outcropping manganese mineralisation now confirmed with only 240m of this drill tested.
- Significant opportunity to expand the mineralised footprint with extensive manganese outcrops well exposed in multiple incised gulleys extending 150m cross strike and shallowly dipping to the east.
- Initial metallurgical testwork is underway to potentially produce a high-quality manganese concentrate for silico or ferro alloying and feedstock for high purity manganese sulphate (HPMSM) testwork.
- Additionally, rock chip sampling provided further evidence of widespread hematite enriched sediments that are similar to previously reported1 iron rich formations that assayed 63.3%, 63.1 and 57.6% Fe. The Company is awaiting laboratory-based iron XRF assays, as the preliminary pXRF results were beyond the accurate grade range of the pXRF
Cautionary Note in relation to visual estimates and pXRF readings: The Company cautions that visual estimates and pXRF readings should never be considered a proxy or substitute for laboratory analyses. Laboratory assays (XRF for Mn C Fe suite of elements) are required to determine representative grades of the elements associated with the visible mineralisation reported from geological mapping and pXRF readings. Further details are found within Appendix 1.
Rock chip samples have been submitted to Bureau Veritas in Perth WA with analytical results expected in early to mid-December.
Black Canyon’s Managing Director Brendan Cummins said:
“Following the successful recent RC drill program, detailed mapping and rock chip sampling assay results continue to impress. We are seeing strike extensive mineralisation along a 3km long corridor, which demonstrates the scale potential of this new and unique style of manganese mineralisation.
“Widespread outcrops and consistent high-grade manganese results from drilling and rock chip sampling are becoming a clear characteristic of the Wandanya discovery. In addition, we are eagerly awaiting the assay results from rock-chip sampling of the extensive hematite enriched iron formations also mapped in the area that look quite prospective.
“We look forward to returning with an RC rig in 2025 to further test these compelling targets along strike and down dip to determine their full-scale potential.”
Figure 1. Manganese corridors at the Wandanya Project with manganese results above 30% shown overlying topography (red=elevated) and satellite imagery. Photo locations are also shown for Figures 2-C.
W2 Prospect, Wandanya (BCA 100%)
The stratabound hosted manganese mineralisation has been traced along a 3km long corridor, is dipping shallowly to the east and remains open. The footwall and hangingwall units comprise of dolomite and calcareous siltstone respectively. The target manganese horizon is often well exposed by gulleys eroding through the hangingwall, forming continuous outcrops up to 150m cross-strike before the unit is overlain by shallow dolomite and cover sequences.
At the W2 prospect, only 240m of strike at a width of 200m has been drill tested with consistent grades and widths2 including:
- 5m @ 31.1% Mn from surface, including 2m @ 42% Mn (WDRC005)
- 6m @ 26.3% Mn from 4m, including 3m @ 40.1% Mn (WDRC021)
- 6m @ 2G.6% Mn from surface, including 3m @ 41.0% Mn (WDRC031)
- 6m @ 2G.2% Mn from 4m, including 3m @ 3G.7% Mn (WDRC032)
- 5m @ 32.4% Mn from 3m, including 3m @ 40.1% Mn (WDRC033)
To the west, multiple occurrences of hematite rich sediments were mapped and sampled, with the results from the pXRF readings exceeding the accurate range of the pXRF. Hence, these samples have been submitted to the laboratory and assay results will be reported when they have been received.
Click here for the full ASX Release
This article includes content from Black Canyon, 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.
Premium Magnetite Iron Product (>70% Fe) Confirmed Across Waterfall Prospect (WA)
Further to its previous ASX announcements (listed below), AusQuest Limited (ASX: AQD) is pleased to advise that it has successfully produced a premium iron product grading >70% Fe from DTR test work completed on samples from 14 of the 16 drill-holes at the Waterfall Prospect, part of its 100%-owned Morrisey Project in Western Australia’s Midwest mining district.
Key Points:
- Premium grade iron product (>70% Fe) has been produced across the Waterfall Prospect by beneficiation test work using the Davis Tube Recovery (DTR) method.
- Magnetite was liberated from its host rock using a relatively coarse grind size of 75um and 106um, which suggests potential savings on future processing costs.
- Average DTR recoveries of approximately 34% indicate that most, if not all, of the magnetite has been recovered in the concentrate.
- Impurity levels (silica, alumina, sulphur and phosphorus) within the magnetite concentrate are extremely low.
- The Morrisey Project is well located, being ~120km by road north of Mullewa and then ~80km by rail to the Port of Geraldton.
- Waterfall is the first of at least five targets identified within the Morrisey Project, with potential to host magnetite mineralisation.
Next Steps:
- Native Title clearance surveys over further magnetite targets are scheduled to be completed later this year.
- Drilling of additional targets is being planned for 2025, under the Strategic Alliance Agreement with a subsidiary of South32 Limited.
Beneficiation test work using the DTR method confirmed excellent recoveries of magnetite from its host rock (averaging ~34%) across the prospect, using coarse grind sizes of 106um and 75um, highlighting potential for the prospect to deliver a premium iron (Fe) product with very low impurity levels and enhancing the future commercial potential of the Project.
The Morrisey Project is well located, being ~120km by road north of the town of Mullewa, and a further 80km by rail to the Port of Geraldton (Figure 1). No discussions have been held with transport providers at this stage.
Figure 1: Morrisey Project: Location Plan showing road and rail access to the Port of Geraldton.
DTR results for all remaining drill-holes have now been received, confirming that iron (Fe) grades greater than 70% Fe can be achieved from both the 75um and 106um grind sizes for all the composite samples (varying from 4m to 12m in length). The distribution of DTR grades and down-hole thicknesses for the 75um grind size is shown in Figure 2, with cross-sections provided in Figures 3 and 4.
While there are no significant differences between results from the two grind sizes used, results for 75um are slightly more consistent, with less variations than for the 106um data (see Tables 1 and 2 below).
DTR Fe grades for the 75um grind size vary from 70.25% Fe to 71.63% Fe with recoveries varying from 18.6% for the lower grade composite samples (<25% Fe) and up to 44.3% for higher grade composites (>35%Fe), with an average recovery of magnetite across the prospect of ~34%.
Deleterious elements for the 75um product were all very low, including silica (average 1.3% SiO2), alumina (average 0.19% Al2O3), sulphur (average 0.08% S) and phosphorous (average 0.004% P), only increasing slightly for the coarser grind product.
Petrological examination of selected samples indicates that the magnetite grains are highly fractured, which is likely to contribute to the excellent magnetite recoveries achieved via the DTR test work.
Similar magnetic and gravity anomalies to the Waterfall prospect occur at a number of locations within the Morrisey Project. Five targets have been identified for drilling to help determine the overall magnetite potential of the district.
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This article includes content from AusQuest 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.
Exploration Update - Visible Gold Intersected at Salanie
Apollo Minerals Limited (ASX: AON) (‘Apollo Minerals’ or ‘the Company’) provides an update on its exploration activities at the Salanie Gold Project (“Salanie”) in Gabon and the Belgrade Copper Project in Serbia. The first round of drilling has now been completed at both projects. Visible gold has been intersected at the A1 Prospect at Salanie, an area that has not seen exploration or modern drilling in 70 years.
HIGHLIGHTS:
- Visible gold identified in drilling at the A1 prospect at 19m depth (Figure 1), associated within a broader 13m zone of quartz veining and shearing from 9.6m downhole:
- Interpreted as extension to system in trench SATR001 (10.3m @ 3.4g/t Au and 1.4m @ 15.7 g/t Au) (Figure 5);
- Assays for this hole are pending.
- At P6, a significant quartz veining/shear system over 20m with associated sulphides has been identified along the trend of historical high-grade underground workings that produced at an average of 16g/t Au.
- The underground workings at P6 represent a priority target that will be further targeted in the 2025 drill season:
- System displays as quartz veining and associated visual estimates of sulphides (trace to 25% pyrite+/-chalcopyrite) intersected in three principal positions in drillhole SLDD002 (61- 65m; 71-75m and 84-87m).
- Drilling completed for the current field season, with discussions advanced with a highly reputable new drilling contractor for drilling in 2025.
- At Salanie, five holes for 328m (two at the P6 prospect and three at the A1 prospect) were completed (two of these did not reach target depth due to drilling performance), with assay results received for 3 holes.
- In the northern areas around the Mikouma and Binda prospects, infill soil sampling has strengthened existing gold targets in these regions with anomalies up to 200ppb Au. Follow up ground reconnaissance will assist in delineating further the drill targets.
- Company to undertake a one (1) for three (3) non-renounceable entitlements offer to raise approximately $3.25 million (before costs).
Figure 1: Examples of visible gold identified in SLDD004 – at 19.04m (associated with chalcopyrite (Cpy) and galena (Gn)).
The Company cautions that visual estimates of sulphides or mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory analysis would be required to determine the widths and grades of sulphides, visible gold, or suspected mineralised intervals reported herein. Visual information also potentially provides no information regarding impurities or deleterious physical properties relevant to valuations. Assays are expected within 3-5 weeks.
Apollo Minerals’ Managing Director, Mr Neil Inwood, commented:
“The first pass drilling is highly encouraging having identified visible gold associated with quartz veining at A1 and a significant shear/quartz vein system at P6. Assays are pending from the key holes at A1. The Salanie system is interpreted to be in the same regional trend of Archean greenstones as Managem’s 1m oz Eteke deposit; highlighting the potential in the broader system.”
“Unfortunately, a combination of late arrival and poor performance from the drilling contractor and the end of the field season has meant that less than a quarter of the planned holes for 2024 were completed and the P6 target was only partially tested by one drill hole. We are in advanced discussions with another drilling company to commence drilling in the new year. Such a partner will enable a significant increase in drilling rate and quality and enable us to further unlock the untested potential at the Salanie Gold Project.”
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This article includes content from Apollo Minerals 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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