Alliance Magnesium to Buy Magnola Mining

Quebec-based Alliance Magnesium has acquired all the shares of Magnola Metallurgy Inc. and Magnola Mining Inc., giving it full ownership of Magnola’s industrial and mining sites in Danville, Quebec. The site includes facilities and equipment from the former magnesium plant, whose value was recently estimated by an independent appraiser at more than C$85 million. The property also contains a valuable residue deposit estimated at more than 100 million metric tons (mt) of serpentine rock, bearing approximately 25% magnesium.

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Newmont: Expect Steady Gold Production at Competitive Costs

Newmont Mining Corp. announced an improved 2018 outlook, increasing attributable gold production guidance to between 4.9 million ounces (oz) and 5.4 million oz compared to previous 2018 guidance of between 4.7 million oz and 5.2 million oz. Production is expected to remain between 4.9 million oz and 5.4 million oz in 2019 and longer-term production is expected to remain stable at between 4.6 million oz/y and 5.1 million oz/y through 2022.

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B2Gold Achieves Commercial Production at Fekola Ahead of Schedule

B2Gold Corp.’s Fekola mine in Mali achieved commercial production on November 30, one month ahead of the revised schedule and four months ahead of the schedule announced in the Optimized Feasibility Study (OFS). Ramp up to full-scale production at Fekola remains ahead of schedule with gold production well above budget in each of the ramp-up months, beating original recovery, grade and plant availability estimates in the OFS design.

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Mineralogy Wins Pilbara Royalty Suit Against Citic

ABC News reported that Clive Palmer’s Mineralogy has won a claim with Australia’s Supreme Court for $149.4 million in unpaid royalties against two Citic Pacific subsidiaries over a Pilbara iron ore project. Justice Kenneth Martin ruled Mineralogy’s claim for unpaid royalties against Sino Iron and Korean Steel had been established. He also found the claims against Citic, as guarantor for Sino and Korean debts, remained to be determined.

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