Newcrest Mining Limited announces that Mr Peter Hay intends to retire as a Non-Executive Director and as Non-Executive Chairman of Newcrest, with effect from the close of Newcrest’s Annual General Meeting on 10 November 2021. Newcrest also announces that Mr Peter Tomsett has been appointed as Non-Executive Chairman with effect from the close of Newcrest’s AGM, subject to his re-election as a Non-Executive Director …

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) announces that Mr Peter Hay intends to retire as a Non-Executive Director and as Non-Executive Chairman of Newcrest, with effect from the close of Newcrest’s Annual General Meeting (AGM) on 10 November 2021. Newcrest also announces that Mr Peter Tomsett has been appointed as Non-Executive Chairman with effect from the close of Newcrest’s AGM, subject to his re-election as a Non-Executive Director at the AGM.

Mr Tomsett was appointed to the Board as a Non-Executive Director in September 2018 and is a member of the Audit and Risk Committee, Safety and Sustainability Committee and the Nominations Committee. Peter has extensive gold mining and international business experience as both an executive and non-executive director of a broad range of mining companies listed on the Australian, Toronto, New York and London stock exchanges. He spent 20 years with global gold and copper company Placer Dome Inc in senior roles including President and Chief Executive Officer until its acquisition in 2006. He has also been the Chairman and Managing Director of Kidston Gold Mines Ltd and the Non-Executive Chairman of Equinox Minerals Ltd and Silver Standard Resources Inc. Mr Tomsett has also held numerous other Board positions in mining, energy and construction companies and associations and holds both Australian and Canadian citizenship having spent much of his recent career based in North America.

Newcrest Chairman, Peter Hay, said, “It has been an honour to serve as Newcrest’s Chairman for the past eight years and I am delighted with the Board’s appointment of Peter Tomsett as incoming Chairman. I have thoroughly enjoyed my time as both a Non-Executive Director and Chairman of Newcrest and leave the Company in the capable hands of a strong and committed Board and Executive management team. I would like to take this opportunity to thank all of our shareholders for their continued support over the last eight years.”

Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said, “On behalf of all of us at Newcrest I would like to thank Peter Hay for his strong leadership and contribution to Newcrest’s continued success over the past eight years. I would also like to congratulate Peter Tomsett on his appointment as Chairman of the Newcrest Board and look forward to working with Peter and the Board to successfully execute our Forging an Even Stronger Newcrest business plan.”

Authorised by the Newcrest Board

For further information please contact

Investor Enquiries
Tom Dixon
+61 3 9522 5570
+61 450 541 389
Tom.Dixon@newcrest.com.au

Ben Lovick
+61 3 9522 5334
+61 407 269 478
Ben.Lovick@newcrest.com.au

North American Investor Enquiries
Ryan Skaleskog
+1 866 396 0242
+61 403 435 222
Ryan.Skaleskog@newcrest.com.au

Media Enquiries
Tom Dixon
+61 3 9522 5570
+61 450 541 389
Tom.Dixon@newcrest.com.au

This information is available on our website at www.newcrest.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98577

News Provided by Newsfile via QuoteMedia

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Global News
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"I'm bearish on the markets, (but) I'm bullish on gold — physical bullion — and farmland right now," said Mercenary Geologist Mickey Fulp.

Mickey Fulp VRIC 2022 youtu.be

With the general markets in turmoil, Mercenary Geologist Mickey Fulp sees few places to turn.

"It's a difficult situation," he said at the recent Vancouver Resource Investment Conference (VRIC). "I am very bearish, not necessarily on commodity prices, but on the whole resource space and the ability of companies to explore, develop, produce — there's a variety of factors against that right now."

Those include resource nationalism, socialism, anti-development initiatives and green agendas, Fulp explained. Meanwhile, mining companies are seeing energy and labor costs pushed up by inflation.

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mining cart in a tunnel

Driven by foreign investment, mining has become one of Argentina's fastest-growing sectors; Australian companies make up a particularly large segment of this industry.

Mining in Argentina has become one of the fastest-growing sectors in the nation’s economy. Argentina’s ample and comparatively underexplored gold and precious metals resources are a valuable opportunity, and will likely drive considerable growth in the country’s mining sector in the coming years.

In comparison to its neighbour Chile, Argentina’s mining sector has a lot of room to grow. Attractive incentives, including favourable mining policies, competitive mining investment laws and mineral-rich geology, have been seen as positive steps towards a strong Argentinian mining industry.

Mining giants are definitely attracted. Barrick Gold (TSX:ABX,NYSE:GOLD) has staked a claim in Argentina alongside its partner Shandong Gold Mining (HKEX:1787), extending the life of the country's largest gold mine, Valadero, with a US$75 million investment. On the other hand, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), the second largest metals and mining company in the world, recently acquired the Rincon lithium project. Formerly owned by Rincon Mining, the undeveloped lithium brine project is situated in Argentina's Salta province. It represents the latest in a series of acquisitions and developments in the region by Australian businesses.


Mining in Argentina: A brief history 

Unlike other regions, Argentina's mining sector doesn’t have a particularly long history. A 2016 study released by KPMG International notes that the Argentina mining sector's first significant milestone was the 1813 enactment of the Mining Promotion Law. Designed to encourage exploration, research and production of the country's extensive mineral wealth, this law ultimately laid the foundation for modern-day Argentina's welcoming attitude towards mining.

Argentina went on to adopt the Argentine Mining Code in 1887, a regulatory framework that established state ownership of the country's subsoil while still allowing for private exploration. The fledgling industry developed slowly over the next several years. Although it received some benefits due to increased demand and mineral prices during the First and Second World Wars, this was not enough to inspire significant growth.

It was not until near the end of the 20th century that the sector began to flourish. Constitutional reform in 1994 shifted ownership of natural resources from state to province, while a new regulatory framework attracted considerable investment from both Canada and Australia. Notably, from 1990 to 1999, joint production of minerals increased by 104 percent. During this period, the gross domestic product of Argentina's mining industry grew at a rate of between 5 and 7 percent per annum.

Mining in Argentina soon became the primary target of foreign direct investments. The production of common metals such as steel and aluminium were the primary beneficiaries of this surge of investment.

Unfortunately, growth soon slowed to the point of stagnation, the result of several factors. First, the country's mining code was unnecessarily complex and cumbersome to navigate. Second, socioeconomic strife created more risk than some investors were willing to accept. And finally, the introduction of controversial legislation such as the 2002 Glacier Protection Law alienated the mining sector, leading to multiple high-profile exits.

Mining in Argentina: The revitalization

In 2017, Argentina further deepened its trade relationship with Australia, signing a memorandum of understanding that saw the two countries collaborate on building education, research and capacity across multiple sectors. This agreement, which placed particular emphasis on mining, established a strong foundation for any Australian company looking to conduct exploration or production in the country. The 2019 election of a new president only further moved the dial, with President Alberto Fernández swearing to revise the country's mining code and reconsider its Glacier Protection Law.

Moreover, as the world has continued the push for cleaner energy and carbon neutrality, demand for battery materials such as copper and lithium — both of which are abundant throughout the country — has sharply increased.

Because Argentina is currently at the heart of a global lithium rush, it's easy to forget the fact that it also houses significant mineral wealth in both gold and precious metals. These ample, comparatively underexplored resources represent an incredibly valuable opportunity. It is likely that, alongside lithium, they will drive considerable growth in the country's mining sector.

Political instability in Chile may also contribute to Argentina's rise, as investors seek an alternative to its well-developed mining sector. Ultimately, Argentina has set a goal of US$10 billion in mining exports by 2030.

Mining in Argentina: ASX gold companies

Australian mining and exploration companies have a significant presence in Argentina and exert considerable influence over the country's mining industry.

Challenger Exploration (ASX:CEL) has also established itself in the gold-rich province of San Juan with the Hualilan project. Consisting of 15 mining leases and an exploration licence application over 26 square kilometres, Hualilan contains a high-grade historical resource of 627,000 ounces of gold that remains open in all directions.

The company has had nine rigs drilling at the project for almost a year, and is due to release its maiden resource estimate shortly. The project will use the same rail shipping methods as the highly successful Josemaria copper project, recently acquired by Lundin Mining (TSX:LUN,NASDAQ:LUMI).

Another ASX-listed explorer in Argentina, E2 Metals (ASX:E2M), which has the El Rosillo and Conserrat projects in Patagonia, counts Eric Sprott as one of its largest shareholders. This follows his decision to cornerstone a capital raise in March 2022. Sprott is a well-recognized investor with a strong history in mining.

When referring to its efforts to promote mining efforts, San Juan’s mining ministry said, “It has become a state policy. We provide the fiscal conditions, social licences and the legal certainty schemes necessary for the full development of mining. Our territory concentrates 50 percent of the country’s mining potential.”

Finally, Austral Gold (ASX:AGLD,OTC Pink:AGLDF) in 2019 acquired a 100 percent interest in the Casposo silver-gold mine through a share purchase agreement with Troy Resources (ASX:TRY). A combination open-pit and underground mine, Casposo began production in 2011. It is currently undergoing care and maintenance, and a reopening date has yet to be announced.

Takeaway

Despite a troubled political history, Argentina is incredibly well-positioned to turn this around, and the country maintains a strong relationship with Australian mining companies. Favourable mining policies and competitive mining investment laws, combined with mineral-rich geology, have the potential to greatly strengthen the country's mining industry.

This INNSpired article is sponsored by Challenger Exploration (ASX:CEL). This INNSpired article provides information that was sourced by the Investing News Network (INN) and approved by Challenger Exploration in order to help investors learn more about the company. Challenger Exploration is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.

This INNSpired article was written according to INN editorial standards to educate investors.

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 Challenger Exploration and seek advice from a qualified investment advisor.

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"I'm no market forecaster, but part of me suggests this could get worse before it gets better," said Rick Rule of Rule Investment Media.

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The gold price is trading lower than some market watchers would prefer, but the top-performing ASX gold stocks so far this year are making leaps.

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While 2021 was a disappointing year for gold, analysts are optimistic about the outlook for 2022.

The yellow metal passed the US$2,000 per ounce mark as tensions between Russia and Ukraine heated up, but has since pulled back to trade closer to US$1,800. However, diverse factors could combine to push it higher.

Demand for gold jewellery, gold bars and coins, and the metal’s use in the technology sector are still going strong, and supply is also a growing concern due to decreased gold exploration efforts in recent years.


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1. Xantippe Resources

Year-to-date gain: 180 percent; market cap: AU$107.3 million; current share price: AU$0.01

Xantippe Resources (ASX:XTC) is focused on Western Australia's Southern Cross region, which is widely known for its past gold production. The precious metals explorer's Southern Cross project is made up of 20 prospecting licences and six exploration licences, and holds a number of key priority targets.

In late April, Xantippe confirmed the acquisition of lithium tenements in Argentina with the hope of commencing exploration activities in the third quarter.

2. Minrex Resources

Year-to-date gain: 55.81 percent; market cap: AU$63.05 million; current share price: AU$0.07

Minrex Resources’ (ASX:MRR) assets include five gold and base metals projects in Western Australia, four of which are in the mineral-rich East Pilbara region.

The company started off the year with high-grade gold drill results from its work at the Queenslander gold prospect within its Sofala project. The prospect is centred around the past-producing Queenslander mine.

3. Aston Minerals

Year-to-date gain: 38.1 percent; market cap: AU$164.19 million; current share price: AU$0.15

Gold and nickel-cobalt explorer Aston Minerals (ASX:ASO) is moving forward at its Edleston gold project, located in the Cadillac-Larder Lake fault zone of Canada's Abitibi greenstone belt. Edleston is its flagship asset, and according to the company, it is the first in over a decade to drill in this area.

Aston continues to focus on gold at Edleston, but its Boomerang nickel-cobalt target has come to the forefront in recent months, with the company announcing the results of its maiden hole there in early December.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Marlee John, currently hold no direct investment interest in any company mentioned in this article.

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Kairos Minerals
Kairos Minerals

Description

The securities of Kairos Minerals Limited (‘KAI’) will be placed in trading halt at the request of KAI, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 25 May 2022 or when the announcement is released to the market.


Issued by

Todd Lewis

Adviser, Listings Compliance (Melbourne)


Click here for the full ASX Release

This article includes content from Kairos Minerals , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

KAI:AU
European Lithium Executive Chairman Tony Sage

European Lithium Executive Chairman Tony Sage said, “There's not one hydroxide plant in Europe, so we hope to be the first. Not only would we be able to source material from our own mine, but we may be able to source material in nearby areas.”

European Lithium Executive Chairman Tony Sage: Developing the 1st Lithium Hydroxide Plant in Europe youtu.be


European Lithium (ASX:EUR,FWB:PF8) Executive Chairman Tony Sage discussed the company’s Wolfsburg project in Austria, a country with a rich mining history dating back to WWII that maintains its infrastructure.

Wolfsburg continues that tradition, positioned only 45 kilometres from the city that hosts the largest Samsung battery factory.

"It’s quite unique. In Europe, a lot of the lithium mines are at the exploration stage," Sage said. "This mine was built back in the '80s by the Austrian government. So all the work has been done. If we were going to do this project today, we would have to get environmental approval and spend about $100 million — but they did all the work and the licence is in perpetuity.


“We can now access that mine and start mining immediately. In fact, in 2017, we mined it and took out 1,500 tonnes, which is a massive advantage in the lithium industry because we were able to build a pilot plant and put 300 tonnes of the material through the pilot plant, which gave us the results that we were looking for in that it's high-grade product.”

Sage also discussed European Lithium’s goals with the project. “Our aim is to mine it. It's a very simple mining process. We're in the process now of trying to acquire land nearby so we can actually put a conversion plant and a hydroxide plant on it. There's not one hydroxide plant in Europe, so we hope to be the first. Not only would we be able to source material from our own mine, but we may be able to source material in nearby areas.”

Sage told the Investing News Network that the government is supportive of its endeavours. “The Austrian government is very keen for us to build hydroxide plants so they can actually entice vehicle companies to build a factory nearby the hydroxide plant. This way, we can have a mine right through to the battery solution for the Austrian government. In the end, all we can do is get the mines up and operating, build the hydroxide plant and see what happens.”

The mine itself is underground. “Underground mining techniques are used all around the world. When they built it, they actually overbuilt — so when we decided to mine back in 2017, it was quite easy for us to find the seam of the orebody and then take the ore out," Sage said.

“We completed a prefeasibility study in 2018. The cost structure then was about US$7,500 per tonne to produce the hydroxide. Right now, the hydroxide price is around US$69,000 a tonne — that’s a massive profit margin that we don’t see as sustainable long term. When we do our definitive feasibility study, we're probably going to use an average price over the life of mine of about US$25,000 — but that's still a huge profit margin. That feasibility study is coming within the next four months, when we’ll be in a good position to partner with someone.”

Watch the full interview of European Lithium Executive Chairman Tony Sage above.

Disclaimer: This interview is sponsored by European Lithium (ASX:EUR,FWB:PF8). This interview provides information that was sourced by the Investing News Network (INN) and approved by European Lithium in order to help investors learn more about the company. European Lithium is a client of INN. The company’s campaign fees pay for INN to create and update this interview.

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 European Lithium and seek advice from a qualified investment advisor.

This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.

EUR:AU
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Australian lithium miners continued to move ahead with their projects during the year's third financial quarter.

After hitting all-time highs in 2021, lithium prices started to stabilise in 2022's first quarter.

China’s lockdown measures to battle COVID-19 have disrupted the supply chain and impacted domestic demand in recent weeks, but this is expected to be temporary, according to William Adams of Fastmarkets.

“The lithium market is very tight. We don't see that easing anytime soon,” he said during a recent webinar about risks in the battery metals market. “We think the underlying fundamentals and the trends are still very strong.”


During the third quarter of the financial year, Australian lithium miners continued to move ahead with their projects, and despite the increased volatility in the markets, many ASX lithium stocks saw share price gains as well.

Perth-based Pilbara Minerals' (ASX:PLS,OTC Pink:PILBF) production for the quarter was 81,431 dry metric tonnes (dmt), slightly down compared to the previous three months, but within guidance. The company said the main factor impacting output was higher COVID-19 cases, which resulted in staff and contractor shortages.

“COVID-19 has (and may continue in the near term) to cause operational delays, including staffing shortages for both shut-down and operating staff (mining and processing),” the company said in a statement. Even so, Pilbara has decided to maintain its production guidance in the range of 340,000 to 380,000 dmt.

During its fourth battery material exchange auction, the company saw the highest bid ever at US$5,650 per dmt for a cargo of 5,000 dmt of spodumene, showing the critical shortage in lithium raw material supply.

Western Australia-focused Pilbara, which owns the lithium-tantalum Pilgangoora operation, has partnerships with Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460), General Lithium, Great Wall Motor Company (OTC Pink:GWLLF,HKEX:2333), POSCO (NYSE:PKX), CATL (SZSE:300750) and Yibin Tianyi.

Shares of Pilbara were trading at AU$2.53 on May 10, down 28.13 percent year-to-date, but up more than 100 percent compared to this time last year.

For its part, leading Australian lithium and iron ore miner Mineral Resources (ASX:MIN,OTC Pink:MALRF) saw its Mount Marion mine’s production reach 104,000 dmt during the quarter; it also shipped 94,000 dmt of spodumene concentrate. The company is maintaining its full-year production guidance at 450,000 to 475,000 dmt.

In April, Mineral Resources and partner Ganfeng agreed to optimise production and upgrade Mount Marion's processing facilities. Spodumene concentrate capacity at the operation is expected to increase from 450,000 dmt per year to 600,000 dmt annually.

“The decision to upgrade the plant reflects an expectation that the lithium market outlook will remain extremely strong for the foreseeable future,” the company said in a press release. A second stage increase, expected to be completed by the end of 2022, will see capacity rise further to reach 900,000 dmt.

Aside from Mount Marion, the company holds interests in Wodgina in partnership with another top producer — Albemarle (NYSE:ALB). The companies decided to restart Wodgina last year as a result of soaring global lithium demand. The mine produced its first spodumene concentrate on May 12.

“(We have) also agreed to review the state of the global lithium market towards the end of this calendar year to assess timing for the start-up of Train 3 and the possible construction of Train 4,” the company said. Each train has a nameplate capacity of 250,000 dmt of 6 percent product.

Mineral Resources’ share price was down 10.71 percent on May 10, trading at AU$52.71. That said, the stock is up 9.11 percent year-on-year.

During the March quarter, Argentina-focused Allkem (ASX:AKE,OTC Pink:OROCF) outlined its plans to increase lithium production threefold by 2026 and become a top three chemicals supplier.

In Western Australia, the company owns the Mount Cattlin mine, which produced 48,562 dmt of spodumene concentrate and shipped 66,011 tonnes in the March quarter.

“Strong conditions in the spodumene market are supporting advanced discussions for spodumene concentrate pricing in the June quarter of approximately US$5,000 per dmt SC6 percent CIF on sales of approximately 50,000 tonnes,” the company told investors in a note.

In Argentina, Allkem operates the Salar de Olaroz and is developing the Sal de Vida lithium brine. Additionally, in partnership with Toyota Tsusho (TSE:8015), Allkem is building a 10,000 tonne per year lithium hydroxide plant in Naraha, Japan. The company also owns the James Bay lithium pegmatite project in Canada.

On May 10, shares of Allkem were changing hands for AU$10.95, down 2.23 percent year-to-date, but up over 55 percent year-on-year.

Although its main focus is nickel, Independence Group (ASX:IGO) joined the lithium party last year after it bought a stake in Tianqi Lithium’s Australian assets. The companies, in joint venture, now control the majority of the biggest lithium mine in the world — Greenbushes.

Production at the mine was up 5 percent quarter-on-quarter at 270,464 tonnes of spodumene concentrate. By 2025, Greenbushes is expected to add around 800,000 tonnes per year to its output capacity.

IGO has seen its share price decline 4.63 percent year-to-date, trading at AU$11.34 on May 11. However, the stock is up 47.27 year-on-year.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

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