BHP Seeks Extension For Takeover; GoldMining Begins São Jorge Drilling; Ivanhoe Electric Advances Copper Project And More: Wednesday's Top Mining Stories
Top Stories for May 29, 2024:
1. BHP (NYSE:BHP) requested more time beyond today’s 4:00 p.m. GMT deadline to finalize its $50 billion takeover bid for Anglo American (OTC:AAUKF).
After a previous extension from the original May 22 deadline, BHP cited the complex structure of the deal as the reason for needing additional time.
The firm has even offered a break fee if the merger is blocked due to antitrust or regulatory issues.
The negotiations are facing challenges over South African assets, local ownership and employment security concerns.
BHP made commitments to South Africa, including maintaining current employment levels at Anglo’s Johannesburg office and sharing increased employee ownership costs.
2. GoldMining (NYSE:GLDG) started drilling at its 100% owned São Jorge Gold Project in Pará State, Brazil. The project covers 45,997 hectares in the Tapajos Gold District.
The drilling program includes 1,000 meters of diamond core drilling and 3,000 meters of power auger drilling.
Objectives are to confirm high-grade mineralization at the existing deposit and to explore new targets along a high-strain corridor.
The program also aims to identify bedrock sources of geochemical anomalies within a 12 km x 7 km area.
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3. Ivanhoe Electric (NYSE:IE) provided an update on the Santa Cruz Copper Project in Arizona.
Executive Chairman Robert Friedland and CEO Taylor Melvin announced the selection of Fluor Enterprises as the lead consultant for the Preliminary Feasibility Study (PFS), with BBA USA handling mineral resources and mine engineering.
This milestone advances the high-grade underground copper project, aiming to complete the PFS by Q2 2025.
4. McEwen Mining (NYSE:MUX) announced a public financing of $22 million to fund exploration and development at the Fox Complex in Ontario, focusing on exploration drilling and an underground access ramp.
The financing consists of $10 million in flow-through shares for Canadian Exploration Expenses and $12 million in flow-through shares for Canadian Development Expenses.
The offering of 1,533,000 shares is expected to close on June 14, pending customary approvals.
Net proceeds are anticipated to be $20.9 million.
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