News

Glencore has revealed its intention to shut down its copper operations at Mount Isa in Queensland by the conclusion of 2025. However, the company emphasized its commitment to keeping its various other metal assets operational.

Having operated for over six decades, the company managed to extend the life of its copper mine by an additional six years beyond its initial projected lifespan.

The closure will encompass all three copper mines within the Mount Isa facility – Enterprise, X41, and Black Rock – in addition to the copper concentrator.

On the contrary, other mining activities and operations at Mount Isa will continue, such as the copper smelter, the George Fisher mine, the zinc-lead concentrator, the lead smelter in Mount Isa, as well as the copper refinery in Townsville.

Glencore clarified that despite conducting multiple studies and reviews to potentially extend the underground copper mines' life, the confirmation of the end of their operational lifespan has been affirmed.

Furthermore, Glencore's Lady Loretta zinc mine, located approximately 140 kilometers northwest of Mount Isa, initially projected with a seven-year mine life for its finite orebody, will also halt operations in 2025.

Glencore Australia's zinc asset chief operating officer, Sam Strohmayr, acknowledged that this decision would be disheartening for their workforce, suppliers, and the Mount Isa community. Strohmayr emphasized the inevitability in the mining industry that mines have a definite lifecycle and that, regrettably, after 60 years of operation, Mount Isa's underground copper operations have reached that point.

To provide ample time for employees to plan their future, Glencore is notifying its workers and the community almost two years in advance of the closure of these mining assets. The company is dedicated to working closely with its employees, contractors, suppliers, and the Mount Isa community in the upcoming months to extend support during the transition towards the closure of these facilities.

Currently, Glencore's Mount Isa underground copper mines, copper concentrator, and supporting services employ approximately 1200 individuals.

Canadian mining company First Quantum Minerals has initiated a diamond drilling program at Boss Energy's Honeymoon uranium project in South Australia. The collaboration stems from an exploration earn-in agreement between Boss Energy and First Quantum Minerals in February 2022, covering base metals rights for five tenements at the Honeymoon project, which recently commenced mining operations. Boss Energy values First Quantum Minerals for their proven track record in discovering and developing deposits, deeming them an ideal partner for exploring and potentially developing base or precious metal findings at Honeymoon.

The drilling program will focus on basement-hosted base metal mineralization beneath the Yarramba Palaeovalley, targeting three high-priority locations identified through extensive data analysis. It involves a minimum of five diamond core holes totaling at least 1800 meters of drilling, executed by global drilling company DDH1. Geochemical assay results are expected within 1 to 2 months after program completion.

Boss Energy's Managing Director, Duncan Craib, sees this agreement as a prime opportunity for the company and its stakeholders. First Quantum Minerals has the option to earn a 51% interest in their collaboration by investing $6 million in exploration over five years and maintaining a minimum annual project expenditure of $500,000, potentially leading to a joint venture agreement between the two entities.

Widgie Nickel has issued an update regarding the ongoing infill drilling program for the 132N deposit resource. Assays from hole 23MERCD112 have described the findings as containing "remarkably high-grade nickel mineralization."

The 132N deposit is situated within mining lease M15/101, approximately six kilometers northwest of the Widgiemooltha township. This deposit is a vital component of the broader Mt Edwards project, which is positioned 75 kilometers south of Kalgoorlie and 40 kilometers southwest of Kambalda in Western Australia.

Previously, Widgie Nickel had revealed results from portable x-ray fluorescence (pXRF) readings conducted at the deposit.

Specifically, hole 23MERCD112 has yielded impressive results, with a notable intersection of 9.14 meters at 10.44 percent nickel (Ni), 0.75 percent copper (Cu), 0.13 percent cobalt (Co), and 1.93 grams per tonne (g/t) of platinum group elements (PGE) encountered from a depth of 330 meters. This intersection includes a subinterval of 2.61 meters at 18.88 percent Ni, 0.48 percent Cu, 0.23 percent Co, and 0.65g/t of PGE from a depth of 335.44 meters.

The company stated, "23MERCD112 was expedited for assay, while the rest of the 132N resource definition drilling program is presently undergoing processing, with assay results anticipated in October 2023."

Steve Norregaard, the Managing Director of Widgie Nickel, expressed his reaction to the findings, saying, "Widgie attracted significant attention this year with the core sample showcased at our Diggers (and Dealers) booth, and now we have compelling reasons for it. We are thrilled to present the assay results for 23MERCD112, which validate the portable XRF readings announced on August 11. This borehole, penetrating the lower zone of the existing 132N resource shape, unequivocally affirms the existence of exceptionally high-grade mineralization."

Earlier in the same week, Widgie Nickel had disclosed assay results from its recent diamond drilling infill program, which was specifically aimed at the Widgie 3 nickel mineralization system.

Lithium producer Allkem's annual report reveals a 62% rise in revenue, hitting a record US$1.2 billion (AUD$1.8 billion), driven by strong operations and favorable market conditions.

At the Mt Cattlin lithium site in Western Australia, revenue surged by 36% to US$615.6 million (AUD$956.2 million).

Allkem's Olaroz lithium facility in Argentina achieved a record annual production of 16,703 tonnes, 30% higher than its previous best. Revenue at Olaroz soared by 102% to US$592.2 million (AUD$920.1 million), based on 13,186 tonnes of lithium carbonate sales.

With a solid cash balance of US$648.4 million (AUD$1 billion), Allkem's committed projects are well-funded. The company's accomplishments include inaugurating the Naraha lithium hydroxide plant and advancing construction on the Sal de Vida and James Bay projects.

Evolution Mining has revealed an enhanced mineral resource estimate for the Ernest Henry project, situated 38km north-east of Cloncurry, Queensland. This large-scale copper-gold operation gained an extended mine life earlier this year, bolstering its prospects. As of June 30, the updated mineral resource stands at 101.5 million tonnes, boasting 1.25% copper and 0.73 grams per tonne (g/t) gold. This translates to 1.3 million tonnes of copper and 2.4 million ounces of gold. Notably, this marks a substantial increase of 6.7 million tonnes, 76,000 ounces of gold, and 63,000 tonnes of copper compared to the December 31, 2022 estimate. The new data will guide the Ernest Henry extension feasibility study engineering, aligning with the successful pre-feasibility results projecting an extended mine life until 2040. Evolution Mining's CEO, Lawrie Conway, highlighted the project's consistent growth and remarkable potential for further expansion beyond the footprint of the feasibility study. This milestone underscores the project's capacity for sustained success until 2040.

Westgold Resources has taken a major step towards sustainability by launching four new hybrid power facilities to power its Western Australian operations. The move marks a shift from diesel-fired power to renewable energy, resulting in a reduction of 15,000 tons of CO2 emissions and a saving of 10 million liters of diesel annually. Managing Director Wayne Bramwell emphasized the company's dedication to lowering greenhouse gas emissions and operational costs. The first 17.9-megawatt facility, located at Tuckabianna, near Cue, WA, was successfully commissioned, with three more facilities planned at Bluebird, Fortnum, and Big Bell sites, aiming for a combined capacity of 82 megawatts by Q3 2024. This transition aligns with Westgold's 2024 goals of increased gold production and cost reduction

Western Australian gold explorer De Grey has announced substantial advancements at the Hemi project in the Pilbara region. Exploratory efforts have led to major strike extensions at the Eagle and Diucon deposits, with potential for increased scale of the Diucon-Eagle open pits and enhanced underground mining opportunities. De Grey's general manager of exploration, Phil Tornatora, highlighted the extension of mineralisation at depth at Eagle and along Diucon's strike. The high-grade mineralisation zones are associated with significant shear zone inflections and visible gold-bearing quartz veins. De Grey has been actively developing the Hemi project since 2019 when a valuable gold discovery was made in the Mallina Basin. The company's focus on exploration drilling is yielding promising results, with the potential for resource expansion and future underground mining.

Sulphate of potash miner Kalium Lakes has taken a significant hit, entering administration and appointing Rob Brauer, Jason Preston, and Rob Kirman as receivers and managers. These three receivers have now assumed control of the company's operations, which will continue as they evaluate potential sale or recapitalization options. In response to the announcement, five key figures, including the chairperson and non-executive directors, have resigned. However, Kalium Lakes remains optimistic about the future, stating that the strategic process initiated in June 2023 has garnered considerable interest and will continue under the receivers' guidance. The company made headlines in 2021 when it delivered the first batch of sulphate of potash in Australia. As the administrators reach out to creditors, the first meeting is scheduled for 15 August 2023, setting the stage for crucial decisions that will determine the miner's fate.

Bellevue Gold's flagship gold project in Western Australia is proving to be a promising venture as the company announces high-grade mineralisation during infill drilling. The historic Bellevue gold mine, located in the northern Goldfields region, has returned positive results from both the Bellevue South and Armand Main areas. With development levels opened in the upper Armand work area, long hole stoping is set to commence soon, contributing significantly to early stoping and development ore. Meanwhile, ore driving has already begun at the Bellevue South area, with intersected high-grade development ore aligning with resource model expectations. The company's managing director, Darren Stralow, expressed confidence in meeting production targets, and the mining ramp-up is progressing as planned, with gold production expected in the December 2023 quarter. The Bellevue gold project is gaining attention as it approaches its much-anticipated first production quarter, promising to establish Bellevue Gold as a significant player in the Australian gold mining industry.

Larvotto Resources, a mining company based in northwest Queensland, has exciting news for investors and stakeholders as it begins the reverse circulation drilling at its Mt Isa project. Situated within the Mt Isa Inlier, a region known for its abundance of valuable minerals, the project holds immense potential for copper, gold, and cobalt.

The initial focus will be on two highly promising areas, Yamamilla and Whitehorse prospects, both displaying significant mineralization potential. To overcome past drilling challenges, Larvotto Resources is employing a specialized track-mounted, high-capacity air reverse circulation drill rig.

Yamamilla, a lead area, boasts over ten kilometers of mineralized strike and presents a well-defined geochemical and geophysical anomaly. Previous drilling in 2012 showed signs of mineralization, but failed to hit the target zones due to air supply issues.

On the other hand, Whitehorse has recently yielded high-grade rock chips over a 2300-meter strike, increasing optimism for successful drilling results.

Investors eagerly await updates on this exploration phase as Larvotto Resources endeavors to unlock the untapped potential of the Mt Isa project and contribute to the rich metallogenic legacy of the region.