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India has launched the first tranche of #auctions for critical and strategic #minerals worth around Rs 45,000 crore.   #criticalminerals #strategic #bid #projects #project #projectstoday #projectstodayindia #news #newsupdates #Updates #Exclusive #Developmentprojects #India #construction #work #newsalert #projectdevelopment

#Chinese firms to spend $7bn on #Congolese roads in #mining deal A Chinese consortium has agreed to invest $7bn in road improvements to settle a #legaldispute with the Democratic Republic of #Congo (#DRC), the World Highways Magazine website reports. The dispute concerned an agreement reached in 2008 between the government of Joseph Kabila, who left office in 2019, and contractors Sinohydro and CHINA RAILWAY TUNNEL GROUP CO., LTD. According to its terms, the state-owned #Chinese companies would build $3bn worth of #roads, #railways, #schools, #hospitals and dams in exchange for a 68% stake in #Sino #Congolaise des Mines (Sicomines), a joint venture with Congo’s state mining company, Gecamines S.A. By David Rogers Global Construction Reviews Hafed Al-Ghwell Foreign Policy Institute, Johns Hopkins SAIS

Saudi Arabia to invest $1 billion in Reko Diq mine project. ISLAMABAD: Saudi Arabia is likely to invest $1 billion in Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan province, Pakistani state media reported on Sunday. Located in the Chagai district, Reko Diq contains one of the biggest undeveloped copper and gold deposits in the world, with the potential to produce a large amount of these precious commodities for decades. The project is owned 50 percent by Canada-based Barrick Gold Corporation, 25 percent by three federal state-owned enterprises, 15 percent by Balochistan on a fully funded basis, and 10 percent by Balochistan on a free carried basis, according to Barrick. “A Saudi investment of up to one billion dollars is likely next month in the Reko Diq Copper Gold project located in Chagai district in Balochistan,” the state-run Radio Pakistan broadcaster reported. “Special Investment Facilitation Council is trying to remove obstacles in this regard.”

Saudi Arabia to invest $1 billion in Reko Diq mine project. ISLAMABAD: Saudi Arabia is likely to invest $1 billion in Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan province, Pakistani state media reported on Sunday. Located in the Chagai district, Reko Diq contains one of the biggest undeveloped copper and gold deposits in the world, with the potential to produce a large amount of these precious commodities for decades. The project is owned 50 percent by Canada-based Barrick Gold Corporation, 25 percent by three federal state-owned enterprises, 15 percent by Balochistan on a fully funded basis, and 10 percent by Balochistan on a free carried basis, according to Barrick. “A Saudi investment of up to one billion dollars is likely next month in the Reko Diq Copper Gold project located in Chagai district in Balochistan,” the state-run Radio Pakistan broadcaster reported. “Special Investment Facilitation Council is trying to remove obstacles in this regard.”

RESOURCE NEWS: Porgera Restart Status PRESS RELEASE ❗ ❗ ❗ New Porgera Limited (NPL) is pleased to announce that the restart of Porgera is progressing well and is on track. First gold production is expected to be achieved in Q1 2024, as planned, subject to the Highlands Highway continuing to remain open and no further vandalism of project infrastructure. NPL General Manager, Chad Coulin, acknowledged the tremendous effort made by the NPL workforce and the support of the regulator, the Mineral Resources Authority, to restart the Porgera mine in compliance with the laws of Papua New Guinea (PNG). Following completion under the Porgera Project Commencement Agreement (PPCA) on 22 December 2023, the NPL team has stepped up and delivered outstandingly towards getting back into full production in Q3 as required by the PPCA. The critical path to full production is re-standing or replacing relevant towers along the Hides Transmission Line. In 2024 for the Porgera mine operations, there will be a spend of K2.7B (US$749m) (est.), which is divided between K1.6B (US$442m) of direct operating costs (including K613m (US$174m) that will be capitalized prior to restart) and K1.1B (US$308m) of capital. The expected export revenue from Porgera gold sales in 2024 is K1.8B (US$504m) which will assist in boosting PNG’s foreign exchange reserves. Expenditure on PNG sourced goods and services is estimated to be over K600m during 2024. Over 3,000 Papua New Guineans will be employed by NPL by the end of 2024 with a payroll for the year of K150m (US$42.6m). Royalties, which will be paid to landowners and the Enga Provincial Government, and 0.5% production levy to Mineral Resources Authority will amount to K63.4m (US$18m). Withholding taxes and custom duties payable to the National Government are estimated to be K28.2m (US$8m) for 2024. NPL has already commenced payment of K4.6m in outstanding compensation fees for the period that Porgera was in Care & Maintenance and will shortly commence negotiation of the long term compensation agreements with landholder agents. The sharing and division of project benefits such as equity and royalties among stakeholders, will be agreed at the Government managed Development Forum process and be recorded in a Porgera Project Community Development Agreement that NPL will be a party to. Under the Community Development Agreement, NPL will contribute through the Tax Credit Scheme to relevant infrastructure projects in the areas of health, education, roads and law and order. Law and order continues to be a challenge and NPL calls for all stakeholders to support restart operations by contributing to peace in the valley with no further vandalism of critical infrastructure. #PorgeraMine #NewPorgeraLimited

Base Resources is pleased to present its financial results for the six-month period ended 31 December 2023.   Key Outcomes for H1 2024: Financial - Decreases in average achieved product prices of 4% for rutile, 9% for ilmenite and 18% for zircon compared to the period ended 31 December 2022 (H1 FY23). - H1 FY24 revenue of US$73.1 million. - Group EBITDA of US$14.7 million and a net loss after tax of US$1.5 million. - Free cashflow of US$14.8 million (operating cashflows of US$25.2 million less investing cashflows of US$10.4 million). - Net cash position of US$78.9 million at 31 December 2023.   Operational and development - Kwale Operations ore grade of 2.39%, down from 3.90% in H1 FY23, as mining operations moved to lower grade ore bodies as planned. - Production of 18,909 tonnes of rutile, 77,663 tonnes of ilmenite, 7,657 tonnes of zircon and a combined 4,140 tonnes of low-grade rutile and zircon products. - Toliara Project monazite pre-feasibility study completed, delivering exceptional outcomes and resulting in a significant enhancement of the overall project economics, with the project’s post tax NPV10 doubling to US$2.0 billion.   Managing Director of Base Resources, Tim Carstens, said: “We were excited to deliver the results from the monazite pre-feasibility study in December, enhancing the already exceptional potential of the Toliara Project. Realisation of this potential is now more important than ever. With the President of Madagascar’s government now formed and a new Mining Code in place, a positive shift in dynamics and significant focus and attention from the Government on the project’s progression is evident. We are optimistic that mutually attractive fiscal terms can be secured that will support development of the Toliara Project for the benefit of our host communities, the nation of Madagascar and our shareholders.”   See the full announcement below.

British Columbia's $800 Billion Critical Minerals Opportunity Near-Term: Development & Construction MABC’s analysis found the near-term economic impacts for the construction and development of all 16 projects were as follows. ▶ $36.5 billion total investment ▶$79.9 billion economic output ▶$38.3 billion gross domestic product (GDP) ▶$23.6 billion in labour income ▶302,000 person-years of employment ⚠ ▶$10.9 billion in tax revenues Each mining project would take more than three years to develop and create more than 19,000 person-years of employment, nearly $1.5 billion in labour income, and an average of $2.3 billion in capital investment while generating roughly $680 million in tax revenue. Long-Term: Ongoing Operations The long-term economic impact of developing all 16 mines in B.C. is profound, including: ▶$791.7 billion in economic activity ▶$398.3 billion in GDP ▶$183.8 billion in labour income ▶2,155,000 person-years of employment ⚠ ▶$154.5 billion in tax revenues Over their life span of 24.1 years, each of the 16 critical mineral mines reviewed by the MABC would generate $24.8 billion in GDP, $9.6 billion in tax revenues for all levels of government, $11.5 billion in total labour income, about 135,000 person-years of employment. https://lnkd.in/gzDhzjhS

🌟 Exciting News from CONDOR GOLD PLC! 🌟 CONDOR GOLD PLC has achieved significant milestones, making the La India Project in Nicaragua 'shovel ready.' Here's why this is a game-changer: ✅ Permits Secured: All necessary permits are in place, and the land for operations has been acquired. ✅ Advanced Negotiations: Discussions with potential buyers are progressing, with eight companies under NDA, five non-binding offers, and three site visits. ✅ Optimistic Outlook: Condor's chairman, Jim Mellon, is confident about concluding a sale soon, with ongoing detailed talks with one gold producer and interest from two other parties. ✅ Strong Project Economics: The 2022 definitive feasibility study shows a net present value (NPV) of $87 million at a gold price of $1,600/oz, rising to $320 million at current prices. The payback period is just 20 months. ✅ Robust Production Plans: Initial production of 82,000 ounces annually from a single open pit, with potential to increase to 120,000 ounces from three permitted pits. Despite challenges in Nicaragua, Condor Gold's strategic plan and favorable project economics make La India an attractive investment opportunity. 🔗 Read the full article for more details: https://lnkd.in/gxXMrdxz #Gold #Mining #InvestmentOpportunity #CondorGold #LaIndiaProject #GoldMining #ShovelReady #Nicaragua #MiningIndustry #ProjectMilestones Stefania Barbaglio This Is Money Ian Lyall

One of the world’s largest iron ore deposits, Simandou, in Guinea, West Africa, is 30-40% ready for launch. The first volumes of raw materials are expected to be produced next year. This was stated by Samuel Gahigi, CEO of Rio Tinto Guinea. According to him, 30-35% of the project’s necessary infrastructure has already been completed, and the construction of railways has reached about 30-40%. “There is no doubt that the project will be implemented on schedule – by the end of December 2025,” said Samuel Gahigi. The Simandou field has reserves of 4.41 billion tons of iron ore in four areas. The project’s initial production capacity will be 120 million tons of ore per year. WCS owns the northern part of the mine (blocks 1 and 2), where China Baowu will be the main player in the development of the deposit. The other two blocks are owned by Rio Tinto through its Simfer joint venture with China’s Chalco Iron Ore Holdings and the government of Guinea. The project is progressing slowly due to infrastructure construction. In 2022, the government of Guinea, Winning Consortium Simandou (WCS), and Rio Tinto Simfer established La Compagnie du TransGuinéen (CTG) to jointly build rail and port infrastructure. Simfer and WCS each hold 42.5% of the shares, while the state of Guinea holds 15%. According to Gahigi, Simandou could increase Guinea’s GDP by 50%, as it is estimated that the country will receive an additional $2-3 billion from the project starting in 2030. Read more here🔽 #GMKCenter #Ukraine #steelmakers #steel #iron #ore #mining #project #Simandou #Guinea #Africa

South32 Announces Strategic Move Away from Coal in $1.65 Billion Sale! ➡ South32 Ltd, a key player in Australia's mining sector, has just finalized a monumental deal, signaling a decisive shift in its strategic focus. ➡ The Illawarra metallurgical coal business is set to be sold to a consortium led by the Indonesian-owned Golden Energy and Resources (GEAR) and M Resources for an impressive $1.65 billion. 1️⃣ Strategic Pivot South32's move is part of a broader strategy to divest from coal operations and concentrate on expanding its presence in copper and zinc. This comes as the company gears up to bring the $2.16 billion Taylor zinc project online in the United States. 2️⃣ Financial Implications The deal includes an upfront cash payment of $1.05 billion at completion, with an additional deferred cash consideration of $250 million payable in 2030. Analysts believe that this injection of cash will fortify South32's balance sheet, particularly as it moves forward with its ambitious Taylor zinc project. 3️⃣ Market Response South32's diversified portfolio and strategic decision have already made waves in the market. Shares of the company surged by as much as 5.3% during the trading session, outperforming the broader market. 4️⃣ Global Impact The Illawarra project, generating $1.64 billion in underlying revenue in fiscal 2023, holds a significant position, contributing approximately 18% to South32's total underlying revenue. 5️⃣ Strategic Streamlining South32 CEO, Graham Kerr, emphasized that the deal would streamline the company's portfolio, unlocking capital for crucial investments in copper and zinc development projects. Kerr stated, "The transaction will also simplify our business and reduce our capital intensity." 6️⃣ Timeline and Conditions The deal is expected to be completed in the first half of fiscal 2025, subject to specific conditions, including approval from the Foreign Investment Review Board. Notably, BlueScope Steel holds pre-emptive purchase rights, and its position on the project sale is currently under consideration. 7️⃣ Partnership Dynamics GEAR, a Singapore-registered entity owned by Indonesia's Widjaja family, will hold 70% of the Illawarra business, with Australia's privately held M Resources acquiring the remaining stake post-completion. 8️⃣ Stay Tuned for Developments This landmark deal unfolds, South32 remains committed to transparency and progress. Watch this space for further updates on this transformative move in the mining industry! Resource https://lnkd.in/ejGtW8mw South32 Reuters Reuters News Agency Sizer Metals Pte Ltd Sizer Metals Pvt. Ltd. #sizermetals #sizermetalspteltd #abizertambawala #metalindustry #metalnews #globaleconomy #globalindustry #South32 #miningnews #strategicmove #copper #zinc #industrytransformation