+7 495 109 9 509 (Moscow)

Australia’s Newcrest Mining raises stake in Canada’s Lundin Gold

Main » News » Australia’s Newcrest Mining raises stake in…

Australia’s Newcrest Mining Ltd NCM.AX said on Friday it had raised its stake in Canadian miner Lundin Gold Inc LUG.TO to 32% with an additional C$79.6 million ($59.9 million) investment as it looks to increase its exposure in Ecuador.

Newcrest last year paid $250 million for a 27.1% stake in Lundin, which owns a high-potential gold mine project in Ecuador.

Newcrest said it paid C$7.25 per share to acquire a further 4.9% stake in Lundin from Toronto-based Kinross Gold Corp K.TO.

“This was a great opportunity to increase our exposure to Fruta del Norte, a Tier 1 asset, which is expected to commence commercial production in the June 2020 quarter,” Managing Director and Chief Executive Officer Sandeep Biswas said in a statement.

Newcrest was, until last week, also the largest shareholder in Ecuador-focused SolGold Plc SOLG.L until BHP Group BHP.AX further upped its stake in the miner.

Newcrest shares rose as much as 0.7% in early trade.

($1 = 1.3301 Canadian dollars)

Source: https://www.nasdaq.com/


Maxam to supply blasting solutions in Chilean mine

Lomas Bayas is an opencast copper mine in Chile, operated by Glencore. Maxam, a supplier of blasting solutions for mining and infrastructure, has been selected by the mine to provide its bulk explosive, Rioflex, along with other solutions. With this contract, Maxam continues to expand its operations. It currently has more than 80 industrial facilities,…

Peru ready to mine uranium, government says

A representative from the Peruvian Ministry of Energy and Mines said this weekend that the country is ready to start mining uranium in the southern Puno region. During a workshop on uranium mining targeted at public service personnel, Martha Vásquez, head of the Mining Management Division at the ministry, said that the country is well-equipped…

Colombia’s artisanal gold miners now part of a traceable global supply chain

A group of international organizations, led by Switzerland’s Better Gold Initiative (BGI), has extended their responsible mining initiative to hundreds of artisanal gold miners from El Chocó, Colombia, which are now part of a fully traceable and accountable international supply chain. About 500 local gold panners or “barequeros” have benefited from the initiative, with aims…