Palm Beach, FL – July 28, 2021 Although gold, silver and lithium are metals that get most of the press, copper is viewed by experts as one of the most important battery metals. Goldman Sachs stated copper is the most critical material in the world’s path toward zero emissions. Goldman Sachs has also declared copper “the new oil” expecting copper to set an all-time high in 2022. It’s been reported that Goldman Sachs has argued that the critical role copper will play in achieving the Paris climate goals cannot be understated. Without serious advancements in carbon capture and storage technology in the coming years, the entire path to net zero emissions will have to come from abatement – electrification and renewable energy. The article continued: “As the most cost-effective conductive material, copper sits at the heart of capturing, storing and transporting these new sources of energy. In fact, discussions of peak oil demand overlook the fact that without a surge in the use of copper and other key metals, the substitution of renewables for oil will not happen, the report said. Moving the global economy toward net zero emissions remain a core driver of the structural bull market in commodities demand, in which green metals – copper in particular – are critical.” Active stocks in the markets this week include Pampa Metals Corp. (OTCQX: PMMCF) (CSE: PM), Teck Resources Limited (NYSE: TECK) (TSX: TECK.A), First Quantum Minerals Ltd. (OTCPK: FQVLF) (TSX: FM), Capstone Mining Corp. (OTCPK: CSFFF) (TSX: CS), Lundin Mining Corporation (OTCPK: LUNMF) (TSX: LUN).
Goldman Sachs added: “Copper has the necessary physical properties to transform and transmit these sources of energy to their useful final state, such as moving a vehicle or heating a home, the report said… Leveraging our equity analysts’ carbonomics analysis across EVs, wind, solar, and battery technology, we quantify this demand in a bottom-up model, estimating that by 2030, copper demand from the transition will grow nearly 600 per cent to 5.4Mt in our base case and 900 per cent to 8.7Mt in the case of hyper adoption of green technologies”, Goldman Sachs said. It concluded: “We estimate that by-mid decade this growth in green demand alone will match, and then quickly surpass, the incremental demand China generated during the 2000s. Ripple effects into non-green channels mean the 2020s are expected to be the strongest phase of volume growth in global copper demand in history”, it added.
Pampa Metals Corp. (OTCQX: PMMCF) (CSE: PM) (FSE: FIRA) BREAKING NEWS: Pampa Metals Signs Definitive Agreement with Austral Gold Returns 6% of Issued and Outstanding Shares Back to Treasury – Pampa Metals Corp. (“Pampa Metals” or the “Company”) is pleased to announce that further to the news release of April 14, 2021 it has completed the formal documentation with Austral Gold Ltd. (“Austral” – TSX-V: AGLD / ASX: AGD), whereby Austral has been granted an option to acquire in stages up to an 80% joint venture interest in Pampa Metals’ Cerro Blanco and Morros Blancos properties (the “Properties”) in exchange for certain cash payments, exploration expenditures and the cancellation of 2,963,132 shares of Pampa Metals held by Austral’s wholly-owned subsidiary, Revelo Resources Corp. The formal documentation (the “Agreement”) consists of the Definitive Option and Joint Venture Agreement, a Shareholders’ Agreement in the event the Option is exercised, and an Exploration Deed that enables enforcement of the Agreement in Chile.
Highlights of the Agreement are:
- Cancelation of 2,963,132 of the Company’s shares representing the return to treasury of more than 6% of the issued and outstanding share capital;
- Austral incurring Exploration Expenditures of at least $1 million in year 1 and $2 million in year 2;
- Austral being required to complete a bankable feasibility study to earn an 80% interest in either or both properties. If studies indicate that copper is the most valuable commodity instead of gold and silver, Pampa Metals can earn back an 80% interest under the same terms and conditions as those for Austral.
Julian Bavin, CEO of Pampa Metals, commented: “We are extremely pleased to have signed this Agreement with Austral, which brings great experience in gold exploration to our Cerro Blanco and Morros Blancos Properties. Through this transaction we are also returning to our treasury a significant number of shares that will better position the Company when additional capital is required. The transaction also ensures that more projects within Pampa Metals’ portfolio will be advanced rapidly and efficiently, allowing the Company to direct its treasury towards other projects within its 100% owned portfolio.” And he continued: “In addition, the close proximity of our Cerro Blanco and Morros Blancos projects to Austral’s operating mines and processing operations in Chile provide enhanced optionality to Pampa Metals and, subject to exploration and development success, future real value returns to our shareholders.”
Stabro Kasaneva, CEO of Austral, commented: “We are excited to have signed this Agreement with Pampa Metals which provides exploration upside and future development optionality for our existing mines in the district.”
Austral Gold Ltd. is a growing gold and silver mining producer. Over the last few years, Austral Gold has successfully built a portfolio of assets in the Americas (Chile, Argentina, and United States) and is dual-listed on the Australian Securities Exchange (ASX: AGD) and the Toronto Venture Exchange (TSX-V: AGLD). The Group’s flagship asset is the Guanaco/Amancaya gold and silver mine complex in Chile. Other mining interests include the Casposo Mine in Argentina (100%), a non-controlling interest in the Rawhide Mine in the USA, and an attractive portfolio of exploration projects in Argentina and Chile. CONTINUED…. Read this release for the Pampa Metals Corp. news at: https://www.financialnewsmedia.com/news-pm/
Other recent developments in the mining industries include:
Teck Resources Limited (NYSE: TECK) (TSX: TECK.A) recently announced its unaudited second quarter results for 2021.
“Solid performance at our operations and key projects against the backdrop of improving market conditions made for a very positive second quarter of 2021, with adjusted profit up 281% compared to the same period last year,” said Don Lindsay, President and CEO. “We managed through the most acute COVID-19 conditions in Chile since the start of the pandemic while safely achieving our best quarterly progress to date on our flagship QB2 copper growth project. The COVID-19 situation in Chile has improved in recent weeks and vaccination rates at QB2 are high, which is contributing to strong momentum on the project heading into the third quarter. Our Neptune port upgrade project is operational and ramping up to full capacity, and the new facility is being integrated into our logistics chain, which will reduce costs, enhance flexibility and improve performance.”
First Quantum Minerals Ltd. (OTCPK: FQVLF) (TSX: FM) recently announced that it has entered into a binding agreement to sell a 30% equity interest in the Ravensthorpe Nickel Operation (“Ravensthorpe”) in Western Australia for cash consideration of $240 million to POSCO, one of the world’s largest steel producers (the “Transaction”). First Quantum will retain a 70% interest in Ravensthorpe and continue to be the operator. The proceeds of the transaction will be used to reduce the Company’s debt. In addition to the Transaction, POSCO and First Quantum have also agreed to evaluate a strategic partnership to produce battery precursor materials from production at Ravensthorpe.
Under the terms of the Transaction, POSCO will acquire a 30% equity interest in Ravensthorpe for cash consideration of $240 million. POSCO will be provided with a long-term offtake agreement for 7,500 tonnes of nickel in mixed nickel-cobalt hydroxide precipitate (“MHP”) per year produced at Ravensthorpe, beginning in 2024. The balance of Ravensthorpe’s production will continue to be marketed by First Quantum. The Transaction is subject to certain conditions including approval by the Australian Foreign Investment Review Board (“FIRB”). The transaction is expected to close sometime in the third quarter of 2021. The proceeds of the Transaction will be applied to the outstanding amount on the Company’s revolving credit facility, continuing the Company’s debt reduction.
Capstone Mining Corp. (OTCPK: CSFFF) (TSX: CS) recently announced that it has filed a preliminary base shelf prospectus (the “Shelf Prospectus”) with the securities commissions in each of the provinces and territories of Canada.
The Shelf Prospectus, upon a receipt for the final base shelf prospectus, would allow Capstone to make offerings up to C$500,000,000 of common shares, warrants, subscription receipts, units, debt securities, share purchase contracts, or any combination thereof, from time to time over a 25-month period. The specific terms of any future offering of securities (if any) will be set forth in a shelf prospectus supplement. Capstone has filed this base shelf prospectus for future financial flexibility and has no immediate intentions to undertake an offering. As reported in its quarterly financial statements ending March 31, 2021, Capstone had a cash position of $44.8 million and was debt-free. Subsequent to March 31, 2021, Capstone received $30 million as an upfront deposit on the Wheaton Precious Metals Gold Stream Agreement.
Lundin Mining Corporation (OTCPK: LUNMF) (TSX: LUN) recently announced that its 24% owned subsidiary, Koboltti Chemicals Holding Limited, has entered into an agreement to sell its specialty cobalt business based in Kokkola, Finland(“Freeport Cobalt”) to Jervois Mining Limited (“Jervois”). This business was no longer strategic to Lundin Mining following the sale of its interests in Tenke Fungurume in 2016 and the cobalt refinery in Kokkola in 2019.
Under the terms of the transaction, Jervois will acquire 100% of Freeport Cobalt for $85 million, in cash and Jervois shares, plus working capital to be determined at closing. In addition, Lundin Mining and its partners will have the right to receive up to $40 million in contingent cash consideration based on the future performance of the business.
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