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Proactive weekly mining round-up: Rio Tinto, Bacanora Lithium, Caerus Mineral Resources…

Rio Tinto PLC (LON:RIO) pressed ahead with plans that will allow a 20% pay rise to former chief executive Jean-Sebastien Jacques, despite most shareholders voting against it.

Jacques left the FTSE 100 mining giant after it blasted the 46,000-year-old Juukan Gorge heritage areas in Australia to access iron ore. On Thursday’s AGM, over 60% of shareholders voted against two resolutions on the firm’s remuneration report, but as it only an advisory measure the company decided to ignore the vote and carry on.

Bacanora Lithium PLC’s (LON:BCN) partner and major shareholder Ganfeng has made an offer to buy out the mining group. The Chinese giant says it will offer 67.5p per share, a 45% premium to the close yesterday and valuing AIM-listed Bacanora at £259mln, including shares to be issued through a recent placing. Ganfeng already has a 29% stake in Bacanora and also a 50% stake in Sonora, the junior miner’s lithium deposit in Mexico.

Caerus Mineral Resources PLC (LON:CMRS) has granted Jubilee Metals PLC (LON:JLP) a six-month exclusive period to assess all of Caerus’ surface-based mining waste and tailings assets in Cyprus with a view to converting them into one or more joint ventures. Jubilee will investigate and assess the remnant ore and multiple waste stockpiles from the 16 mines that operated historically on Caerus’ concessions, including those of the recently acquired PR Ploutonic Resources.

Tharisa PLC (LON:THS), an integrated platinum and chrome producer with operations in South Africa, said it bought Salene Chrome Zimbabwe (Pvt) Ltd for US$3.0mln. Salene Chrome is a development stage, low cost, open pit asset, located in the Great Dyke in Zimbabwe, which is home to the world’s second-largest deposits of platinum group metals and chrome after South Africa.

Tirupati Graphite PLC (LON:TGR) said its research centre has developed a ground-breaking graphene-aluminium (Al-Gr) composite, which exhibits significantly higher conductivity and strength properties over aluminium and could be used as a substitute for copper.  

AfriTin Mining Ltd (LON:ATM) said a Definitive Feasibility Study on its flagship asset, the Uis tin mine in Namibia, confirmed the viability of expanding the current Phase 1 mining and processing facility. The expansion would result in a 67% increase in tin concentrate production to 1,200 tonnes per annum

Mkango Resources Ltd (LON:MKA, TSX-V:MKA) said it is capable of producing significantly higher recoveries and concentrate grades from the 51%-owned Songwe Hill rare earths project in Malawi than previously expected, according to the results of a flotation pilot plant programme.

European Metals Holdings Ltd (LON:EMH) has submitted documentation related to its environmental impact assessment for the Cinovec lithium project to the Czech Ministry of the Environment. The company also put out results on the current nineteen-hole resource drilling programme at Cinovec

Alien Metals Ltd (LON:UFO) said initial results were encouraging from the maiden drilling programme on its Hancock iron ore project, part of the Hamersley iron ore project in Western Australia. The drilling was completed in March across priority high-grade Direct Shipping Ore (DSO) targets and results have been received from 17 out of 53 holes.

Karelian Diamond Resources PLC (LON:KDR) has observed mantle garnet minerals in boulder material in the vicinity of its Lahtojoki diamond deposit in Finland. These minerals are typical of mantle detritus found in kimberlite that indicate that this boulder material represents cooled magma derived from the Earth’s mantle.

Panthera Resources PLC (LON:PAT) said it decided not to extend a term sheet with Galaxy Gold Mines Pvt Ltd following the recent change in the Indian mining law, effectively ending a partnership to advance the Bhukia joint venture gold project. The gold exploration and development company said the term sheet with Galaxy lapsed effective 30 April 2021.

Kavango Resources PLC (LON:KAV), in conjunction with strategic partner Spectral Geophysics, has completed a third-time domain electromagnetic (TDEM) survey in Target Area A of its Kalahari Suture Zone project in Botswana.

East Star Resources PLC (LON:EST), a special purpose acquisition company (SPAC), has listed on the main market of the London Stock Exchange. Among the company’s directors are well-known names in the mining and natural resources sector, including Anthony Eastman and Charlie Wood.

Scotgold Resources Ltd (LON:SGZ) said some of its directors and an unrelated third party have provided it with a short-term loan of £2mln. The lenders include non-executive chairman Nathaniel le Roux, three non-executive directors and an unrelated third party holding a 3.35% stake in the company.

Savannah Resources PLC (LON:SAV) announced the development of a Corporate Environmental and Social Management System (ESMS) to help deliver its Corporate Sustainability Policy and support the implementation of its Environmental, Social and Governance (ESG) commitments.

Anglo Pacific Group PLC (LON:APF) said all of the producing assets in its portfolio are now back in operation, following the resumption of activities at the McClean Lake Mill after a period of COVID-19 related care and maintenance. The company saw its first-quarter total portfolio contribution drop 40% from the preceding quarter to £6.8mln mainly due to the previously announced disposal of about 75% of its holding in LIORC.

Power Metal Resources PLC (LON:POW) announced has secured an option to acquire two prospecting licences for gold and nickel and located upon the Tati Greenstone Belt, Botswana. The option allows for a 60-business day due diligence period and, should the miner exercise it, it will undertake the licence acquisitions through its newly formed 100% owned subsidiary Power Metal Resources Botswana.

Galileo Resources PLC (LON:GLR) has announced plans to commence drilling at its prospecting licences in the Kalahari Copper Belt in western Botswana. The AIM-listed firm said it has completed data processing, interpretation and drill target selection work on the Heliborne-EM geophysical survey carried out over two priority licences.

Panther Metals PLC (LON:PALM) has received a renewal of its permit to explore at the Dotted Lake project in Canada. “This new permit allows us to progress our new and updated plans for up to eight diamond drill holes, ground IP geophysics and revised trenching plans over the high-grade gold target confirmed by our fieldwork last autumn,” said chief executive Darren Hazelwood.

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