Euro Sun close to getting final approvals for gold-copper project in Romania

Canada-based Euro Sun Mining said on Thursday that it is close to getting the final approvals it needed in order to obtain an exploitation permit for its Rovina Valley gold and copper project in Romania.

The company has submitted the Strategic Environmental Assessment (SEA) along with the Zonal Urban Plan (PUZ) – the final documents required prior to seeking approval by the environment ministry and subsequently getting the permits for construction, it said in a press release.

“We believe that the Rovina Valley project will provide access to significant employment and economic value in the Hunedoara area and would be a key strategic asset for Romania and the EU,” Euro Sun Mining chief operating officer Sam Rasmussen said.

The company aims to become a critical supplier of copper and gold for development of the European Union.

“Two significant examples of responsible mining are the lack of cyanide in the Rovina Valley Project’s processing circuit and the placement of dry or filtered tailings, eliminating the possibility of a catastrophic dam failure. The Rovina Valley project will provide strong economic benefits to all our local communities, the region and to the Romanian state incorporating the highest environmental practices,” Euro Sun Mining CEO Scott Moore said.

In February, Euro Sun Mining entered into a 3.5 million Canadian dollars ($2.75 million/2.42 million euro) convertible security funding agreement with Lind Global Fund II, part of which it plans to invest in the Rovina Valley project.

In March 2021, Euro Sun announced that it estimates a robust gold and copper output and total initial capital expenditures (CAPEX) of $399 million at Rovina Valley, following positive results of the definitive feasibility study which uncovered a potential average annual gold equivalent production of 146,000 ounces over the first ten years, consisting of 106,000 ounces of gold and 19 million pounds of copper per annum.

Toronto-listed Euro Sun is a mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe, SeeNews reports.

Russia to provide 712 million Euro loan for construction of copper processing plant in Uzbekistan

Russia’s State Development Corporation VEB.RF will finance supply of Russian equipment for the largest copper processing plant in Uzbekistan.

A 712 million Euro loan agreement was signed between VEB.RF and Almalyk mining and metallurgical complex ahead of visit of President of Uzbekistan Shavkat Mirziyoyev to Russia.

The loan will be spent for construction of the copper processing plant in Almalyk.

The project will support development of Yoshlik mine and its prospective consolidation with Kalmakyr mine. The united mine will become one of the world’s biggest copper mines. The loan funds will be used for procurement Russian equipment and services under the project, financing of a part of project expenditures.

Almalyk mining and metallurgical complex (AMMC) intends to increase copper processing up to 160 million tons a year. This would allow to achieve production of copper cathodes up to 400,000 tons a year by 2028.

AMMC intends to produce around 270 tons of silver and 50 tons of gold a year by 2028.

Construction of the plant will require $2 billion. Gazprom Bank and Export Insurance Agency of Russia will be involved in financing of the project.

VEB.RF earlier provided loans to AMMC for purchase of quarry trucks and mining equipment.

Source: m.akipress.com

The Garadagh porphyry deposit alone contains over 300,000 tonnes of copper

The Garadagh porphyry deposit alone contains over 300,000 tonnes of copper with an in-situ value of over US$3.0bn at current prices.

Anglo Asian Mining agreed terms with the Azerbaijan government over three huge new copper concessions in the country.

The new concessions, with a combined area of 882 square kilometres, will be immediately effective following ratification by the Parliament of the Republic of Azerbaijan.

In a statement, Anglo Asian said it was a transformational milestone with the Garadagh porphyry deposit alone containing over 300,000 tonnes of copper with an in-situ value of over US$3.0bn at current prices.

The company said it is currently evaluating how best to exploit the economically mineable copper resources contained within the new concessions, which have considerable synergies and geographical proximity with it existing mining properties.

Two of the new concessions border the existing Gedabek and Gosha Contract Areas and contain the large-scale Garadagh porphyry deposit and the adjacent Xarxar copper deposit.

A comprehensive exploration programme to prepare JORC compliant mineral resource and ore reserve estimates will commence after the ratification of the new concessions.

Development will follow the finalisation of the ore reserve estimates and the company anticipates ore will be extracted by open-pit mining.

The third new concession area is called Demirli and is adjacent to the Kyzlbulag Contract Area in the Karabakh economic region.

Demirli contains the Demirli copper-molybdenum deposit with an unverified estimated resource of 275,000 tonnes of copper and 3,200 tonnes of molybdenum.

As part of the agreement, Anglo Asian will relinquish its rights to the Soutely mine in the Kalbajar district after an assessment of the security risks.

The three new concessions will be incorporated into the company’s existing Production Sharing Agreement.

Reza Vaziri, Anglo Asian’s chief executive, said: “The recent cessation of hostilities with Armenia has presented an opportunity for Anglo Asian to develop its remaining contract areas, granted in 1998 (when its PSA was ratified), and to significantly accelerate its growth strategy towards becoming a mid-tier gold and copper producer.

Stephen Westhead, vice-president, added: “In regard to Garadagh and Xarxar, we have considerable expertise and understanding of the area after extensive exploration and mining around Gedabek for many years. These new concessions, which have previously had some exploration, represent great upside potential for Anglo Asian in terms of additional resources.

“The substantial volumes of copper within the Garadagh and Demirli deposits significantly strengthen our copper inventory and future”.

Source: proactiveinvestitors.co.uk

Copper mine in northern Sweden scales up resource estimates

The wind mills could symbolise the main reason why it is economical profitable to reopen the old mine beneath the ground at Viscaria outside Kiruna: A growing demand for copper in a world moving towards an electrified society.

Copperstone Resources this week announced revised and enlarged ambitions for the reopening of the Viscaria copper mine in Kiruna, northern Sweden. The estimate for yearly milled-rate production is now 3 million tons annually, compared to earlier assumptions of 2 million tons. That will be enough to produce 30,000 tons of copper per year.

Increased production, combined with growing demand and higher prices on the world market, gives a boost to the company’s annual net profit, now estimated to be between 3 to 4 billion Swedish kroner (€294 to €393 million) annually.

The underground copper mine, located next to Europe’s largest iron-ore mine, was originally started by LKAB in 1983. Two years later, the mining was sold to Outokumpu who extracted ore until closure in 1996 following a collapse in global copper prices. At the time, the Viscaria mine was Europe’s largest underground copper mine.

Favourable global market

With ambition to restart mining by 2023, Copperstone Resources says the global copper market is favourable, with prospects of long-term imbalance of supply and demand.

Copper is a key metal for a world on path to find sustainable solutions for electricity production in times of climate crisis.

“It is very gratifying that we gradually are making progress in the restart of Viscaria mine and that the team efforts and the promising market conditions have enabled a better and more sizeable project than we previously estimated. Moreover, our growing team of experts constantly finds new solutions that gives a more optimized and sustainable production”, the company’s CEO Anna Tyni said in a statement.

Restarting the mine would bring some 200 new jobs to Kiruna.

Source: rcinet.ca

Zijin Mining began operations at a new Serbian copper and gold mine

China’s Zijin Mining began operations at a new Serbian copper and gold mine expected to make the Balkan country Europe’s second-largest copper producer.

The Cukaru Peki upper zone of the Timok copper and gold project is part of Serbia’s only copper mining complex, the RTB Bor operation owned by Zijin.

It has invested $474-million so far in the new underground mine, which is expected to have annual capacity of 3.3-million tonnes of ore.

“The first part of the project involves mining an ultra high-grade ore body. It is expected to produce 50 000 t of copper and 3 t of gold in 2021,” the company said on its website.

With the opening of the lower zone of the Timok project, Serbia’s share of Europe’s total copper output could rise to 18% from 5%, which the energy ministry has said would make Serbia Europe’s second-largest producer behind Poland.

“This project … is important for the development of Serbia’s economy and also for strengthening cooperation between Serbia and China,” China’s ambassador to Serbia, Chen Bo, said at the mine’s opening ceremony in Bor.

In 2018 Zijin Mining became Serbia’s strategic partner in RTB Bor, pledging to invest $1.26-billion in return for a 63% stake.

At the opening ceremony in Bor, Serbia’s President Aleksandar Vucic said the Chinese investment would bring benefits to the company and impoverished eastern Serbia.

China has so far invested billions of euros in Serbia, mostly in the form of soft loans to finance highway and energy projects, as part of its so-called belt and road initiative to open new foreign trade links.

Source: miningweekly.com

A big project starts near Bor

The value of shares on the stock exchange jumped to the Chinese company “Zidjin mining”, as they announced that they would start the exploitation of copper and gold at a new deposit in Serbia.

Shares of the Chinese company, which is the owner of the former RTB Bor, jumped on the Hong Kong stock exchange by 13 percent, and with a subsequent slight decline, the total growth in the value of shares of “Zidjina” was 8.2 percent, reports “Market Watch”.

“Zidjin” previously announced that it had received a permit from the state of Serbia for exploitation in the upper zone of the Čukaru Peka deposit, and that excavations would begin.

Reserves in that zone are estimated at 1.28 million tons of copper and 81 tons of gold, it was announced from “Zidjin”. It is planned to mine about 3.3 million tons of ore annually. According to estimates from the Chinese company, the project will have a production of 50,000 tons of copper and three tons of gold in 2021.

Exploitation at the Čukaru Peka deposit comes at a time when the price of copper on world markets is rising, according to Goldman Sachs. A significant shortage of that metal is expected in the last quarter of the year, and “global copper reserves could fall to a historically low value by the end of 2021,” the investment bank estimates. They expect that the price of copper on the world markets could reach 10,500 dollars per ton by the end of the year, reports “Market Watch”.
As the Minister of Mining and Energy, Zorana Mihajlović, stated earlier, with the opening of the new mine, Serbia will become the second producer of copper and gold in Europe.

Source: rs-lat.sputniknews.com

CAML announced that its Kounrad copper recovery plant in Kazakhstan produced 4,146 tonnes of copper in Q3 2021

Central Asia Metals (AIM: CAML) today announced that its Kounrad copper recovery plant in Kazakhstan produced 4,146 tonnes of copper in Q3 2021, which brings output for the first nine months of 2021 to 10,360 tonnes.

The company added that at its Sasa zinc-lead mine in North Macedonia, mined and processed ore in Q3 2021 were 200,820 tonnes and 203,043 tonnes respectively, bringing the total for the first nine months of 2021 to 614,807 tonnes of ore mined and 626,906 tonnes of ore processed.

The average head grades for the quarter were 3.30% zinc and 3.64% lead, and for the first nine months of the year were 3.19% and 3.54% respectively. The average metallurgical recoveries marginally increased during the period to 85.1% for zinc and 93.4% for lead.

Accordingly, the company noted that its Q3 2021 payable production of zinc was 4,827 tonnes and of lead was 6,580 tonnes, bringing total payable production for the nine-month period to 14,313 tonnes of zinc and 19,697 tonnes of lead.

The company also reported that during the first nine months of 2021, Sasa sold 238,535 ounces of payable silver to Osisko Gold Royalties, in accordance with its streaming agreement.

CEO Nigel Robinson commented, “I am pleased to report strong production from both of our operations during Q3 2021. At Kounrad, we remain on track to meet the top end of our production guidance, and at Sasa, we have reported improved zinc and lead grades for the period, which have resulted in higher metal production than the previous quarter. We expect this trend to continue into Q4, although 2021 production for lead may be in the order of 5% below our guidance”.

Central Asia Metals, an AIM-listed UK company based in London, owns 100% of the Kounrad SX-EW copper project in central Kazakhstan and 100% of the Sasa zinc-lead mine in North Macedonia.

Anglo Asian Mining agreed terms with the Azerbaijan government over three huge new copper concessions

The Garadagh porphyry deposit alone contains over 300,000 tonnes of copper with an in-situ value of over US$3.0bn at current prices

Anglo Asian Mining agreed terms with the Azerbaijan government over three huge new copper concessions in the country.

The new concessions, with a combined area of 882 square kilometres, will be immediately effective following ratification by the Parliament of the Republic of Azerbaijan.

In a statement, Anglo Asian said it was a transformational milestone with the Garadagh porphyry deposit alone containing over 300,000 tonnes of copper with an in-situ value of over US$3.0bn at current prices.

The company said it is currently evaluating how best to exploit the economically mineable copper resources contained within the new concessions, which have considerable synergies and geographical proximity with it existing mining properties.

Two of the new concessions border the existing Gedabek and Gosha Contract Areas and contain the large-scale Garadagh porphyry deposit and the adjacent Xarxar copper deposit.

A comprehensive exploration programme to prepare JORC compliant mineral resource and ore reserve estimates will commence after the ratification of the new concessions.

Development will follow the finalisation of the ore reserve estimates and the company anticipates ore will be extracted by open-pit mining.

The third new concession area is called Demirli and is adjacent to the Kyzlbulag Contract Area in the Karabakh economic region.

Demirli contains the Demirli copper-molybdenum deposit with an unverified estimated resource of 275,000 tonnes of copper and 3,200 tonnes of molybdenum.

As part of the agreement, Anglo Asian will relinquish its rights to the Soutely mine in the Kalbajar district after an assessment of the security risks.

The three new concessions will be incorporated into the company’s existing Production Sharing Agreement.

Reza Vaziri, Anglo Asian’s chief executive, said: “The recent cessation of hostilities with Armenia has presented an opportunity for Anglo Asian to develop its remaining contract areas, granted in 1998 (when its PSA was ratified), and to significantly accelerate its growth strategy towards becoming a mid-tier gold and copper producer.

Stephen Westhead, vice-president, added: “In regard to Garadagh and Xarxar, we have considerable expertise and understanding of the area after extensive exploration and mining around Gedabek for many years. These new concessions, which have previously had some exploration, represent great upside potential for Anglo Asian in terms of additional resources.

“The substantial volumes of copper within the Garadagh and Demirli deposits significantly strengthen our copper inventory and future”

Source: proactiveinvestitors.co.uk

KAZ Minerals has announced that the Bankable Feasibility Study for the Baimskaya copper project in Russia has been completed

KAZ Minerals has announced that the Bankable Feasibility Study for the Baimskaya copper project in Russia has been completed and approved by the KAZ Minerals Ltd Board of Directors. This represents a significant project milestone enabling the group to progress with the financing and construction of this world-class copper asset.

The Baimskaya copper project is the planned development of a globally significant copper resource with a forecast capital construction cost of $8.5 billion. The mine is expected to have a life of 20+ years and will start up by the end of 2027, with average annual copper production of 300,000 t and gold production of 490,000 oz during the first ten full years of operation.

Life of mine copper and gold processing grades are estimated at 0.47% and 0.27 g/t respectively, with elevated grades expected in the early years of production. The project has competitive net cash costs and is expected to be in the first quartile on the global cost curve. Historic data and drilling conducted during the BFS indicate the potential for the mine life to be extended.

The processing plant will have a total ore processing capacity of 70 Mt/y from two lines, building on the technologies used at the group’s Aktogay and Bozshakol mines in Kazakhstan.

Pioneering works continue at the mine site and the required infrastructure is being progressed with the Russian government in accordance with the Complex Development Plan for the Chukotka region.

A 428 km all-weather road will be constructed between the Baimskaya mine site and a new port will be built at Cape Nagloynyn for the shipment of copper concentrate to market via the Northern Sea Route. Carbon-free power will be supplied to the site from a nuclear facility to be constructed and operated by Rosatom, enabling the Group to produce very low-carbon copper.

Oleg Novachuk, Chair of KAZ Minerals, said: “The completion of the Baimskaya Bankable Feasibility Study marks an exciting milestone for KAZ Minerals as the group progresses the development of one of the world’s largest copper resources. Copper is fundamental to a more sustainable future and Baimskaya will help meet the growing demand for this metal, as well as bringing a range of benefits to Russia and its Chukotka region”.

Source: in-mining.com

A growing demand for copper in a world moving towards an electrified society

The wind mills could symbolise the main reason why it is economical profitable to reopen the old mine beneath the ground at Viscaria outside Kiruna: A growing demand for copper in a world moving towards an electrified society.

Copperstone Resources this week announced revised and enlarged ambitions for the reopening of the Viscaria copper mine in Kiruna, northern Sweden. The estimate for yearly milled-rate production is now 3 million tons annually, compared to earlier assumptions of 2 million tons. That will be enough to produce 30,000 tons of copper per year.

Increased production, combined with growing demand and higher prices on the world market, gives a boost to the company’s annual net profit, now estimated to be between 3 to 4 billion Swedish kroner (€294 to €393 million) annually.

The underground copper mine, located next to Europe’s largest iron-ore mine, was originally started by LKAB in 1983. Two years later, the mining was sold to Outokumpu who extracted ore until closure in 1996 following a collapse in global copper prices. At the time, the Viscaria mine was Europe’s largest underground copper mine.

With ambition to restart mining by 2023, Copperstone Resources says the global copper market is favourable, with prospects of long-term imbalance of supply and demand.

Copper is a key metal for a world on path to find sustainable solutions for electricity production in times of climate crisis.

“It is very gratifying that we gradually are making progress in the restart of Viscaria mine and that the team efforts and the promising market conditions have enabled a better and more sizeable project than we previously estimated. Moreover, our growing team of experts constantly finds new solutions that gives a more optimized and sustainable production”, the company’s CEO Anna Tyni said in a statement.

Source: thebarentobserver.com