Identifying Sales Opportunities

Good news for equipment companies and service suppliers to the mining industry during the first quarter of 2019 included new copper mines in the Arctic and Russia, and the construction of coal operations in the US and South Africa.

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Apr 11, 2019
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Positive feasibility studies for mines are a good early signal of a business-development opportunity for equipment companies and service suppliers to the mining industry. The forecast production is, however, often a full year too early, according to the managing director of AMC Consultants, Patrick Smith. For underground mines, he says, "it is often about the geological conditions" as it is not until underground development commences that the deposit can be properly assessed. These missed targets can be "perilous", Mr Smith warns, with revenue flows being particularly impacted.

During the quarter, a feasibility study at Monument Mining Ltd's Selinsing gold operation in Malaysia extended the life of the mine by six years, with an estimated net present value (NPV) of US$27.6 million. The mine is expected to produce 223,000 oz over the six-year period, which will generate net cash flow after tax of US$97 million (assuming a gold price of US$1,300/oz).

Polymetal International Plc's feasibility study for the POX-2 project, located adjacent to its facility in Russia, defined an NPV, discounted at 10%, of US$112 million. Polymetal's board has authorised immediate construction, with commissioning expected in the fourth quarter of 2022 and first production in the third quarter of 2023.

Western Australia featured strongly for feasibility studies during the March quarter. For example, BHP Billiton Nickel West Ltd has secured final approval from the Department of Mines to start development at the Goliath and Six Mile Well open pits (previously known as the Yakabindie nickel project).

Also in Western Australia, an updated definitive feasibility study for LeadFX Inc.'s Paroo Station lead mine estimated a capital cost of US$183.7 million to reach first production, an increase of US$6.5 million compared with a February 2018 estimate. Meanwhile, completion of front end engineering and design works for Kalium Lakes Ltd's Beyondie potash project in Western Australia has resulted in improved economics. The NPV, discounted at 8%, has increased to A$606 million.

At the end of the quarter, an update to components of Cazaly Resources Ltd's definitive feasibility study on its Parker Range iron ore project in Western Australia slashed the capital expenditure estimate by 23% to A$130 million. A study completed in 2011 estimated capex of A$170 million and operating costs of over A$55/t for a 4.2 Mt/y operation with shipping through the Esperance Port into Cape-sized vessels. Capex and operating costs have since been reduced to A$130 million and under A$49/t, respectively.

In mid-February, an economic review was announced for a restart of operations at Venture Minerals Ltd's Riley iron ore mine in Tasmania. This followed a significant recovery in the commodity's price, as well as expressions of interest by third parties for the mine's ore.

In Africa, a definitive feasibility study on an open pit at Thor Explorations Ltd's Segilola gold property in Nigeria outlined an NPV of US$138 million, discounted at 5%. In Botswana, MOD Resources Ltd issued a feasibility study at the end of March for its T3 open pit copper mine. The study calculated an NPV, discounted at 8%, of US$368 million, with annual production estimated at 28,000 t copper and 1.1 Moz silver during the 12-year mine life.

At the end of March, B2Gold Corp. said it will proceed with an expansion project at its 80%-owned Fekola gold mine in Mali. This will increase processing throughput from 6 Mt/y to 7.5 Mt/y. A preliminary economic analysis put NPV, discounted at 5%, at US$2.2 billion. Gold production is estimated at over 400,000 oz/y over the new 12-year mine life.

In South America, a feasibility study on Gold Fields' Salares Norte gold-silver project in Chile defined an NPV of US$654 million, discounted at 7.5%. Also in Chile, Sociedad Quimica y Minera de Chile SA has secured environmental approval for its planned US$400 million expansion of the Salar del Carmen lithium carbonate production plant in the Atacama Desert. The expansion will result in a planned lithium production capacity increase to 180,000 t/y.

AngloGold Ashanti Ltd's Quebradona project in Colombia has advanced to the feasibility study phase after the company announced a maiden ore reserve of 104.1 Mt at 1.21% copper and 0.66 g/t of gold. The reserve contains an estimated 1.26 Mt of copper and 2.22 Moz of gold, and Quebradona has an NPV, discounted at 9.45%, of US$536 million. The capital expenditure is estimated at US$992 million.

In the US, Sandfire Resources America Inc. moved closer to securing a final environmental impact statement for its Black Butte copper project after Montana's Department of Environmental Quality released an EIS draft. A record of decision and mine operating permit could be released as early as the third quarter.

There were numerous feasibility studies announced for operations in Canada. For example, in mid-February, a feasibility study on Pure Gold Mining Inc.'s Madsen-Red Lake gold deposit in Ontario estimated an NPV of C$247 million at a 5% discount rate. Initial gold production is anticipated in May 2020, with the mine being expected to produce 80,000 oz/y over a 12-year mine life, with an all-in sustaining cost estimated at US$787/oz. Initial capital expenditure is put at C$95 million, including a 9% contingency, to support building an underground operation and expanding existing ore milling capacity to 800 t/d.

Also in Ontario, a base-case preliminary economic assessment for Landore Resources' BAM gold deposit, part of its Junior Lake property, estimated an NPV of US$69.2 million. The base case is predicated on a 12.7 Mt resource grading 1.26 g/t gold and containing 515,000 oz. Initial capital expenditure is estimated at US$73.5 million for the plant and infrastructure, plus US$20.3 million for preproduction costs, including mining.

A preliminary economic assessment indicated that three new zones could add C$51 million to the C$247 million NPV of Pure Gold Mining Inc.'s Madsen-Red Lake property in Ontario, discounted at 5%.

In mid-March, a definitive feasibility study for Allegiance Coal Ltd's Tenas project, part of its Telkwa metallurgical coal joint venture with Itochu Corp. in British Columbia, pegged an NPV, discounted at 8%, of A$260.5 million.

Feasibility studies in Europe included an updated definitive report on Keliber Oy's lithium hydroxide project in Finland. This improved the value of the project by 71% compared with a 2018 study. The project now has an estimated NPV, discounted at 8%, of €384 million.

New Mines

The start of physical mine construction might be too late for many suppliers, as orders will often already have been made. Nevertheless, new mines are important targets for many products, especially those consumed during the operating process.

Construction projects announced during the March quarter included, in mid-February, a new copper mine in the Arctic. Despite opposition from indigenous Sami reindeer herders and fishermen, Norway's Industry Minister Torbjoern Roe Isaksen said that the project, owned by Nussir ASA, will improve the industrial base in the north, and bring new jobs to the community. The deposit contains about 72 Mt of copper ore, and the company intends to invest over US$110 million.

In early February, Baikal Mining Co. secured a US$1.8 billion syndicated loan from Sberbank, Gazprombank and Vnesheconombank for development of the Udokan copper deposit in Russia's Far East. The loan will finance investment and operating expenditures, including construction, installation and equipment supplies.

In the US, Arch Coal Inc. plans to invest over US$360 million over the next three years to develop the Leer South metallurgical coal mine in West Virginia. The company said the new mine will be similar in virtually every aspect with its existing Leer mine, and is expected to produce up to 3 Mt/y of coking coal.

Also in the US, American Resources Corp. resumed development of its Carnegie 2 underground coal mine in Kentucky. The Carnegie 2 and Carnegie 1 mines, with access to the Alma coal seam, are expected to create a low-cost operation with production of over 6,000 t/month.

MC Mining Ltd said in mid-March that it had "de-risked" its flagship Makhado coking and thermal coal project in South Africa by adopting a two-phase development approach. The first phase will see the start of mining on the west pit and processing through the existing Vele plant, while the second phase will progress to the east pit. The company has estimated capex of Rand 400 million for the first phase, with construction, which would take nine months, expected to start in the third quarter.

K92 Mining Inc. has announced that it will go ahead with an expansion of the Kainantu gold mine in Papua New Guinea, doubling capacity to 400,000 t/y. Capital costs related to the expansion would be about US$15 million over the next year.

At the end of March, joint-venture partners Independence Group NL and AngloGold Ashanti Ltd approved development of the Boston Shaker underground mine at the Tropicana gold operation in Western Australia. The development contract for Boston Shaker was awarded to Macmahon Holdings Ltd, valued at about A$170 million over five years, with work expected to start in May.

Project Funding

The financing of projects is also a reliable business-development signal. Announcements during the March quarter included Patagonia Gold Plc securing a loan of up to US$15 million with Cantomi Uruguay SA, which is owned and controlled by Patagonia non-executive Chairman Carlos Miguens. The company said at the start of March that it will use the funds for general working capital, to refinance local debt in Argentina and to advance the Calcatreu project with an updated resource estimate and the start of feasibility studies.

During the quarter, KGL Resources Ltd received commitments to raise A$6.5 million to move its Jervois copper project in Australia's Northern Territory to development-ready stage. KGL will use the funds to upgrade resources and extend mineralisation at Jervois, and is targeting construction by the end of the year.

Cupric Canyon Capital has signed a US$565 million funding package to develop the Khoemacau copper-silver project in Botswana. Initial project costs are pegged at about US$397 million over a two-year construction period, with Khoemacau expected to deliver first copper concentrate production in the first half of 2021.

In mid-March, Northern Dynasty Minerals Ltd launched a US$10 million bought-deal offering to fund engineering, environmental, permitting and evaluation expenses for its Pebble copper project in Alaska.

During the quarter, Victoria Gold Corp. launched a C$30 million bought deal offering in a bid to finish the Eagle gold mine at its Dublin Gulch property in Canada's Yukon territory.

Earlier Stage Opportunities

Myriad resource statements (see list below) and preliminary economic assessments were announced during the three months to end-March. These earlier-stage business-development signals included the announcement of total measured and indicated resources at Mkango Resources Ltd's 25%-owned Songwe Hill rare earths project in Malawi.

A preliminary economic assessment for Euro Manganese Inc.'s Chvaletice manganese tailings project in the Czech Republic estimated an NPV of US$593.2 million, discounted at 10%. Chvaletice is expected to produce 1.19 Mt of high-purity electrolytic manganese metal for 25 years, two-thirds of which is expected to be converted into high-purity manganese sulphate monohydrate powder.

A prefeasibility study for Amur Minerals Corp.'s Kun-Manie nickel project in Russia outlined two production scenarios for a production rate of 6 Mt/y. The project's NPV, discounted at 10%, is projected at almost US$615 million.

Asiamet Resources Ltd received approval during the quarter from the Indonesian government for a feasibility study and an environmental impact assessment on its BKM copper project in Central Kalimantan. CEO Peter Bird said in early March that the company is also considering developing the nearby BKZ deposit.

Kutcho Copper Corp. increased resources at its namesake project in British Columbia, and expects to complete a feasibility study in the second or third quarter. Measured and indicated resources total 17.3 Mt grading 2.61% copper equivalent.

Avesoro Resources Inc.'s pre-feasibility study for the New Liberty gold mine in Liberia outlined an NPV, discounted at 5%, of US$286 million over the mine's life, incorporating a transition to underground mining operations from a solely open-pit mine. The company said on March 6 that the mine's life increased by seven years to 2029, based on current proven and probable mineral reserves, and could extend further by drilling satellite prospects. Capital expenditure this year is expected to be US$45.1 million, of which US$43.4 million is sustaining capex and US$1.7 million is related to developing the underground operations at New Liberty.

At the end of March, Pilbara Minerals Ltd published a scoping study for the stage three expansion at the Pilgangoora lithium-tantalum project in Western Australia. The project includes increasing the overall plant throughput by 50% to 7.5 Mt/y at an estimated incremental capital cost of A$225.8 million. The study estimated an NPV, discounted at 10%, of A$3.73 billion.

An updated pre-feasibility study for Pacifico Minerals Ltd's Sorby Hills lead-silver-zinc project in Western Australia outlined an NPV, at an 8% discount, of A$243 million.

Source: All material is taken from S&P Global Market Intelligence's Metals & Mining database.

 

RESOURCE ANNOUNCEMENTS (Q1 2019)

Property

Primary Commodity

State

Country

Owners

Reserves & Resources ('000t)

KSM

Gold

British Columbia

Canada

Seabridge Gold Inc.

7,538,900

Sintoukola

Potash

Kouilou

DRC

Kore Potash Plc 97%; Les Establissements Congolais 3%

6,184,900

Stoylensky GOK

Iron Ore

Belgorodskaya oblast'

Russia

PJSC Novolipetsk Steel 97%

5,925,911

South Harz

Potash

Thüringen

Germany

Davenport Resources Ltd

4,943,000

Sese

Coal

Central

Botswana

First Quantum Minerals Ltd 75%; African Energy Resources 25%

4,919,000

Vanguard

Potash

Saskatchewan

Canada

Gensource Potash Corp.

3,804,330

Dampier

Ilmenite

Western Australia

Australia

Sheffield Resources Ltd

3,360,000

Timok

Copper

Borski

Serbia

Zijin Mining Group Co. and Freeport McMoRan

1,705,150

Kamoa-Kakula

Copper

Katanga

DRC

Ivanhoe Mines Ltd 39.6%; Zijin Mining Group 39.6%; DRC 20%

1,703,000

Toliara

Heavy Minerals

Toliara

Madagascar

Base Resources Ltd and Titanium Resources Ltd

1,293,000

Constancia

Copper

Cusco

Peru

Hudbay Minerals Inc.

961,900

Copper Mountain

Copper

British Columbia

Canada

Copper Mountain Mining Corp. 75%; Mitsubishi Materials 25%

842,098

Sierra Rutile

Rutile

Southern

Sierra Leone

Iluka Resources Ltd

725,400

Carrapateena

Copper

South Australia

Australia

OZ Minerals Ltd

691,000

Filo del Sol

Copper

San Juan

Argentina

Filo Mining Corp.

600,200

Macusani Plateau

U3O8

Puno

Peru

Plateau Energy Metals Inc. 99.5%

546,193

AntaKori

Copper

Cajamarca

Peru

Regulus Resources Inc.

517,000

Beutong

Copper

Aceh

Indonesia

Asiamet Resources Ltd 80%; Private Company 20%

509,000

Weld Range

Platinum

Western Australia

Australia

Podium Minerals Ltd; Ausinox Plc

405,700

Calingiri

Copper

Western Australia

Australia

Caravel Minerals Ltd; Geodex Resources Pty

366,300

Youanmi

Vanadium

Western Australia

Australia

Venus Metals Corp.; Lepidico Ltd

354,733

Ozango

Lanthanides

Huambo

Angola

Pensana Metals Ltd 84%; Discovery Group 16%

240,000

Omahola

U3O8

Erongo

Namibia

Deep Yellow Ltd; Namibia Govt; Oponona Investments Pty

211,000

Cooroorah

Coal

Queensland

Australia

Bowen Coking Coal Ltd

158,000

Clayton Valley

Lithium

Nevada

USA

Noram Ventures Inc. 75%; Alba Minerals Ltd 25%

145,168

Copler

Gold

Erzincan

Turkey

Alacer Gold Corp. 80%; Lidya Madencilik 20%

135,421

Gabanintha

Vanadium

Western Australia

Australia

Technology Metals Australia Ltd

131,000

Koitelainen

Vanadium

Lappi

Finland

Pursuit Minerals Ltd

116,350

Graphite Creek

Graphite

Alaska

USA

Graphite One Inc.

102,840

Bawdwin

Lead

Shan

Myanmar

Myanmar Metals 51%; East Asia Power 24.5%; Win Myint 24.5%

94,152

Cerro Blanco

Gold

Jutiapa

Guatemala

Bluestone Resources Inc.

84,208

Moose River Consolidated

Gold

Nova Scotia

Canada

Atlantic Gold Corp. 63.5%; Moose River Resources Inc. 36.5%

82,670

SCONI

Cobalt

Queensland

Australia

Australian Mines Ltd

75,710

Pedra Branca

Platinum

Ceará

Brazil

Jangada Mines Plc

74,840

Botswana

Copper

Ghanzi

Botswana

MOD Resources Ltd 70%; Metal Tiger Plc 30%

72,332

Varvara

Gold

Qostanay oblysy

Kazakhstan

Polymetal International Plc

71,180

Nolans Bore

Lanthanides

Northern Territory

Australia

Arafura Resources Ltd

56,000

Gedabek

Gold

Gädäbäy

Azerbaijan

Anglo Asian Mining Plc 87.25%; Azerbaijan Govt 12.75%

54,543

Mannar Island

Ilmenite

Northern

Sri Lanka

Titanium Sands Ltd; Cuprum Holding Ltd

53,080

Grota do Cirilo

Lithium

Minas Gerais

Brazil

Sigma Lithium Resources Corp.

52,379

Paroo Station

Lead

Western Australia

Australia

LeadFX Inc.

51,500

Chertinskaya-Koksovaya

Coal

Kemerovskaya oblast'

Russia

PJSC Magnitogorsk Iron & Steel Works

51,149

Shoal Creek

Coal

Alabama

USA

Peabody Energy Corp.

49,895

Kyzyl

Gold

Shyghys Qazaqstan oblysy

Kazakhstan

Polymetal International Plc

49,390

Wa-Lawra

Gold

Upper West

Ghana

Ibaera Capital 47.5%; Azumah Resources 42.5%; Ghana Govt 10%

49,178

Junior Lake

Nickel

Ontario

Canada

Landore Resources Ltd

48,711

Songwe Hill

Lanthanides

Phalombe

Malawi

Noble Group Ltd 75%; Mkango Resources Ltd 25%

48,570

Yaou-Dorlin

Gold

French Guiana

Reunion Gold Corp. 75%; Auplata SA 25%

44,900

Airijoki

Vanadium

Norrbottens län

Sweden

Pursuit Minerals Ltd

44,300

Lindi Jumbo

Graphite

Lindi

Tanzania

Walkabout Resources Ltd

41,800

Nakru

Copper

West New Britain

PNG

Coppermoly Ltd; Barrick Gold Corp.

41,390

Granada

Gold

Quebec

Canada

Granada Gold Mine Inc.

39,584

Walford Creek

Copper

Queensland

Australia

Aeon Metals Ltd

39,200

Buritica

Gold

Antioquia

Colombia

Continental Gold Inc.

38,860

Kalana

Gold

Sikasso

Mali

Endeavour Mining Corp. 80%; Mali Govt 20%

36,000

Goldlund

Gold

Ontario

Canada

First Mining Gold Corp.

31,222

Barsele

Gold

Västerbottens län

Sweden

Agnico Eagle Mines Ltd 70%; Barsele Minerals Corp. 30%

31,073

Reno Creek

U3O8

Wyoming

USA

Uranium Energy Corp.

30,772

Prieska

Zinc

Northern Cape

South Africa

Orion Minerals Ltd 73.3%

30,488

Mara Rosa

Gold

Goiás

Brazil

Amarillo Gold Corp.

30,400

Sorby Hills

Lead

Western Australia

Australia

Pacifico Minerals Ltd 75%; Henan Yuguang Gold and Lead 25%

29,980

Carlin

Vanadium

Nevada

USA

First Vanadium Corp.; Americas Gold Exploration; Till Capital Ltd

28,876

Blair Athol

Coal

Queensland

Australia

TerraCom Ltd

28,700

Kutcho Creek

Copper

British Columbia

Canada

Kutcho Copper Corp.

27,965

Albazino

Gold

Khabarovskiy kray

Russia

Polymetal International Plc

27,470

Eskay Creek

Gold

British Columbia

Canada

Skeena Resources Ltd; Barrick Gold Corp.

27,382

Jervois

Copper

Northern Territory

Australia

KGL Resources Ltd

25,700

Mt Thirsty

Cobalt

Western Australia

Australia

Barra Resources Ltd 50%; Conico Ltd 50%

25,100

Samalayuca

Copper

Chihuahua

Mexico

VVC Exploration 33.8%; Invesmin San Miguel 28.1%; Firex 25%

24,741

Hudson Bay 777

Copper

Saskatchewan

Canada

Hudbay Minerals Inc.; RNC Minerals; Rockcliff Metals Corp.

24,174

Yellowknife

Gold

Northwest Territories

Canada

GoldMining Inc.

23,410

Girilambone

Copper

New South Wales

Australia

Alchemy Resources Ltd 80%; Heron Resources Ltd 20%

21,340

Bougouni

Lithium

Sikasso

Mali

Kodal Minerals Plc 90%; Gorutumu Mining 10%

21,300

Warrawoona

Gold

Western Australia

Australia

Calidus Resources Ltd; BHP Billiton; Haoma Mining; Pacton Gold

21,200

Lagoa Salgada

Zinc

Setúbal

Portugal

Redcorp Ventures Ltd 85%; Unnamed Owner 15%

20,666

La India

Gold

León

Nicaragua

Condor Gold Plc

18,329

Chevrier

Gold

Quebec

Canada

Genesis Metals Corp.

18,230

Mayskoye

Gold

Chukotskiy avtonomnyy okrug

Russia

Polymetal International Plc

17,510

Grey Dam

Nickel

Western Australia

Australia

Carnavale Resources Ltd

14,600

Cape Ray

Gold

Newfoundland and Labrador

Canada

Matador Mining Ltd 80%; Private Interest 20%

14,246

Dukat

Silver

Magadanskaya oblast'

Russia

Polymetal International Plc

12,590

Voro

Gold

Sverdlovskaya oblast'

Russia

Polymetal International Plc

11,940

Kapan

Gold

Syunik'

Armenia

Chaarat Gold Holdings Ltd

11,830

Redmoor

Tin

England

UK

New Age Exploration Ltd 50%; Strategic Minerals Plc 50%

11,700

Omolon Regional Hub

Gold

Magadanskaya oblast'

Russia

Polymetal International Plc

11,610

San Marcial

Silver

Sinaloa

Mexico

Goldplay Exploration Ltd; SSR Mining Inc.

10,990

Beatons Creek

Gold

Western Australia

Australia

Novo Resources Corp.

10,940

Primavera

Copper

Rio Grande do Sul

Brazil

Aguia Resources Ltd; Referencial Geologia Ltda

10,807

Kutyn

Gold

Khabarovskiy kray

Russia

Polymetal International Plc

9,620

Browns Range

Lanthanides

Western Australia

Australia

Northern Minerals Ltd

9,214

Iron Ridge

Iron Ore

Western Australia

Australia

Fenix Resources Ltd

9,200

Svetloye

Gold

Khabarovskiy kray

Russia

Polymetal International Plc

9,150

Madsen

Gold

Ontario

Canada

Pure Gold Mining Inc.

9,076

Golden Highway

Gold

Ontario

Canada

Moneta Porcupine Mines Inc.; Kirkland Lake Gold Ltd

9,043

Finniss

Lithium

Northern Territory

Australia

Core Lithium Ltd

8,550

Veduga

Gold

Krasnoyarskiy kray

Russia

Private Interest 57.35%; Polymetal International Plc 42.65%

8,140

Great Northern

Gold

Newfoundland

Canada

Anaconda Mining Inc.

8,124

Carlow Castle

Gold

Western Australia

Australia

Artemis Resources Ltd 50%; Novo Resources Corp. 50%

7,700

Kostromovskaya

Coal

Kemerovskaya oblast'

Russia

PJSC Magnitogorsk Iron & Steel Works

7,367

Sugar Zone

Gold

Ontario

Canada

Harte Gold Corp.

7,197

Twin Hills

Gold

Queensland

Australia

Minjar Gold Pty Ltd

6,940

Bottle Creek

Gold

Western Australia

Australia

Alt Resources Ltd; Unnamed Owner

6,548

Coronation Dam

Cobalt

Western Australia

Australia

White Cliff Minerals Ltd

5,700

Phoenix

Gold

Ontario

Canada

Rubicon Minerals Corp.

5,497

New Britannia

Gold

Manitoba

Canada

Hudbay Minerals Inc.

5,100

Seymour Lake

Lithium

Ontario

Canada

Ardiden Ltd

4,830

Las Chispas

Silver

Sonora

Mexico

SilverCrest Metals Inc.; Local Interest

4,600

Dabia South

Gold

Kayes

Mali

Komet Resources Inc.

4,130

Pickett Mountain

Zinc

Maine

USA

Wolfden Resources Corp.

4,080

Bellevue

Gold

Western Australia

Australia

Bellevue Gold Ltd

4,000

Lunnoye

Silver

Magadanskaya oblast'

Russia

Polymetal International Plc

3,990

Segilola

Gold

Osun

Nigeria

Thor Explorations Ltd

3,750

Key Anacon

Zinc

New Brunswick

Canada

Osisko Metals Inc.

3,550

Abenab

Vanadium

Otjozondjupa

Namibia

Golden Deeps Ltd 80%; Unnamed Owner 20%

2,800

Lichkvaz

Gold

Syunik'

Armenia

Polymetal International Plc

2,630

Ernesto/Pau-a-Pique

Gold

Mato Grosso

Brazil

Aura Minerals Inc.

2,589

Pick Lake/Winston Lake

Zinc

Ontario

Canada

Superior Lake Resources Ltd 70%; Private Interest 30%

2,350

Coringa

Gold

Pará

Brazil

Serabi Gold Plc

2,281

Mount Fronsac

Zinc

New Brunswick

Canada

Osisko Metals Inc.; Private Interest

2,260

Bongara

Zinc

Amazonas

Peru

Zinc One Resources Inc.; Compañía Minera Pilar del Amazonas

2,162

Kongolokoro

Gold

Bougouriba

Burkina Faso

SEMAFO Inc.

2,101

Cape Spencer

Gold

New Brunswick

Canada

Anaconda Mining Inc.; Unnamed Owner

1,720

Charlie

U3O8

Wyoming

USA

Anfield Energy Inc.

1,511

WKP

Gold

Waikato

New Zealand

OceanaGold Corp.

1,460

Saum

Copper

Sverdlovskaya oblast

Russia

Polymetal International Plc

1,270

Binduli North

Gold

Western Australia

Australia

Intermin Resources Ltd

1,127

Mt Stirling

Gold

Western Australia

Australia

Torian Resources Ltd; Unnamed Owner

981

Eureka

Gold

Western Australia

Australia

Tyranna Resources Ltd

762

Olcha

Gold

Magadanskaya oblast

Russia

Polymetal International Plc

720

Montauban Mines

Gold

Quebec

Canada

Osisko Metals Inc. 80%; DNA Canada Inc. 20%

462

Braemore

Gold

Western Australia

Australia

Torian Resources Ltd 90%; Cascade Resources Ltd 10%

294

Chertinskaya-Yuzhnaya

Coal

Kemerovskaya oblast

Russia

PJSC Magnitogorsk Iron & Steel Works

75

Cabin Lake

Gold

Northwest Territories

Canada

Rover Metals Corp.

18

Salar de Cauchari

Lithium

Jujuy

Argentina

Advantage Lithium Corp. 75%; Orocobre Ltd 21.25%

NA

Kiskama

Cobalt

Norrbottens län

Sweden

Talga Resources Ltd

NA

Cauchari-Olaroz

Lithium

Jujuy

Argentina

Lithium Americas 57%; Ganfeng Lithium 34%; Jujuy Energia y Mineria 9%

NA

Tetra

Lithium

Arkansas

USA

Standard Lithium Ltd

NA

Maricunga

Lithium

Atacama

Chile

Lithium Power Ltd 51%; Minera Salar Blanco 31%; Bearing Lithium 18%

NA

Salta Lithium

Lithium

Salta

Argentina

PepinNini Lithium Ltd; Pluspetrol Resources Corp.

NA

Karaagac

Gold

Usak

Turkey

Odas Elektrik Üretim Sanayi Ticaret 96%; Oriole Resources Plc

NA

Data from S&P Global Market Intelligence

Medium chris hinde podium photo

Chris Hinde

Chief Commentator, Mining Beacon

Previously editorial director of Mining Journal, and more recently head of S&P Global Market Intelligence's metals and mining team, Chris is now Mining Beacon's editor-in-chief and lead commentator. He posts two blogs every week, one on Monday reviewing market conditions over the prior week, and a second on Thursday looking at issues on the global mining scene. There is also a quarterly blog on business opportunities in the sector.

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