News

Asteroid mining startup to launch mission in early 2024

News, Regulatory Issues, Space October 28, 2024

Space rock miner lands first US permit

AstroForge, a Los Angeles-based startup with plans to mine asteroids, received on Monday the United States Federal Communications Commission’s first-ever commercial license to operate in…

Exploration, News, Regulatory Issues, Stock Markets/Investing October 28, 2024

Atlas Lithium soars on Neves permit in Brazil

Once operational, annual lithium production at Neves is projected to reach 300,000 tonnes.

Fast News, Financing October 28, 2024

Electra Battery lands US$5M for cobalt refinery early works

Electra Battery Materials (NASDAQ: ELBM; TSXV: ELBM) has secured a US$5-million financing from its existing lenders that would allow it to start certain early works…

Osisko acquisition boosts Gold Fields’ growth strategy

Financial Matters, M&A, M&A, News, Precious Metals, Regulatory Issues October 28, 2024

Gold Fields completes Osisko buy for ownership of Windfall

South Africa’s Gold Fields (NYSE: GFI; JSE: GFI) said on Monday it had completed the $2.2-billion acquisition of Osisko Mining, which makes it the sole…

Gold equities outshine bullion as miners surge on record metals prices, analysis shows

Commodities Markets, News, Precious Metals, Stock Markets/Investing October 25, 2024

Gold stocks starting to outshine bullion: Canaccord report

Higher gold and silver prices are finally jump-starting the stock prices of the companies that mine the metals, Canaccord Genuity Capital Markets analysts said in…

US closer to greenlighting ioneer’s Nevada lithium mine

Financial Matters, M&A, News October 25, 2024

Ioneer’s Rhyolite Ridge gains key permit, but legal and political risks loom

The United States’ Bureau of Land Management (BLM) on Thursday approved Ioneer’s (ASX: INR) Rhyolite Ridge lithium-boron project in southwest Nevada, opening the door for…

LI-FT Power Yellowknife Lithium Project NWT

Analysis, Exploration, Financing, News, Regulatory Issues, Stock Markets/Investing October 25, 2024

Li-FT secures mystery lithium investor

Li-FT Power (TSXV: LIFT; US-OTC: LIFFF), which claims to have Canada’s third-largest maiden hard rock lithium resource, said this week that an unnamed investor is…

M&A, News October 25, 2024

Agnico Eagle takes 13% stake in ATEX Resources

Agnico Eagle Mines (TSX: AEM; NYSE: AEM) has taken a 13% stake in copper-gold explorer ATEX Resources (TSXV: ATX) with an investment totalling $55 million,…

BHP and Vale’s Samarco hit with $900 million suit

Court Cases, News October 25, 2024

BHP, Vale reach US$30B Fundão dam settlement

The collapse of the dam at an iron ore mine owned by Samarco killed 19 people.

$Pentwater Capital Management LP, the second-largest investor in Turquoise Hill Resources (TSX: TQR) has increased its stake in the Canadian company while rejecting again Rio Tinto’s C$43-a-share offer for the 49% of the miner it doesn’t already own. The activist investor disclosed it had bought around 1.24% of common stock at C$41.01 per share in Turquoise Hill, for a total of C$102.5 million on September 15. It means it currently owns 13.77% of Turquoise Hill’s shares Rio Tinto agreed on earlier this month to take over Turquoise Hill after sweetening an initial offer by around 20% to “a best and final” $3.3 billion. Penwater, which joined minority shareholder SailingStone Capital Partners in publicly opposing Rio Tinto’s offer as too low, restated its discontent. “The proposed price implies an equity value of C$8.65 billion, which is a fraction of the free cash flow that Pentwater expects Turquoise Hill to generate over the next decade,” it said in the statement. Pentwater noted it expects Turquoise Hill to generate over C$10.5 billion of free cash flow through 2030 assuming a $3.50 per pound copper price and almost C$14.2 billion of free cash flow assuming copper prices of $4 per pound. It also said it was weighing options to thwart the deal, including but not limited to the possible exercise of dissent rights or other legal action. Rio’s offer equires two thirds of shareholders, including Rio Tinto’s, to vote in favour. More than 50% of minority shareholders must approve it. Rio’s final bid represents a 67% premium from Turquoise Hill’s closing price of C$25.68 a share on March 11, the trading day prior to the initial proposal. Pentwater has said the proposed premium is unacceptable for a mine that it expects to be “the third largest copper and gold mine in the world with a mine life in excess of 90 years.” Some analysts believe that Rio Tinto will need to increase its offer to win over some minority shareholders and so hold a direct majority stake in massive Oyu Tolgoi copper-gold mine in Mongolia. The global miner, which has mined copper from Oyu Tolgoi’s open pit for a decade, will have the task to conclude building the underground section of the mine. Once finished, it will lift production from 125,000–150,000 tonnes in 2019 to 560,000 tonnes per year at peak output, which is now expected by 2025 at the earliest. This would make it the biggest new copper mine to come on stream in several years.$