Proactive weekly mining highlights: Glencore, Greatland Gold, Adriatic Metals …


Glencore PLC (LSE:GLEN) (LSE:GLEN) raised its profit forecast for the current year and said it expects underlying profit (adjusted EBIT) to exceed its US$2.2bn-US$3.2bn a year long-term guidance range.

The commodity trading and mining company said its asset base has performed in line with expectations and full-year production guidance remains unchanged. In the third quarter, the company’s own sourced copper production totalled 895,500 tonnes, down 4% on the same period in 2020, reflecting lower mined grades at various operations. Forecast copper production for 2021 is 1.22mln tonnes.

Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said recent drilling at the Havieron gold project in Western Australia unearthed the best intercept yet. The intercept, beneath the existing South Crescent resource, was over a width of 102.4m at a grade of 10 g/t gold and 0.66% copper.

Eurasia Mining PLC (AIM:EUA)) said a potential buyer of most of its assets in Russia has successfully completed its due diligence. The miner added it continues to assess additional interest from other parties and intends to advance several options with advice from UBS, DLA Piper and other advisers.

Anglo Pacific Group PLC (LSE:APF, TSX:APY, OTC:AGPIF) has turned in a record third quarter, as its royalty portfolio generated income of US$23.6mln on the back of strong coal and cobalt prices. The company’s royalty on the Kestrel coal mine in Australia generated US$11.7mln, but with current coking coal spot prices at around US$390 per tonne it looks like fourth-quarter income could be even higher.

Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) released its environmental and social impact assessment (ESIA) for its world-class Vares polymetallic project in Bosnia. The draft will be finalised following a 60-day public review.

Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF), the FTSE-250 precious metals miner, reported its strongest production quarter of the year. Attributable production in the third quarter jumped 37% to 93,630 gold equivalent ounces, or 8.1 million silver equivalent ounces, boosted by higher-than-expected grades and recoveries at the Inmaculada mine in Peru.

IronRidge Resources Ltd (AIM:IRR) will hold its annual general meeting on 18 November in Sydney, ahead of the proposed demerger of the company’s gold assets and a change of name to Atlantic Lithium Limited. “The last 12 months has been the strongest performing period on record in the company’s history and the upcoming AGM will set a new marker,” said IronRidge chief executive Vincent Mascolo.

Pembridge Resources PLC (LSE:PERE) has released third quarter operating results for the Minto mine in the Yukon, in which it holds a significant stake. During the quarter the mine produced 7,127 wet metric tonnes of concentrate, up significantly on the 5,707 wet metric tonnes produced in the corresponding period of 2020.

Bradda Head Lithium Ltd (AIM:BHL) received positive initial results from the GPRplus geophysical programme at the company’s Burro Creek and Wikieup projects in Arizona. Bradda Head said the initial results reinforced the original theory that the clay at Burro Creek East, where Bradda has a JORC resource of 185,000 tonnes of lithium carbonate equivalent (LCE), thickens towards the west and north-west towards Bradda’s other claims.

Panthera Resources PLC (AIM:PAT) agreed to acquire Metal Mining India Private, the company’s joint venture partner in the Bhukia and Taregaon projects. Alongside the deal, the junior is also raising GBP780,000 in new money through a share subscription at 10p per share.

Cloudbreak Discovery PLC (LSE:CDL) has brought in a new partner for its Yak project in British Columbia, Canada. Moonbound Mining, a company Cloudbreak said is well known to its management, will spend C$700,000 on the development of the gold project in return for full ownership.

Kavango Resources PLC (LSE:KAV, OTC:KVGOF) was awarded an Environmental Management Plan (EMP) covering all of its prospecting licences in the Kalahari Copper Belt in Botswana, allowing it to undertake drilling work for two years. “We would like to thank the Department of Environmental Affairs for the award of our Environmental Management Plan in the Kalahari Copper Belt,” said chief executive Ben Turney. “This is an important next step for the company.”

Bushveld Minerals Ltd (AIM:BMN, OTC:BSHVF), a vanadium producer and energy storage solutions provider, said it reached an agreement with Duferco Participations Holding SA regarding repayment of the remaining US$11.5mln of convertible loan notes. On November 8, Duferco will convert US$9mln of the outstanding balance into new Bushveld shares, while Bushveld will repay the remaining US$2.5mln plus interest in cash.


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