Teck Resources reaches deal to enter Chile copper projectAustralia's Golden Rim Resources (ASX: GMR) and Canada's largest diversified miner Teck Resources (TSX: TECK.A | TECK.B) (NYSE: TECK) have signed an option and joint venture to develop the Loreto copper project in Chile protocol. .Golden Rim said the asset is located 120 kilometers north of Quebrada Blanca, Teck's main growth project, and is surrounded by businesses operated by BHP and Codelco.The transaction grants Teck's subsidiary Teck Chile an option to acquire up to a 75% interest in Loreto by providing Golden Rim with a cash installment of $600,000. The Vancouver-based miner also has to spend $17 million on exploration."Golden Rim believes that Loreto likely represents the last undeveloped Oligocene-Eocene outcrop porphyry system in northern Chile," managing director Craig Mackay said in the statement.The company noted that the mineral concession for its neighbouring Paguanta project was not included in the agreement, adding that it was seeking an alternative deal for the asset.Teck is currently expanding its Quebrada Blanca mine. The project, called Quebrada Blanca Phase 2 (QB2), is scheduled to begin operations in the second half of this year and will double the company's copper production by 2023.The company recently said that the cost of the nearly completed expansion could increase by $500 million, to between $900 million and $1.1 billion.The project will allow Teck to extend the life of the aging mine by 28 years and increase copper production to 300,000 tonnes per year from 287,000 tonnes in 2017.The mining giant is already working on a third phase, which would double Quebrada Blanca's copper production capacity to 600,000 tonnes per year. The potential expansion would make the mine the second-largest copper mine in Chile after Escondida. It would also place it among the top five copper mines in the world.
Austria rejects gas embargo on RussiaOn May 6, local time, according to the Austrian National Radio and Television Station, the European Union is currently discussing the possibility of imposing an embargo on Russian natural gas, which means that stopping the purchase of Russian natural gas will serve as a sanction measure against Russia. However, Austrian Minister of Digital and Economic Affairs Margaret Schrambeck said Austria refused to impose a gas embargo on Russia.Schrambeck pointed out that the natural gas embargo would do more harm than good, and neither Austria nor Germany could do it.
Simandou and other West African iron ore development faces major opportunitiesAccording to MiningWeekly, Roelof van Tonder and Duncan Bonnett, directors of research and consulting firm Africa House, mentioned Guinea's Nimba when discussing investment opportunities in Africa. ) and the Simandou iron ore.The Nimba Iron Mine is located in southeastern Guinea. It is a high-grade deposit that can be exported directly by ship. The owner is High Power Exploration Inc. (HPX).The company has raised US$200 million to develop the Nimba Iron Mine, hoping to produce 15 million tons of iron ore per year after it is put into operation, and plans to increase its production capacity to 30 million tons per year.What makes this project even more attractive in terms of business opportunities is the need to build a new batch of infrastructure in Liberia.To expedite the movement of ore from the mine to the Port of Buchanan, Liberia, the Ivanhoe Mines company needed to expand the existing 243-kilometer railroad between Tocade, Liberia, and the Port of Buchanan.At the same time, the Simandou iron ore mine is the largest undeveloped iron ore group in the world, stretching for more than 110 kilometers, with the north and the south accounting for half.International mining giant Rio Tinto holds a 45% stake in the northern half, Chalco holds 39.9%, and the Guinean government holds 15%; Win Alliance holds the southern half.The estimated reserves of Simandou iron ore are 8.6 billion tons, and the north and south parts each contain about 2 billion tons of mineable high-quality iron ore, with a content of 66%-68%.The first phase of the project requires the construction of a 670-kilometer railway linking the Simandou iron ore mine with the newly built Matacon deep-water port in Guinea.The railroad will require an investment of $8 billion, while the construction of the port and mine will require another $3 billion.The second phase requires an additional investment of $5 billion to expand the railway, and another $1.5 billion to expand production capacity and port throughput.While the Simandou deposit has struggled for years due to ownership disputes and the huge investment required to mine and transport the ore, Bonet and Van Dande believe these issues will soon be resolved to make way for major developments in Guinea.They believe that Guinea is likely to replace Australia as China's main source of iron ore imports.This iron ore project in Guinea, together with ArcelorMittal's iron ore mine in Liberia, has the capacity to supply 200 million tons of iron ore per year to China."With no problems in sales, and at the same time bringing considerable economic benefits to the host country, construction of new railways and ports for iron ore should be started with more confidence than in the past," Bonet and Van Dande concluded.
WA Flanaganboul Manganese Resource UpdateBLACK Canyon's Flanagan Bore mineral rights in the Pilbara Manganese Mine Province of Western Australia have reached 100 million tons.After drilling in recent months, the project has an estimated ore resource of 104 million tons, with a manganese grade of 10.5% and a metal volume of 11 million tons.Among them, the recently discovered FB3 deposit has an estimated ore resource of 67 million tons, and the LR1 deposit has an increase of 14%.Compared with the 15 million tons of ore at the FB1 deposit with a grade of 11.3%, this resource has increased by 89 million tons.Encouragingly, the company has delineated shallowly buried but high-grade resources in two deposits, with ore resources reaching 33 million tons with a grade of 12.8%.What's more, "excellent ore body continuity" was confirmed between drill holes.After having the above-mentioned good resources, the company will carry out a general study and promote the project development.Metallurgical test work will continue and preliminary results will be announced next month.