- Write by:
-
Tuesday, November 26, 2019 - 2:19:48 PM
-
570 Visit
-
Print
Mining News Pro - World’s largest miner BHP has increased its stake in Australian miner SolGold to 14.7% from 11.1%, which boosts its exposure to copper, one of the key metals for the world’s green initiatives.
According to Mining News Pro - The mining giant said on Monday it had paid 17.1 million pounds ($22 million) to raise its interest in SolGold, a move that makes it the Ecuador-focused company’s top shareholder. Such position was held until today by Australia’s largest gold producer, Newcrest Mining (ASX: NCM).
The deal, which also gives BHP options to purchase another 19.25 million shares by 2024, stipulates that it won’t acquire further shares for two years without SolGold’s consent.
The rising mine developer has attracted a flurry of interest from big industry actors eager to increase their exposure to copper. The highly conductive metal is in demand for its use in renewable energy and electric vehicles, but big, new deposits are rare.
SolGold’s Cascabel copper-gold project is one of those exceptional finds as it has the potential to become one of the largest copper-gold assets ever discovered with an estimated productive mine-life of 55 years.
Recent recoveries at the project, located in in northern Ecuador, could add $8.7 billion of revenue over the life of Cascabel, the company said in October.
SolGold is also studying 13 other priority targets in the Andean nation, according to a presentation delivered this month.
From Hotspot to Producer
Ecuador, the new darling of copper prospectors, expects to attract $3.7 billion in mining investments over the next two years, up significantly from the $270 million it received in 2018.
The country is moving forward with plans to move from an explorers hotspot to mining exporter as its only large-scale copper mine readies to ship its first large cargo this month. The $1.4 billion Mirador open-pit mine, which opened in July, is owned by a joint venture of Tongling Nonferrous Metals Group and China Railway Construction (EcuaCorriente),
Canada’s Lundin Gold (TSX:LUG), which has been developing its Fruta del Norte gold-silver project for almost two years, has produced its first doré and gold concentrate, and is on track to beginning commercial activities in the second quarter of 2020.
Other than Cascabel, another three major copper projects are due to be in production by 2024: Lumina Gold’s (TSX-V:LUM) (OTC:LUMAF) Cangrejos and Codelco-Enami Ecuador’s Llurimagua mine.
Short Link:
https://www.miningnews.ir/En/News/448983
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
No comments have been posted yet ...