Australia: Globally Achieving Better ‘Bang-per-Buck'
Untapped: Australia ‘underexplored’ despite rich endowment
In 2022, Australia spent more than $4 billion on mineral exploration, which is a 13% increase from 2021.
Critically, in decade to 2021 Australia accounted for 18% of all discoveries and since 2015 the country generated the greatest return on investment in the world achieving better ‘bang-per-buck’ than their foreign counterparts.
Included in the total 2022 spend was exploration for battery and critical metals such as lithium and rare earth elements (REEs), which increased by 66% to $483 million, according to the latest ‘Australian Critical Minerals Prospectus’.
Silvercorp Metals in pursuit of growth and a gold developer
Silvercorp Metals (TSX:SVM) generated cash flow from operating activities of $23.6 million in the previous quarter and realised adjusted earnings attributable to equity shareholders of $11.5 million – or $0.06 per share.
The company finished the period with a strong balance sheet with $198.3 million in cash and cash equivalents and short-term investments. Silvercorp holds a further equity investment portfolio in associates and other companies with a total market value of $139.5 million as of 31 December 2023.
Speaking to Mining.com.au in a two-part interview company President Lon Shaver says on the back of a strong performing year, the company has been able to launch an off-market takeover bid for OreCorp (ASX:ORR).
WA pilot stoush lingers amid no confidence in Network Aviation
The majority of Australian Federation of Air Pilots (AFAP) members who participated in a survey assessing the confidence pilots have in the local management at Network Aviation have expressed little faith.
Almost 85% of respondents did not agree that Network Aviation management “actively and adequately address FRMS (fatigue risk management system) issues”.
More than 75% of respondents did not have confidence in the Chief Pilot.
ABx gaining ‘valuable’ insights into bath pilot batch reactor
ABx Group (ASX:ABX) is receiving ‘valuable’ insights into the design of its continuous pilot plant following a series test runs.
Managing Director and Chief Executive Officer Dr Mark Cooksey is keen to receive the results from the latest test run as his confidence in the process to produce hydrogen fluoride has not wavered.
Speaking to Mining.com.au, Cooksey says with newly commissioned equipment allowing the bath feed particle size to be controlled, he has a firm believe ABx will achieve a higher recovery of fluorine from upcoming test runs at pilot scale.
Hillgrove cashing in on Kanmantoo copper?
Hillgrove Resources (ASX:HGO) has solidified its position as an ASX-listed pure-play copper producer after receiving payments from the first copper concentrate sold from its Kanmantoo mine in South Australia.?
Chief Executive Officer (CEO) and Managing Director Lachlan Wallace says proceeds from copper sales will increase over the next 6 months as the production profile ramps up to steady state.?
“Seeing the cash from the first copper sales hit the bank account was very gratifying. The revenues represent the execution of a strategy that commenced in 2019 centred on leveraging the existing infrastructure at Kanmantoo to develop a low capital-intensive copper mine.“
Recent stories
Silvercorp Metals talks takeovers, transactions, and tenements
Silvercorp Metals (TSX:SVM) has launched an off-market takeover bid for OreCorp (ASX:ORR).
Speaking to Mining.com.au in part two of an interview series, company President Lon Shaver discusses how the company received a Merger Clearance Certificate (dated 30 January 2024) from the Tanzanian Fair Competition Commission providing unconditional merger control approval for the proposed transaction with OreCorp.
The FCC approval represents the sole Tanzanian regulatory requirement needed to complete the transaction.
Care and maintenance: move to save nickel
Australian Prime Minister Anthony Albanese is “quite confident” the federal government can save Western Australia’s ailing nickel industry before it’s lights out for other mining operations.?
During a press conference yesterday (18 February 2024), Albanese told reporters nickel will be a critical mineral going forward to open the industry for further support.?
“We are looking towards smart, targeted, time limited support. This is a short-term issue for what is, in the long-term, a very critical industry for Australia.”
True North Copper cues quick Cloncurry payback
True North Copper (ASX:TNC) speaks to Mining.com.au about the completion of the Cloncurry Copper Project (CCP) mining restart study. The initial CCP life-of-mine plan demonstrates a strong economic basis and low-risk cost structure, with significant cash flow generated during the CCP’s initial 4.6-year mine life.
Managing Director Marty Costello says the Cloncurry mining restart study confirms a robust and sustainable mining operation that has capacity to generate substantial cash flow. Projected mine revenue is $367m with a free cash flow of $111m and Tru North anticipates a rapid payback period of just 6 months post-mining restart.
“We believe our first life of mine plan demonstrates the project’s sound economic foundations and low-risk cost profile, our strategic partnerships, including a binding offtake and toll-milling agreements with Glencore International, supported by debt funding secured with Nebari, underscore our operational readiness and position TNC to capitalise on what we believe is an extremely favourable copper market. we are committed to extending the CCP mine life.“
Viking on front foot with First Hit follow-up
Viking Mines (ASX:VKA) is gearing up to conduct an aircore or reverse circulation drilling program at its First Hit Lithium Project in Western Australia, upon identifying 19 lithium anomalies and 8 priority targets.?
The planned drilling program will be testing the anomalies uncovered, subject to more ‘positive’ results being received.?
Viking Mines, which has a market capitalisation of $11.27 million, conducted a 1,220-hole auger program at First Hit and the results returned 19 lithium anomalies throughout the area and 8 immediate priority targets.?
Ragnar Metals (ASX:RAG) Consulting Geologist James Cumming discusses the latest lithium findings as it continues its campaign across Sweden.
Metro Mining (ASX:MMI) MD Simon Wensley tells the market what the company can now do following the completion of a funding package that was organised in the aftermath of the impact of Tropical Cyclone Jasper.
Upon completing a RC drilling program, Polymetals (ASX: POL) Corporate Development Linden Sproule says what the company has started today based off recent results returned from the Carpark prospect.
Metallica Minerals (ASX:MLM) Executive Chairman Theo Psaros, GAICD discusses the recent developments at one of the company's assets in North Queensland, and it is not Cape Flattery. Listen on to find out what the company is doing in the gold space.
Helix Resources (ASX:HLX) is continuing to load the bases as it steps up to the plate ready to hit home runs in an upcoming major league drilling program. Listen to what Executive Technical Director Dr Kylie Prendergast has to say about this recent update.
Impact Minerals (ASX:IPT) MD Dr Mike Jones announces "a very key milestone today for our globally unique Lake Hope High Purity Alumina Project which is located here in Western Australia, one of the best places in the world to be exploring and mining." Discover more about this here.
Viking Mines (ASX:VKA) MD Julian Woodcock says the recent results returned from its First Hit project reaffirms the company's belief that there is 'significant' potential to discover LCT pegmatites on its tenure. Find out more here.