Latest news with #bauxite
The Australian
18 hours ago
- Business
- The Australian
WYX boosts bauxite position in WA
Special Report: Western Yilgarn has expanded its bauxite footprint within WA's Darling Range bauxite mineral field with the acquisition of the Cardea 3 project. Western Yilgarn expands WA bauxite portfolio with Cardea 3 acquisition Historical drilling has returned high-grade alumina exceeding that mined at the nearby Worsley Alumina Operations Cardea 3 is near major highway and multi-user railway It follows closely on the WA Department of Energy, Mines, Industry Regulation and Safety awarding exploration licences E70/6702 and E70/6703 – the Cardea 1 and 2 project areas – in late May. Western Yilgarn (ASX:WYX) paid the vendor a $5000 cash deposit on executing the terms sheet and will make a further cash payment of $20,000 and issue $25,000 worth of shares at an issue price equal to the 20-day volume weighted average price once the exploration licence application is granted. Cardea 3 has seen some historical exploration with 422 vacuum drill holes completed to date. Of these, 139 have been analysed for available alumina and reactive silica. Results from this work indicate that high-grade bauxite is present with available alumina – the portion of Ai2O3 that can be extracted under Bayer process conditions – exceeding 34.5% and reactive silica content of 3.14%. This compares very favourably with the average mining grades of 28.7% available alumina and 1.9% reactive silica at South32's (ASX:S32) nearby Worsley Alumina Operations. Surface bauxite mineralisation has also been defined over a 3km by 1km area with a laterite profile typical of Darling Range bauxite deposits. 'We are extremely pleased with the acquisition of the Cardea 3 project, which provides significant scalability and strong potential to further increase both bauxite tonnage and grade through continued exploration—particularly in the western portion of the exploration licence area,' non-executive director Pedro Kastellorizos said. 'The project's proximity to a multi-user railway, within trucking distance, is a key logistical advantage, especially in the current market environment of record alumina and bauxite prices.' Cardea 3 location. Pic: Western Yilgarn Cardea 3 project Cardea 3 sits within the Darling Scarp Bauxite Province – a key bauxite region centred on Pinjarra, Waroona and Worsley, which are major aluminium production hubs about 80km to 150km south of Perth. It is about 17.5km east of the company's Julimar West bauxite project and can be accessed from Perth via the Great Northern Highway and is well supported by the Perth Kalgoorlie Railway line to the south of the project area. Results from the vacuum drilling have indicated that the highest grade zones – exceeding 40% Ai2O3 - are concentrated in the central and southern portions of the exploration licence area. WYX added that data to date indicated that alumina and reactive silica for this deposit may be comparable to nearby bauxite mining operations such as the Worsley Alumina Operations. Surface and drilling geochemistry, along with the interpreted geophysics has highlighted multiple targets proximal to the west and south of the current tenure areas. Regional mapping and interpretation of the Western Australia Geological Survey has delineated laterite and pisolitic gravels in which the bauxite occurs. These areas will be systematically targeted once the company starts first pass exploration. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Reuters
27-05-2025
- Business
- Reuters
EGA's Guinea bauxite unit hopes to resume talks with government
DAKAR, May 27 (Reuters) - Emirates Global Aluminium's (EGA) subsidiary in Guinea said on Tuesday it hoped to resume talks with the Guinean government that could lead to a lifting of measures currently blocking its bauxite mining operations. EGA has been in a dispute with the government since October last year when its bauxite exports and mining operations were suspended by the authorities. And earlier this month, Reuters reported it launched a process to withdraw EGA's mining licence over its failure to build an alumina refinery. The EGA subsidiary - Guinea Alumina Corporation (GAC) - said in a statement that it had always fulfilled all of its obligations under agreements it signed with Guinea, and strongly contested that it has acted differently. "GAC hopes the Guinean Government will resume amicable negotiations and lift all blocking measures against GAC's operations," the statement said. Representatives of Guinea's military-led government did not immediately respond to requests for comment. In its statement, GAC said the measures imposed by the authorities had hampered its operations, leading to their complete stoppage in December 2024 and significant financial losses for the company and its shareholders. "Since October 2024, the Guinean Government and certain Guinean public entities have taken a series of measures against GAC (and the wider EGA group) that run counter to the contractual and international commitments of the Republic of Guinea," it said.
News.com.au
27-05-2025
- Business
- News.com.au
Resources Top 5: Western Yilgarn well placed in quest for alternate bauxite supplies
A suspension of exports from Guinea has seen increasing demand from other supply sources, including Australia Future Battery Minerals has identified new gold prospects at the recently consolidated Miriam project in WA Potential hidden extensions of gold breccia pipes have been identified at Colosseum gold and REE project in California Your standout resources stocks for Tuesday, May 27, 2025 Western Yilgarn (ASX:WYX) Changing market fundamentals in the past 12 months have seen prices for bauxite, the key raw material for aluminium production, climb and then remain strong. The primary driver has been the suspension of exports from Guinea, the second largest producer globally and just behind Australia in production volume. In 2023, the West African nation mined around 87.9Mt. As Guinea attempts to tighten control over its mineral resources, the world's largest user, China, is being forced to look elsewhere for bauxite supplies, including Australia where bauxite prices are considerably lower than Guinea. The supply situation was exacerbated this month when Guinea began proceedings to revoke the mining licence of Emirates Global Aluminium (EGA), which operates one of the nation's largest bauxite mines through its Guinea Alumina Corporation subsidiary and accounts for about 4% of global supply. EGA has been in a dispute with the government of Guinea since October 2024 when its bauxite exports and mining operations were suspended by authorities, citing concerns over customs duties. One ASX junior well-placed to benefit from increasing demand from non-Guinea sources is Western Yilgarn (ASX:WYX). In an interview with Stockhead earlier this year, non-executive director Pedro Kastellorizos said he expected the increase in bauxite prices to continue in 2025 with some Chinese alumina refineries curtailing production on the back of domestic bauxite shortages. 'We have already received interest from the overseas market in our project due to its close proximity to existing bauxite mining operations,' he said. WYX is set to add scalability and tonnage to its portfolio in Western Australia's Darling Range bauxite mineral field on being granted the Cardea 1 and 2 project areas, about 16.5km southeast of its 168Mt Julimar West project. Darling Range is a world-leading alumina producing region with bauxite deposits stretching across a north-south corridor roughly 240km-long and 50km-wide. The company's projects benefit from nearby major infrastructure, including the Millendon Junction Railway Line. Kastellorizos said WYX was extremely pleased with securing the Cardea 1 and 2 projects and investors shared his enthusiasm with securities 28.57% higher to 2.7c. 'It provides further scalability and excellent potential to increase the bauxite tonnage and grade through further exploration to the west and northern portion of the exploration licence area,' he said. 'The location of the current resources is within trucking distance of a multi-user railway at a time of record alumina and bauxite prices. So far, WYX says surface and drilling geochemistry, along with the interpreted geophysics, has highlighted multiple targets proximal to the west and south of the current tenure areas. Regional mapping and interpretation of the Western Australia Geological Survey has delineated laterite and pisolitic gravels in which the bauxite occurs and these areas will be systematically targeted in first-pass exploration. Future Battery Minerals (ASX:FBM) As gold holds above US$3300/oz, it is no surprise that gold stocks remain in the news, including Future Battery Minerals which has identified new gold prospects at the recently consolidated Miriam project in WA following a review of historical data. The project has some notable gold neighbours including Horizon Minerals' (ASX:HRZ) Burbanks mine (466,000oz at 2.4g/t gold), Beacon Minerals' (ASX:BCN) McPhersons Reward mine (132,000oz at 1.2g/t) and Focus Minerals' (ASX:FML) Coolgardie Operations (2.7Moz at 1.8g/t). The gold endowment is supported by lithium, another mineral trait of the region. Miriam was subject to intense gold prospecting following initial discovery in the 1890s and it was within the shafts and workings where spodumene bearing pegmatites were first observed in 2022. While modern exploration is limited within the project tenure, multiple gold occurrences – including Forest, Goroke and Burbanks Monarch – have been recorded. FBM's review of historical geological and drilling data was completed following the company's acquisition of the gold and base metal rights plus residual lithium rights. It has highlighted consistent and continuous gold mineralisation previously intersected over a strike of more than 600m at the Forrest prospect, with best intercepts of: 12m at 2.09g/t gold from 60m; 10m at 2.51g/t from 30m; and 10m at 2.09g/t from 30m and 4m at 4.86g/t from 73m; The review also flagged further gold at Forrest South (16m at 0.94g/t gold from 44m) and Jungle (4m at 3.37g/t from 97m). Future Battery Minerals (ASX:FBM) says the gold mineralisation at Forrest remains open at depth and to the northeast and southwest – representing priority targets for initial follow-up drilling. FBM says any future gold discoveries at the project will benefit from commercialisation optionality with several operating gold mills in proximity, including the Burbanks mine, 1km away, which contains a mill and processing plant owned by Auric Mining. There's also the Greenfields Mill, owned and operated by FMR Investments, and the Three Mile Hill Mill, owned and operated by Focus Minerals. The company is completing a litho-geophysics and geochemistry review, aiming to better define key structural gold targets that have been identified. Initial RC drilling is set to begin in July. 'The project is an undeniably attractive exploration opportunity, offering structurally controlled gold prospectivity (along with lithium opportunity) matched with multiple potential commercialisation pathways given its proximity to established process facilities for both gold and lithium,' managing director and CEO Nick Rathjen said. Shares reached a daily top of 2c, a 25% increase on the previous close. Dateline Resources (ASX:DTR) Also riding on gold's strength is Dateline Resources, which climbed 56.4% to 8.6c, a new high of more than two years on volume of more than 352m, after identifying potential hidden extensions of gold breccia pipes at the Colosseum gold and rare earths project in California, USA. Recent field mapping and geochemical sampling of felsite (rhyolite) outcrops west and southwest of the Colosseum open pits returned encouraging geochemical anomalies, potentially confirming an extension of the mineralised footprint. This work points to the potential for hidden gold zones beyond historical workings with substantial exploration upside emerging. All 641 historic drill holes targeted only the breccia pipes with surface exposure and large areas of the property remain effectively untested. The new geochemical and structural evidence markedly expands the exploration potential at Colosseum. Planned next steps include extending surface geochemical sampling coverage along the projected trend of the felsite dykes and developing targets for a maiden drill program outside the pit area. With the REE project now bolstered by a potentially larger gold deposit, DTR is on-track to complete a review of the REE exploration plan in early June. Importantly, the existence of a viable gold system at Colosseum provides a strong foundation to pursue REE exploration with greater confidence. In June 2024, the company announced that Colosseum has a JORC-2012 compliant mineral resource of 27.1Mt at 1.26g/t Au for 1.1Moz. African Gold (ASX:A1G) (Up on no news) ASX junior African Gold is banking on Côte d'Ivoire delivering more gold success and has been up as much as 26% to 17c, a new high of more than three years. After closing at 5.9c on March 11, the company has climbed steadily on the back of positive newsflow, and the bullish trend has continued since the last strong news on May 6 when a third gold discovery was confirmed at the Didevi project, highlighting the potential for another multi-million-ounce gold system in the country. Pranoi prospect, which is only 11km north of the Blaffo Guetto resource of 450,000oz at 2.9g/t, hosts similar shallow, high-grade, open-pittable gold mineralisation. Results included: 25m at 1.6g/t gold from 83m including 10m at 2.4g/t and 10m at 1.0g/t from 145m; 15m at 1.7g/t from 51m including 9m at 2.4g/t; and 9m at 3.8g/t from 109m. The mineralisation closely mirrors the shallow, high-grade, open-pittable style seen at Blaffo Guetto, reinforcing the project's regional prospectivity. African Gold is progressing a resource update for Blaffo Guetto, scheduled for H2 2025. 'These results continue to validate our belief that Didievi hosts a large, fertile gold system with multiple high-quality targets,' CEO Adam Oehlman said. 'With only two of 10 regional prospects drilled to date, the scale of the opportunity is exceptional. 'The satellite deposits we are uncovering would be considered standalone targets for many companies, this level of optionality adds tremendous value to the Blaffo Guetto MRE.' Antilles Gold (ASX:AAU) The signing of offtake agreements by Antilles Gold for the gold and copper/gold concentrates to be produced by the Nueva Sabana mine in Cuba, have seen the share price double to 0.6c. Antilles' 50%-owned Cuban joint venture mining company, Minera La Victoria SA, and a major global commodities trading house have signed two offtake agreements. Compared to the Nueva Sabana pre-feasibility study (PFS), the proposed payables are 12% higher for the gold concentrate and the same for the copper/gold concentrate. 'Finalisation of the concentrate offtake agreements is a major step forward in arranging financing for the Nueva Sabana project, and positive negotiations are progressing with potential lenders for the construction of the mine,' Antilles Gold chairman Brian Johnson said. "The mine is fully permitted, and the aim is to finalise the financing within the next three months to allow construction commencement, with commissioning 12 months later.' The company currently estimates the initial life of the Nueva Sabana Mine to be ~4.5 years and this could be further extended.
Yahoo
26-05-2025
- Business
- Yahoo
Canyon Resources secures $140m for Minim Martap Bauxite Project in Cameroon
Canyon Resources has announced that its subsidiary Camalco Cameroon has secured a syndicated credit facility of approximately $140m from AFG Bank Cameroon for the Minim Martap Bauxite Project in Cameroon. This funding is earmarked for the acquisition of locomotives, wagons, and the development of rail and port facilities, propelling the project towards the operational phase. The syndicated medium-term credit facility, coupled with the commitment from major shareholder Eagle Eye Asset Holdings to exercise options worth A$24.5m ($15.9m), will underpin Stage One operations at the Minim Martap Project. Canyon has achieved key milestones at the project since being granted the mining licence in September 2024, such as securing land for the key port and inland rail facilities. The inland rail facility's location was approved by the Government of Cameroon in February. Positioned near the existing Makor Railway Station, the approved facility is set to integrate smoothly with the existing local infrastructure, enhancing the project's efficiency. With the financial backing in place, Canyon's focus will now shift to finalising the definitive feasibility study (DFS) and making a final investment decision (FID). The DFS is exploring a two-stage development pathway to fast-track operations and ship the first bauxite from Minim Martap in the first half of 2026. Canyon Resources executive chairman Mark Hohnen said: 'The progress the team has made since we received our Mining License in September 2024 is truly impressive and I would like to thank the Canyon team, Eagle Eye and our key stakeholders for their continued efforts, advice and support in placing Canyon in the position we are today. 'AFG Bank Cameroon is an excellent partner for Canyon and through the $140m credit facility in place, along with the A$24.5m in funds to be received from the option exercise by Eagle Eye, Canyon is now in a strong financial position to fund Stage One operations at Minim Martap.' "Canyon Resources secures $140m for Minim Martap Bauxite Project in Cameroon" 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
26-05-2025
- Business
- Associated Press
~US$140M Credit Facility Secured for the Minim Martap Bauxite Project
PERTH, Australia, May 25, 2025 (GLOBE NEWSWIRE) -- Canyon Resources Limited (ASX: CAY) ('Canyon' or the 'Company') is pleased to announce that its wholly owned in-country subsidiary, Camalco Cameroon SA ('Camalco') has signed a binding agreement with AFG Bank Cameroon ('AFG Bank CM') for a medium-term syndicated credit facility of XAF 82,000,000,000 (~US$140M) ('Credit Facility'). Canyon will use the credit facility for the acquisition of locomotives, wagons, the development of rail, ore transport infrastructure and the port facility for the flagship Minim Martap Bauxite Project ('Minim Martap' or 'the Project'), located in Cameroon. Importantly, the ~US$140 million Credit Facility, along with the Company's major shareholder and long-term supporter Eagle Eye Asset Holdings Pte Ltd advising its intention to exercise 350 million options for AU$24.5 million, to fund Stage One operations at Minim Martap. The key terms for the credit facility are summarised in Schedule 1. Canyon anticipates drawdown on the Credit Facility occurring in Q3, 2025. AFG Bank CM is the banking subsidiary in Cameroon of Atlantic Group, the conglomerate founded by the successful Ivorian businessman Mr. KONE DOSSONGUI. This subsidiary is among the top three banks in Cameroon in terms of deposits collected from customers and loans granted to customers. This realization demonstrates its expertise in the field of structured financing. The main architects of this operation are Mr. Léon KOFFI KONAN, Chairman of the Board of Directors of AFG Holding (the company in charge of the supervision of the banking companies of the group), and AFG Bank Cameroon team, led by its Managing Director, Mr. Eric Valery ZOA. Established in 2008 in Douala under the initial name of 'Banque Atlantique Cameroun', AFG Bank CM is committed to providing innovative financial solutions tailored to the needs of its clients, leveraging its deep understanding of both local and international markets. Since receiving the Mining Licence for Minim Martap in September 2024, Canyon has successfully and rapidly developed Minim Martap, achieving critical key milestones, including securing key port and inland rail facility land. The Company is now focused now on making a Final Investment Decision for the Project and completing the Definitive Feasibility Study, which is assessing a two-stage development pathway aimed at expediting operations, which would see Canyon make its first shipment of bauxite from Minim Martap in the 1H 2026. Mr Mark Hohnen, Canyon Executive Chairman commented: 'The progress the team has made since we received our Mining License in September 2024 is truly impressive and I would like to thank the Canyon team, Eagle Eye and our key stakeholders for their continued efforts, advice and support in placing Canyon in the position we are today. 'AFG Bank Cameroon is an excellent partner for Canyon and through the ~US$140 million credit facility in place, along with the AU$24.5 million in funds to be received from the option exercise by Eagle Eye, Canyon is now in a strong financial position to fund Stage One operations at Minim Martap. 'Importantly, the potential and world-class nature of Minim Martap is now being recognised across key stakeholder groups and market participants. We will continue to move at pace, deliver on our strategy and execute on a busy 12-month program as we work towards first shipment and growing the Company in size, scale and valuation.' This announcement has been approved for release by the Canyon's Board of Directors. Forward looking statements This announcement contains forward-looking statements. These statements can be identified by words such as 'anticipate', 'may', 'will', 'expect', 'intend', 'estimate', 'opportunity', 'plan', 'potential', 'project', 'seek', 'believe', 'could', 'future' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management that could cause the Company's actual results to differ materially from the results expressed or anticipated in these statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update or revise forward-looking statements, regardless of whether any new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and ASX requirements. Schedule 1 – Key Terms
