Metals X invests $3m in Elementos to advance Spanish tin project
Australian tin explorer Elementos has entered a binding agreement with Metals X to raise A$5m ($3.2m) through a strategic private placement.
Metals X will subscribe to nearly 58.96 million fully paid ordinary shares in Elementos at $0.0848 per share.
The capital raised will support the financing and ongoing advancement of Elementos' Oropesa tin project in Cordoba Province, Andalucia, Spain, as it progresses towards a final investment decision.
Additionally, it will aid in the further redevelopment of the Cleveland tin project in Tasmania, along with covering general corporate expenses.
Under the terms of the agreement, Elementos will issue the majority of the shares, approximately 58.28 million, under its existing placement capacity, referred to as Tranche 1 placement shares, directly to Metals X.
Additionally, Elementos will seek shareholder approval for the issue of the remaining 684,566 shares at a general meeting to be convened within six weeks following the allotment of the initial shares.
Upon completion of the placement, Metals X will hold 19.98% of Elementos' enlarged issued capital.
The placement is expected to be completed on or around 23 May 2025.
Metals X executive director Brett Smith said: 'We are pleased to announce this strategic investment in Elementos.
'This investment provides Metals X with the further opportunity to participate in a global pipeline of developing tin projects, bringing our operational IP [intellectual property] to assist in their development. We look forward to working with the Elementos Management and Board to ensure the best future for their projects.'
In line with this partnership, Elementos has extended an invitation to Metals X to nominate two directors to join the Elementos Board.
Elementos chairman Andy Greig said: 'Working with Metals X will aid the development and delivery of Elementos' key projects, including the Oropesa tin project in Spain, primed to be the only mine-to-metal tin supplier within the EU, and the Cleveland tin project in Tasmania, which is rapidly growing into a larger critical minerals project.
'We look forward to working closely with Metals X and benefitting from the experience of Australia's only significant tin miner and to mutually benefit from bringing Elementos projects into production.'
Last month, Elementos completed a definitive feasibility study at the Oropesa tin project, affirming the project's technical, environmental and economic viability.
"Metals X invests $3m in Elementos to advance Spanish tin project" was originally created and published by Mining Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Shipbuilder quietly launches massive vessel with mission to reshape global travel: 'We're building the future'
Australian shipbuilder Incat has launched a first-of-its-kind electric ship that reaches over 420 feet in length and holds over 250 tons of batteries. This is a significant milestone in reducing the planet-harming pollution that comes from shipping and accounts for 2.9% of global pollution caused by humans. Stephen Casey, Incat's CEO, said at the unveiling of the ship, per Electrek: "We're not just building a ship — we're building the future." The vessel, dubbed the China Zorrilla, "proves that large-scale, low-emission transport solutions are not only possible, they are ready now." Electrek reported that the company built the vessel for the South American ferry operator Buquebus. The China Zorrilla will be able to carry 2,100 passengers and 225 vehicles. Buquebus makes transport for travelers from Buenos Aires to Uruguay multiple times a day, meaning this electric vessel will dramatically cut down the impact of traditional ship and air travel. The China Zorrilla comes at a time when vessels like megayachts are facing criticism for their unparalleled environmental impact. Megayachts can emit over 22,000 tons of harmful carbon pollution per year. Other forms of transport, like air travel, make up another 2.5% of global pollution. Meanwhile, cars account for about 10% of global pollution. Incat's new fully electric ship means that travelers who may have once opted for personal yachts, commercial flights, or traditional travel by car now have the option to travel internationally fully electric. The benefits of electric ships are many. One article revealed that it is the oil and fuel pollution from boats and ships that pollute our waterways with everyday oil leaks, refueling, and engine pollution. Pollution in our waterways leads to public health impacts, such as damage to our drinking water and food supply. When compared to electric ships, such issues are nearly nonexistent. "Electric boats do not require any fuel and very little oil, so they are far less likely to cause any harm to wildlife or water users, making them a great way to significantly reduce water pollution," according to Electric Boats. The ship "represents a giant leap forward in sustainable shipping," said Robert Clifford, Incat's chairman, per Electrek. To Incat, it's not just a step forward for the company — "but for the future of maritime transport." Would you buy an EV if it only took 5 minutes to charge? Sign me up No way Depends on the cost Depends how much range it has Click your choice to see results and speak your mind. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Boston Globe
9 hours ago
- Boston Globe
Can an American pope apply US-style fundraising and standards to fix troubled Vatican finances?
Leo already has one thing going for him: his American-ness. U.S. donors have long been the economic life support system of the Holy See, financing everything from papal charity projects abroad to restorations of St. Peter's Basilica at home. Leo's election as the first American pope has sent a jolt of excitement through U.S. Catholics, some of whom had soured on donating to the Vatican after years of unrelenting stories of mismanagement, corruption and scandal, according to interviews with top Catholic fundraisers, philanthropists and church management experts. Advertisement 'I think the election of an American is going to give greater confidence that any money given is going to be cared for by American principles, especially of stewardship and transparency,' said the Rev. Roger Landry, director of the Vatican's main missionary fundraising operation in the U.S., the Pontifical Mission Societies. Advertisement 'So there will be great hope that American generosity is first going to be appreciated and then secondly is going to be well handled,' he said. 'That hasn't always been the circumstance, especially lately.' Reforms and unfinished business Pope Francis was elected in 2013 on a mandate to reform the Vatican's opaque finances and made progress during his 12-year pontificate, mostly on the regulatory front. With help from the late Australian Cardinal George Pell, Francis created an economy ministry and council made up of clergy and lay experts to supervise Vatican finances, and he wrestled the Italian-dominated bureaucracy into conforming to international accounting and budgetary standards. He authorized a landmark, if deeply problematic, corruption trial over a botched London property investment that convicted a once-powerful Italian cardinal. And he punished the Vatican's Secretariat of State that had allowed the London deal to go through by stripping it of its ability to manage its own assets. But Francis left unfinished business and his overall record, at least according to some in the donor community, is less than positive. Critics cite Pell's frustrated reform efforts and the firing of the Holy See's first-ever auditor general, who says he was ousted because he had uncovered too much financial wrongdoing. Despite imposing years of belt-tightening and hiring freezes, Francis left the Vatican in somewhat dire financial straits: The main stopgap bucket of money that funds budgetary shortfalls, known as the Peter's Pence, is nearly exhausted, officials say. The 1 billion euro ($1.14 billion) pension fund shortfall that Pell warned about a decade ago remains unaddressed, though Francis had planned reforms. And the structural deficit continues, with the Holy See logging an 83.5 million euro ($95 million) deficit in 2023, according to its latest financial report. Advertisement As Francis' health worsened, there were signs that his efforts to reform the Vatican's medieval financial culture hadn't really stuck, either. The very same Secretariat of State that Francis had punished for losing tens of millions of euros in the scandalous London property deal somehow ended up heading up a new papal fundraising commission that was announced while Francis was in the hospital. According to its founding charter and statutes, the commission is led by the Secretariat of State's assessor, is composed entirely of Italian Vatican officials with no professional fundraising expertise and has no required external financial oversight. To some Vatican watchers, the commission smacks of the Italian-led Secretariat of State taking advantage of a sick pope to announce a new flow of unchecked donations into its coffers after its 600 million euro ($684 million) sovereign wealth fund was taken away and given to another office to manage as punishment for the London fiasco. 'There are no Americans on the commission. I think it would be good if there were representatives of Europe and Asia and Africa and the United States on the commission,' said Ward Fitzgerald, president of the U.S.-based Papal Foundation. It is made up of wealthy American Catholics that since 1990 has provided over $250 million (219 million euros) in grants and scholarships to the pope's global charitable initiatives. Advertisement Fitzgerald, who spent his career in real estate private equity, said American donors — especially the younger generation — expect transparency and accountability from recipients of their money, and know they can find non-Vatican Catholic charities that meet those expectations. 'We would expect transparency before we would start to solve the problem,' he said. That said, Fitzgerald said he hadn't seen any significant let-up in donor willingness to fund the Papal Foundation's project-specific donations during the Francis pontificate. Indeed, U.S. donations to the Vatican overall have remained more or less consistent even as other countries' offerings declined, with U.S. bishops and individual Catholics contributing more than any other country in the two main channels to donate to papal causes. A head for numbers and background fundraising Francis moved Prevost to take over the diocese of Chiclayo, Peru, in 2014. Residents and fellow priests say he consistently rallied funds, food and other life-saving goods for the neediest — experience that suggests he knows well how to raise money when times are tight and how to spend wisely. He bolstered the local Caritas charity in Chiclayo, with parishes creating food banks that worked with local businesses to distribute donated food, said the Rev. Fidel Purisaca Vigil, a diocesan spokesperson. In 2019, Prevost inaugurated a shelter on the outskirts of Chiclayo, Villa San Vicente de Paul, to house desperate Venezuelan migrants who had fled their country's economic crisis. The migrants remember him still, not only for helping give them and their children shelter, but for bringing live chickens obtained from a donor. During the COVID-19 pandemic, Prevost launched a campaign to raise funds to build two oxygen plants to provide hard-hit residents with life-saving oxygen. In 2023, when massive rains flooded the region, he personally brought food to the flood-struck zone. Advertisement Within hours of his May 8 election, videos went viral on social media of Prevost, wearing rubber boots and standing in a flooded street, pitching a solidarity campaign, 'Peru Give a Hand,' to raise money for flood victims. The Rev. Jorge Millán, who lived with Prevost and eight other priests for nearly a decade in Chiclayo, said he had a 'mathematical' mentality and knew how to get the job done. Prevost would always be on the lookout for used cars to buy for use around the diocese, Millán said, noting that the bishop often had to drive long distances to reach all of his flock or get to Lima, the capital. Prevost liked to fix them up himself, and if he didn't know what to do, 'he'd look up solutions on YouTube and very often he'd find them,' Millán told The Associated Press. Before going to Peru, Prevost served two terms as prior general, or superior, of the global Augustinian order. While the order's local provinces are financially independent, Prevost was responsible for reviewing their balance sheets and oversaw the budgeting and investment strategy of the order's headquarters in Rome, said the Rev. Franz Klein, the order's Rome-based economist who worked with Prevost. The Augustinian campus sits on prime real estate just outside St. Peter's Square and supplements revenue by renting out its picturesque terrace to media organizations (including the AP) for major Vatican events, including the conclave that elected Leo pope. But even Prevost saw the need for better fundraising, especially to help out poorer provinces. Toward the end of his 12-year term and with his support, a committee proposed creation of a foundation, Augustinians in the World. At the end of 2023, it had 994,000 euros ($1.13 million) in assets and was helping fund self-sustaining projects across Africa, including a center to rehabilitate former child soldiers in Congo. Advertisement 'He has a very good interest and also a very good feeling for numbers,' Klein said. 'I have no worry about the finances of the Vatican in these years because he is very, very clever.'
Yahoo
18 hours ago
- Yahoo
Fueled by trade tensions and foreign wars, a rush for an obscure mineral heats up in Alaska
A sign warns of a sled dog crossing along Old Murphy Dome Road outside Fairbanks. The road leads to a site where an Australian company called Felix Gold could begin mining antimony. (Max Graham/Northern Journal) Alaska hasn't produced antimony — a shiny mineral used in weapons, flame retardants and solar panels — in almost 40 years. That could change this summer, according to the executives of a Texas company that has snatched up more than 35,000 acres of mining claims in Alaska. Dallas-based U.S. Antimony Corp. is looking to the state as a new source of antimony for its smelter in Montana, the only plant in the United States that refines the mineral. Alaska's antimony, the company says, could help the U.S. overcome a recent ban on exports of the mineral from China, the world's top antimony producer. Antimony is among several minerals — many of which are used in renewable energy — that the U.S. has sourced primarily from China and other countries in recent decades. Efforts to build more mines in the U.S. have accelerated amid worsening trade tensions and growing demand. With no active antimony mines, the U.S. in recent years has imported roughly 60% of its antimony from China. Meanwhile, need for the mineral has surged as antimony-laden arms flow to wars in Ukraine and the Middle East. The price of the mineral has quadrupled in the past year, rising from around $13,000 to $55,000 per ton. U.S. Antimony is now expanding its Montana smelter and rushing to find more ore to supply it. Alaska is its 'primary focus' for boosting production, an executive said in an interview last week. In the past eight months, a U.S. Antimony subsidiary, Great Land Minerals, has acquired claims in three different areas of Alaska's Interior: outside Fairbanks; near the small town of Tok; and along the Maclaren River off the Denali Highway, a scenic road that runs outside the national park. U.S. Antimony says it's looking to truck antimony ore some 2,000 miles from Alaska to its processing plant in Montana. That operation could start as soon as September, executives said on a recent call with investors. 'We can't get that antimony from Alaska to Montana fast enough,' Joe Bardswich, U.S. Antimony's chief mining officer, said on the call. The company's plans coincide with a separate effort by an Australian company to start up its own small-scale antimony mine near Fairbanks. Felix Gold is seeking to restart production this year at a long-shuttered antimony mine that sits within a few miles of a residential subdivision, Hattie Creek. The company also is eyeing prospects near the hamlet of Ester on the outskirts of Fairbanks — where U.S. Antimony's subsidiary has claims, too. The potential developments are generating a mix of responses locally. Some residents worry about environmental impacts of mining and its potential to transform tranquil Fairbanks-area neighborhoods into noisy industrial sites. 'I don't want to be all NIMBY. But it literally is my backyard,' said Lisbet Norris, who lives in Hattie Creek, about 10 miles north of downtown Fairbanks. 'It's just so close.' Norris, a dog musher, runs sled tours on trails that cross Felix Gold's claims on state land, and she's concerned that mining might impede her business. She's also worried about heavy industrial use of the dirt road that connects her neighborhood — and Felix Gold's potential operations — to the rest of town. Other Fairbanks residents, however, say they support mining in the area; some cite the town's early history as a gold mining town and the potential economic benefits of new mines. 'It's because of mining that Fairbanks is what it is,' said Roger Burggraf, a local prospector who owns some of the claims that Felix Gold has leased to study the feasibility of antimony mining. Burggraf said he understands the concerns of people who live near gold and antimony prospects. But when they bought their properties, 'they should have realized that if a mine developed, that might change their lifestyle,' he added. Felix Gold has a permit only for mineral exploration, not active mining. The company aims later this year to apply for additional state permits, and to finish studying the profitability of developing a small antimony mine near the Hattie Creek subdivision. U.S. Antimony also has applied only for a permit to search for antimony, though it hopes to apply for more permits and start mining within a year. If its exploration efforts show a mine would be profitable, it would propose an underground operation, said Rodney Blakestad, U.S. Antimony's vice president of mining. The footprint would be small, more similar to the family-run placer mines in the area than to a large-scale hardrock mine, according to Blakestad. 'We're not Fort Knox,' he said, referring to Fairbanks' huge open pit gold mine. But before U.S. Antimony begins mining, it wants to buy antimony ore from existing placer gold mines. Antimony often appears alongside more-valuable gold, and gold miners have typically thrown it aside. Now that antimony prices are surging, though, U.S. Antimony representatives say every little bit is valuable. A 25-ton truck could carry some $600,000 worth of minerals, Bardswich said in an interview. That means small loads of antimony ore from shallow, exploratory trenches that the company intends to dig at its Alaska prospects this summer also could be worth driving 2,000 miles to the Montana smelter, company executives said. In the meantime, they intend to launch an advertising campaign to share their interest in buying the mineral from placer miners. 'People don't realize this: Gold is not the best mineral to be mining, if you're looking for really good value,' said Blakestad. 'Antimony is.' Northern Journal contributor Max Graham can be reached at max@ He's interested in any and all mining related stories, as well as introductory meetings with people in and around the industry. This article was originally published in Northern Journal, a newsletter from Nathaniel Herz. Subscribe at this link.
