Latest news with #KGHM
Reuters
23-05-2025
- Business
- Reuters
Poland to cut copper mining tax from 2026, finance minister says
WARSAW, May 23 (Reuters) - Poland's copper mining tax will fall from next year under a new system that will provide deductions related to investment spending, Polish finance minister Andrzej Domanski said on Friday. The tax on mineral extraction, including copper, was introduced in 2012. Poland's biggest copper miner KGHM ( opens new tab paid 3.87 billion zlotys in tax in 2024, according to its annual report. Domanski said the tax cut and the introduction of investment spending deductions would lower tax revenues by an estimated 10 billion zlotys ($2.66 billion) over ten years and reduce costs for copper producers by the same amount. "The fact that KGHM is a supplier of about 85% of copper in Europe is absolutely crucial," Minister of State Assets Jakub Jaworowski said. "By taking care of investments in Poland, by taking care of the development of KGHM, we also take care of the collective security of the West and the European Union." ($1 = 3.7545 zlotys)
Reuters
10-04-2025
- Reuters
Chilean mining regulator investigates worker death at KGHM copper mine
SANTIAGO, April 10 (Reuters) - Chilean mining regulator Sernageomin is investigating the death of a contract worker at a plant at Poland's KGHM's Sierra Gorda copper mine in Chile, the agency's chief told Reuters on Thursday. Patricio Aguilera, head of Sernageomin, said that the contractor, TeamWork, was working on the concentrator when the incident occurred. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. "When the company reported the incident, an emergency team immediately went to the area to begin the investigation. It began yesterday (Wednesday), and today the PDI (Investigative Police) and the Ministry of Labor and Health are working together," Aguilera said. Following the accident, work at the plant was halted to facilitate the investigation, he added.
Yahoo
03-03-2025
- Business
- Yahoo
Magna Mining Initiates Diamond Drilling at the Levack Mine and Reports 2024 Drilling Results at the McCreedy West Mine
Drilling results include 14.3% Cu, 3.5% Ni, 6.0 g/t Pt+Pd+Au over 9.6 metres. Sudbury, Ontario--(Newsfile Corp. - March 3, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce that with the acquisition of the Sudbury Basin assets from KGHM now completed, Magna has initiated surface diamond drilling at the Levack Mine. Additionally, previously unreported 2024 drilling at the McCreedy West Mine has intersected up to 14.3% Cu, 3.5% Ni, 6.0 g/t Pt+Pd+Au over 9.6 metres in drillhole FNX33223 (Table 1). Dave King, S.V.P. Exploration and Geoscience for Magna Mining stated: "We are pleased to initiate diamond drilling on the newly acquired Sudbury assets. We believe these assets have significant resource potential that could be developed, and tremendous exploration upside potential remaining. Initial drilling from surface will focus on the Levack Mine property in support of Magna's Levack Mine restart plan. The diamond drilling results highlighted at McCreedy West demonstrate the potential to add and further define high grade copper mineralization adjacent to historical mining areas. Drilling in 2025 will continue to focus on areas of the McCreedy West 700 FW Cu-PGE zone where we see the potential to grow mineral resources that can support the short to medium term mine plan." On February 28th, 2025, Magna announced that it has completed the acquisition (the "Acquisition") of a portfolio of base metals assets located in the Sudbury Basin from an affiliate of KGHM International Ltd. ("KGHM"), which includes the producing McCreedy West copper mine, the past-producing Levack Mine, Podolsky Mine and Kirkwood Mine, as well as the Falconbridge Footwall (81.41%), Northwest Foy (81.41%), North Range and Rand exploration properties (Figure 1). Production support diamond drilling is ongoing at the McCreedy West Mine, and the first surface drill rig was mobilized to the Levack Mine site on March 1st. Levack Mine 2025 Drilling Program The Levack Mine (Figure 2) was operated by KGHM until 2019, and is currently under care and maintenance (See news release dated September 12, 2024 and titled "Magna Mining Acquires Producing Copper Mine in Sudbury from KGHM International Ltd. Acquisition Includes a Portfolio of Critical Mineral Exploration and Development Assets in the Sudbury Basin Mining District" for a more detailed description and history of the Levack Mine). Initial surface diamond drilling at Levack Mine in 2025 will focus on defining near surface mineralization in the footwall of the main orebody, expanding on the unmined Keel FW Zone, as well as exploration drilling down-dip towards the Morrison Footwall Deposit. Significant historical intersections within the Keel FW Zone include 31.0 % Cu, 0.3% Ni, 12.4 g/t Pt+Pd+Au over 1.5 metres in drillhole 855710, and 28.8 % Cu, 0.5% Ni, 4.6 g/t Pt+Pd+Au over 1.5 metres in drillhole FNX6025 (Figure 3). Underground diamond drills will be mobilized to the Levack Mine as soon as suitable drilling platforms and services are available. McCreedy West Mine 2024 Drilling Production support drilling at the McCreedy West Mine is ongoing with two underground diamond drills. In addition to infill drilling to support detailed mine planning, a considerable portion of the 2024 and 2025 drilling is targeted at expanding resources adjacent to the known historical mining areas. Drilling in 2024 has continued to demonstrate the potential to add significant mineral resources along the lower margins and to the west of the known 700 Footwall Cu-PGE Zone, towards Glencore's historical Hardy-Boundary Mine (Figure 4). High grade drillhole intersections targeting these areas include 14.3% Cu, 3.5% Ni, 6.0 g/t Pt+Pd+Au over 9.6 metres in drillhole FNX33223, and 1.0% Cu, 1.2% Ni, 1.7 g/t Pt+Pd+Au over 61.4 m, Including 2.4% Cu, 3.7% Ni, 5.7 g/t Pt+Pd+Au over 8.2 m, and 3.4% Cu, 2.6% Ni, 5.2 g/t Pt+Pd+Au over 4.1 m in drillhole FNX33226 (Figure 5 and Table 1). These areas remain a high priority for 2025 diamond drilling at McCreedy West. Figure 1: Location of Magna Mining Existing Properties, and Key Sudbury Infrastructure. To view an enhanced version of this graphic, please visit: Figure 2: Levack Mine Longsection and Vertical Section Showing the Location of Mineralized Zones. To view an enhanced version of this graphic, please visit: Figure 3: Levack Vertical Section Looking West, showing the location of the No. 7 and Main Contact Ni Zones, and the Morrison and Keel Footwall Cu-PGE Zones. Selected FW Cu-PGE Drillhole Intersections are Highlighted. To view an enhanced version of this graphic, please visit: Figure 4: McCreedy West Mine Oblique 3D View Showing the Location of Mineralized Zones. To view an enhanced version of this graphic, please visit: Figure 5: McCreedy West 700 Cu-PGE Zone in 3D View Looking East. Selected 700 FW Cu-PGE Diamond Drillhole Intersections are Highlighted. To view an enhanced version of this graphic, please visit: Table 1: Summary of Drillhole Results From Highlighted 2024 McCreedy West Drilling. [Source of this information include who completed the drilling] Drillhole ZoneFrom (m) To (m) Length (m) Cu % Ni % Co % Pt g/t Pd g/t Au g/t TPM g/t NiEq FNX33283 700 FW51.05 52.43 1.37 7.03 3.05 0.02 0.42 2.42 0.02 2.85 6.65 FNX33145 700 FW24.38 32.61 8.23 11.89 0.54 0.01 14.15 7.12 0.47 21.74 9.00 FNX33226 700 FW151.94 213.36 61.42 0.98 1.21 0.01 1.16 0.77 0.97 2.90 2.15700 FW Including 151.94 160.17 8.23 2.38 3.69 0.02 3.34 2.17 0.20 5.71 5.67700 FW and 200.86 205.28 4.42 3.36 2.60 0.21 2.48 2.41 0.30 5.18 5.23700 FW and 211.53 213.36 1.83 2.52 5.76 0.49 4.64 1.38 0.37 6.38 8.47 FNX33223 700 FW184.56 194.16 9.60 14.31 3.49 0.04 1.62 3.15 1.21 5.97 10.75 All lengths are downhole length. True widths are uncertain at this time. Ni Eq % = (Ni% x 2204 x Ni Price $/lb) + (Cu% x 96% Recovery x 2204 x Cu Price $/lb) + (Co% x 56% Recovery x 2204 x Co Price $/lb) + (Pt gpt x 69% Recovery / 31.1035 x Pt $/oz) +(Pd gpt x 68% Recovery / 31.1035 x Pd $/oz) + (Au gpt x 68% Recovery / 31.1035 x Au $/oz))/2204 x Ni $/lb. Metal prices in US$: $8.50/lb Ni, $3.75/lb Cu, $22.00/lb Co, $1000/oz Pt, $2000/oz Pd and $1,750/oz Au. Qualified Person The technical information in this press release has been reviewed and approved by David King, Mr. King is the Senior Vice President, Exploration and Geoscience for Magna Mining Inc. and is a qualified person under Canadian National Instrument 43-101. QAQC Sample QA/QC procedures for KGHM have were designed to meet or exceed industry standards. Drill core is collected from the diamond drill and placed in sealed core trays for transport to KGHM's core facilities. The core is then logged, and samples marked in intervals of up to 5 ft. Samples are then put into plastic bags then loaded into plastic shipping crates. Once the crate is filled (approximately 150-200 samples) it is sealed and sent to SGS labs in Garson Ontario via a third-party courier (Day Construction) for preparation and analysis. Samples are submitted in batches of 70, every 40th sample submitted in sequence is a sample of certified reference material, as well as a KGHM blank inserted every 100 samples. About Magna Mining Inc. Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The Company's primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare and Crean Hill mines. Additional information about the Company is available on SEDAR ( and on the Company's website ( For further information, please contact: Jason JessupChief Executive Officer or Paul Fowler, CFASenior Vice President416 356 8165 Email: info@ Cautionary Statement This press release contains certain forward-looking information or forward-looking statements as defined in applicable securities laws. Forward-Looking statements are not historical facts and are subject to several risks and uncertainties beyond the Company's control, including statements regarding, the production and exploration potential of the McCreedy West Mine and Levack Mine, production and operational objectives, plans to complete exploration programs, potential mineralization, exploration results and statements regarding beliefs, plans, expectations, or intentions of the Company. Resource exploration and development is highly speculative, characterized by several significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. A production decision at the McCreedy West mine was made by the previous operator of the mine, and Magna has made a decision to continue production subsequent to the completion of the Acquisition. This decision by Magna to continue production following completion of the Acquisition and, to the knowledge of Magna, the prior production decision by the current operator, were not based on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, which include increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production results and costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on Magna's cash flow and future profitability. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
30-01-2025
- Business
- Yahoo
Magna Mining Provides Update on Acquisition of Properties from KGHM International Ltd.
Sudbury, Ontario--(Newsfile Corp. - January 30, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to provide an update regarding its previously announced agreement to acquire a portfolio of base metals assets located in the Sudbury Basin (the "Acquisition Transaction") from an affiliate of KGHM, as previously announced in the Company's news release dated September 12, 2024 and updated on January 9, 2025. Since entering into the definitive share purchase agreement on September 11, 2024 (the "SPA"), the Company, KGHM and their respective advisors have been working diligently towards the satisfaction of all conditions precedent under the SPA including obtaining all required regulatory and third-party consents, approvals and waivers. The Company is pleased with the progress made to date and is now targeting to close the Transaction before the end of February 2025. About Magna Mining Inc. Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The Company's flagship assets are the past producing Shakespeare and Crean Hill Mines. The Shakespeare Mine is a feasibility stage project which has major permits for the construction of a 4,500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km2 prospective land package. Crean Hill is a past producing nickel, copper and PGM mine with a technical report dated July 2023. Additional information about the Company is available on SEDAR ( and on the Company's website ( For further information, please contact: Jason JessupChief Executive Officer or Paul Fowler, CFASenior Vice President705-482-9667Email: info@ Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance including in respect of the timing and ability of the Company to complete the Transaction within the proposed timeline,; (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. To view the source version of this press release, please visit
