Havilah Shareholders Turn Down AU$100 Million GFG Investment

Despite previous signals pointing towards a greenlit deal, Havilah Resources’ (ASX:HAV) shareholders have rejected a proposed AU$100 million investment from SIMEC Mining, a member of the GFG Alliance.

Originally announced in May, the share subscription agreement was set to provide funding to Havilah for work programs at its Maldorky, Grants and Grants Basin iron ore assets, along with the Mutooroo copper deposit and its nearby prospects in South Australia.

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Havilah Resources’ shareholders have rejected a proposed AU$100 million investment from SIMEC Mining, a member of the GFG Alliance.

Poseidon Preps to Restart Black Swan Operations

Thanks to improved pricing in the nickel market, Poseidon Nickel (ASX:POS) has announced that it is now in a position to restart its Black Swan nickel operations.

For some time now, the company has been weighing the option of resuming the operation, which includes its Silver Swan underground mine and the Black Swan open-pit mine and processing plant. Black Swan’s processing plant was originally built in 2007, but was put on care and maintenance in early 2009 due to a period of low nickel pricing.

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With improved pricing in nickel, Poseidon Nickel has announced that it is now in a position to restart its Black Swan operations.

Platina Enters Joint Venture for Blue Moon Zinc Project

Platina Resources (ASX:PGM,OTC Pink:PTNUF) has entered a joint venture (JV) agreement to earn both operatorship and a majority interest in the Blue Moon zinc project in the US.

Calling the agreement a “transformational transaction,” the company has the opportunity to earn up to 70 percent of Blue Moon. Platina will earn the first 50 percent by spending C$3.25 million over 18 months, followed by an extra C$3.75 million over another 18 months to earn an additional 20 percent.

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Platina Resources has entered a joint venture agreement to earn both operatorship and a majority interest in the Blue Moon zinc project.

Superior Lake Resources Releases Zinc Project BFS

Superior Lake Resources (ASX:SUP) has released a bankable feasibility study (BFS) for its Superior Lake zinc project, which is set to have a nine year mine life.

Located in Ontario, Canada, the project is expected to have a post-tax net present value of US$115 million and a post-tax internal rate of return of 27 percent. Earnings before interest, tax, depreciation and amortization are docketed at US$59 million per year at full production; initial capital expenditure is set at US$86 million.

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Superior Lake Resources has released a bankable feasibility study for its Superior Lake zinc project, which is set to have a nine year mine life.

Sandfire Profits Fall, Metals Production Hits Records

While profits were lower than in its 2018 fiscal year (FY18), Sandfire Resources (ASX:SFR,OTCQB:SRAFF) is showing off record copper and gold output from its DeGrussa asset.

In its annual financial results report, Sandfire lays out a group net profit after tax of AU$104 million, down from FY18’s AU$120.8 million. The company noted the fall of copper prices during its 2019 fiscal year (FY19), which impacted profits. However, between DeGrussa’s record production, record low C1 costs and a lower Australian dollar, the blow from copper’s weakened state was offset.

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While profits were down compared to 2018’s results, Sandfire Resources is proudly showing off record production from its DeGrussa operation.

Fortescue Profits Jump on Boosted Iron Ore Prices

Fortescue Metals Group (ASX:FMG,OTCQX:FSUGY) reaped the benefits of iron ore’s recent price spike with a record after-tax net profit of US$3.2 billion for its 2019 fiscal year (FY19). That’s a 195 percent boost from the previous year (FY18).

The company shipped 167.7 million tonnes of ore in its FY19, marking a 1 percent drop from its FY18. However, average revenue came to US$65 per dry metric ton, which is a 48 percent increase from FY18, pushing total revenue to US$10 billion, a 45 percent boost from FY18.

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Fortescue Metals Group saw a record annual after-tax net profit of US$3.2 billion, a 195 percent boost from the previous year.

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