Gecamines has signed a production-sharing agreement with Hongkong Excellen for the Kingamyambo and Kilamusembo copper and cobalt projects in Congo.
Hongkong Excellen has agreed to pay a $40m signing bonus to Gecamines by the end of this year. Gecamines is also entitled to receive a significant share of production from the two deposits regardless of the financial results.
Based in Congo, Gecamines is a state-owned trading and mining company, while China-based Hongkong Excellen is engaged in mineral resources development with a focus on magnesium.
The acquisition agreement includes the mine, preparation plant, and logical assets and excludes legacy liabilities other than reclamation.
The acquisition is expected to upgrade Peabody’s metallurgical coal platform and generate revenue by increasing the sales volume of hard coking coal by approximately two million tonnes per annum.
Peabody is engaged in metallurgical and thermal coal production, while Drummond is engaged in coal mining. Both companies are based in the US.
Excelsior Mining has secured a $75m financing package from Triple Flag for developing the Gunnison copper project in the US.
The financing package comprises of a $65m copper metal stream and a $10m private placement of approximately 13.8 million Excelsior common shares.
Based in Arizona, Excelsior Mining is a mining company focused on developing the Gunnison copper project, while Bermuda-based Triple Flag provides long-term financing to mining companies.
Inmarsat has partnered with Imdex to enhance a drilling intelligence solution in combination with satellite connectivity.
IMDEX’s IMDEXHUB-IQ Cloud-based software solution will be combined with Inmarsat’s L-band satellite connectivity to help mining companies analyse and upload field data in real-time from any location.
Inmarsat is a UK satellite telecommunications company, while Australia-based IMDEX provides mining equipment, technology, and services.