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Gold Royalty Acquires Copper Stream; BHP And Rio Tinto Test Electric Trucks; Metals Acquisition Invests In Polymetals And More: Tuesday's Top Mining Stories

Published 28/05/2024, 21:44
© Reuters.  Gold Royalty Acquires Copper Stream; BHP And Rio Tinto Test Electric Trucks; Metals Acquisition Invests In Polymetals And More: Tuesday\'s Top Mining Stories

Benzinga - by austin@walkonholdings.com, .

Top Stories for May 28, 2024 Gold Royalty (NYSE:GROY): The Vancouver-based company agreed to purchase a copper stream on the Vares Silver Project from Orion Mine Finance for $50 million. The payment includes $45 million in cash and $5 million in Gold Royalty shares.

  • The stream covers 100% of copper production from Vares’ Rupice deposit, with ongoing payments at 30% of the LME spot copper price.
  • First concentrate production began in February 2024, with commercial production expected in Q4 2024.
  • The Vares Project, operated by Adriatic Metals, has an 18-year mine life with plans to increase annual production to one million tons by 2026.
BHP (NYSE:BHP) and Rio Tinto will test battery-electric haul trucks in Pilbara, Western Australia, in partnership with Caterpillar (NYSE:CAT) and Komatsu.

  • The trials, starting with two CAT 793 trucks in 2024 and two Komatsu 930 trucks in 2026, aim to assess the performance and productivity of these trucks.
  • The collaboration supports both companies’ goal of achieving net zero operational emissions by 2050.
  • Results will be shared between BHP and Rio Tinto, informing future large-scale deployment of battery-electric haul trucks.
Also Read: GE Vernova Helps Secure $300M For Arafura’s Rare Earth Project, Targets Stronger Supply Chain

Metals Acquisition (NYSE:MTAL) is investing A$2.5 million for a 4.31% stake in Polymetals Resources Limited (POL) at A35 cents per share, with a second A$2.5 million investment conditional on several agreements and funding for the Endeavour mine restart. The Australian mining and explorer will gain a board seat if its stake exceeds 7%.

  • The investment includes agreements for tolling zinc ore and a water offtake of 150ML annually for 4.5 years.
  • POL aims to restart the Endeavour mine, which has significant infrastructure and has historically produced silver, zinc and lead.
  • This strategic move aims to enhance the value of MAC's CSA Copper Mine operations.
5E Advanced Materials (NASDAQ:FEAM) is issuing $6 million in senior secured convertible notes.

  • Bluescape Energy Partners and Ascend Global Investment Fund SPC will each purchase $3 million in notes, convertible into common stock at $1.53 per share, maturing in August 2028, with 10% interest paid in-kind.
  • The funds will support the small-scale facility, FEL-2 engineering and customer qualification for commercial agreements, while the Company seeks government funding.
Now Read: U.S. Military Invests $15 Million in Canadian Mineral Projects To Secure Critical Resources

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