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Articles by Beadell Resources
Beadell in board, contract changes
Gold producer Beadell Resources has announced a board restructure and a new mining contract at its Brazil operations, as the company pursues a primary listing in Canada.
Beadell in $US23m raising
Gold miner Beadell Resources has raised $US23 million ($30 million) via a share placement and convertible debentures to fund an upgrade of the company's Tucano mine.
Beadell to merge with Canadian firm
West Perth-based Beadell Resources has announced plans to merge with a Canadian mining exploration firm to create a dual-listed company on the ASX and the TSX venture exchange.
Miner wins gold at 2018 40under40 awards
Saracen Mineral Holdings managing director Raleigh Finlayson has received the top honour at Business News’ 2018 40under40 awards, named First Amongst Equals ahead of a diverse field of Western Australia’s young business and community leaders. More than 600 people packed out the black tie gala celebration held at Crown Ballroom last night to commemorate the 17th year of the awards.
Gold miners steady on quarterly results
Shares in gold miners Perseus Mining, Ramelius Resources and Evolution Mining have remained steady today following the release of the companies quarterly reports. To read more, please Login or Register below
Base in $US75m African purchase
Base Resources has announced that it will purchase a mineral sands project in Madagascar for $US75 million ($100 million) and tap investors for $100 million to fund the acquisition. Under the agreement, the mineral sands miner will initially take an 85 per cent stake in the Toliara sands project, with the remaining 15 per cent to be acquired from World Titane Holdings for $US17 million pending the achievement of key milestones.
Karratha opposes new Fifo camp
The City of Karratha has strongly opposed Woodside Petroleum’s plans for a 700-bed fly-in, fly-out camp but the final decision rests with planning and lands minister Rita Saffioti, who is playing her cards close to her chest. City of Karratha mayor Peter Long said the proposal was short sighted and the council was struggling to understand why Woodside seemed so committed to Fifo.
Copper prices boost Sandfire's profit
Perth-based Sandfire announced a 62 per cent rise in net profit to $77.5 million for the 2017 financial year, with revenue up 9.6 per cent to $532.5 million. The company also declared a final dividend of 13 cents per share, fully franked, after producing 67,088 tonnes of copper and 38,623 ounces of gold from its DeGrussa mine. To read more, please Login or Register below
Saracen sells gold mine for $16m
Saracen Mineral Holdings has entered into an agreement to sell its King of the Hills gold mine to Perth junior Red 5 for $16 million in cash and shares. Saracen told the market this afternoon it receive $7 million in up-front cash and 90 million Red 5 shares in exchange for the KotH asset, plus a further $4.5 million in either cash or shares. As part of the deal, Saracen will sub-underwrite $1.5 million out of a $12.7 million rights issue that Red 5 is undertaking.
Saracen mulls Thunderbox underground mine
Saracen Mineral Holdings has flagged a $71 million investment in its Thunderbox operation near Leinster to develop an underground mine. Saracen told the market today that a pre-feasibility study on the existing mine showed a multi-year underground operation at a life-of-mine all-in sustaining cost of $1,156 an ounce, with a maiden ore reserve of 518,000oz. A final investment decision won’t be made until the 2020 financial year, while steady state production has been earmarked for FY21.
Paladin administrators restructure debt
The administrators of Paladin Energy have entered into an agreement with Deutsche Bank to refinance some of the troubled uranium miner’s debt and fund ongoing work at the Langer Heinrich mine in Namibia. Under the agreement, Deutsche Bank will acquire an existing $US20 million revolving credit facility with South Africa-based Nedbank and increase it to $US60 million, with a term of 12 months.
Paladin's Langer Heinrich stake worth $526m
An independent expert has put a $US416 million ($A526 million) value on Paladin Energy’s majority stake in the Langer Heinrich uranium mine in Namibia, as the potential buyer’s option period to acquire the asset closes in.
Paladin Energy into administration
Uranium miner Paladin Energy, which at its peak was one of WA’s most valuable companies, has lost its battle to stay afloat after creditor Electricite de France demanded repayment of a $277 million ($A370 million) debt. The company announced late today its directors had appointed KPMG partners Matthew Woods, Hayden White and Gayle Dickerson as administrators. The administrators intend to continue operating the business on a ‘business as usual’ basis, Paladin said in a statement.
Silver Lake sells Murchison assets to Westgold
Silver Lake Resources has announced the sale of its remaining interests in the Murchison region to Metals X spin-out Westgold Resources in a cash-and-shares deal worth $10 million. Perth-based Silver Lake will sell its Tuckabianna gold processing facility and underlying mining tenure for $6 million in cash and 1.25 million shares (equal to $2.5 million).
Paladin hangs on bank valuation
Paladin Energy will be left to sweat for up to a month on an independent valuation of its stake in the Langer Heinrich uranium mine, as a critical $US277 million debt repayment looms. Paladin announced today that China National Nuclear Corporation has formally agreed to allow an independent international investment bank to undertake a valuation of the company’s proposed sale of its 24 per cent stake in the Langer Heinrich mine in Namibia, the result of which is expected to be revealed by July 20.
Western Areas to sell $27m stake in Bluejay
Nickel miner Western Areas has announced plans to sell its stake in an ilmenite-copper-nickel explorer which is dual-listed on the AIM and FSE markets for up to $27.5 million. Western plans to sell its 138.6 million shares in Bluejay Mining, equal to a 18.8 per cent stake, as the Greenland and Finland-focused exploration company undertakes a £3.5 million capital raising. The Perth-based nickel miner said it expects to reap between $26.5 million and $27.5 million from the sale.
Beadell in $US28m Brazil upgrade
West Perth-based gold miner Beadell Resources has commenced work on a $US28 million plant upgrade project at its Tucano gold mine in Brazil, with commissioning to get under way in the middle of 2018. The company made the announcement to begin construction of the plant upgrade immediately at the same time it released what it said was a positive feasibility study showing a 138 per cent rate of return.
Metalicity refloats Admiral Bay plan
West Perth-based junior Metalicity is developing a plan to take the Admiral Bay zinc deposit in the Canning Basin to production, two years after the project was bought from the collapsed Kagara Mining. It represents a significant investment for Metalicity, with Kagara previously estimating that it would cost more than $1 billion to get into production.
Western Areas' mill expansion plans back on
Western Areas has reignited plans to upgrade its Cosmic Boy concentrator in the light of interest in nickel in the electric vehicle battery market, with GR Engineering Services to carry out the work. Western said today it would spend $17.5 million on its mill recovery enhancement project, which had been both announced and shelved in 2015. Since that time, Western has invested $6.5 million in long lead items to allow for a quick recommencement of activities when a decision was to be made.
Perseus secures $US60m facility
West Africa-focused gold miner Perseus Mining has locked in a $US60 million facility agreement with Macquarie Bank to pay off debt and fund ongoing work at its Sissingue and Edikan mines. The facility has been broken into two components, with one being a larger $US40 million facility that Perth-based Perseus will use to finance the completion of development of Sissingue, which has a capex of $US64 million.
Nickel aids Western Areas
Nickel miner Western Areas has eked out a net after tax profit of just $516,000 in the six months to December, as a higher nickel price helped improve margins. It was an improved performance on the same period in the previous financial year, however, when Western delivered a 20 million after tax loss driven in part by impairments.
Beadell raises $51m for plant upgrades
Gold miner Beadell Resources has rattled the tin for $51 million to pay for plant upgrades and further exploration work at its Tucano mine in Brazil. Perth-based Beadell has raised $46 million through the placement of 159 million shares at 29 cents each, and plans to raise a further $5 million by way of a share purchase plan at the same price as the placement.
Nickel sales up for Western Areas
Local miner Western Areas closed flat on the ASX despite posting an increase in cash on hand and nickel sales in the three months to December. Western mined 6,867 tonnes of nickel in the December quarter, up from 6,357t in the previous quarter, and sold 6,249t at a realised price of $7 per pound. Its cash costs of production for the quarter came in lower compared to the previous quarter, at $2.35 per pound. To read more, please Login or Register below
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