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27 September 2021
The institutional entitlement offer and placement that Sandfire announced last week as part of a broader financing package for the acquisition of the Matsa mining complex in Spain, had been well received, MD and CEO Karl Simich reported on Monday. The placement would raise A$285-million and the institutional entitlement offer would raise about $641-million at an offer price of A$5.40 a share – representing a 13.2% discount to Sandfire’s last traded price of A$6.22 a share on September 23 and a 6.2% discount to the theoretical ex-rights price of A$5.76 a share on the same date.
Dual-listed Jervois is planning a bigger, less staggered restart of its São Miguel Paulista (SMP) refinery, in Brazil, and is considering switching product to nickel sulphate, rather than metal. The company explained on Monday that nickel sulphate was trading at a significant premium to metal, a trend that was expected to continue, owing to the volume of nickel sulphate forecast to be derived from metal dissolution to satisfy global demand growth. “Due to strong demand for mixed nickel-cobalt hydroxide products from China’s nickel sulphate refineries, current payables are unfavourable for converting this feedstock into electrolytic nickel and cobalt metal, the ‘tocantins’ product formerly produced at SMP,” said Jervois.
Shares in AVZ Minerals rose on Monday, as the ASX-listed company announced that it had secured $240-million from a Chinese investment entity to develop its lithium and tin project in the Democratic Republic of Congo (DRC). The developer announced that CATH Energy Technologies (CATH), a private investment entity jointly owned by Pei Zhenhua and Contemporary Amperex Technology Co Limited (CATL), would earn a 24% equity interest in a multi-faceted joint venture to develop the Manono lithium and tin project.
Encouraged by a significantly bigger mineral resource at the Ranobe mineral sands deposit, Africa-focused Base Resources has scaled up its Toliara project, in Madagascar. Announcing the outcomes of an enhanced definitive feasibility study (DFS) on Monday, Base reported that the scaled-up project supported production of 960 000 t/y of ilmenite, 66 000 t/y of zircon, 8 000 t/y of rutile, with the first ten years of operations in Stage 2 materially higher at 1.2-million tons a year of ilmenite and 82 000 t/y of zircon.
A new solar facility immediately adjacent to the Rincon lithium project, in Argentina, will be able to connect directly to the project, powering the 10 000 t/y expansion operation, Argosy Minerals reported on Monday. The ASX-listed company stated that discussions with the Altiplano 200 solar power facility, owned by French independent power producer Neoen, confirmed commercial interest to progress to supply the lithium project.