Decision gives 18 months more than planned to the operation, which would result in additional production of 470 million pounds of zinc and 52 million pounds of copper during that period.
Lundin Mining Mining News
Lundin Mining's board of directors, chaired by billionaire resources tycoon Lukas Lundin, refuses to invest in Eritrea.
Nevsun, who declined the offer for the fourth time, said the proposal undervalued its Timok copper-gold project in Serbia and that junior Euro Sun was “not an attractive partner”.
Lundin has been developing Fruta del Norte for over a year, following an agreement with Ecuador’s government allowing the miner to move ahead with the gold project, the country's biggest.
Copper ‘might be the easiest asset to work with:’ Lukas Lundin.
Having climbed almost 64% since the start of the year, investor sentiment towards SolGold appears to be quite positive.
The placing is at a 15% premium to SolGold's closing price on Thursday and at a 12% discount to its peak share price of 46.75p on May 26.
Experts believe the value of the nation's dawning industry is set to jump from $1.1bn this year to $7.9bn in 2021 on a combination of revised regulatory framework and significant gold and copper reserves.
The country expects mining investments to increase 360% in the next four years compared to the 2013-2016 period as it has already granted 160 of the 420 explorations licences it put out to tender in July.
The project, discovered in 2006, is one of the world’s biggest recent gold findings, with reserves estimated at about 4.8 million ounces of gold and 6.3 million ounces of silver.
Following $1.1 billion Congo mine sale Toronto-based copper-zinc miner announces inaugural dividend and strong operational forecast.
Gecamines claims it has pre-emptive rights to buy the stake as owner of the country’s mining titles.
Canada’s Lundin, which owns 24% of Tenke, has finally agreed to sell its stake to a private equity firm from Asia’s richest nation.
Ecuador began last month granting licences for new exploration areas, with over 300 of them to be awarded by the year-end.
DRC prime minister throws weight behind Chinese buyers of Freeport's controlling stake in Tenke Fungurume.
The Congo mine, which cost $3 billion to build, holds one of the world’s largest known copper resources.
Toronto miner has first dibs on controlling share of Tenke Fungurume which if contemplated expansion goes ahead would catapult mine into global top 5.
The company now has until Sept. 29 to bid on Freeport-McMoRan Inc's stake in the Tenke Fungurume copper and cobalt mine.
With construction expected to start in 2018, the US$669-million Fruta del Norte project could finally begin production before the end of the decade.
The company recently offered as much as $262.5 million to buy a stake in Freeport-McMoRan Inc.’s Timok copper and gold project in Serbia.
The Cdn$240 million deal is expected to close in late April.
The $263 million deal is expected to close in the second quarter.
Lundin will pay Ecuador an advance royalty of $65 million. In exchange, the miner won’t be charged a windfall tax until it recovers its development investment.
The government is planning to open up new mining areas for gold and copper exploration.
So far, copper prices have failed to react significantly to news of supply disruptions, remaining more responsive to news from China, the world’s largest consumer.