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So, Russia and Ukraine are still as far apart as ever, with the two warring countries unable to make a significant breakthrough in direct talks in Istanbul.

While there was agreement to exchange more prisoners, Moscow and Kyiv remain deeply divided over how to bring the costly and bitter Ukraine war to an end.

Russia has shown itself to be particularly uncompromising, handing Ukrainian negotiators a memorandum re-stating its maximalist, hardline terms which would essentially amount to a Ukrainian surrender.

Expectations were always low for a Kremlin compromise. But Moscow appears to have eliminated any hint of a readiness to soften its demands.

The Russian memorandum again calls on Ukraine to withdraw from four partially occupied regions that Russia has annexed but not captured: a territorial concession that Kyiv has repeatedly rejected.

It says Ukraine must accept strict limits on its armed forces, never join a military alliance, host foreign troops or aquire nuclear weapons. It would be Ukrainian demilitarization in its most hardline form, unpalatable to Ukraine and much of Europe, which sees the country as a barrier against further Russian expansion.

Other Russian demands include the restoration of full diplomatic and economic ties, specifically that no reparations will be demanded by either side and that all Western sanctions on Russia be lifted.

It is a Kremlin wish-list that, while familiar, speaks volumes about how Moscow continues to imagine the future of Ukraine as a subjugated state in the thrall of Russia, with no significant military of its own nor real independence.

This uncompromising position comes despite two important factors which may have given the Kremlin pause.

Firstly, Ukraine has developed the technical capability to strike deep inside Russia, despite its staggering disparity of territory and resources. The stunning drone strikes recently targeting Russian strategic bombers at bases thousands of miles from Ukraine is a powerful illustration of that. Ukraine, it seems, has some cards after all, and is using them effectively.

Secondly – and arguably more dangerously for Moscow – the Kremlin’s latest hardline demands come despite US President Donald Trump’s increasing frustrations with his own Ukraine peace efforts.

Trump has already expressed annoyance with his Russian counterpart, Vladimir Putin, who he said had gone “absolutely MAD” after massive Russian strikes on Ukraine last week.

But now, Trump himself is under pressure as a cornerstone of his second term foreign policy – bringing a rapid end the Ukraine war – looks decidedly shaky.

There are powerful levers to pull if Trump chooses, like increasing US military aid or imposing tough new sanctions, such as those overwhelmingly supported in the US Senate. One of the key backers of a cross-party senate bill that aims to impose “crippling” new measures on Moscow, Senator Richard Blumenthal, accused Russia of “mocking peace efforts” at the Istanbul talks and in a carefully worded post on X accused the Kremlin of “playing Trump and America for fools.”

It is unclear at the moment how the mercurial US president will react, or what – if anything – he will do.

But the outcome of the Ukraine war, specifically the brokering of peace deal to end it, has become inextricably linked with the current administration in the White House.

The fact that Putin has once again dug in his heels and presented an uncompromising response to calls for peace, may now force Trump to act.

This post appeared first on cnn.com

Around 13% of Mexicans likely turned out to vote in the country’s first-ever judicial election, Mexico’s INE electoral authority said on Monday, as the government hailed a successful process while analysts said the low turnout could undermine an already controversial reform.

President Claudia Sheinbaum estimated that some 13 million of around 100 million eligible voters cast ballots on Sunday to elect some 2,600 judges and magistrates, including all nine Supreme Court justices.

Counting is set to conclude on June 15, but INE officials estimated the turnout at between 12.57% and 13.32% using a calculation based on several samples taken across the country.

Sheinbaum called the process a “complete success,” citing a free vote and a frugal campaign at a morning press conference.

“Everything can be perfected. We will draw conclusions from yesterday to make improvements for 2027,” she said, pointing to another vote in two years that is scheduled to fill over 1,000 more judicial positions.

Interior Minister Rosa Icela Rodriguez said that “the voting took place in a climate of peace and tranquility across the length and breadth of the country.”

“Yesterday’s turnout at the polls met expectations,” she said. “It was an innovative process that generated interest among the participants.”

Voting in Mexico is not mandatory and there is no minimum turnout required to legitimize an election. Pollsters had warned of poor turnout over boycott calls by the opposition and the complexity of voting for a large number of candidates.

Questionable credentials

Goldman Sachs’ chief Latin America economist, Alberto Ramos, said in a note that the low turnout took away from the process’ legitimacy, and that the pre-selection process and logistical organization were “fraught with controversy.”

“The vast majority of the roughly 3,400 candidates were largely unknown, many have limited legal experience and some questionable credentials for the seats they are seeking,” he said.

Bradesco analyst Rodolfo Ramos said he thought the turnout was surprisingly low, “considering Sheinbaum’s high approval rating and the fact that the majority of Mexicans were in favor of directly voting for judges.”

Sheinbaum, who inherited the judicial election project from her predecessor and mentor, former President Andres Manuel Lopez Obrador, has backed the vote as a way to democratize justice and root out corruption and nepotism.

However, critics say it could remove checks and balances on the executive power and allow for organized crime groups to wield greater influence by running their own candidates.

The run-up to the vote had been dominated by a scandal over some of the candidates, including a convicted drug smuggler and a former lawyer of drug kingpin Joaquin “El Chapo” Guzman.

Late on Sunday, Mexico’s Specialized Prosecutor’s Office for Electoral Crimes said it had received 23 reports of possible electoral crimes related to the elections of nearly 900 positions at the federal-level judiciary.

This post appeared first on cnn.com

Peru’s decision to shrink its archeological park home to the famous Nazca Lines by around 42% — an area roughly the size of 1,400 soccer fields — has sparked alarm among conservationists, archaeologists and environmental advocates.

Critics say the rollback paves the way for informal mining and weakens decades of cultural and ecological protection, while the government says the adjustment reflects updated scientific studies and does not compromise the UNESCO World Heritage status or the site’s core protections.

“The reduction not only removes protections — it does so precisely where extractive activity is expanding,” said Mariano Castro, Peru’s former vice minister of the environment, adding that the decision could cause “very serious risks and cumulative damage,” as it excludes zones with active or pending mining claims.

Castro added that safeguards for archaeological heritage during the formalization of artisanal mining are already limited.

“This is made worse by the ministry of culture’s failure to consider the cumulative impact of dozens or even hundreds of mining operations on sensitive archaeological zones,” he said.

The area in question forms part of a UNESCO-recognized World Heritage Site, home to the Nazca Lines — massive geoglyphs etched into the desert thousands of years ago — and one of Peru’s most fragile desert ecosystems.

UNESCO told The Associated Press it hasn’t been notified by Peruvian authorities of any changes to the boundaries of the World Heritage site, which are crucial for its protection. The organization will request more information from the authorities.

Peruvian environmental lawyer César Ipenza, who has closely followed the decision, said the resolution has already been approved and that it reduces the Nazca zone by more than 1,000 hectares.

“This is a weakening of both environmental and cultural protections,” Ipenza said. “The state should be upholding its commitments under international agreements, not yielding to private interests.”

Ipenza and others say the rollback reflects a pattern of regulatory concessions to mostly informal gold miners.

“There’s an alliance between the current government and informal mining sectors,” he said. “The legal framework continues to be relaxed to benefit them.”

Peru’s ministry of culture, which decided on May 30 to reduce the Nazca reserve from about 5,600 square kilometers to roughly 3,200 square kilometers, declined to answer specific questions from the AP. Instead, it sent a press release saying the adjustment was based on updated archaeological studies and does not affect the UNESCO World Heritage designation or its buffer zone.

The ministry said it remains committed to preserving the site’s cultural heritage through regulated management.

A day after the May 30 decision, Peru’s Minister of Culture Fabricio Valencia acknowledged that illegal mining exists within the reserve.

“Unfortunately, informal mining is an activity present in this area, but the measure we have taken does not mean it will be encouraged, nor that the likelihood of any harm from informal mining will increase. That will not happen,” Valencia said on RPP, one of Peru’s largest radio programs.

When asked for more details about the presence of illegal activity in the reserve, Valencia said, “there are some mining deposits, but I don’t have exact information on what type of mineral is there.”

Castro, the former vice minister, warned the move could violate Peru’s own laws.

“It contravenes Article 5(h) of the Environmental Impact Assessment Law, which mandates the protection of archaeological and historical heritage,” he said.

Ipenza said the government is enabling illegality under the guise of technical adjustments.

“It is shameful to forget our ancestors and our heritage, and to disguise decisions that pave the way for sectors seeking to impose illegality, such as illegal and informal mining,” he said. “This decision benefits those groups and harms all Peruvians.”

This post appeared first on cnn.com

The far-right Party for Freedom (PVV) is leaving the Netherlands’ government, toppling the governing coalition, its leader Geert Wilders said on Tuesday.

Wilders, who is not himself part of government, presented the cabinet with an ultimatum last week to strengthen its asylum policy.

“No signature for our asylum plans,” he posted on X on Tuesday. “PVV is leaving the coalition.”

This is a developing story and will be updated.

This post appeared first on cnn.com

Palestinians on their way to receive aid from a distribution site in southern Gaza have come under fire for a third consecutive day, with nearly 30 people killed and dozens wounded, according to the Palestinian Ministry of Health and Nasser hospital.

The ministry said Israeli forces opened fire on Palestinians as they made their way to the distribution site in Tel al-Sultan in Rafah early Tuesday.

The Israeli military said its forces opened fire multiple times after identifying “several suspects moving toward them, deviating from the designated access routes.”

“The troops carried out warning fire, and after the suspects failed to retreat, additional shots were directed near a few individual suspects who advanced toward the troops,” the Israel Defense Forces (IDF) said in a statement, which also said they are looking into reports of casualties.

At least 27 people were killed and dozens injured, according to the Palestinian health ministry and the director of Nasser hospital in Gaza.

The firing occurred west of Rafah in the area surrounding the Al-Alam roundabout, according to paramedics from the Palestine Red Crescent Society, near the same location as shooting incidents the last two days.

Early Tuesday morning, a Facebook page which the controversial US- and Israel-backed Gaza Humanitarian Foundation (GHF) has used to publicize information about the opening of distribution sites said one location would be open in southern Gaza and warned residents to adhere to a designated corridor starting at 5 a.m.

“The IDF will be in the area to secure the safe passage,” the statement said.

The incident marks the third day in a row that people have been killed on their way to the GHF distribution point west of Rafah while attempting to secure food as famine conditions worsen in Gaza following an 11-week blockade by Israel.

Three Palestinians were shot dead and dozens wounded as they were on their way to access aid from the site on Monday morning, Palestinian and hospital authorities said. The Israel Defense Forces (IDF) said that Israeli forces fired warning shots approximately a kilometer from the aid distribution site and that it was looking into the details of the incident.

On Sunday, dozens of Palestinians were shot dead by the Israeli military in the same area, according to Palestinian officials and eyewitnesses. Israel’s military denied that its troops fired “within or near” the aid distribution site.

Palestinian officials said 31 people had been killed and scores wounded in Sunday’s incident. An Israeli military source acknowledged that Israeli forces fired toward individuals about one kilometer (1093 yards) away before the aid site opened.

This is a developing story and will be updated.

This post appeared first on cnn.com

Melbourne, Australia (ABN Newswire) – Lithium Universe Limited (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF) is pleased to provide an update of its project development since the launch of the Becancour Lithium Refinery Definitive Feasibility Study in February 2025. The Board and management continue to advance the project by attempting to secure spodumene feedstock supply for its Becancour Lithium Refinery.

Highlights

– Discussions with multiple spodumene concentrate producers-both operational and near-term developers

– Substantial benefits (transport costs and tariffs) to supplying local convertor

– Supply estimated to commence around 2028

– Targeting 140,000 tpa SC6 spodumene supply once ramped up

– LU7 intends to purchase spodumene ore at benchmark prices from the market

– Targeting minimum supply of 10 years for project finance

The Company, as stated previously, have been in discussions with multiple spodumene concentrate producers-both operational and near-term developers-regarding long-term feedstock supply agreements for the Becancour Lithium Refinery. In these discussions, these parties recognise a real benefit in potentially supplying their spodumene product to a local lithium converter as opposed to shipping and selling their spodumene to Chinese operations for conversion. The spodumene transport costs could be as high as US$100 per dmt which represents US$800-900 per tonne of finished lithium carbonate product. If the final lithium carbonate must be shipped back to North America that adds another approximately US$200 per tonne of final product. Today, Canada has an import tariff of 25% on all Chinese lithium chemicals so the local conversion is an overriding advantage.

In these discussions, the Company is targeting a non-binding MoU for the full supply of 140,000 tonnes per annum for SC6 grade spodumene material. The target tonnes will proportionally increase if the grade is less than 6% LiO2. The supply agreement could be converted to a definitive agreement when the refinery becomes

funded, and construction commences. Ideally, LU7 is targeting a spodumene feed supply to be at least 10 years and rolling 5 years, to give security of supply for project financing. In these discussions, the Company is targeting supply commencing around 2028 at approximately 56,000 tonnes per year. The required supply tonnage will increase to 98,000 tonnes in 2029 and reach full capacity at 140,000 tonnes per annum from 2030 onward. The spodumene supply is targeted to be delivered to the Becancour Lithium Refinery storage shed on site. Whilst spodumene supply could be from anywhere in the North Atlantic region (including Brazil and Africa), a strategic domestic Canadian feedstock source would mitigate the Company’s risks and logistical challenges of overseas shipments and foreign processing. It is proposed that the spodumene concentrate will be refined into approximately 18,270 tonnes per annum of battery-grade lithium carbonate (as per DFS), supporting the expansion of Canada’s electric vehicle (EV) and energy storage industries.

LU7 intends to purchase spodumene ore at benchmark prices from the market, and LU7 will retain full ownership of the resulting lithium carbonate, with the right to sell it either to the open market at benchmark prices or directly to an OEM offtaker. To clarify, the Company is not searching for a tolling arrangement.

Executive Chairman Iggy Tan said ‘There are several interested potential spodumene suppliers that could meet the 2028 timeframe and discussions are ongoing. There is real interest in the market. The Company will continue to keep the market informed concerning progress of these discussions and negotiations. Once we can secure feedstock supply for the refinery the focus will shift to getting a strategic OEM on board the project in exchange for the valuable battery grade lithium carbonate offtake’.

About Lithium Universe Ltd:  

Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF), headed by industry trail blazer, Iggy Tan, and the Lithium Universe team has a proven track record of fast-tracking lithium projects, demonstrated by the successful development of the Mt Cattlin spodumene project for Galaxy Resources Limited.

Instead of exploring for the sake of exploration, Lithium Universe’s mission is to quickly obtain a resource and construct a spodumene-producing mine in Quebec, Canada. Unlike many other Lithium exploration companies, Lithium Universe possesses the essential expertise and skills to develop and construct profitable projects.

Source:
Lithium Universe Ltd

Contact:
Alex Hanly
Chief Executive Officer
Lithium Universe Limited
Tel: +61 448 418 725
Email: info@lithiumuniverse.com

Iggy Tan
Chairman
Lithium Universe Limited
Email: info@lithiumuniverse.com

News Provided by ABN Newswire via QuoteMedia

This post appeared first on investingnews.com

Ioneer Ltd (ASX: INR, Nasdaq: IONR) (Ioneer) is pleased to announce a 308% upgrade to the Ore Reserve estimate for its 100%-owned Rhyolite Ridge Lithium-Boron Project (‘Rhyolite Ridge’ or the ‘Project’) in Nevada, USA, alongside updated Project economics.

  • Rhyolite Ridge Ore Reserve more than quadrupled from 60 million tonnes in 2020 to 247 million tonnes, delivering a mine life of 95 years
  • Ore Reserve now contains a total of 1.92 Mt of lithium carbonate equivalent and 7.68 Mt of boric acid equivalent
  • Underpinning plans for a large, long-life, low-cost expandable operation, producing lithium carbonate, boric acid and then battery-grade lithium hydroxide
  • Stable co-product – boric acid accounts for an average 25% of annual revenue in the first 25 years; helping ensure positive EBITDA at low lithium prices and EBITDA margin of 65.7% based on average production over first 25 years
  • All-in sustaining cash cost of US$5,745 per metric tonne lithium carbonate equivalent places the Rhyolite Ridge Project in the bottom of the global lithium cost curve
  • Compelling Project economics with an after-tax NPV of US$1.367 billion, and an unlevered, after-tax internal rate of return (IRR) of 14.5%

The Ore Reserve has increased by 186.6 million tonnes (Mt) and approximately 48% of the Mineral Resource has been converted into Reserve, now estimated at:

  • 246.6 Mt at 1,464 ppm lithium and 5,444 ppm boron
  • Containing 1.92 Mt of Lithium Carbonate Equivalent (LCE) and 7.68 Mt of Boric Acid Equivalent (BAE)

“Today’s updated Reserve and Mine Plan reinforces the importance of Rhyolite Ridge’s remarkable mineralogy. Our Ore Reserve estimate of 247 Mt containing a total of 1.92 Mt LCE and 7.68 Mt BAE make it the largest lithium-boron Reserve in the world,” said Bernard Rowe, Managing Director, Ioneer. “It allows Ioneer to match prevailing market conditions and blend or prioritise ore to produce a valuable boric acid co- product, whose market is uncorrelated with the Project’s primary lithium product. No other lithium project offers this level of flexibility and economic advantage. In periods of low cycle lithium pricing, like today, we plan to prioritize the high-boron ore production to optimize the relative proportion of total revenue derived from boric acid.”

By prioritising High-Boron (Hi-B) ore in the first 25 years of production, the Project is poised to produce an average of ~19,200 tonnes per annum (tpa) of LCE, and 116,400 tpa of boric acid (see Table 1).

The updated Ore Reserve estimate, 95-year mine plan for stage one operations, and Project economics reaffirms Rhyolite Ridge as a highly attractive global Project to produce lithium carbonate, lithium hydroxide and boric acid. The updated findings position Ioneer, on an LCE basis, in the lowest cost quartile for lithium production globally with an estimated all-in sustaining cash cost to produce battery grade lithium hydroxide of US$5,745 and a cash cost of C1 $3,858 per tonne net of expected boric acid revenue in the first 25 years.

The Project has a stable overall operating cost structure to produce lithium carbonate and battery grade lithium hydroxide due to the scale and reliability of its boric acid credit. Boron remains one of the most stable natural resource commodities over many decades.

Ioneer has refined Project plans over the past four years and updates now include an Association for the Advancement of Cost Engineering (AACE) Class 2 capital cost estimate (-10%, +15%) with approximately 70% of the Project’s engineering complete. As a result of this and other engineering work including RAM analysis and detailed engineering design, Ioneer has adopted a more conservative approach to plant availability, equipment downtime and maintenance strategies. While this approach reduces bottom line economics, the Company believes it is appropriate for a Project of this type and scale.

The Company now estimates total capital expenditure to complete the Project will be US$1,667.9 million, including a 10% contingency.

Click here for the full ASX Release

This post appeared first on investingnews.com

Canada’s mining sector is gaining momentum, with over 130 projects with a total value of C$117.1 billion now planned or in construction, according to Natural Resources Canada’s 2024 inventory. That’s an increase of nine projects and C$23.5 billion from the previous year, signaling strong interest in resource development.

Yet despite this growth, the path to production remains slow. A study published in FACETS and cited by the Mining Association of Canada shows that the average timeline from discovery to production exceeds 17 years, highlighting the pressing need to streamline Canada’s complex and often lengthy permitting process.

Although miners, explorers and developers have long criticized the decades-long process, Canada’s federal and provincial governments have only recently begun working to expedite the process in an effort to harness the country’s vast critical minerals potential and assert the nation’s dominance in resource extraction.

The federal government has committed to expediting and streamlining the permitting process, laying out ambitious targets in its 2024 budget. Those goals include completing federal impact assessments and permitting for designated mining projects within five years, and within two years for non-designated projects.

Achieving these targets will involve establishing a federal mining permitting coordinator, enhancing funding for federal review authorities and promoting concurrent regulatory reviews to reduce duplication and delays

Provincial governments also play a significant role in mining project approvals.

A May 2025 report from the Mining Association of BC, outlines the economic potential of 27 advanced-stage mining projects in the province totaling more than C$90 billion. The projects highlighted in the report are described as new; however, there are several past-producing assets that are being offered a new lease on life.

One of those projects is Blue Lagoon Resources’ (CSE:BLLG,OTCQB:BLAGF) Dome Mountain gold project.

Located 50 minutes from Smithers, the 22,000 hectare property hosts the historic Dome Mountain mine, where past exploration and development were focused on the Boulder Vein, initially discovered in the 1980s.

In February, Blue Lagoon secured the final permit needed to advance its Dome Mountain project, clearing the way for production to begin in Q3 2025. The permit — one of just nine mining permits granted in BC since 2015 — marks a significant milestone for the junior miner, and positions the company to transition from an explorer to a gold and silver miner.

The path to production at Dome Mountain

Although Dome Mountain was in production between 1980 and 1993 under different management, securing permits to restart activity at the 30 year old brownfield proved as complex as starting up a greenfield project.

“It wasn’t easy at all,” said Vig. “They say that it takes over 15 years to get a mine permit in BC, and people are congratulating us that we got it in just under five. And personally, I thought it was four years too late.”

He went on to note, “Imagine being in any business that you have to wait. You know, you open up your restaurant, but then you have to wait for five years to open it. I mean, it’s incredibly difficult to get a mining permit”

Indeed, BC has one of Canada’s longest permitting processes. A 2019 report from Resource World notes that it takes six months on average to get an exploration permit in Canada. However, in BC, it can take 15 to18 months.

National and provincial critical minerals strategies have been established over the last six years, and parties on both sides of the aisle have promised policy reforms. But Vig underscored the challenges that remain.

“I think we want to believe that,” he said of the notion that the permitting process will be expedited through the critical minerals push. “I think the politicians are certainly saying that, but I’m not so confident that the execution can be there,” he continued. “Because, you know, you’ve got many factors. You’ve got the infrastructure of the government itself, the bureaucracy. There are only so many people that are able to process these applications.”

Indigenous consultation and permitting with purpose

A key requirement in the permitting process is Indigenous community consultation, engagement and approval, an area provincial governments have struggled to seamlessly integrate into the process.

For Blue Lagoon, communication and consultation with the Lake Babine Nation started early and remains a key tenet.

The Lake Babine Nation is one of BC’s largest Indigenous communities, with over 2,500 registered members. Its traditional territory surrounds Babine Lake, the province’s longest natural lake.

“We have a great relationship with the Lake Babine Nation,” said Vig. “You know, honestly, it was a very simple process. It’s a philosophy, that is very rudimentary, certainly in my culture.” Vig, who is of Indian heritage, moved to Canada in 1972 with his family, credits those formative years for fostering his deep sense of respect.

“My whole upbringing is all about respect. So for us, it was very simple — respect the people, respect the land,” he said, adding that a lot of it was common sense. “Protect the water, protect the land and make sure you don’t damage it as you go along (are) good practices (for) any business,” Vig emphasized.

Water conservation and protection is especially important to Blue Lagoon, an issue Vig described as “a way of life” due to its significance for fishing and cultural practices.

‘You don’t wait to be asked — you take the initiative to understand what matters most,” he said.

As he explained, provincial regulatory requirements called for water testing at five sites along a specific stream, and Blue Lagoon chose to conduct testing at nine locations instead.

“It’s really unheard of in our industry, to the best of my knowledge. We didn’t just do what was required of us. We like to go above and beyond to make sure. And when you do things like that, I think the sincerity comes across,” he said.

Financing in a tough market

Another challenge junior miners are facing is accessing funding. Investors who once used added liquidity to the space have moved to other sectors like tech, leaving mining coffers on the decline.

Blue Lagoon has been fortunate in terms of capital raising; the company completed the final tranche of its most recent private placement in late April, raising C$2.23 million through the issuance of 8.9 million units at C$0.25 each.

The full offering brought in C$4.87 million over four tranches, fully funding Dome Mountain to production.

Blue Lagoon’s ability to fast track its permitting and funding process were praised by mining committee chair Yannis Tsitos, who has more than two decades of experience in the mining sector working for companies like global commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP). Drawing on his history with large-scale operations, Tsitos described the Blue Lagoon’s approach as unusually nimble and disciplined.

“We haven’t cut a single corner,” he said, noting that while major players can afford to raise hundreds of millions upfront, most juniors must build organically. “What’s impressive is how this team — led by Rana — used creativity and persistence to move forward without delay,” he added. “It’s not about size; it’s about profitability and execution.”

He emphasized that Dome Mountain’s 15,000 ounce per year potential is just the beginning.

“Every major company started with one mine,” said Tsitos. “This could be the first step in something much bigger, and it’s happening right here in BC, which is hungry for investment.”

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Harmony Gold Mining Company’s (NYSE:HMY,JSE:HAR) wholly owned Australian subsidiary, Harmony Gold (Australia), has entered into a binding agreement to acquire MAC Copper (NYSE:MTAL,ASX:MAC).

MAC is the owner of the CSA copper mine in New South Wales. Its annual production comes to approximately 40,000 metric tons of copper, with 2024 output totaling 41,000 metric tons of the red metal.

The transaction is priced at US$12.12 per MAC share in cash, implying a total equity value of US$1.03 billion for MAC.

“(This acquisition) is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,” said Harmony Gold CEO Beyers Nel in a Tuesday (May 27) press release.

“The operation is a logical fit with the portfolio given it meets Harmony’s core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity prices.”

Located 700 kilometers west-northwest of Sydney in the Cobar region, CSA has a history that stretches back at least 150 years. Its reserve life stands at over 12 years, and it has maintained a stable resource over the last decade.

Harmony believes CSA will be a valuable addition to its sole Australian asset, Eva, in Northwest Queensland. Harmony acquired Eva in December 2022, and believes it is set to become the state’s biggest copper mine.

According to the company, Eva and CSA could together boost its copper production on the east coast of Australia to 100,000 metric tons annually over the course of the next five years.

The transaction remains subject to certain conditions, but MAC’s board has unanimously recommended that shareholders vote in favor of the scheme. Should everything follow to schedule, the deal is expected to close in Q4.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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