Base metals for sulphuric acid: weekly summary

05 September 2017 22:48 Source:ICIS News

HOUSTON (ICIS)--Here is a roundup of the latest news stories involving base metals and mining around the globe. Sulphuric acid is a byproduct of the production process of copper and other base metals like zinc and nickel.

Nyrstar sells Peruvian mine

Belgium-based Nyrstar said on 1 September that it has completed the sale of its Peruvian Contonga mine.

The sale to a Glencore subsidiary amounts to a cash consideration of $21m.

First Quantum to acquire LS-Nikko assets

First Quantum Minerals signed an agreement with LS-Nikko Copper to acquire assets worth $635m, First Quantum said on 31 August.

The agreement is to acquire LS-Nikko’s 10% ownership in Minera Panama, which holds the Cobre Panama copper project.

The $635m will come over the course of five years in six installments.

Through the deal, First Quantum will also acquire 50% interest in Korea Panama Mining Corp.

Pending board of directors’ approval, closing should be completed by the end of September.

 

BHP reaches Olympic Dam milestones

Australian miner BHP Billiton said on 4 September it has reached two milestones at its Olympic Dam project.

The first ore came from the Southern Mining Area’s (SMA) underground expansion. Additionally, the first copper cathode was produced from heap leaching trials in the Research and Development sector.

The company estimates that it has invested Australian dollar (A$)250m ($200m) by the end of the 2017 fiscal year. .

($1 = A$1.25)

Oz Minerals to lose access to BHP Olympic Dam power lines

Australian miner Oz Minerals said on 30 August said it received the notice of termination from BHP’s Olympic Dam project for the connection and access agreement that runs through 30 August 2020.

The current agreement goes through 2018 and gives Oz Minerals access to share BHP’s power line that goes between Davenport to Olympic Dam.

According to Oz Minerals, BHP has maintained that the term ending in 2018 will not be extended, though Oz has the right to request a decade-long extension.

 

Trevali completes Glencore asset deal

Vancouver-based Trevali Mining said on 30 August that it completed the acquisition of several zinc assets from Glencore and subsidiaries.

Among the assets included in the deal was an 80% interest in the Namibian Rosh Pinah mine and 90% interest in the Burkina Faso Perkoa mine.

The total price for the agreement is $417.9m, made up of $245.2m in cash and more than 193m shares.

By Annalise Little