mining
30 November 2024
IM INTERNATIONL MININGmining
Nov 30, 2024IM INTERNATIONL MINING
Rana Gruber ASA, Norway’s only producer of iron ore, has signed a new contract with the local contractor and long-term partner HJH for operational responsibilities at the upcoming Stensundtjern open-pit mine, rich in magnetite resources. Production is anticipated to begin in the second half of 2025.
HJH, which oversees the current operations at the Ørtfjell open-pit mine, Rana Gruber says will seamlessly transition to Stensundtjern upon Ørtfjell’s conclusion. This continuity maximises equipment transfer efficiency and supports uninterrupted production.
“We are very pleased to continue our strong relationship with HJH,” said Gunnar Moe, CEO of Rana Gruber. “Over the past years we’ve seen first-hand their operational capabilities with a highly efficient setup, whilst they at the same time set high standards for health, safety and environmental considerations. This aligns very well with our priorities and values, and will be instrumental as we prepare to bring Stensundtjern online, ensuring a stable and sustainable supply of high-quality iron ore.”
Rana Gruber currently controls four iron ore deposits located in Storforshei and Ørtfjell in the Dunderland Valley, just north-east of Mo i Rana. HJH’s responsibilities at Stensundtjern will encompass blasting, waste rock removal, transport and daily mining activities, ensuring highly efficient production from day one.
The new Stensundtjern open-pit is expected to boost Rana Gruber’s magnetite production to new highs, due to the magnetite-rich ore body at the site. Magnetite is a highly specialised product sold to the chemical industry for use in water treatment systems, priced at a premium due to its ultra high-grade properties with an iron content above 71%. Rana Gruber has a current run-rate of magnetite production at 160,000 t annually, expecting to increase to 175,000 t in 2025 and 200,000 t in 2026.
The new contract reaffirms that Rana Gruber is on track to meet its projected timeline for Stensundtjern, as presented during a recent capital markets day. The company states: “With production anticipated to commence in 2025, this milestone further confirms Rana Gruber’s dedication to delivering a stable and high-quality supply of iron ore to European markets. The contract aligns with the company’s previously communicated capital expenditure plans, requiring no additional investments beyond what was disclosed. Furthermore, the target cash cost of US$50-55 per tonne remains firm, highlighting Rana Gruber’s commitment to operational efficiency and cost discipline.”
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Glencore To Cut Costs By Us$1 BillionGlencore plc said it will cut about US$1 billion of costs after a review of its sprawling network of mines and smelters, as it raised the long-term profit forecast for its commodity trading unit for the first time since 2017.
Glencore’s position as both a large producer and third-party trader of metals and minerals sets it apart from rivals, which broadly focus on one or the other business. The company has been grappling with lower prices for some of its key commodities – particularly coal, which is traditionally its biggest earner. Its refining business has also been hit by some of the lowest metal processing fees on record.
Glencore didn’t provide details of how the cost reductions would be achieved, which it said would be fully implemented by the end of 2026. It will give a further update when it reports financial results next week.
Across the industry, the world’s biggest miners are looking to remove costs and simplify as the industry faces lower prices for the most profitable commodities such as iron ore and coal. Anglo American plc has already been on a cost cutting drive, while Rio Tinto Group’s new chief executive officer has been tasked with streamlining the business.
“A comprehensive review of our industrial asset portfolio during the period recognised opportunities to streamline our industrial operating structure, to optimise departmental management and reporting, and to support enhanced technical excellence and operational focus,” CEO Gary Nagle said in a statement.
While the mining side of the business is under pressure, Glencore has increased the long-term forecast for annual profit in its trading business to US$2.3 billion to US$3.5 billion, up from a long-standing level of US$2.2 billion to US$3.2 billion. The trading unit earned US$1.35 billion in the first half, Glencore said.
The new range reflects growth in the existing metals and energy trading businesses, as well as expansion into new markets such as lithium and liquefied natural gas, Glencore said. It also cited “inflationary progression to today’s dollars”.
The increase comes after years of questions from analysts and investors about when it would adjust the range, which Glencore’s traders have consistently exceeded. The company resisted until now, arguing that earnings were temporarily inflated first by the impacts of the pandemic and then the fallout from Russia’s invasion of Ukraine, and that markets needed to normalise before it formed a new long-term view.
While commodity trading profits have moderated across the industry from the record levels seen in 2022-2023, some of the biggest players have indicated they expect earnings have reset at a new higher level. Rival Trafigura Group said earlier this year that its trading business had “reached a new cruising altitude” below the peaks of recent years, but significantly higher than the level of profitability it saw before the pandemic.
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30 July 20253 min readGlencore To Cut Costs By Us$1 Billion
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Ghana Cancels Us$1.2 Billion Bauxite Deal, Eyes Global PartnershipGhana has cancelled a US$1.2 billion bauxite lease with local firm Rocksure International, seeking a partnership instead with a big overseas company to tap one of West Africa’s richest deposits, three sources with direct knowledge of the matter said.
Potential partners include Dubai-based Emirates Global Aluminium (EGA) or a Chinese firm, two of the sources said.
The termination marks a strategic pivot by Ghana, which holds an estimated 900 million metric tons of bauxite, the seventh largest globally, but has struggled to attract sustained investment in mining and refining infrastructure.
Rocksure’s lease covered the Nyinahin Hills in central Ghana, home to about 376 million tons of bauxite, the feedstock for aluminium.
It was the basis for a joint venture between Rocksure and the state-owned Ghana Integrated Aluminium Development Corporation (GIADEC) to build a mine and alumina refinery, with Rocksure holding 70% of the Asante Bauxite Company JV. GIADEC and the government owned 20% and 10%, respectively.
The lease was never ratified by parliament, rendering it void under a 2019 Supreme Court ruling.
“By the Exton Cubic ruling, without ratification, you have no lease,” one of the sources said, adding that the Ministry of Lands and Natural Resources had informed Rocksure.
GIADEC declined to comment, citing ongoing negotiations. The lands ministry did not respond to requests for comment.
Rocksure also declined to comment.
Another of the sources said the firm had not been formally notified of the termination, only that GIADEC was exiting the JV.
Ghana, Africa’s top gold producer, lags in bauxite production behind regional peers like Guinea, a global bauxite giant.
GIADEC is now actively courting new investors, including EGA and several Chinese firms, the GIADEC source said.
EGA, which lost its mining license in Guinea over delays in building a refinery, signed a memorandum of understanding with GIADEC in June to explore opportunities in Ghana.
“EGA has expressed interest in jointly developing bauxite opportunities in Ghana and is currently assessing the technical and commercial parameters of such collaboration,” the company told Reuters in an email response to queries.
EGA said no binding agreement had been signed, and did not disclose investment figures, resource estimates or timelines.
A third source said EGA had previously considered investing in Ghana around 2022 but backed out to avoid jeopardizing its Guinea license. “They didn’t want Guinea to feel they were shifting focus to Ghana,” the source said.
“Sourcing bauxite from Ghana aligns with our objective to grow aluminium production by diversifying our supply base,” EGA said.
GIADEC aims to begin extraction and off-take from the area – known as Block B – in the first quarter of next year. While no deals have been finalised, talks with potential partners are at an advanced stage, according to the first source.
“We’re looking at all options to see which one serves the interest of the nation,” the first source said.
The Ghana Chamber of Mines projects national bauxite output will rise to 2 million tons in 2025, from a record 1.7 million tons this year.
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28 July 20253 min readGhana Cancels Us$1.2 Billion Bauxite Deal, Eyes Global Partnership
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Zambia Plans To Develop A Us$1.1 Billion Oil…Zambia’s government has signed an agreement that paves the way for the development of a US$1.1 billion crude oil refinery and energy complex in Ndola in the country’s Copperbelt, it said on Monday.
The planned facility will process about 60,000 barrels per day of crude oil, providing enough refined products to satisfy the Southern African nation’s entire current fuel demand and potentially allowing for future exports to neighbouring countries, a government statement said.
It will save the nation millions of dollars annually in fuel imports once complete, the statement added.
Officials hope construction will start in the third quarter of 2025, with a first phase of commercial operations planned for 2026.
The agreement was between Zambia’s Industrial Development Corporation and Fujian Xiang Xin Corporation of China.
An IDC spokesperson said the refinery would source crude from the Middle East and that it would be imported through the Tanzanian port of Dar es Salaam.
As well as fuel production, the planned energy complex will include units for liquefied petroleum gas bottling, bitumen production, lubricants blending and a 130-megawatt power plant, Zambia’s government said.
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Zambia Plans To Develop A Us$1.1 Billion Oil Refinery In Ndola, CopperbeltZambia’s government has signed an agreement that paves the way for the development of a US$1.1 billion crude oil refinery and energy complex in Ndola in the country’s Copperbelt, it said on Monday.
The planned facility will process about 60,000 barrels per day of crude oil, providing enough refined products to satisfy the Southern African nation’s entire current fuel demand and potentially allowing for future exports to neighbouring countries, a government statement said.
It will save the nation millions of dollars annually in fuel imports once complete, the statement added.
Officials hope construction will start in the third quarter of 2025, with a first phase of commercial operations planned for 2026.
The agreement was between Zambia’s Industrial Development Corporation and Fujian Xiang Xin Corporation of China.
An IDC spokesperson said the refinery would source crude from the Middle East and that it would be imported through the Tanzanian port of Dar es Salaam.
As well as fuel production, the planned energy complex will include units for liquefied petroleum gas bottling, bitumen production, lubricants blending and a 130-megawatt power plant, Zambia’s government said.
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21 July 20252 min readZambia Plans To Develop A Us$1.1 Billion Oil Refinery In Ndola, Copperbelt
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Zambia Plans To Develop A Us$1.1 Billion Oil Refinery In…Zambia’s government has signed an agreement that paves the way for the development of a US$1.1 billion crude oil refinery and energy complex in Ndola in the country’s Copperbelt, it said on Monday.
The planned facility will process about 60,000 barrels per day of crude oil, providing enough refined products to satisfy the Southern African nation’s entire current fuel demand and potentially allowing for future exports to neighbouring countries, a government statement said.
It will save the nation millions of dollars annually in fuel imports once complete, the statement added.
Officials hope construction will start in the third quarter of 2025, with a first phase of commercial operations planned for 2026.
The agreement was between Zambia’s Industrial Development Corporation and Fujian Xiang Xin Corporation of China.
An IDC spokesperson said the refinery would source crude from the Middle East and that it would be imported through the Tanzanian port of Dar es Salaam.
As well as fuel production, the planned energy complex will include units for liquefied petroleum gas bottling, bitumen production, lubricants blending and a 130-megawatt power plant, Zambia’s government said.
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21 July 20252 min readZambia Plans To Develop A Us$1.1 Billion Oil Refinery In…
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Evolution Mining Hits Record $308M Cash FlowEvolution Mining has capped off the June 2025 quarter with a record quarterly cash flow of $308 million, driven by strong operational delivery and soaring gold prices.
The June quarter also saw a record mine operating cash flow of $697 million, up 16 per cent from the March 2025 quarter with all sites delivering positive net cash flow.
Notably, the Mungari gold operation in Western Australia delivered a 149 per cent surge to $96 million, while the Red Lake gold operation in Canada produced $90 million, a 127 per cent increase.
“We started the year with the goal of returning to safe, reliable, and consistent performance to achieve guidance and generate significant cash flow,” Evolution Mining managing director and chief executive officer Lawrie Conway said.
“Thanks to our committed workforce, we have done that and more, delivering $2.3 billion of operating mine cash flow and $787 million of (annual) group cash flow.”
Evolution ended the 2024–25 financial year (FY25) with a cash balance of $760 million and no debt due until July 2026, having made $220 million in repayments. Gearing improved to 15 per cent, down from 25 per cent, enhancing Evolution’s balance sheet flexibility.
The company’s full-year gold production reached 751,000 ounces (oz) and copper production totalled 76,000 tonnes (t), both in line with Evolution’s FY25 guidance.
Its all-in sustaining cost (AISC) for FY25 was $1572/oz, including $40–45/oz in royalties tied to the higher gold price.
Evolution’s operations also notched major achievements, with Mungari delivering record production with 620,000t milled following the successful commissioning of its mill expansion.
Red Lake recorded its strongest performance under Evolution’s ownership, while the Cowal gold operation in New South Wales delivered a record cash flow of $885 million and gained board approval to extend open-pit mining to 2042. The Ernest Henry gold operation in Queensland and the Northparkes gold operation in NSW also posted record annual cash flows.
“We maintained our capital discipline and built our cash margins, which we expect to sustain in FY26 as evidenced by our group guidance announced today,” Conway said.
Looking ahead, production in FY26 is forecasted at 710,000–780,000oz of gold and 70,000–80,000t of copper, with AISC expected to rise due to stockpiled ore processing and inflationary pressures. However, Evolution anticipates another year of high-margin cash generation.
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16 July 20252 min readEvolution Mining Hits Record $308M Cash Flow
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16 July 2025
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Vitol Signs $240M Iron Ore Prepayment Deal With Csn MiningEnergy and commodities company Vitol has entered a multi-year $240m prepayment arrangement with CSN Mining International for the offtake of six million tonnes (mt) of iron ore over the four years up to 2029.
CSN Mining is a subsidiary of the Brazil-based steel company Companhia Siderúrgica Nacional (CSN).
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The prepayment deal reflects Vitol’s broader objectives to diversify its portfolio and strengthen its foothold in the global mining and metals markets.
Vitol steel raw materials global head Derek Wilson stated: “CSN is one of South America’s leading steel and iron ore producers and has for some time been a valued customer of Vitol’s metallurgical coal and coke businesses.
“We are pleased to broaden the scope of our relationship with CSN through this long-term arrangement, which deploys Vitol’s financial, logistics and trading capabilities in the iron ore market. We look forward to expanding our presence in this important market and across the entire steelmaking value chain.”
In early July 2025, Vitol, alongside Breakwall Capital, a credit investment firm specialising in the energy sector, announced the creation of Valor Mining Credit Partners (VMP) to focus on structured credit investments in mining companies across the Americas.
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VMP aims to concentrate on event-driven financing opportunities, including debt refinancing, acquisition funding and development capital.
The initiative is designed to offer flexible financial solutions to mining companies that can facilitate growth and enhance value for shareholders.
In November 2024, Japanese firm Itochu agreed with CSN to purchase a 10.74% stake in CSN Mineração for 4.42 billion reais ($769m).
The deal builds on Itochu’s existing indirect 7.15% stake in the iron ore company, held since 2008.
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15 July 20252 min readVitol Signs $240M Iron Ore Prepayment Deal With Csn Mining
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Gypsum Mining Market To Teach Us$2.6 Billion By 2032The global gypsum mining market size was valued at approximately US$1.8 billion in 2023, and it is anticipated to reach around US$2.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2032. This growth is driven primarily by increasing demand across various sectors such as construction, agriculture, and pharmaceuticals, which utilise gypsum as a critical raw material.
Gypsum, a naturally occurring mineral composed of calcium sulfate dihydrate, is widely used in construction, agriculture, and various industrial applications. It is a critical raw material for cement production, drywall, plaster, and soil conditioning. The gypsum mining market plays a vital role in meeting the rising demand for these end products worldwide.
One of the primary drivers of the gypsum mining market is the robust growth of the construction sector. Gypsum is an essential component in producing plasterboard and cement, both of which are indispensable in modern construction. Rapid urbanisation, infrastructure development, and renovation activities globally are fueling the need for gypsum-based materials.
Apart from construction, gypsum is also used as a soil amendment in agriculture. It improves soil structure, reduces compaction, and enhances water infiltration. Growing awareness about sustainable farming practices and the need for soil health improvement is contributing to higher gypsum consumption in the agricultural sector.
Advancements in mining technology and more efficient processing methods have increased the profitability and sustainability of gypsum mining operations. Companies are also adopting eco-friendly mining practices and exploring synthetic gypsum production to reduce the environmental footprint of traditional mining activities.
Like other mining industries, gypsum mining faces challenges related to land degradation, dust emissions, and water usage. Increasing regulatory scrutiny and the need to maintain ecological balance are pushing companies to adopt more responsible and sustainable practices.
The gypsum mining market is highly competitive, with numerous global and regional players. Price volatility due to changing supply-demand dynamics, transportation costs, and geopolitical factors can impact profitability and market stability.
The shift towards green building materials and energy-efficient construction practices is expected to boost demand for gypsum products, particularly recycled and synthetic variants. Technological innovations and new applications in agriculture and industry will further support market expansion in the coming years.
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14 July 20252 min readGypsum Mining Market To Teach Us$2.6 Billion By 2032
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How 5G Is Powering The Next Era Of ‘Smarter’ MiningKirstin Sym-Smith, Head of Business Development, Ericsson Enterprise 5G – Mining, explores how private 5G networks can be the answer to the challenges of realising ‘smart mines’.
Mining has been vital to the world economy and continues to be. But the industry needs enhanced efficiency, safety standards, and productivity to tackle its evolving demands. With one in five mining decision makers in the UK worried that their workforce lacks the training or credentials to run increasingly sophisticated machinery and digital systems, it is clear a severe skills shortage poses a threat to reaching production goals. To maintain its domestic industry, the UK also requires more than 60 new mining engineering graduates per year, according to the Institute of Materials, Minerals, and Mining. However, since 2019, there have not been any fresh undergraduates.
Understanding the idea of ‘smart mines’, which combine automation, analytics, and cutting-edge technology to increase productivity, is the key to overcoming these challenges. Furthermore, although large-scale operations like those in Australia need to be redesigned, smaller or more traditional extractive sectors like mid-sized European mines or masonry quarries in the UK also urgently need to undergo digital transformation. All these locations continue to struggle with labour shortages, stricter safety standards, and mounting demands to perform more sustainably and effectively.
Private mobile networks based on 5G enable the flexible, reliable, and low-latency transmission of large amounts of data. For mining companies, this offers the opportunity to integrate equipment such as autonomous vehicles, drilling systems, sensors, and control units into a wireless network, many of which were previously fixed, difficult to connect, or not mobile. The dedicated network also allows for clearly defined priority settings for all machinery and systems on-site. This eliminates network conflicts and failures caused by overload.
In particular, data-intensive and real-time-critical applications such as AI-powered vision systems, autonomous haulage vehicles, or automated drilling rigs benefit from ultra-low latency and high data transmission rates, which can now be extended to non-hard-wired devices for the first time. With easier integration of devices into a private 5G network, mining operators can use their data more efficiently and selectively. A key benefit is predictive, intelligent maintenance: real-time monitoring and analytics help identify when equipment is likely to fail and schedule servicing proactively, reducing downtime and improving safety in remote or hazardous environments.
But what does the adoption of 5G in remote, legacy mines look like in practice?
Among the many crucial operational goals and challenges faced by large-scale mines is the removal of human workers from hazardous, isolated locations to increase safety while preserving efficiency. Unfortunately, Wi-Fi has is too unstable and the restricted bandwidth and latency means it cannot support the real-time, autonomous solutions needed to address this challenge. And since satellite requires a line of sight to function, it means it cannot function underground. This is keeping miners from taking advantage of the productivity gains made possible by the autonomous machinery that is revolutionising the sector, such as drilling rigs and haul trucks.
In these situations, private 5G networks can support on-site automation, improve environmental monitoring, and reduce the dependency on human supervision in hazardous zones by providing low latency, high bandwidth and reliable connectivity. Real-time data is critical to ensure that these operations stay online and keep workers safe, while helping mining operations maximise efficiencies.
Naturally, there are significant difficulties in putting 5G private networks into operation. Smaller or legacy operators will face challenges related to the lifespan and constraints of their current equipment. Ageing machinery including processing units, lorries, and conveyors that were not initially built with connectivity or automation in mind are frequently used by stone and masonry quarries in the UK, which supply vital materials for infrastructure and heritage restoration. Of course, one must also take into account the regulatory obstacles. For instance, implementing autonomous equipment can necessitate authorisation from health and safety authorities, modifications to site safety procedures, and new licenses.
Fortunately, mining companies can work with implementation partners to bridge these gaps. They can provide guidance and help foster partnerships with manufacturers, system integrators, and regulators alike, ensuring companies can evolve at a pace they are comfortable with.
To improve worker safety and operational efficiency throughout their worldwide operations, major global corporations like Newmont are already utilising private cellular networks. In their surface operations, Newmont’s Cadia gold-copper mine has made it possible to deploy private 5G technology for the first time for teleremote (remote control) dozing.
Previously, Newmont could not connect more than two machines at distances of no more than 100 m on Wi-Fi before the network became futile. Wi-Fi was unstable and could lead to downtime of up to six hours or more for troubleshooting to restore connectivity. With Private 5G, Newmont now maintains continuous production, allowing more work to be completed autonomously per shift, while simultaneously making production safer. It can connect its full dozer fleet across the width of its tailings works construction area – up to 2.5 km – from a single 5G radio while achieving up to 175 Mbps uplink throughput (enough for up to 12 dozers if required), with zero interruptions.
This quest for better connectivity is not only unlocking significant productivity, safety, and efficiency gains, but will also improve Newmont's competitive standing in the long term.
The world’s mining industry is at a turning point. For both large-scale enterprises and smaller, more conventional sites to stay resilient and competitive, digital transformation is essential to address the ongoing skills shortages, stricter regulations, and the urgent need for efficiency. In the end, more sophisticated, better-connected mining operations will create the leveller that can add accuracy to the task and enable legacy mining to accomplish more with less.
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11 July 20255 min readHow 5G Is Powering The Next Era Of ‘Smarter’ Mining
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11 July 2025
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Barminco Secures $130M Mining Contract From Westgold Resources In AustraliaPerenti has announced that its underground mining division, Barminco, has secured a A$200m ($130m) contract with Westgold Resources to deliver underground mining services at the Great Fingall project in Western Australia.
The Great Fingall project is expected to operate as a long-life, high-margin underground mine with an annual production exceeding 45,000oz. It is a relatively small mine, making it suitable for contract mining.
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The mine is expected to be a high-grade operation characterised by cost efficiency and productivity, and supported by a comprehensive mine plan, reliable drilling data, favourable ground conditions and well-established mine infrastructure.
Westgold managing director and CEO Wayne Bramwell said: “Westgold continues to focus on increasing mine productivity and further leveraging its extensive capital base. Our in-house mining team and fleet is best deployed in our larger, strategic assets and this capability gives us the optionality to utilise specialist contractors in our smaller mines.”
Barminco was chosen for the Great Fingall project based on the company’s safety protocols, mining efficiency, and proven delivery record, following a competitive tender process.
The three-year contract encompasses a range of services including mine development, production and related underground mining services. It includes an option to extend by 12 months.
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Perenti managing director and CEO Mark Norwell said: “We are excited to be partnering with Westgold on the Great Fingall project. This award highlights the depth and scale of Barminco’s mining and technical capability and supports the ongoing focus of growing our underground mining business in Australia and select regions internationally.”
Mobilisation for the project is scheduled to commence in July 2025, with first production from the mine expected in 2026.
Perenti expects the capital requirement for the project to be around A$16m of growth capital in fiscal year 2026.
Perenti Contract Mining president Gabrielle Iwanow said: “We are proud to mark the beginning of a new relationship between Westgold and Barminco on the Great Fingall project.
“Westgold’s decision is an endorsement of the strength of our technical capability and our commitment to safe and efficient operations. We look forward to building a strong partnership that delivers value for both companies and the communities in which we operate.”
Earlier this month, Perenti secured a contract worth A$1.1bn to carry out underground mining operations in the Siou and Wona regions of the Mana complex in Burkina Faso, West Africa.
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26 June 20253 min readBarminco Secures $130M Mining Contract From Westgold Resources In Australia
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Ghana Expects Us$12 Billion A Year From Small-Scale Gold MiningGhana expects to rake in US$12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about US$6 billion by the end of this year, but we are confident that we will reach the US$12 billion in annual inflows from next year.”
The West African nation, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near US$3,300 an ounce after reaching successive records during the past year.
Ghana’s gold exports rose more than 50% to US$11.6 billion last year. The country is Africa’s top producer of the metal, but small-scale mining, which represents about a third of output, has underpinned an increase in black-market trading.
The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.
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22 May 20252 min readGhana Expects Us$12 Billion A Year From Small-Scale Gold Mining
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Ghana Expects Us$12 Billion A Year From Small-Scale…Ghana expects to rake in US$12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about US$6 billion by the end of this year, but we are confident that we will reach the US$12 billion in annual inflows from next year.”
The West African nation, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near US$3,300 an ounce after reaching successive records during the past year.
Ghana’s gold exports rose more than 50% to US$11.6 billion last year. The country is Africa’s top producer of the metal, but small-scale mining, which represents about a third of output, has underpinned an increase in black-market trading.
The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.
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22 May 20252 min readGhana Expects Us$12 Billion A Year From Small-Scale…
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