GLOBAL ATOMIC PROVIDES UPDATE ON THE DASA  URANIUM  MINE PROJECT IN NIGER

Oct 03, 2024, 18:00 ET


TORONTO, Oct. 3, 2024 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on its Dasa Project in the Republic of Niger. Dasa is the highest-grade uranium deposit in Africa currently under development, only surpassed by grades found in Canada's Athabasca Basin and is scheduled to achieve commercial production in early 2026.

PROJECT FINANCING

Debt financing discussions with a U.S. development bank are progressing with confirmation of the approval schedule expected in October 2024. The bank continues to voice support of the project and its intention to approve a debt facility for US$295 million, which will cover 60% of the planned project costs. Of the remaining 40% of the project funding, the Company has already invested approximately US$120 million.

Global Atomic is also in discussions with parties regarding potential joint venture investment and other financing solutions.

The extension of the expiry date of certain common share purchase warrants from September 17, 2024 to December 31, 2024, was announced on September 13, 2024. This extension is expected subject to final TSX approval.

SITE UPDATE – PROCESSING PLANT

The camp at Dasa has been expanding in phases to support the approximately 450 employees and contractors currently at the site, as well as the workforce expansion to 900 during the height of construction next year. A 60-person housing facility is nearing completion. Earthworks for the next camp phase to house 250 people are complete, and civils are now underway.

Earthworks for the Acid Plant is nearing completion. The local earthworks contractor will next move to prepare the site for the crusher with the SAG mill location to follow.

Processing plant equipment is beginning to arrive at site, beginning with components of the acid plant that were shipped through Nigeria. A video was recently posted on the Company's website (https://globalatomiccorp.com/Operations/Uranium/Photos-and-Videos/default.aspx) highlighting the remaining major components of the acid plant that have been built in India and are now ready for shipment.

SITE UPDATE – MINING

Mining activities at Dasa are advancing on several fronts. Having exceeded 1,200 meters of mine development, our Niger team, which operates under the SOMIDA company banner, has already brought 10,000 tonnes of development ore to surface and is segregating the mineralized material into low, medium and high-grade stockpiles, which will be used for plant commissioning at the end of 2025. The ramp to the ore body has been fully paved and the next phase of underground development is now underway.

To extend the mine development further the ventilation system is being expanded and the boring of a Main Fresh Air Raise is underway and now over 90% complete.

The mining team has not had a lost time incident since mining began 779 days ago. The Dasa workforce is approximately 98% Nigerien, including both experienced miners from a former underground mining operation, as well as local unskilled labour who are going through the Company training and mentorship program.

MINE PLAN UPDATE

The current Mine Plan announced on March 5, 2024, is projected to produce 68.1 million pounds of Yellowcake over a 23-year period starting in 2026. The Mine Plan is based on throughput of 1,000 tonnes per day, however, the plant has been designed to handle up to 1,200 tonnes per day. An updated Mine Plan with higher production rates is scheduled for completion in Q4 2024.

President and CEO of Global Atomic, Stephen Roman, stated, "We continue to make excellent progress at the Dasa Project site as we complete site preparation for civil works to begin and installation of the Acid Plant as the first major component of the Dasa Processing Plant."

"Recent high-level inter-government discussions about the re-opening of the Niger/Benin border have been positive and we are hopeful for a near-term resolution. In addition, as the Niger Government is keen on supporting new projects in the Country, a committee with representatives from several key government ministries is being formed to expedite the resolution of any outstanding issues that may arise relating to mining, finance, transportation and labour within Niger."

"Meanwhile the uranium market continues to heat up with higher spot prices this week. The long-term outlook for uranium demand is accelerating as announcements to expand the number of nuclear power reactors planned and approved proliferate. In September, we attended the World Nuclear Association Symposium in London, which for the first time was sold out. While there, we held successful update meetings with numerous utilities from across the globe which resulted in the initiation of several active contract discussions for Yellowcake supply from the Dasa Project."

"Two recent announcements illustrate the growth in uranium demand:Microsoft and U.S. utility giant Constellation Energy have agreed to a long-term deal wherein Microsoft has agreed to purchase all the power from Constellation's 880MW Three Mile Island (TMI) reactor over a 20-year period at prices of US$100 per MWh to power Microsoft's data centers. This deal calls for a restart of TMI Unit 1 by 2028 and an investment of US$1.6B by Constellation Energy.
The COP28 goal of tripling nuclear energy capacity by 2050, has now garnered funding support from some of the world's largest financial institutions, which is expected to accelerate the demand for uranium and the need for new greenfield projects such as our advanced Dasa Project. This has significantly improved our options for the final funding of our project."

Please visit our website www.globalatomiccorp.com for the latest site development photos and videos.

About Global Atomic

Global Atomic Corporation (www.globalatomiccorp.com) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022, and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will be advanced with further assessment work.

Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and the United States of America.

The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

GEMOLOGY

Angola diamonds not under sanctions but Russia link is obstacle

Bloomberg News | October 4, 2024 | 

Rough diamonds on a grader’s table. (Image courtesy of Alrosa.)

Angola’s state-owned diamond producer said some clients were deterred by its partnership with Russia’s Alrosa PJSC, but underlined that its output doesn’t fall under western sanctions.


Russian diamond giant Alrosa holds a 41% stake in Angola’s Catoca operation, which also owns just over half of the Luele mine. The southern African nation’s Endiama Mining SA owns a majority of both the mines and has made management changes to shore up its control, according to chief executive officer José Ganga Júnior.

“The diamonds we have in Angola are ours,” Ganga Júnior said in an interview in the country’s capital Luanda.

However, Angola “occasionally encounters difficulties” with clients in certain markets because of Alrosa’s stake in the mines, the CEO said. Ganga Júnior declined to say whether Angola was under pressure to oust Alrosa from Catoca. “Alrosa has no interference in Angola’s operations,” he said.

Group of Seven nations agreed to ban Russian diamond imports from the start of this year to curb the Kremlin’s ability to fund its invasion of Ukraine. The ban initially covered all imports of rough diamonds directly from Russia, but was extended from March to include stones processed in third countries. Alrosa is also sanctioned by the US and European Union.

To comply with G-7 sanctions, Endiama must set up a system to track and identify the diamonds that originate in its mines, Ganga Júnior said.

A diamond’s origin is clear at the start of the supply chain when it is issued a certificate under the Kimberley Process, which was designed to end the sale of so-called blood diamonds that financed wars. But after that, the stones can become difficult to track.

Alrosa helped establish both the Catoca and Luele mines, and still receives revenue from both operations. However, those funds are held in Angola and can’t currently be repatriated to Russia.

Russia said earlier this year that Alrosa may sell its Angolan interests as its partners believe the investment is preventing Catoca’s development, according to Interfax.

In May, Angola’s Minerals and Petroleum Minister Diamantino Azevedo said the country’s long-time partnership with Alrosa had become “toxic.”

Russia’s state-controlled Alrosa vies with Anglo American Plc’s De Beers as the world’s biggest diamond producer.

(By Candido Mendes)

Rio Tinto’s Diavik diamond mine in Canada begins underground production

The mine has transitioned its A21 underground mine into commercial production upon completion of Phase 1.

October 4, 2024

Rio Tinto is preparing for the eventual closure of the Diavik mine. 

Credit: EgolenaHK/Shutterstock.

Rio Tinto has announced the commencement of commercial production at Phase 1 of the A21 underground mine, part of Diavik Diamond Mine operations in the Northwest Territories of Canada.

The company has invested an additional $17m (£12.91m) into Phase 2 of the A21 underground project earlier this year, ensuring the mine’s productivity through to its planned closure.

The construction phase of the A21 underground mine involved the excavation of more than 1,800m of tunnels to access the diamond-bearing ore.

As Rio Tinto prepares for the eventual closure of the Diavik mine, it continues to invest in reclamation activities.

These efforts include earthworks, site clean-up and equipment procurement, demonstrating the company’s dedication to responsible mining practices and environmental stewardship.
See Also:US and India sign MOU to strengthen critical minerals supply chains
Northstar and Novamera to ‘surgically mine’ Cam Copper site in Ontario

Diavik Diamond Mine chief operating officer Matt Breen said: “The A21 underground operation is positive news for our employees, partners, suppliers and local communities in the Northwest Territories, as it will enable operations to continue through to closure.

“Rio Tinto’s decision to proceed with Phase 2 is a testament to the excellent performance of our Diavik team in successfully developing the underground mine beneath the previously mined A21 open pit.”

Last year, Rio Tinto announced plans to move forward with a $40m expansion at the Diavik mine, transitioning the existing A21 open pit into an underground operation, which will extend the mine’s life until at least early 2026.

Phase one below A21 is expected to produce an additional 1.4 million carats while the second phase would produce a further 800,000 carats of rough diamonds.

The Diavik mine has produced more than 144 million carats of rough diamonds since mining began in 2003.

Rio Tinto Launches 'Colour Awakened' Collection Featuring Historic Argyle Diamonds

Rio Tinto has unveiled its 2024 Beyond Rare tender, an extraordinary offering titled 'Colour Awakened'. This marks the second instalment in Rio Tinto’s prestigious Art Series, showcasing 48 lots of rare diamonds from its historic Argyle diamond mine and Diavik diamond mine

diamond world news service
03 Oct 2024

The collection is headlined by seven “Old Masters,” a set of historic pink and red diamonds unearthed from the Argyle mine in Western Australia, which operated from 1983 to 2020. These diamonds, ranging in size from 0.60 to 2.63 carats, have been carefully retrieved from private vaults, with some discovered as far back as 1987. Each diamond has been meticulously selected for its historical significance and exceptional beauty.

“No other mining company in the world has custody of such a kaleidoscope of coloured diamonds,” said Sinead Kaufman, chief executive of Rio Tinto Minerals, in a statement celebrating the launch.

Alongside the Old Masters, the Art Series 02 includes legacy pink, red, and violet diamonds from the Argyle mine, as well as white and yellow diamonds from Rio Tinto’s Diavik diamond mine in Canada. In total, the collection comprises 76 diamonds weighing 39.44 carats, including one Fancy Red diamond, a Fancy Purplish Red diamond, and a unique set featuring a 2.47-carat Fancy Intense Yellow diamond and a 4.04-carat D colour diamond from Diavik.

“Four years on from the closure of the Argyle mine, our Beyond Rare Tender platform is a testimony to the enduring prestige of the Argyle Pink Diamonds brand, the quality of production from our Diavik mine, and the ongoing demand for highly collectable natural diamonds,” added Kaufman.

The 48 lots will be showcased in key global cities, including London, Australia, Singapore, and Belgium, with bids closing on November 18.

This tender represents a rare opportunity for collectors and investors to acquire some of the most coveted natural diamonds ever produced, cementing the legacy of Rio Tinto’s historic mines.

Iron-Rich Volcanoes Hold Hidden Rare Earth Element Reserves

Experiments show how concentrations of rare earth elements, critical to the green energy transition, might be hiding in plain sight in iron-rich deposits around the world.

by Kimberly M. S. Cartier

4 October 2024

EOS

El Laco in Chile is an iron-rich volcano complex and also a source of rare earth elements. Credit: Daniel P. Gauer /Wikimedia Commons, CC BY 2.0

Volcanoes that are rich in iron might be prime locations to find high concentrations of rare earth elements. Recent lab experiments have demonstrated that when iron-rich magmas experience volcanic pressures and temperatures, the resulting iron oxide-apatite (IOA) deposit separates into two unmixable melts, one of which is highly enriched in rare earth elements (REEs).

“The rare earth element contents can be close to 200 times higher than in the silicate-rich melts,” said Shengchao Yan, a doctoral student at the Chinese Academy of Sciences’ Institute of Geology and Geophysics and lead researcher on the new experiments.

The research, which was published in Geochemical Perspectives Letters, supports the idea that deposits of iron oxide and apatite, an iron-phosphate mineral mined globally for its iron, could be rich targets for REE exploration.

Not Rare, but Hard to Mine

Rare earth elements, the lanthanide series as well as yttrium and scandium, are key to a green energy transition because they are required for producing electric vehicle and wind turbine magnets, solar panels, and storage batteries. With the growing need to address the climate crisis, economies around the world face an increasing demand for REEs.

Rare earth elements, marked here, are key to developing clean energy at scale. Credit: 2012rc via Wikimedia Commons, CC BY 3.0

But supply is hard to come by. Despite the name, REEs are not rare. These metals exist around the world but are often found in small concentrations or are locked in other minerals. This makes REE extraction economically and environmentally unsustainable for most countries. Currently, 63% of the world’s REE mining occurs in China.

However, rocks enriched in REEs have been found unexpectedly at iron mines in Kiruna, Sweden; El Laco, Chile; and elsewhere. The enrichment makes those REEs easier to extract.

These mines are sited on extinct iron-rich volcanoes that have large IOA deposits.


“In many cases when we find rare earth elements or metals in general, we find them by accident.”

“In many cases when we find rare earth elements or metals in general, we find them by accident,” explained Michael Anenburg, an experimental petrologist at Australian National University in Canberra and a coauthor of the new research. “Those mines are mining iron oxide. They’re mining magnetite. They never looked [to see] if they even have any rare earth elements.”

The discovery of concentrated REEs inside IOA deposits has prompted mining experts and geologists to ask, “Is that just by accident, or is there something about those magmas that make them like that?” Anenburg said.

To explore the possible conditions under which the REEs became separated out and concentrated in the IOA deposits, the researchers subjected magmatic mixtures to volcanic pressures and temperatures in the laboratory. They observed that under those conditions, the magmas separated into two unmixable, or immiscible, components: an iron phosphate (FeP) melt and a silicate melt.

The REEs concentrated more strongly in the iron phosphate melt than in the silicate-rich melt, Yan said, and lighter REEs concentrated more strongly than the heavier ones. The FeP melt was enriched in lanthanum, the lightest of the lanthanide series, about 200 times more than the silicate was, and lutetium, the heaviest lanthanide, was enriched about 100 times more. (Yttrium and scandium, the lightest nonlanthanide REEs, inexplicably did not follow this trend.)

Untapped Potential

Although these experiments are not the first to show that IOAs are rich in rare earth elements, they can help geologists understand one mechanism by which these melts become enriched.

Kiruna Iron Mine in Sweden is the largest underground iron ore mine in the world. 

Credit: Andriy Baranskyy, CC BY-NC-ND 2.0

“Overall, I think it’s a fantastically useful contribution and sheds important light on the debated process of IOA genesis and in particular the process and extent of REE enrichment in this enigmatic class of deposits,” Tobias Keller, a computational geochemist at the University of Glasgow in Scotland who was not involved with the research, wrote in an email.

These experiments add weight to the hypothesis of a volcanic origin for IOA deposits, Keller explained, and provide “important confirmation that REE partitioning between such immiscible liquid pairs strongly favors the FeP-rich melt.” This research helps explain the occurrence of REE-enriched apatite in Kiruna, Sweden, Keller added. But just how these distinct melts form separate bodies of iron-rich magnetite and REE-rich apatite is still a mystery, he wrote.

The iron-rich volcanoes upon which IOA deposits are found are now extinct, Yan noted. By modeling iron-rich volcanoes throughout their evolution, he said he hopes to explore how REE enrichment may have changed over Earth’s history.


“We can try to find the optimal formation conditions of the deposits, so people can reduce or narrow down the exploration location of these deposits.”

“We can try to find the optimal formation conditions of the deposits, so people can reduce or narrow down the exploration location of these deposits,” Yan said.

“Rare earth elements are critical metals,” Anenburg said. A country might not need a large supply now, but global demand will only continue to grow. Knowing whether an active iron mine might also be an untapped source of REEs could pay dividends in the future.

“It’s a win-win,” he said, “because the company gets more value out of the stuff they’re mining anyway. And then the environment wins, because we don’t need to put a new hole in the ground.”

—Kimberly M. S. Cartier (@AstroKimCartier), Staff Writer

Burkina Faso plans to withdraw some mining permits, junta leader says

Reuters | October 5, 2024 | 

Flag of Burkina Faso on military uniform. (Image: Adobe Stock)

Burkina Faso plans to withdraw mining permits from some foreign companies and will seek to produce more of its own gold, junta leader Ibrahim Traore said on Saturday, without specifying which permits could be cancelled.


“We know how to mine our gold and I don’t understand why we’re going to let multinationals come and mine it,” Traore said in a radio address to mark two years since he seized power in a coup.

“In fact, we are going to withdraw mining permits,” he said. He did not specify which permits or provide further detail.

Gold is the main export of the West African country, where frustration over a long-running security crisis helped bring the junta to power in 2022. Since then, it has severed longstanding ties with Western allies and sought closer relations with Russia.

London-listed Endeavour Mining, Australia-based West African Resources, Russia’s Nordgold, and Canada’s Orezone Gold Corporation operate in Burkina Faso.

Operations have been complicated by growing insecurity. Despite the junta promising to contain groups linked to Al Qaeda and Islamic State, the country saw a severe escalation of deadly attacks in 2023, with more than 8,000 people reportedly killed, according to US-based crisis-monitoring group ACLED.

(By Alessandra Prentice; Editing by Jason Neely)

World’s top uranium miner votes on returning to nuclear power

Bloomberg News | October 5, 2024 |

Skyline of Astana (now Nur-Sultan), capital of Kazakhstan

. Credit: Adobe Stock

Voters in Kazakhstan will decide on Sunday whether to allow construction of a nuclear power plant amid worries over the environmental impact as well as the potential reliance on the Central Asian nation’s two giant neighbors — China and Russia — for technology.


While the country is the world’s largest uranium miner, it hasn’t used nuclear generation since 1999 and last year faced a power deficit stemming in part from emergency shutdowns at old plants and a jump in energy intensive crypto mining. The shortfall has led to temporary declines in oil output and constraints on industrial development.


President Kassym-Jomart Tokayev called the referendum with the aim of demonstrating public support for nuclear power generation. The government has been wary of any hint of unrest after deadly riots roiled the nation in early 2022. That spurred him to hold the only other national referendum since he was handed the presidency by Kazakhstan’s long-time ruler Nursultan Nazarbayev in 2019, which was largely seen as dismantling parts of his predecessor’s legacy.

“Holding this referendum is a way for the Tokayev administration to legitimize a decision to build it seems to have already taken,” said George Voloshin, a Paris-based analyst at ACAMS, an anti-financial crime body.

The project has stoked fears among some voters that it could increase dependence on Russia or China, which both build reactors and cooperate with Kazakhstan on other nuclear projects. Concerns about the potential impact of corruption on construction standards and the risk of environmental damage down the road have also resonated in the world’s largest landlocked country, which was the site for nuclear bomb tests during the Soviet era.

Kazakhstan is seeking to expand power generation to 26.5 gigawatts by 2035, including 2.4 gigawatts from nuclear sources, according to emailed data from the Energy Ministry. The nation of about 20 million people had a power capacity of 20.4 gigawatts as of Jan. 1, the ministry said.

Tokayev urged support for the project, which he said would be the largest in the country since the Soviet Union, in a speech to regional lawmakers on Thursday. “It will ensure sustainable progress for our country for decades to come,” he said.

China National Nuclear Corp, Korea Hydro & Nuclear Power Co., Russia’s Rosatom Corp and Electricite de France SA were on a list of possible builders, according to a presentation from the Energy Ministry.

The referendum allows the authorities to “transfer responsibility for the decision to the people,” said Dosym Satpayev, director of the Almaty-based Risk Assessment Group. There’s a big fear of protests, he said.

The nation had a 1.5 gigawatt power deficit last fall and winter, according to the Energy Ministry. Kazakhstan covers the shortfall by buying electricity from Russia.

“With or without the nuclear plant, the problem of looming energy deficits as well as rapidly aging energy infrastructure, most of which was built in Soviet times, will just not go away,” Voloshin said.

(By Nariman Gizitdinov)

Apache Tribe takes fight against Resolution Copper to US Supreme Court

Staff Writer | October 4, 2024 |

Resolution copper project in Arizona.

 (Image courtesy of Rio Tinto via Flickr.)

The San Carlos Apache Tribe is taking its longstanding fight against the Resolution Copper project to the US Supreme Court after the Arizona state court ruled in favour of the Rio Tinto-BHP joint venture.


This week, the Tribe asked the US Supreme Court to review an earlier decision by the Arizona Supreme Court to allow Resolution to discharge copper and other contaminants into Queen Creek. The project currently sits on federally owned Oak Flat Campground, a place the Apache consider home to deities.

The argument centers on whether the Resolution’s plan to construct what would be one of the largest copper mines in the world constitutes a “new source of pollution” under the Clean Water Act, or an “existing source.”

A “new source” determination would impose the most stringent Clean Water Act regulations on the proposed copper mine, and Resolution would need to prove to the Arizona Department of Environmental Quality (ADEQ) that Queen Creek could return to compliance with clean water standards even with additional discharges.

An “existing source” determination, however, would allow Resolution to discharge copper-contaminated water into Queen Creek without meeting the strongest protections under the Clean Water Act.

The ADEQ had previously treated Resolution as an “existing source”, and this was later affirmed by the Maricopa County Superior Court.

The Apache Tribe subsequently fought and won its case with the Arizona Court of Appeals in 2022.

However, the Arizona Supreme Court’s June 2024 decision sided with the ADEQ determination, giving Resolution a major win in its quest to mine the some 40 billion pounds of copper metal. The ruling, according to the court, was based Resolution’s plans to reuse a small number of tunnels and mineshafts that the Magma Copper Company constructed for a defunct mine that was exhausted in 1996.

In its statement, the Apache Tribe said the Arizona Supreme Court made “an egregious error” when it ruled that Resolution Copper could avoid meeting the most rigorous Clean Water Act regulations.

“It’s absurd to consider Resolution an existing source when most of Resolution’s mining operations have yet to be built and the copper lode is a mile underground and has never been mined,” Terry Rambler, the Tribe’s chairman, said.

“The Arizona Supreme Court twisted itself in knots to pretend Resolution’s mostly unbuilt mining operations somehow already exist,” he added.

In an emailed statement to Mining.com, a Resolution Copper spokesperson said this case does not present any question that merits US Supreme Court review. “In its unanimous decision, the Arizona Supreme Court engaged in a thorough and straightforward construction and application of the relevant regulation to reach the correct result, and we expect that ruling will stand,” the statement reads.

Meanwhile, in a separate petition, non-profit group Apache Stronghold is also asking the US Supreme Court to prevent the transfer of Oak Flat to Resolution, arguing that the Religious Freedom Restoration Act protects their right to worship at the sacred site.

The Resolution Copper project has faced numerous setbacks for years due to fierce opposition by the Apache Tribe. Once built, it would supply more than a quarter of America’s copper demand for decades.

Rio Tinto’ CEO recently said in a Bloomberg interview that the company is targeting first production by the end of this decade.

Australian mine fight reignites Aboriginal heritage tensions

Reuters | October 1, 2024 |

(Image courtesy of Puutu Kunti Kurrama and Pinikura Aboriginal Corporation.)

Wiradjuri elder Nyree Reynolds calls her home west of Sydney the valley of the Bilabula, the Indigenous name for its river. The river features in Wiradjuri stories about the creation of their land, she told state planning regulators, “And no one has the right to destroy this.”


On her objections, the Australian government in August ordered miner Regis Resources to find a new dam site for a A$1 billion ($685 million) gold project on the grounds its proposed location for storing rock and chemical waste would irreparably harm culture attached to the river.

The decision by Environment Minister Tanya Plibersek under a rarely used Aboriginal heritage protection law has stoked an outcry from mining groups who say Regis followed all legal processes and the decision raises sovereign risk for developers.

The government’s action adds to the uncertainty miners have faced since iron ore giant Rio Tinto legally destroyed ancient Aboriginal rock shelters at Juukan Gorge four years ago and raises the urgency to overhaul heritage protection laws.

Industry warns sovereign risk in Australia is rising

At least three other resources projects are facing review, like Regis did, under Section 10 of the law that allows Aboriginal people to apply to protect areas important to them when other legal avenues have failed.

“You can get all the state environmental approvals, all the federal environmental approvals and at the end of the process a Section 10, … essentially a federal minister can … make your project unviable,” said Warren Pearce, CEO of the Association of Mining and Exploration Companies.

“That’s the definition of sovereign risk.”

While Reynolds objected to Regis’ mine, a local Aboriginal group representing Wiradjuri people, authorized by the state to speak for cultural heritage, had concluded that impacts from the project could be managed.

Regis said in August it is considering its legal options after writing down the value of its project by more than $100 million.

The decision on Regis’ project was the second by the government in as many months to back Indigenous groups over miners.

ERA, majority owned by mining giant Rio Tinto, is suing the government on procedural fairness grounds after it did not renew the miner’s exploration lease on uranium rich land.

Government officials and some investors say developers need to engage earlier and more deeply with Indigenous groups when planning projects, but new laws governing heritage protection that would assist the process are yet to arrive.

The government has not said when it expects to finalize the legislation. Only Western Australia has made some heritage reforms, leaving the industry relying on a patchwork of old state legislation to manage heritage protection at a time when Australia is marketing itself as a supplier of ethical metals.
Votes at stake

Resources projects with outstanding Section 10 objections include miner Bellevue Gold’s plan to dig under a desert lake and Woodside’s Scarborough natural gas project that will feed a gas plant in a region rich in ancient rock art that the government has nominated for a UNESCO World Heritage listing. Both projects are in Western Australia.

Regis Resources takes $130m writedown as gov’t call makes project unviable

But not all objections are equal when it comes to politics, especially with the centre-left Labor government facing an election in 2025.

Woodside is unlikely to face the same setback as Regis, said MST Marquee senior energy analyst Saul Kavonic, as the $12.5 billion Scarborough gas project is “extremely politically important to the Labor government in Western Australia”.

Plibersek’s office said it could not comment on the Scarborough project as the issue is under consideration.

Both Woodside and Bellevue said they take their responsibilities to manage Aboriginal cultural heritage seriously.

Bellevue said it has permission from the Tjiwarl native title group to dig under the lake as part of a heritage management plan.

The government’s action comes after it failed in a referendum last year that sought to give Indigenous Australians special recognition in the country’s constitution and an advisory voice to lawmakers.

Some people think the government is now acting to appease inner city east coast voters who backed the referendum and who may want to vote for the Greens rather than support mining.

“Here is a government trying to scramble to make itself look good, because it absolutely gutted the opportunity for us to have a voice in Parliament,” said Wonnarua man Scott Franks, who has filed three section 10s against developments in the state’s coal rich Hunter Valley region and lost them all.

When asked if she was catering to Green voters with her decision on Regis, Plibersek told reporters on Aug. 28 that she had consulted widely: “I made the decision based on facts.”

Australia’s minister for Indigenous Australians, Malarndirri McCarthy, said the government was working hard with Aboriginal groups on new heritage protection laws.

“The Australian government is deeply concerned about the destruction of First Nations heritage values anywhere in Australia,” McCarthy said in a statement to Reuters.
Tighter rules on the way

A key issue that needs to be addressed is to make clear exactly who developers need to consult to ensure projects do not harm important sites on the traditional lands or countries of Indigenous groups.

“Our whole objective is to remove this sort of uncertainty that people are dealing with to make it clear who speaks for the Country,” Plibersek told Australian Broadcasting Corp on Aug. 28.

Regis said it had consulted with 13 different groups and individuals during the permitting process.

“Regis takes its relationship with the Aboriginal stakeholders at our operations very seriously and conducted extensive engagement with Aboriginal parties from an early stage in the approvals process,” it said in a statement to Reuters.

To help miners manage consultations on protecting Aboriginal heritage while the rules are revised, the Responsible Investment Association Australasia, which counts 75% of the country’s institutional investors as members, worked with First Nations, the government and mining giant BHP on best practices.

“The current laws remain inadequate, which is why we need investors and corporates themselves to step up,” the association’s co-CEO, Estelle Parker, said.

Among its recommendations, the association urges miners to adhere to free, prior and informed consent that can be withdrawn at any time.

The guide is “ambitious and probably unrealistic”, law firm Ashurst said in a 2024 report, but it advised miners to get familiar with it.

“Be aware that change will come to Federal heritage laws. When it does, it will be closer to the expectations expressed in these recent publications than the current legal framework.”

($1 = 1.4601 Australian dollars)

(By Melanie Burton; Editing by Sonali Paul)

Mining industry needs $2.1 trillion in new investments by 2050 — BloombergNEF

Staff Writer | October 3, 2024


The mining industry will require $2.1 trillion in new investments by 2050 to meet the raw material demands of a net-zero emissions world, according to BloombergNEF’s (BNEF) annual Transition Metals Outlook.


Despite a decade of growth in metals supply, BNEF reports that current raw material availability remains insufficient to meet the rising demand.

The report highlights that critical energy transition metals, including aluminum, copper and lithium, could face supply deficits this decade — some as early as this year.

According to BNEF’s Economic Transition Scenario (ETS), which assumes no new policy support and is driven by the cost competitiveness of technologies, the world may need 3 billion tonnes of metals between 2024 and 2050 to support low-carbon solutions such as electric vehicles, wind turbines, and electrolyzers. That figure could rise to 6 billion tonnes to achieve net-zero emissions by 2050.

Recycling could help alleviate some of the pressure, with BNEF predicting that output from secondary sources will become an integral part of the energy transition metals supply chain.

“Good government policies are crucial to the industry’s success. For batteries and stationary storage, governments need to establish collection networks, set recovery rate requirements, develop frameworks to trace individual cells, and provide guidelines for second-life battery management,” BNEF metals and mining associate Allan Ray Restauro said.


The pace of demand growth will vary across regions.

In China, for instance, consumption outpaced the global average between 2020 and 2023, but the country’s demand for energy transition metals is expected to peak in 2030. Southeast Asia is projected to become the fastest-growing market for these metals during the 2030s, according to BNEF’s ETS.


Read More: Lack of capital rises to top risk in EY mining survey

EY Survey Shows Capital As Top Mining Risk For 2025

By Sean Ashcroft
October 01, 2024

A reclaimer used to move stockpiles of crushed iron ore on a mine site.
Ernst & Young mining sector survey reveals the industry is experiencing capital allocation challenges against a backdrop of energy transition demands

Mining companies face mounting pressure to secure capital while meeting rising demand for minerals essential to the energy transition, according to a new survey by Ernst & Young (EY), the global professional services firm.

The survey, based on responses from 353 senior mining executives globally, identifies capital management as the primary business risk for the sector in 2025. This challenge emerges as companies navigate between growth requirements and investor expectations for capital discipline.

Lee Downham, Energy and Resources Lead at EY in the UK, says: "Capital has emerged as the number one risk for mining companies, signalling a need to shift gears."

Mining firms are encountering difficulties in raising funds despite increasing demand for critical minerals. The current economic climate has created a challenging environment for securing investment, the report says.

Investors now require mining companies to demonstrate stringent capital management practices while simultaneously developing strategies for future growth.
EY shows environmental stewardship the key issue

EY says environmental management has become a central focus for mining operations, reflecting heightened scrutiny from stakeholders and regulators.

The survey indicates that less than half of respondents express confidence in meeting environmental obligations, highlighting the scale of the challenge facing the industry.

Members of the International Council on Mining and Metals, an international organisation dedicated to improving mining industry standards, have committed to environmental targets. This commitment encompasses biodiversity protection and water resource management.

The report also shows that mining companies are implementing green initiatives to align with investor expectations. These programmes aim to reduce environmental impact while maintaining operational efficiency.
EY mining risk assessment focuses on resource depletion

The industry faces significant challenges related to resource depletion, which appears as a new risk in the EY survey -- reflecting growing concerns about meeting future mineral demand.

Exploration costs, meanwhile, continue to rise, while new mineral discoveries become increasingly rare. This combination creates obstacles for mining companies seeking to replace depleting resources, EY says.

The report urges mining firms to overcome the multiple barriers they face to bring new projects online. These challenges include regulatory requirements, community expectations and technical complexities.

Waste management practices are receiving increased attention from investors. Mining companies are developing closed-loop processes to minimise waste production and maximise resource utilisation.




Mining's capital discipline impacts future growth plans

The requirement to maintain capital discipline while pursuing growth opportunities may lead to increased merger and acquisition activity within the mining sector.

Downham adds: "Miners must move from focusing solely on short-term returns to prioritising long-term value creation."

The survey methodology included responses from board members, C-suite executives and departmental leaders. All participating organisations reported annual revenue exceeding US$bn.

Downham concludes: "While they have a strong track record of capital discipline, it's now crucial to balance this with strategic investments that drive sustainable growth."

 

Dutch Advertising Standards Reprimands MSC Cruises for Environmental Claims

Environmental groups complained about MSC Cruises statements about LNG-fueled cruise ships and future fuel transition plans (MSC Cruises)

Published Oct 2, 2024 6:36 PM by The Maritime Executive

 

 

Environmental groups are continuing their efforts to limit the claims of the shipping industry and specifically cruise ships for what they believe are aggressive statements about the impact and progress of the ships in the efforts to decarbonize. The Dutch authority which regulates statements in advertising agreed in part with a filing made by three groups against MSC Cruises ordering the cruise line to remove some assertions from its advertising.

The Reclame Code Commissie which administers the advertising code in the Netherlands agreed with the groups that some of the statements about the use of liquified natural gas and milestones in the effort to achieve net zero by 2050 were possibly misleading to consumers and needed to be removed. The ruling bars the company from “showing off plans that are not concrete,” according to Fossielvrij NL (Fossil Free Netherlands) one of the three groups that filed the complaint. In addition, the cruise line is limited from presenting its two LNG-fueled cruise ships which are currently in service as “an important milestone in this journey,” according to the group.

The decision however rejected other claims from the groups about cruising not being environmentally friendly. The groups had demanded in an April 2024 filing that all cruise advertising be stopped. They contended that cruising was one of the least environmentally friendly forms of vacationing.

The groups, Fossil Free along with Advocates for the Future and Reclamejagers (Advertising Hunters) were emboldened in their efforts after winning a similar decision earlier this year regarding the advertising statements made by the Dutch airline KLM. They allege that the companies are part of a broader effort at “greenwashing” (the practice of using misleading statements to promote better environmental performance).

The filing pointed to MSC’s promotion of the two LNG-fueled cruise ships as using one of the cleanest marine fuels. The groups argue that much of the LNG is derived from fracking in the United States which they contend releases methane and is environmentally unfriendly.  

They also highlighted that MSC has 20 other cruise ships that continue to use traditional fuel oil. They argued in their filing that MSC says it is preparing to use bio- or synthetic LNG while those fuels are not yet available, or scalable, and that MSC would face competition for the limited supplies. The current methods to produce synthetic LNG they also allege are extremely energy intensive.

A spokesperson for MSC Cruises told Bloomberg that the company has already enacted most of the recommendations of the advertising standards board. The decision however could have wider ramifications for more segments of the shipping industry and other businesses in how they present their efforts.

MSC Cruises is investing in a broad range of efforts as it plans the transition of its cruise fleet. They were among the first cruise lines to introduce large LNG-fueled cruise ships with the MSC World Europa (215,800 GT) in December 2022 and the MSC Euribia (181,000 GT) in June 2023. The cruise line is building three additional LNG-fueled cruise ships for the World Class but is also participating in tests such as fuel cells. It is also planning for synthetic non-carbon fuels.

This is the latest in a series of efforts launched in recent months targeting cruise ships. The Dutch environmental group Extinction Rebellion blocked the entry of cruise ships into Amsterdam. The activist NGO Transport & Environment (T&E) also issued a report citing the growth of the industry along with the increased size of individual ships. They are calling for a tax on the cruise industry to help fund the transition to zero-carbon fuels and ensure the industry contributes its share to the ongoing efforts.

 

Exploring the Wrecks and Ammo Dumps of Norway's Largest Lake

In autumn 2022, researchers collected a sonar image of what may be Lake Mjøsa’s oldest known shipwreck. (NTNU)

Published Oct 6, 2024 11:21 AM by Gemini News

 

[By Mads Wang-Svendsen]

It took just eight years from U.S. President John F. Kennedy sharing his ambitions to put a man on the moon until Neil Armstrong stepped out of the Eagle spacecraft in 1969 and made history.

Experts in everything from medicine and biology to computer science and engineering were involved, and at its peak, NASA estimates that as many as 400,000 people contributed to making Kennedy’s vision a reality.

The first manned moon landing in history is therefore a good example of what can be achieved when expertise is mobilised across disciplines and work is focused over time.

This has led some people to ask why we don’t simply do the same when faced with major societal challenges like the current climate change and environmental crisis.

The answer probably lies in the fact that the challenges of our time differ significantly from the moon landing.

Many open-ended questions

“The moon landing had a very specific goal. As soon as the first humans set foot on the moon and were safely transported back to Earth, the mission was in many ways completed,” explains professor of applied ethics at NTNU, Siri Granum Carson.

She also points out that the moon landing was predominantly a technical achievement. Although it required contributions from a range of different disciplines, it was primarily a matter of technology.

This is not the case with the biggest challenges we face today: “When has sustainable management of a natural resource ever actually been achieved? What measures and initiatives are best suited for the transition to a low-emission society? And how do you get the people who will be affected in various ways by the development on board?” asks Carson.

These are open-ended and difficult questions. Questions that in many ways make the?challenges of our time far more complex than the moon landing.

“It is against this backdrop that we must try to understand Mission Mjøsa,” says Carson.

To what degree are the fish affected by pollutants? The project is broad and will study the entire ecosystem.

Has never been done in freshwater

Carson is acting head of one of the six research groups that make up Mission Mjøsa – a five-year research programme with an interdisciplinary approach that can in some ways be compared to the Apollo space programme.

Engineers and biologists are standing shoulder to shoulder with philosophers, social scientists and historians to ensure that Norway’s largest lake is safeguarded for future generations.

Mission Mjøsa has already received a lot of attention for its use of advanced ocean research technology that has never been used in fresh water before to map dumped ammunition.

For many years, it was believed to involve somewhere between 100 and 200 tonnes of ammunition. That was until NTNU, in collaboration with the Norwegian Defence Research Establishment, introduced Lake Mjøsa to the autonomous underwater vehicle Hugin. The underwater robot quickly discovered nearly 1000 Sidewinder air-to-air missiles – some ten to twenty times more than previously estimated.

Moreover, ammunition was not the only thing Hugin found. In the autumn of 2022, what may be Lake Mjøsa’s oldest known shipwreck appeared on Hugin’s sonar images, making international news headlines.

"The wreck, lying at a depth of 410 metres, was estimated to be as much as 700 years old, and video footage from remotely operated underwater drones has since confirmed that it is probably a very old ship of great cultural and historical interest.

And while efforts to date the wreck continue, a number of parallel research groups are now starting their work along the shores of Lake Mjøsa.

The underwater robot has found ammunition and explosives that have been dumped in Lake Mjøsa, in previously unknown sites. Photo: NTNU 

Lake Mjøsa has it all

Lake Mjøsa is a highly exploited source of drinking water, a recreational resource, and a residential area for many people. However, we know surprisingly little about Norway’s largest lake. Even something as fundamental as how deep it is remains uncertain.

Lake Mjøsa also faces a long list of threats that will affect freshwater systems around the world in the future. Run-off from agriculture, blooms of harmful bacteria, and high levels of environmental toxins and microplastics are some of the best-known examples of these threats, but there are many more.

Terje Andreas Eikemo, professor of sociology at NTNU, believes this makes the lake an excellent starting point for understanding how we can ensure sustainable management of our water resources – not only in Innlandet County, but also globally.

“Lake Mjøsa has all the ingredients. By understanding this specific ecosystem, we will gain fundamental knowledge needed to protect freshwater systems elsewhere in the world in the future,” he says.

Everything is connected

When Eikemo talks about the Lake Mjøsa ecosystem, it is not just the wildlife in the area and their habitats he has in mind. As a sociologist, his role in Mission Mjøsa is primarily related to the people who live around and use the lake. He believes they have to be considered in context with the environment in which they live.

“We influence our surroundings and our surroundings influence us. This is something that is becoming increasingly clear. Our task now is to find out how we can live good lives while also taking care of the environment around us,” he says.

That is what the upcoming Mjøsa Study will contribute to:

“The initial goal is to understand how the local population uses and relates to the lake. Using a comprehensive survey, we aim to find out everything from how people perceive the water quality in Lake Mjøsa to whether they fish or swim in the lake.

The questions participants in the Mjøs Study will be asked are not only those of the researchers themselves – they have been formulated in consultation with representatives from the local community. This will help make the research more relevant,” explains Eikemo.

In autumn 2022, researchers collected a sonar image of what may be Lake Mjøsa’s oldest known shipwreck. The wreck was located at a depth of 400 metres and is thought to be 700 years old.ds

Photo: NTNU 

Giving the research legitimacy

A huge amount of money is currently being spent on research in Europe. In Norway, research and development funding accounts for approximately four per cent of the total national budget – a sum of approximately NOK 50 billion.

Siri Granum Carson believes it is also important to build legitimacy around research when investing such vast public resources.

“The societal benefit of the moon landing can certainly be debated. What characterises more targeted social missions like Mission Mjøsa is a desire to do something that there is broad consensus will benefit society as a whole. Citizen participation is one way to ensure that,” says Carson.

Including ordinary citizens in research has also proven to have other benefits.

Help from local fishermen 

Jan Grimsrud Davidsen is a biologist at NTNU University Museum. Among other things, he is the head of a research group that studies the life of sea char in Greenland. He has now gathered a new group of researchers to conduct the same type of studies on trout in Lake Mjøsa.

“One of the goals is to find out whether trout use the entire lake to feed, or whether they only stick to certain parts,” explains Davidsen.

Due to high levels of pollutants such as PCBs and mercury, pregnant and breastfeeding women have long been warned against eating fish from Lake Mjøsa. By attaching electronic transmitters to fish and deploying listening buoys that record when they swim by, it will be possible to get an overview of how the fish move around the lake. In turn, this insight will provide more detailed knowledge about the health of Lake Mjøsa’s trout,” says Davidsen.

First of all, however, the fish need to be caught so they can be tagged.

“We have received great help from local fishing associations, and there is a lot of knowledge and experience to draw upon here. Mjøsa is not our lake, and we are completely dependent on the help of locals. We don’t know the lake the way they do,” says Davidsen.

He has led projects involving members of local populations before and believes that the effect is not only clear but also provides a glimmer of hope in a time when climate change denial, anti-vaccine movements, and scepticism towards science are on the rise:

“We see that participating in these types of projects gives local people a sense of ownership. By participating, they have a stake in the research, making it far easier for them to accept the findings down the line,” explains Davidsen.

Increased scientific understanding

Children and young people will also be involved in the research on the fish in Lake Mjøsa, and Davidsen points out that they are not just being invited to do ‘pretend research’. Their input will result in real scientific contributions.

“We are collaborating with the Vitensenteret Innlandet science centre and the museum Mjøsmuseet to take several school classes out on research field trips. Among other things, pupils will collect and study fish and benthos. Their findings will be included in NTNU’s scientific collections, where they will be available to researchers in the future.

Similar citizen science initiatives have been used in other contexts, such as the UN Decade of Ocean Science,” says Davidsen.

The mission consists of six research groups that will collectively ensure a broad and interdisciplinary approach to the complex issues Lake Mjøsa is facing. Among other things, the research will result in a ‘digital twin’ that will show the state of the lake at various points in time and simulate how it might develop.

“The starting point of Mission Mjøsa is that we are dealing with an ecosystem that has developed over time and in interaction with a variety of natural and human factors in the world. The participants will therefore gain knowledge about everything from climate change and biodiversity to history and technology. Most importantly, it will be able to give them a deeper understanding of how research is conducted and the work behind the knowledge that may one day develop into policies that affect them,” explains Carson.

And perhaps it is precisely this kind of understanding that future moon landings will demand of us.

This article appears courtesy of Gemini.no and may be found in its original form here. 

The opinions expressed herein are the author's and not necessarily those of The Maritime Executive.

 

Turkish Seismic Vessel Heads to Somalia for Oil and Gas Exploration

Published Oct 6, 2024 1:33 PM by The Maritime Executive

 

 

Turkey has dispatched its seismic research vessel Oruc Reis to Somalia following the oil and gas cooperation deal signed early this year. This is the first intercontinental mission for the vessel since it was commissioned in 2017, significantly expanding Turkey’s exploration capabilities. In a ceremony to send off the vessel on Saturday, Turkish President Recep Tayyip Erdogan said that the exploration mission involves conducting seismic activities in three areas where Turkey secured licenses offshore Somalia. Each block covers an area of around 1930 square miles.

“The Somali region, which has been associated with conflict and instability for decades, will now be on a path to economic development following the discoveries by Oruc Reis,” added Erdogan.

The vessel is expected to reach Somali waters later this month. The seismic surveys will last seven months and the collected data will help in identifying potential drilling sites for oil and gas. In addition, Oruc Reis is being escorted by two Turkish naval frigates. Indeed, this is a watershed moment for Turkey’s influence and presence in the Horn of Africa.

The region is currently experiencing tension, especially with Ethiopia pushing for the Red Sea access through Somaliland, a break-away state of Somalia. This has seen Mogadishu intensify defense ties with countries such as Egypt and Turkey. Somalia’s defense deal with Turkey includes naval support, which means access to one of Africa’s vast coastlines. Somalia has the longest national coastline in Africa, extending to 1880 miles.

According to 2D seismic studies conducted by TGS in 2024, Somalia could have at least 30 billion barrels of oil and gas reserves across the 15 blocks initially offered by the government. With most of its energy resources unexplored, Somalia remains the final frontier for global oil and gas exploration.

But with Turkey’s entry into the sector, it is likely to trigger interest from other international oil and gas multinationals.Chevron, Eni and ExxonMobil were exploring in Somalia as early as 1950s but had to leave when civil war erupted in 1991.

Somalia passed regulations related to offshore oil and gas licensing in 2022. The law also included a revenue sharing framework between the companies and the government. Turkey already has a head start in Somalia oil and gas development, and it remains to be seen how Turkey will leverage this opportunity for its geopolitical interests in the Indian Ocean.