“We are very excited to commence exploration at Ta Cuong, our second MSV prospect. Based on geological similarities and historical results, we believe it has the potential to deliver similar results to Ban Chang. “
Following the completion of a highly successful geophysics program at Ban Chang, Blackstone’s geophysics crew is mobilising to the newly generated Ta Cuong target associated with the highly prospective Ban Khang ultramafic intrusion;
Ta Cuong is located 6km along strike from Ban Chang and proximal to a major regional structure that is also close to the Ban Phuc and Ban Chang prospects (see Figure 1);
The Ta Cuong prospect is analogous to the recently drilled Ban Chang prospect and the flagship Ban Phuc orebody where the company has delivered the King Cobra discovery and delineated the maiden Ban Phuc DSS resource to be announced during the current quarter;
Drilling at Ta Cuong by previous owners was not targeting electromagnetic (EM) plates and Blackstone’s geophysics crew will now use EM to refine the MSV targets at Ta Cuong for high impact drilling over the coming months;
Blackstone’s assaying of historic drill holes (previously unassayed) from Ta Cuong returned the following significant results (see Figures 2 & 3 and Tables 1 & 2):
BKh18‐02
15.6m @ 0.66% Ni, 0.6% Cu, 0.04% Co & 0.31g/t PGE1 from 45.9m incl. 0.6m @ 1.95% Ni, 4.47% Cu, 0.12% Co & 0.66g/t PGE from 51.7m
BKh18‐03
5.0m @ 0.84% Ni, 0.59% Cu, 0.05% Co & 0.87g/t PGE from 150.0m incl. 2.55m @ 1.43% Ni, 0.86% Cu, 0.09% Co & 0.78g/t PGE from 150.45m
1 Platinum (Pt) + Palladium (Pd) + Gold (Au)
Ta Cuong is the Company’s second high priority Massive Sulfide Vein (MSV) prospect within Blackstone’s portfolio of 25 MSV prospects to be systematically tested with modern techniques;
Blackstone is targeting MSV prospects analogous to the previously mined Ban Phuc MSV, where previous owners successfully mined 975kt of high grade ore at average grades of 2.4% Ni & 1.0% Cu from an average vein width of 1.3m for 3.5 years between 2013 and 2016, producing 20.7kt Ni, 10.1kt Cu and 0.67kt Co;
Recently purchased third drill rig will follow the geophysics crew throughout the Ta Khoa nickel sulfide district, testing high priority EM targets generated from 25 MSV prospects including Ban Chang, and Ta Cuong (see Figure 1);
Drilling continues at the King Cobra Discovery zone (KCZ) and Ban Chang;
The current Scoping Study is focused on downstream processing to produce nickel sulfate for the lithium-ion battery industry with the maiden resource on track for completion in Q3, CY20;
Downstream processing potential supported by $6.8 million investment from EcoPro Co Limited, the world’s second largest nickel-rich cathode materials manufacturer, completed in April 2020;
“We are very excited to commence exploration at Ta Cuong, our second MSV prospect. Based on geological similarities and historical results, we believe it has the potential to deliver similar results to Ban Chang. We anticipate the geophysics to better define drill targets, which we will immediately follow up with drilling. We continue to systematically test our 25 MSV prospects and with our in-house geophysics crew and Blackstone-owned drill rigs, we can cost effectively explore this globally significant nickel sulfide district using modern geophysical techniques. We see potential to increase annual nickel production from the Ta Khoa Nickel-Cu-PGE project through targeting high-grade MSV to complement the base load nickel sulfide feed to be potentially mined from the Ban Phuc DSS and King Cobra discovery zone.”
Exploring Southeast Asia’s Premier Nickel-Sulfide District
This Blackstone Minerals profile is part of a paid investor education campaign.
*
Overview
Blackstone Minerals (ASX:
BSX, OTC:BLSTF) is a leading battery and precious metals exploration and development company focused on the flagship Ta Khoa Nickel PGE (copper-cobalt) Sulfide Project, located 160 kilometers west of Hanoi in the Son La Province of Vietnam.
The Ta Khoa district and Ban Phuc mine represents a rare opportunity to invest in a premier, infrastructure advantaged, district scale, nickel PGE (copper-cobalt) sulfide project, with a downstream nickel sulfate value add opportunity, located in an emerging hub for electric vehicle lithium-ion battery manufacturing.
Additional projects within Blackstone's high-calibre portfolio of nickel sulfide, copper-gold-cobalt and gold projects in North America and Australia are being advanced for drill testing or joint venture, including the BC project (cobalt-gold) in Canada and the Silver Swan South project (gold-nickel) in Western Australia.
Internationally-designed 450 kilo-tonnes per annum (ktpa) processing plant
Blackstone Minerals' Company Highlights
Ta Khoa has infrastructure advantages via the existing Ban Phuc mine and processing facilities, and access to low-cost, underutilised hydroelectricity and a trained labour force
Ban Phuc is one of 25 nickel sulfide prospects in the highly prospective Blackstone-controlled Ta Khoa Nickel PGE (copper-cobalt) district, Son La Province, Vietnam
Targeting Q2 2020 for the delivery of the initial Joint-Ore Reserves Committee compliant resource for the Ban Phuc disseminated Nickel PGE (copper-cobalt) deposit
Advancing an independent scoping study evaluating development options for the Ban Phuc bulk mineable disseminated deposit and adjacent high-grade Nickel PGE (copper-cobalt) prospects
The objective is to produce a high-value nickel sulfate product for the lithium-ion EV battery manufacturing hub being developed in the port city of Hai Phong, where leading manufacturing companies have existing large-scale electronics manufacturing facilities
Funding secured to deliver a maiden resource and scoping study for the Ban Phuc disseminated nickel sulfide deposit, with approximately AU$4.95 million in treasury and access to an additional AU$2 million through a Controlled Placement Agreement (CPA) with Acuity Capital
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Blackstone Minerals' Key Projects
Blackstone's 90 percent-owned Ta Khoa Nickel-PGE project is located 160 kilometers west of Hanoi in the Son La Province of Vietnam. It includes an existing modern nickel mine built to Australian Standards, currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanized underground nickel mine from 2013 to 2016.
Previous project owners invested more than US$136 million in capital and generated US$213 million in revenue during a three-and-a-half-year period of falling nickel prices. The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past ten years.
Existing infrastructure associated with the project includes an internationally-designed 450ktpa processing plant connected to local hydro grid power with a fully-permitted tailings facility and a modern 250-person camp.
Since commencing maiden drilling August 2019, Blackstone has made significant progress at Ta Khoa, drilling over 9,000 meters of diamond core in more than 47 holes into the Ban Phuc DSS deposit and the highly prospective King Cobra discovery zone.
An initial scoping study evaluating mining and processing options is well advanced, including potential in-country downstream processing to deliver high value nickel sulfate into Asia's rapidly expanding electric vehicle (EV) industry. The recently announced MOU with Asia's largest and the world's second largest, EV battery cathode manufacturer, Ecopro BM Co Limited represents a significant step toward making this a reality.
Blackstone's drilling of the Ban Phuc DSS to date includes the following significant results:
Drillhole
From (m)
To (m)
Interval (m)
Ni (%)
Pt+Pd+Au (g/t)
BP19-02
106.6
124.4
17.8
1.00
0.74
incl.
106.6
114
7.4
1.36
1.10
BP19-03
56.5
102
45.5
1.20
0.35
BP19-06
101
128.7
27.7
0.88
0.74
incl.
108.5
122
13.5
1.12
0.91
BP19-08
140.6
170
29.4
1.00
0.60
incl.
140.6
146.9
6.3
1.22
1.03
BP19-09
107
118.95
12.0
1.46
1.09
incl.
108.2
117
8.8
1.70
1.28
BP19-10
136.9
170.2
33.3
0.80
0.37
incl.
137.5
152
14.5
1.31
0.65
BP19-07
310.9
375
64.4
0.52
0.20
incl.
310.9
327
15.6
1.08
0.58
BP19-11
109.4
161
51.5
0.50
0.22
incl.
116
124
8.0
1.09
0.66
BP19-14
215
321
106.0
0.45
0.20
BP19-22
79
108
29.0
0.60
0.39
incl.
81
94.4
13.4
0.82
0.72
BP19-23
173
224
51.0
0.71
0.43
incl.
187
203
15.7
1.48
1.14
BP19-29
32
91.8
59.8
1.29
0.29
incl.
49.1
63
13.9
2.25
0.54
Drilling underway at Ta Khoa, where four rigs are currently operational
King Cobra Discovery
Drilling at Blackstone's King Cobra discovery has delivered significant high-grade intersections, including 60 meters at 1.3 percent Nickel from 32 meters. It includes the first-ever intersection of massive sulfide vein and breccia styles of sulfide mineralisation within the Ban Phuc intrusion and may provide vectors towards the high grade 'feeder zone' mineralisation.
Plan View showing Ban Phuc DSS drill hole collar locations and King Cobra discovery zone (KCZ)Cross Section 49850E showing the King Cobra discovery hole BP19-23 and BP19-34 (See ASX announcement dated 20th January 2020 for full details)
Next Steps
Blackstone aims to deliver a maiden resource on the DSS at Ban Phuc over the coming months and investigate the potential to restart the existing Ban Phuc concentrator through focused exploration on both MSV and DSS deposits. Blackstone has commenced a scoping study on the downstream processing facility at Ta Khoa. The scoping study will provide detail for potential joint venture partners to formalise a binding agreement. Blackstone has commenced metallurgical testing on the Ban Phuc DSS deposit with an aim to develop a flow sheet for a product suitable for the lithium ion battery industry. In addition, Blackstone will investigate the potential to develop downstream processing infrastructure in Vietnam to produce a downstream nickel and cobalt product to supply Asia's growing lithium ion battery industry.
Core sample from Ta Khoa
BC Copper-Gold-Cobalt Project
The BC Copper-Gold-Cobalt Project, formerly the Little Gem Project, is located 180 kilometers north of Vancouver, British Columbia, Canada. The Project was discovered in the 1930s by prospectors identifying a pink cobalt-bloom on weathered mineralisation that led to three adits being developed. A total of 1,268 m of drilling was completed from underground and detailed channel sampling was taken from the adits. Blackstone acquired the BC Project in October 2017 and has since completed an extensive maiden exploration program including drilling, geochemical and geophysical surveys, with the initial results indicating potential for the project to host a world class Cobalt Belt in British Columbia.
With the discovery of copper-gold-cobalt mineralisation at Erebor during the 2018 field season returning grades up to 2.3 percent cobalt, 32 g/t gold, 1.6 percent copper and 1.1 percent nickel combined with the multiple large-scale IP anomalies indicating the potential source of the high grade mineralisation at Little Gem, Erebor, Jewel and Roxey, the Company continues to unlock the potential for multiple deposits in a region with geology analogous to the Bou-Azzer primary Cobalt district in Morocco (more than 50 deposits and over 75 years of Cobalt production). Regional targets continue to be generated from the data collected through prospecting and stream sediment sampling across the entire 48 strike kilometer of untested geology prospective for further primary cobalt and gold mineralisation. Blackstone is actively seeking joint venture partners for the BC Project.
Silver Swan South Gold-Nickel Project
The Silver Swan South Project is along trend of the massive nickel sulfide Silver Swan Deposit (pre-mining ore reserve of 655 kilo-tonnes at 9.5 percent nickel) and associated deposits (pre-mining resource of 10.4 Mt at 1.0 percent nickel), and only 8 kilometers northeast of the major Kanowna Belle Gold Mine (+5 Moz gold endowment).
Highlights of the Project include:
Blackstone's second phase aircore drilling program at Silver Swan South intersected gold mineralisation and extensive basement geochemical anomalism at the Black Eagle prospect with the following result: 10 meters at 3.2 g/t gold from 68 meters within 15 meters at 2.2 g/t gold from 64 meters to EOH
The above results have significantly upgraded the Black Eagle prospect and, when combined with previous reconnaissance results of 3 meters at 3.5g/t gold from 60 meters sees Black Eagle elevated to a priority drill target.
The Silver Swan South project is located 8 kilometers along strike and encompasses the interpreted extension of the Fitzroy Shear Zone which hosts the Kanowna Belle Gold Mine (+5 Moz gold endowment);
Aircore drilling will also target the Black Hawk prospect following up on an initial 3 meters at 2.6 g/t gold from 52 meters intersected in the first phase of drilling at Silver Swan South.
Blackstone's initial drilling at Silver Swan South was targeting both gold, hosted by structural targets along strike from the Kanowna Belle Gold Mine (+5 Moz gold endowment), and nickel sulfide mineralisation associated with ultramafic units along strike from the Silver Swan and Black Swan Nickel Mines (combined endowment 166 kilo tonnes nickel metal). The initial programs were designed to test for basement hosted mineralisation, using air core drilling, to improve definition of gold and base metal anomalism identified by previous reconnaissance style drilling.
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Blackstone Minerals' Board and Management Team Management
Scott Williamson, Managing Director
Mining Engineer with a Commerce degree from the West Australian School of Mines and Curtin University, over 10 years of experience in technical and corporate roles in the mining and finance sectors.
Hamish Halliday, Non-Executive Chairman
Geologist with over 20 years of corporate and technical experience, founder of Adamus Resources Limited, an A$3M float which became a multi-million-ounce emerging gold producer.
Andrew Radonjic, Technical Director
Mine Geologist and Mineral Economist with over 25 years of experience with a focus on gold and nickel exploration, instrumental in three significant gold discoveries north of Kalgoorlie, Executive Director of Venture Minerals Limited and co-lead the discovery of the Mount Lindsay Tin-Tungsten-Magnetite deposits.
Steve Parsons, Non-Executive Director
Geologist with corporate and technical experience, a proven track record of mineral discoveries, corporate growth, international investor relations and creating shareholder wealth, founding MD of Gryphon Minerals Ltd which became an ASX 200 company with a multi-million-ounce gold discovery in West Africa.
Michael Naylor, Joint Company Secretary
A chartered accountant with over 20 years of experience in corporate advisory and public company management, previously an Executive Director and/or Company Secretary of two highly successful battery metal resource companies located in Australia and Canada. Executive Director and Company Secretary of Bellevue Gold Ltd (ASX:BGL) currently growing a multi-million-ounce gold discovery in WA.
Jamie Byrde – Joint Company Secretary
Chartered Accountant with over 14 years of experience in accounting, company secretarial and corporate advisory roles specializing in Financial Accounting and Reporting and Corporate Governance, currently the Company Secretary for Venture Minerals Limited and Alicanto Minerals Limited.
Dr. Stuart Owen – Exploration Manager
BSc & PhD in Geology with over 20 years of experience in mineral exploration, Senior Geologist in the team that discovered the Paulsens Mine (+1Moz) and as an Exploration Manager at Adamus discovered the Southern Ashanti Gold deposits (+2Moz) and at Venture discovered the Mt Lindsay TinTungsten-Magnetite deposits.
Andrew Strickland – Head of Project Development
Andrew Strickland will lead development of Ta Khoa. He is an experienced Study and Project Manager, a Fellow of the Australian Institute of Mining and Metallurgy, University of WA MBA graduate, with undergraduate degrees in Chemical Engineering and Extractive Metallurgy from Curtin and the West Australian School of Mines.
Previously, Andrew Strickland was Senior Study Manager for GR Engineering Services Limited, where he was responsible for delivering a series of Scoping and Feasibility Studies for Australian and international projects.
Andrew Strickland has a history of developing mining & metals projects across different commodities and jurisdictions as well as a broad understanding and experience in minerals processing, project management and corporate strategy.
Richard Kitchener – General Manager – Operations
As General Manager Operations, Richard Kitchener will lead, plan and execute all operational activity to ensure a smooth transition into production. Richard Kitchener was Mining and Geology Manager at Masan Group's Nui Phao Mine in Northern Vietnam for the past 10 years, responsible for the development of systems and procedures and negotiation of all contracts during the development and operation of the Nui Phao Mine.
Other previous roles include the position of General Manager Operations at Swan Gold Mining in Australia and General Manager of Operations at Ban Phuc Nickel Mines, Blackstone's now renamed Ta Khoa Project. Richard Kitchener holds a Bachelor of Engineering from Camborne School of Mines.
Steve Ennor – General Manager – Project Development
Steve Ennor, the General Manager Project Development, will manage the transition of the processing facilities from construction to operational readiness. Steve Ennor is a metallurgist with 30 years of experience in gold and base metals processing, including senior management and operational positions in Australia, Africa and South East Asia.
Steve Ennor commenced as the Ban Phuc Nickel Project Development Manager in 2010 and managed project development, plant design and construction into 2012 before transitioning to Metallurgy Manager.
Steve Ennor holds a Diploma in Metallurgy Engineering and is a member of the Australasian Institute of Mining and Metallurgy.
Vũ Hồng Cấm Vân – General Manager – Commercial
Vũ Hồng Cấm Vân will act as General Manager Commercial and will be responsible for managing all business and financials, external affairs and communications in Vietnam relating to the Ta Khoa Project in conjunction with the General Manager Operations and General Manager Project Development.
Vũ Hồng Cấm Vân joined Ban Phuc Nickel Mines in 2006 and has successfully performed in several roles transitioning from senior environment officer to HSE & CSR manager and government affairs director.
Vũ Hồng Cấm Vân holds a BSc in Environment Management from the Ha Noi National University and MSc in Climate Change from the Ha Noi National University.
*Disclaimer: This profile is sponsored by Blackstone Minerals (ASX:
BSX). This profile provides information which was sourced by the Investing News Network (INN) and approved by Blackstone Minerals, in order to help investors learn more about the company. Blackstone Minerals is a client of INN. The company's campaign fees pay for INN to create and update this profile.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Blackstone Minerals and seek advice from a qualified investment advisor.
On 2 March 2021 the Australian Taxation Office issued Rio Tinto Limited with amended assessments related to the denial of interest deductions on an isolated borrowing used to pay an intragroup dividend in 2015. The borrowing was repaid in 2018. The ATO has today issued further assessments in relation to the same transaction levying penalties of A$352m and reducing the original interest assessment from A$47m to A$27m …
On 2 March 2021 the Australian Taxation Office (ATO) issued Rio Tinto Limited with amended assessments related to the denial of interest deductions on an isolated borrowing used to pay an intragroup dividend in 2015. The borrowing was repaid in 2018.
The ATO has today issued further assessments in relation to the same transaction levying penalties of A$352m (US$257.9m) and reducing the original interest assessment from A$47m to A$27m (US$19.8m).
Borrowing to fund the payment of a dividend is a normal commercial practice. Rio Tinto is confident of its position and will dispute the primary tax and penalty assessments. In accordance with the usual practice Rio Tinto has paid 50% of the primary tax up-front as part of the objections process. Penalties and interest are not required to be paid until the primary tax matter is resolved.
Rio Tinto Limited paid more than A$8.4bn (US$6.4bn) of Australian income tax during the relevant period.
Ioneer Ltd is pleased to announce that the Company has reached an agreement to establish a joint venture with Sibanye Stillwater Limited to develop the flagship Rhyolite Ridge Lithium-Boron Project located in Nevada, USA . Under the terms of the agreement, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the Joint Venture, with ioneer to maintain a 50% interest and retain operatorship. ioneer …
Ioneer Ltd (“ioneer" or the “Company") (ASX: INR) is pleased to announce that the Company has reached an agreement to establish a joint venture (the " Joint Venture “) with Sibanye Stillwater Limited ( “Sibanye-Stillwater" ) to develop the flagship Rhyolite Ridge Lithium-Boron Project located in Nevada, USA (the “Project" ). Under the terms of the agreement, Sibanye-Stillwater will contribute US$490 million for a 50% interest in the Joint Venture, with ioneer to maintain a 50% interest and retain operatorship. ioneer has also agreed to provide Sibanye-Stillwater with an option to participate in 50% of the North Basin 1 upon the election of Sibanye-Stillwater to contribute up to an additional US$50 million subject to certain terms and conditions.
In addition, the Company has entered into a subscription agreement with Sibanye-Stillwater for a strategic placement of US$70 million of ioneer ordinary shares (the " Sibanye-Stillwater Placement" ). The placement shares will be issued to Sibanye-Stillwater at ioneer's 10 day VWAP as of ASX market close on 15 September 2021. The Sibanye-Stillwater Placement is subject to shareholder approval at an Extraordinary General Meeting (" EGM “) of the Company's shareholders to be held on 21 October 2021 .
Transaction Highlights
Transformational strategic investment underpins the quality of Rhyolite Ridge and ioneer's future as a major lithium and boron producer in the US
Sibanye-Stillwater is a US$10 billion global mining company 2 , with a proven track record in large-scale mining projects, and has committed to become an important player in the battery materials supply chain
Formation of a joint venture operating committee comprised of ioneer and Sibanye-Stillwater representatives will leverage the deep skillsets of both partners to help deliver the Project
Sibanye-Stillwater and ioneer will work collaboratively to secure debt financing for the Project on acceptable terms to ensure the Project is appropriately fully financed to production
Proceeds from the Sibanye-Stillwater Placement will be used towards ioneer's development capital requirement, medium term working capital needs and to progress long-lead items to minimise time to production
James Calaway , Executive Chairman of ioneer commented:
“We are extremely pleased to welcome Sibanye-Stillwater, a leading international mining company, as a strategic partner in the Rhyolite Ridge Project. Sibanye-Stillwater, with its proven track record of developing and operating major mining projects including operations in the United States , its commitment to developing and maintaining an inclusive and sustainable culture, and its determination to become a major force in the battery materials supply chain, is an excellent partner for ioneer to jointly realize the promise of Rhyolite Ridge. With a strong strategic partner in place, we can now look to finalise the debt financing for the Project and move towards construction. We are confident in the alignment of our companies. Our partnership with Sibanye-Stillwater will allow ioneer to unlock the tremendous, long- term value of Rhyolite Ridge."
Neal Froneman , CEO of Sibanye-Stillwater commented:
“This is Sibanye-Stillwater's second lithium transaction and third transaction in the battery metals sector, which will be essential for the transition to a cleaner future. We are excited to build a long-term relationship with ioneer, who share our vision of facilitating security of lithium supply to the North American markets. Rhyolite Ridge is a world-class lithium project and we recognize its strategic value, with the potential to become the largest lithium mine in the US. We look forward to working collaboratively with the ioneer team and leveraging our complementary skills and capabilities to ensure this strategically important, world-class project is delivered, and materially contributes to reducing climate change."
Transaction Details
The key terms of the transaction are summarised below:
ioneer will contribute the Project for a 50% interest in the newly created joint venture limited liability company (" JVCo “) and Sibanye-Stillwater will provide US$490 million in direct funding to the Project for 50% of the ordinary units in JVCo
ioneer will be the operator of the Project, will enter into a management services agreement with JVCo and will be responsible for the development and subsequent operation of the Project
The companies will establish a Technical Committee which will meet regularly to oversee the operations of the Project and an ESG Committee which will collaborate on key initiatives given the importance of ESG to both parties
In addition, the companies have agreed to establish a Marketing Committee to leverage each company's existing relationships to maximise the value of JVCo's products
Establishment of the Joint Venture and Sibanye-Stillwater's funding commitment is subject to certain terms and conditions precedent, including receipt of final permits, commitments for remaining debt financing, and other customary approvals. ioneer anticipates these conditions precedent to be satisfied during the during second half of calendar year 2022
The JVCo transaction is not subject to shareholder approval and is not conditional on ioneer shareholders approving the placement of shares to Sibanye-Stillwater under the Sibanye-Stillwater Placement
Sibanye-Stillwater Placement Details
Under the terms of the Sibanye-Stillwater Placement, Sibanye-Stillwater will subscribe for 145.9 million ordinary shares of ioneer at a price of A$0 .655 (representing the 10-day VWAP as of ASX close on 15 September 2021 ). The issue of shares under the Sibanye-Stillwater Placement would exceed the Company's existing placement capacity under ASX Listing Rule 7.1 and therefore ioneer will be required to hold an EGM to approve the issue of the shares to Sibanye-Stillwater. The EGM is expected to take place on 21 October 2021 with further details on the EGM to be included in the Notice of EGM that will be despatched to shareholders and published on ASX in the coming days.
The directors unanimously recommend that shareholders at the EGM vote in favour of the issue of shares to Sibanye-Stillwater, and intend to vote the ioneer shares they own and control, or to which the director is appointed as proxy, in favour of such a resolution.
Transaction Advisers
ioneer's financial adviser is Goldman Sachs, and its legal advisers are Vinson & Elkins ( United States ) and Ashurst ( Australia ).
Sibanye-Stillwater's financial adviser is Macquarie Capital, and its legal adviser is Davis Polk & Wardwell LLP ( United States ).
About Sibanye-Stillwater
Sibanye-Stillwater is listed on the Johannesburg Stock Exchange and New York Stock Exchange (JSE:SSW and NYSE:SBSW) and has a market capitalisation of US$10 billion . Sibanye-Stillwater is one of the world's largest primary producers of platinum, palladium and rhodium and is also a top tier gold producer, ranking third globally on a gold-equivalent basis. It also produces other PGMs, such as iridium and ruthenium, and chrome, copper and nickel as by-products.
In the United States , Sibanye-Stillwater currently operates three integrated facilities in Montana : the Stillwater and East Boulder PGM mines (78% palladium and 22% platinum) and the Columbus Metallurgical Complex which smelts material mined to produce PGM-rich filter cake and recycles autocatalysts to recover PGMs.
Sibanye-Stillwater has continued to advance its global diversification strategy to encompass the battery metal space by investing in a Finnish lithium hydroxide project in February 2021 . With the acquisition of a 30% shareholding in Keliber Oy, Sibanye-Stillwater now has a substantial interest in the Keliber Lithium Project currently in development phase in the Kaustinen region of Finland . In July 2021 , Sibanye-Stillwater also announced it had entered into an exclusive put option agreement with French mining group Eramet SA for the acquisition of 100% of the Sandouville nickel hydrometallurgical processing facility in Normandy, France . Together with the ioneer Placement, the Rhyolite Ridge Joint Venture represents Sibanye-Stillwater's third transaction in the battery materials sector following the Sandouville nickel and Keliber lithium transactions in 2021.
The Sibanye-Stillwater Group focusses on embedding and excelling at environmental, social and governance (ESG) matters. Their vision is to create superior value for all stakeholders through the mining of mineral resources. The sustainable management of their operations is integral to their ability to obtain and maintain their social license to operate and generate long-term value for all stakeholders, including employees, the communities where they operate, governments and shareholders.
About ioneer
ioneer Ltd is the 100% owner of the Rhyolite Ridge Lithium-Boron Project located in Nevada, USA , the only known lithium-boron deposit in North America and one of only two known such deposits in the world. The Definitive Feasibility Study (DFS) completed in April 2020 confirmed Rhyolite Ridge as a world-class Lithium and Boron Project that is expected to become a globally significant, long-life, low-cost source of lithium and boron vital to a sustainable future.
This ASX release has been authorised by ioneer Managing Director Bernard Rowe .
Contacts:
James Calaway
Bernard Rowe
ioneer Ltd
ioneer Ltd
Executive Chairman
Managing Director
T: +1 713 818 1457
T: +61 419 447 280
jcalaway@ioneer.com
browe@ioneer.com
Matt Dempsey
Jane Munday
FTI Consulting
FTI Consulting
Investor & Media Relations (USA)
Investor & Media Relations (Australia)
T: +1 202 316 9609
T: +61 488 400 248
matt.dempsey@fticonsulting.com
jane.munday@fticonsulting.com
Important notice and disclaimer
Forward-looking statements
This announcement contains certain forward looking statements and comments about future events, including ioneer's expectations about the Project and the performance of its businesses. Forward looking statements can generally be identified by the use of forward looking words such as 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings or financial position or performance are also forward looking statements.
Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward looking statements will not be achieved. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause ioneer's actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements and many of these factors are outside the control of ioneer. As such, undue reliance should not be placed on any forward looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward looking statements, forecast financial information or other forecast. Nothing contained in this announcement nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of ioneer.
Except as required by law or the ASX Listing Rules, ioneer assumes no obligation to provide any additional or updated information or to update any forward looking statements, whether as a result of new information, future events or results, or otherwise.
1 The North Basin is contiguous with ioneer claims in the area but separate from the Rhyolite Ridge Project in the South Basin. The North Basin was not included in the DFS given its different geological setting and early stage exploration status. 2 Market capitalisation as at 14 September 2021
Gold isn't all that glitters in the land down under — silver in Australia is a major industry, and the country is home to both large and small players.
When it comes to precious metals, Australia has long punched above its weight — the nation was born riding the wave of a gold rush.
Gold isn't all that glitters through — Australia is also a major global producer of silver. It's among the 10 top producers, and was ranked seventh in 2020, with 1,300 tonnes coming from the many operational mines in the country. By comparison, the world's top producer, Mexico, produced 6,300 tonnes that same year.
Other key players in the silver market are Peru, China and Russia, which produce more silver than Australia, and the US, Argentina and Bolivia, which produce less.
Australia is sitting on quite a lot of the precious metal, with the world's second largest reserves, behind only Peru.
According to Geoscience Australia, one of the country's first mines was a silver-lead mine near Adelaide. Since then, the entire continent has been combed over with a fine-toothed comb, with deposits identified in every state and territory and active mines in every jurisdiction but one (Victoria).
Overall, Australia is well explored when it comes to silver, and since the mid-1800s it's had a constant stream of silver production. Aside from that, the country boasts metals-processing facilities in South Australia that separate the precious metal from its commonly mined counterpart metals, lead and zinc.
Silver companies in Australia
Those looking at the Australian silver market have options. There are plenty of big players with interests in Australian silver, and many smaller players for investors to consider researching too.
Most silver comes from mines dedicated to other metals — Glencore's (LSE:GLEN,OTC Pink:GLCNF) Mount Isa in Queensland produces mainly copper, zinc and lead, but silver is separated by the company's integrated processing streams. Glencore also operates the McArthur mine in the Northern Territory, which is primarily zinc, but between its copper and zinc assets, Glencore produced 7,404,000 ounces of silver in Australia in 2020 — over 200 tonnes.
Elsewhere, BHP (ASX:BHP,NYSE:BHP,LSE:BLT) produces a lot of silver as well at the Olympic Dam operation in South Australia. Perhaps best known for the production of uranium and copper, it also yields significant silver resources to the tune of 984,000 ounces in 2020 (or almost 28 tonnes).
According to Geoscience Australia data from 2016, over 20 mines in Australia produced silver in that year, while there are dozens of other resources identified in each state.
A primary producer of silver is the Cannington mine in Queensland, where South32 (ASX:S32,OTC Pink:SHTLF), a company that was spun off from BHP in 2015, mines silver and lead. Cannington is a big one, producing 11,792,000 ounces in 2020, or 334 tonnes of silver.
Tasmania boasts the Rosebery mine, which has seen 85 years of continuous operations and is currently owned by MMG (ASX:MMG,HKEX:1208). Rosebery, like all the others here, is polymetallic, and besides silver also produces copper, zinc, lead and gold. MMG also has the Dugald River mine in Queensland which also produced silver.
Getting into smaller companies, there are those like New Century Resources (ASX:NCZ) which restarted the Century mine in the Northern Territory for zinc and silver.
The future of silver in Australia
So, you get the picture — there's a lot of silver to be mined in Australia by way of mining everything else.
It's worth noting that because silver operates both as a precious and an industrial metal, and is mined most often alongside base metals, it can be pulled in many directions. However, it traditionally follows (and lags behind) its precious metal sibling, gold, making it a valuable investment commodity to keep an eye on.
Looking forward, the future of the commodity in the land down under — especially given Australia's significant reserves and operator diversity — is as bright as you'd like it, and depends on what investors are most interested in, given the by-product nature of the metal.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.
Australia took a stand against Facebook and Google earlier this year, and the move could have long-term implications for tech investors.
It was a ban that sent Australians wild and had the whole world watching.
Back in February, Facebook (NASDAQ:FB) stopped users in Australia from posting news in a week-long blackout, reacting to proposed legislation that would have forced the social media behemoth to pay publishers for content.
What prompted Facebook to "friend" Australia again, and what are the potential long-term implications of the squabble? Read on to learn what tech-focused investors in Australia should know about the situation.
Australia squares off against Facebook
On February 25 of this year, Australia's federal government passed the News Media and Digital Platforms Mandatory Bargaining Code. It was developed after extensive analysis by the Australian Competition and Consumer Commission, and is aimed at ensuring that news media businesses are fairly remunerated for their content.
It stipulates that digital platforms such as Facebook and Google (both named in the documentation) must pay news outlets whose content they feature — for example, if content is shared on Facebook or shows up in Google search results. The idea is that this will help to sustain journalism in Australia.
Unsurprisingly, Facebook and Google didn't react well to the code, which was first introduced in 2020.
Google didn't make any moves after it passed, but Facebook quickly made it impossible for Australian users to share news content, and pages for both local and international news organisations went blank — a major concern given the COVID-19 and wildfire concerns that were circulating at the time.
Australian Prime Minister Scott Morrison was scathing about Facebook's decision — which he ironically shared in a Facebook post — declaring the tech giant's actions "as arrogant as they were disappointing." He added, "These actions will only confirm the concerns that an increasing number of countries are expressing about the behaviour of BigTech companies who think they are bigger than governments and that the rules should not apply to them."
Despite strong feelings from both Australia and Facebook, the dispute was resolved fairly quickly, with the country agreeing to make four amendments to the legislation and Facebook restoring Australian's access to news.
Implications for Big Tech and news organisations
Both Australia and Facebook have claimed victory in the dispute, with a Facebook representative saying the company will be able to decide if news appears on the platform — meaning it won't automatically have to negotiate with any news businesses. Changes were also made to the arbitration process.
Tech experts have pointed out that larger news companies may ultimately benefit from the changes, but smaller ones could be pushed to the side. Major publishers that have struck agreements with tech giants, such as News Corp, Nine Entertainment (ASX:NEC,OTC Pink:NNMTF), Seven West Media (ASX:SWM) and Guardian Australia, may be able to increase their market share while smaller independent players lose out.
A business that is in full support of the laws is Microsoft (NASDAQ:MSFT). During the conflict, President Brad Smith came out loudly in favour of Australia's law, and advised that his company is willing to step up with search engine Bing should Google and/or Facebook pull out of the Australian market.
"In Australia, Prime Minister Scott Morrison has pushed forward with legislation two years in the making to redress the competitive imbalance between the tech sector and an independent press. The ideas are straightforward. Dominant tech properties like Facebook and Google will need to invest in transparency, including by explaining how they display news content," he said in a blog post.
"The United States should not object to a creative Australian proposal that strengthens democracy by requiring tech companies to support a free press. It should copy it instead."
Global reach and tech investor impact
Six months down the road from Australia's landmark legislation, it's tough to say what the long-term impact may be.
That said, market watchers do believe the country is part of a new precedent of forcing Big Tech into paying for journalism — something giants Facebook and Google are not used to.
Countries looking to pursue similar legislation include Canada, where Facebook agreed in May to pay 14 publishers to link to their articles on its COVID-19 and climate science pages, as well as other unspecified use cases. Canada is pursuing other avenues too. Meanwhile, in France, Google said it will pay publishers for news content after the country took up new EU copyright laws that make digital platforms liable for infringements.
For investors, the takeaway is perhaps that while companies like Facebook and Google may seem too big too fail, they too can fall subject to new regulations that can change how they do business. As nations around the world look to take back control from these mega companies, it's important to be aware of possible effects on their bottom lines.
Don't forget to follow @INN_Australia for real-time updates!
Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.
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