Australia-based, Ecuador-focused SolGold and Canada-based Cornerstone Capital Resources have entered into a friendly merger transaction, consolidating ownership of the copper-gold Cascabel project in Ecuador. Under the terms of the agreement, SolGold will acquire all of the issued and outstanding shares of Cornerstone, pursuant to a court-approved plan of arrangement. Cornerstone shares will be exchanged for 15 SolGold ordinary shares for…
Read MoreCategory: Latin America
Equinox’s Santa Luz goes commercial
Just a bit over six months after pouring first gold, Equinox Gold’s Santa Luz gold mine in Brazil has reached commercial production on 1 October. The Canadian-based miner said the mine’s mill is now operating at approximately 90% of design capacity of 7,400 tonnes per day, with recoveries consistently above 70% and ranging up to 85%. Through 30 September, the…
Read MoreVale restructures Brazilian nickel and copper assets
Vale said its board of directors has approved the reorganization of its base metals operations in Brazil. The miner will transfer its copper assets in the country to Salobo Metais S.A., a subsidiary of Vale, and its nickel assets to a new company to be formed by Vale. Both copper and nickel assets will continue to be consolidated and wholly…
Read MoreBHP turns focus toward Peru’s copper potential
An executive for BHP has shared that the global miner plans to expand its presence in Peru through exploration of new copper projects, reported Reuters. Rag Udd, who heads the company in the Americas, told an audience at the Perumin mining conference in Arequipa, Peru, that BHP will invest $12 million on exploration in the next 10 months and that…
Read MoreCopper ops up and moving at Anglo’s Quellaveco
Anglo American, following the receipt of final regulatory clearances and after successful testing, has started long-awaited commercial operations at its Quellaveco mine in Peru. Chief executive Duncan Wanblad said the mine, which is expected to produce 300,000 tonnes annually of copper equivalent volume on average over the first decade of life, could add as much as 10% to its global…
Read MoreGlencore gains larger stake in MARA project
Glencore will soon own 43.75% of the MARA project in the Catamarca province of Argentina after entering an agreement to acquire Newmont’s 18.75% shareholding. Under the terms of the deal, Glencore will pay Newmont $124.9 million upon closing and a $30 million deferred payment upon commercial production subject to an annual interest charge of 6%. Total deferred consideration is capped…
Read MoreSoma Gold miners strike, mining halted
Soma Gold, owned by Operadora Minera SAS in Antioquia, Colombia, has confirmed its workers have stepped off the line and gone on strike. President and CEO Javier Cordova Unda said the election to strike, organized by its unionised workers, was effective immediately and work at the site stopped 16 September. “Negotiations continue, and both parties have expressed hope that a…
Read MoreNewmont puts Yanacocha on ice
Gold miner Newmont has opted to put an investment decision on hold for its Yanacocha sulphides project in Peru, part of its planned expansion of the mine to extend its lifespan beyond 2040. The company said it will now make its full-funds decision on the project during the second half of 2024, citing the market as well as “the continued…
Read MoreThree dead in mudslide at Yauricocha
Canadian miner Sierra Metals has reported the deaths of three contractor employees during a mudslide incident at its underground Yauricocha mine in Peru. Sierra Metals said the mudslide took place at approximately 4:00 p.m. (Lima Time) on September 11. One contractor employee was injured and three were killed. “The safety and wellbeing of all employees and contractors is a major…
Read MoreRio2 appeals Fenix Gold EIA rejection
Canadian miner Rio2 said its subsidiary Fenix Gold Limitada has filed an administrative appeal to a July decision to not approve the environmental impact assessment (EIA) for its Fenix Gold project in Chile. On review of the environmental qualification resolution (RCA), Rio2 said it “has identified numerous discrepancies with factual and procedural matters … [that] provide grounds for a strong…
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