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15 July 2025
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Jul 15, 2025Mining Technology
Energy and commodities company Vitol has entered a multi-year $240m prepayment arrangement with CSN Mining International for the offtake of six million tonnes (mt) of iron ore over the four years up to 2029.
CSN Mining is a subsidiary of the Brazil-based steel company Companhia Siderúrgica Nacional (CSN).
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The prepayment deal reflects Vitol’s broader objectives to diversify its portfolio and strengthen its foothold in the global mining and metals markets.
Vitol steel raw materials global head Derek Wilson stated: “CSN is one of South America’s leading steel and iron ore producers and has for some time been a valued customer of Vitol’s metallurgical coal and coke businesses.
“We are pleased to broaden the scope of our relationship with CSN through this long-term arrangement, which deploys Vitol’s financial, logistics and trading capabilities in the iron ore market. We look forward to expanding our presence in this important market and across the entire steelmaking value chain.”
In early July 2025, Vitol, alongside Breakwall Capital, a credit investment firm specialising in the energy sector, announced the creation of Valor Mining Credit Partners (VMP) to focus on structured credit investments in mining companies across the Americas.
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VMP aims to concentrate on event-driven financing opportunities, including debt refinancing, acquisition funding and development capital.
The initiative is designed to offer flexible financial solutions to mining companies that can facilitate growth and enhance value for shareholders.
In November 2024, Japanese firm Itochu agreed with CSN to purchase a 10.74% stake in CSN Mineração for 4.42 billion reais ($769m).
The deal builds on Itochu’s existing indirect 7.15% stake in the iron ore company, held since 2008.
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Evolution Mining Hits Record $308M Cash FlowEvolution Mining has capped off the June 2025 quarter with a record quarterly cash flow of $308 million, driven by strong operational delivery and soaring gold prices.
The June quarter also saw a record mine operating cash flow of $697 million, up 16 per cent from the March 2025 quarter with all sites delivering positive net cash flow.
Notably, the Mungari gold operation in Western Australia delivered a 149 per cent surge to $96 million, while the Red Lake gold operation in Canada produced $90 million, a 127 per cent increase.
“We started the year with the goal of returning to safe, reliable, and consistent performance to achieve guidance and generate significant cash flow,” Evolution Mining managing director and chief executive officer Lawrie Conway said.
“Thanks to our committed workforce, we have done that and more, delivering $2.3 billion of operating mine cash flow and $787 million of (annual) group cash flow.”
Evolution ended the 2024–25 financial year (FY25) with a cash balance of $760 million and no debt due until July 2026, having made $220 million in repayments. Gearing improved to 15 per cent, down from 25 per cent, enhancing Evolution’s balance sheet flexibility.
The company’s full-year gold production reached 751,000 ounces (oz) and copper production totalled 76,000 tonnes (t), both in line with Evolution’s FY25 guidance.
Its all-in sustaining cost (AISC) for FY25 was $1572/oz, including $40–45/oz in royalties tied to the higher gold price.
Evolution’s operations also notched major achievements, with Mungari delivering record production with 620,000t milled following the successful commissioning of its mill expansion.
Red Lake recorded its strongest performance under Evolution’s ownership, while the Cowal gold operation in New South Wales delivered a record cash flow of $885 million and gained board approval to extend open-pit mining to 2042. The Ernest Henry gold operation in Queensland and the Northparkes gold operation in NSW also posted record annual cash flows.
“We maintained our capital discipline and built our cash margins, which we expect to sustain in FY26 as evidenced by our group guidance announced today,” Conway said.
Looking ahead, production in FY26 is forecasted at 710,000–780,000oz of gold and 70,000–80,000t of copper, with AISC expected to rise due to stockpiled ore processing and inflationary pressures. However, Evolution anticipates another year of high-margin cash generation.
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16 July 20252 min readEvolution Mining Hits Record $308M Cash Flow
Australian Mining
16 July 2025
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Vitol Signs $240M Iron Ore Prepayment Deal With Csn MiningEnergy and commodities company Vitol has entered a multi-year $240m prepayment arrangement with CSN Mining International for the offtake of six million tonnes (mt) of iron ore over the four years up to 2029.
CSN Mining is a subsidiary of the Brazil-based steel company Companhia Siderúrgica Nacional (CSN).
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The prepayment deal reflects Vitol’s broader objectives to diversify its portfolio and strengthen its foothold in the global mining and metals markets.
Vitol steel raw materials global head Derek Wilson stated: “CSN is one of South America’s leading steel and iron ore producers and has for some time been a valued customer of Vitol’s metallurgical coal and coke businesses.
“We are pleased to broaden the scope of our relationship with CSN through this long-term arrangement, which deploys Vitol’s financial, logistics and trading capabilities in the iron ore market. We look forward to expanding our presence in this important market and across the entire steelmaking value chain.”
In early July 2025, Vitol, alongside Breakwall Capital, a credit investment firm specialising in the energy sector, announced the creation of Valor Mining Credit Partners (VMP) to focus on structured credit investments in mining companies across the Americas.
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
VMP aims to concentrate on event-driven financing opportunities, including debt refinancing, acquisition funding and development capital.
The initiative is designed to offer flexible financial solutions to mining companies that can facilitate growth and enhance value for shareholders.
In November 2024, Japanese firm Itochu agreed with CSN to purchase a 10.74% stake in CSN Mineração for 4.42 billion reais ($769m).
The deal builds on Itochu’s existing indirect 7.15% stake in the iron ore company, held since 2008.
Nominations are now open for the prestigious Mining Technology Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!
Mining Technology
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15 July 20252 min readVitol Signs $240M Iron Ore Prepayment Deal With Csn Mining
Mining Technology
15 July 2025
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Gypsum Mining Market To Teach Us$2.6 Billion By 2032The global gypsum mining market size was valued at approximately US$1.8 billion in 2023, and it is anticipated to reach around US$2.6 billion by 2032, growing at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2032. This growth is driven primarily by increasing demand across various sectors such as construction, agriculture, and pharmaceuticals, which utilise gypsum as a critical raw material.
Gypsum, a naturally occurring mineral composed of calcium sulfate dihydrate, is widely used in construction, agriculture, and various industrial applications. It is a critical raw material for cement production, drywall, plaster, and soil conditioning. The gypsum mining market plays a vital role in meeting the rising demand for these end products worldwide.
One of the primary drivers of the gypsum mining market is the robust growth of the construction sector. Gypsum is an essential component in producing plasterboard and cement, both of which are indispensable in modern construction. Rapid urbanisation, infrastructure development, and renovation activities globally are fueling the need for gypsum-based materials.
Apart from construction, gypsum is also used as a soil amendment in agriculture. It improves soil structure, reduces compaction, and enhances water infiltration. Growing awareness about sustainable farming practices and the need for soil health improvement is contributing to higher gypsum consumption in the agricultural sector.
Advancements in mining technology and more efficient processing methods have increased the profitability and sustainability of gypsum mining operations. Companies are also adopting eco-friendly mining practices and exploring synthetic gypsum production to reduce the environmental footprint of traditional mining activities.
Like other mining industries, gypsum mining faces challenges related to land degradation, dust emissions, and water usage. Increasing regulatory scrutiny and the need to maintain ecological balance are pushing companies to adopt more responsible and sustainable practices.
The gypsum mining market is highly competitive, with numerous global and regional players. Price volatility due to changing supply-demand dynamics, transportation costs, and geopolitical factors can impact profitability and market stability.
The shift towards green building materials and energy-efficient construction practices is expected to boost demand for gypsum products, particularly recycled and synthetic variants. Technological innovations and new applications in agriculture and industry will further support market expansion in the coming years.
Africa Mining Market
mining
14 July 20252 min readGypsum Mining Market To Teach Us$2.6 Billion By 2032
Africa Mining Market
14 July 2025
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How 5G Is Powering The Next Era Of ‘Smarter’ MiningKirstin Sym-Smith, Head of Business Development, Ericsson Enterprise 5G – Mining, explores how private 5G networks can be the answer to the challenges of realising ‘smart mines’.
Mining has been vital to the world economy and continues to be. But the industry needs enhanced efficiency, safety standards, and productivity to tackle its evolving demands. With one in five mining decision makers in the UK worried that their workforce lacks the training or credentials to run increasingly sophisticated machinery and digital systems, it is clear a severe skills shortage poses a threat to reaching production goals. To maintain its domestic industry, the UK also requires more than 60 new mining engineering graduates per year, according to the Institute of Materials, Minerals, and Mining. However, since 2019, there have not been any fresh undergraduates.
Understanding the idea of ‘smart mines’, which combine automation, analytics, and cutting-edge technology to increase productivity, is the key to overcoming these challenges. Furthermore, although large-scale operations like those in Australia need to be redesigned, smaller or more traditional extractive sectors like mid-sized European mines or masonry quarries in the UK also urgently need to undergo digital transformation. All these locations continue to struggle with labour shortages, stricter safety standards, and mounting demands to perform more sustainably and effectively.
Private mobile networks based on 5G enable the flexible, reliable, and low-latency transmission of large amounts of data. For mining companies, this offers the opportunity to integrate equipment such as autonomous vehicles, drilling systems, sensors, and control units into a wireless network, many of which were previously fixed, difficult to connect, or not mobile. The dedicated network also allows for clearly defined priority settings for all machinery and systems on-site. This eliminates network conflicts and failures caused by overload.
In particular, data-intensive and real-time-critical applications such as AI-powered vision systems, autonomous haulage vehicles, or automated drilling rigs benefit from ultra-low latency and high data transmission rates, which can now be extended to non-hard-wired devices for the first time. With easier integration of devices into a private 5G network, mining operators can use their data more efficiently and selectively. A key benefit is predictive, intelligent maintenance: real-time monitoring and analytics help identify when equipment is likely to fail and schedule servicing proactively, reducing downtime and improving safety in remote or hazardous environments.
But what does the adoption of 5G in remote, legacy mines look like in practice?
Among the many crucial operational goals and challenges faced by large-scale mines is the removal of human workers from hazardous, isolated locations to increase safety while preserving efficiency. Unfortunately, Wi-Fi has is too unstable and the restricted bandwidth and latency means it cannot support the real-time, autonomous solutions needed to address this challenge. And since satellite requires a line of sight to function, it means it cannot function underground. This is keeping miners from taking advantage of the productivity gains made possible by the autonomous machinery that is revolutionising the sector, such as drilling rigs and haul trucks.
In these situations, private 5G networks can support on-site automation, improve environmental monitoring, and reduce the dependency on human supervision in hazardous zones by providing low latency, high bandwidth and reliable connectivity. Real-time data is critical to ensure that these operations stay online and keep workers safe, while helping mining operations maximise efficiencies.
Naturally, there are significant difficulties in putting 5G private networks into operation. Smaller or legacy operators will face challenges related to the lifespan and constraints of their current equipment. Ageing machinery including processing units, lorries, and conveyors that were not initially built with connectivity or automation in mind are frequently used by stone and masonry quarries in the UK, which supply vital materials for infrastructure and heritage restoration. Of course, one must also take into account the regulatory obstacles. For instance, implementing autonomous equipment can necessitate authorisation from health and safety authorities, modifications to site safety procedures, and new licenses.
Fortunately, mining companies can work with implementation partners to bridge these gaps. They can provide guidance and help foster partnerships with manufacturers, system integrators, and regulators alike, ensuring companies can evolve at a pace they are comfortable with.
To improve worker safety and operational efficiency throughout their worldwide operations, major global corporations like Newmont are already utilising private cellular networks. In their surface operations, Newmont’s Cadia gold-copper mine has made it possible to deploy private 5G technology for the first time for teleremote (remote control) dozing.
Previously, Newmont could not connect more than two machines at distances of no more than 100 m on Wi-Fi before the network became futile. Wi-Fi was unstable and could lead to downtime of up to six hours or more for troubleshooting to restore connectivity. With Private 5G, Newmont now maintains continuous production, allowing more work to be completed autonomously per shift, while simultaneously making production safer. It can connect its full dozer fleet across the width of its tailings works construction area – up to 2.5 km – from a single 5G radio while achieving up to 175 Mbps uplink throughput (enough for up to 12 dozers if required), with zero interruptions.
This quest for better connectivity is not only unlocking significant productivity, safety, and efficiency gains, but will also improve Newmont's competitive standing in the long term.
The world’s mining industry is at a turning point. For both large-scale enterprises and smaller, more conventional sites to stay resilient and competitive, digital transformation is essential to address the ongoing skills shortages, stricter regulations, and the urgent need for efficiency. In the end, more sophisticated, better-connected mining operations will create the leveller that can add accuracy to the task and enable legacy mining to accomplish more with less.
Global Mining Review
mining
11 July 20255 min readHow 5G Is Powering The Next Era Of ‘Smarter’ Mining
Global Mining Review
11 July 2025
mining
Barminco Secures $130M Mining Contract From Westgold Resources In AustraliaPerenti has announced that its underground mining division, Barminco, has secured a A$200m ($130m) contract with Westgold Resources to deliver underground mining services at the Great Fingall project in Western Australia.
The Great Fingall project is expected to operate as a long-life, high-margin underground mine with an annual production exceeding 45,000oz. It is a relatively small mine, making it suitable for contract mining.
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The mine is expected to be a high-grade operation characterised by cost efficiency and productivity, and supported by a comprehensive mine plan, reliable drilling data, favourable ground conditions and well-established mine infrastructure.
Westgold managing director and CEO Wayne Bramwell said: “Westgold continues to focus on increasing mine productivity and further leveraging its extensive capital base. Our in-house mining team and fleet is best deployed in our larger, strategic assets and this capability gives us the optionality to utilise specialist contractors in our smaller mines.”
Barminco was chosen for the Great Fingall project based on the company’s safety protocols, mining efficiency, and proven delivery record, following a competitive tender process.
The three-year contract encompasses a range of services including mine development, production and related underground mining services. It includes an option to extend by 12 months.
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Perenti managing director and CEO Mark Norwell said: “We are excited to be partnering with Westgold on the Great Fingall project. This award highlights the depth and scale of Barminco’s mining and technical capability and supports the ongoing focus of growing our underground mining business in Australia and select regions internationally.”
Mobilisation for the project is scheduled to commence in July 2025, with first production from the mine expected in 2026.
Perenti expects the capital requirement for the project to be around A$16m of growth capital in fiscal year 2026.
Perenti Contract Mining president Gabrielle Iwanow said: “We are proud to mark the beginning of a new relationship between Westgold and Barminco on the Great Fingall project.
“Westgold’s decision is an endorsement of the strength of our technical capability and our commitment to safe and efficient operations. We look forward to building a strong partnership that delivers value for both companies and the communities in which we operate.”
Earlier this month, Perenti secured a contract worth A$1.1bn to carry out underground mining operations in the Siou and Wona regions of the Mana complex in Burkina Faso, West Africa.
Nominations are now open for the prestigious Mining Technology Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!
Mining Technology
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26 June 20253 min readBarminco Secures $130M Mining Contract From Westgold Resources In Australia
Mining Technology
26 June 2025
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Ghana Expects Us$12 Billion A Year From Small-Scale Gold MiningGhana expects to rake in US$12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about US$6 billion by the end of this year, but we are confident that we will reach the US$12 billion in annual inflows from next year.”
The West African nation, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near US$3,300 an ounce after reaching successive records during the past year.
Ghana’s gold exports rose more than 50% to US$11.6 billion last year. The country is Africa’s top producer of the metal, but small-scale mining, which represents about a third of output, has underpinned an increase in black-market trading.
The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.
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22 May 20252 min readGhana Expects Us$12 Billion A Year From Small-Scale Gold Mining
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22 May 2025
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Ghana Expects Us$12 Billion A Year From Small-Scale…Ghana expects to rake in US$12 billion a year from small-scale gold production if output doubles as planned.
Gold exports from the country have surged as international prices have soared, and much of that expansion is down to small-mine and artisanal production. The government this year set up a regulator to handle all gold buying and selling, hoping to boost foreign-currency reserves and curb black-market trading.
“Our goal is to move above 3 tons a week” in purchases, up from about 1.5 tons a week in January, said Sammy Gyamfi, the Ghana Gold Board’s chief executive officer. “We expect to be able to bring in about US$6 billion by the end of this year, but we are confident that we will reach the US$12 billion in annual inflows from next year.”
The West African nation, which has been locked out of international capital markets following a debt default in 2022, is taking advantage of its largest foreign-exchange earner as gold prices climb. Bullion is trading near US$3,300 an ounce after reaching successive records during the past year.
Ghana’s gold exports rose more than 50% to US$11.6 billion last year. The country is Africa’s top producer of the metal, but small-scale mining, which represents about a third of output, has underpinned an increase in black-market trading.
The regulator has ramped up its gold purchases from artisanal miners to fight smuggling, Gyamfi said in an interview in the capital, Accra. The expected increase in earnings from small-mine output will “have a positive impact on inflation and gross domestic product, and on the foreign component of our debt profile,” he said.
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22 May 20252 min readGhana Expects Us$12 Billion A Year From Small-Scale…
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22 May 2025
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World'S First Fleet Of 100 5G-A Autonomous Electric Mining Trucks Launched At Yimin MinePowered by a 5G-Advanced (5G-A) network, the mine became the world's first opencast mine to achieve large-scale vehicle-cloud-network synergy, which has greatly improved production safety and set a new benchmark for intelligent mining.
As coal is China's primary energy source and key to its energy strategy, the country has been driving the transition towards a high-end, intelligent, and green coal industry. To this end, China Huaneng Group Co., Ltd. (China Huaneng) has partnered with Xuzhou Construction Machinery Group Co., Ltd. (XCMG), Huawei Technologies Co., Ltd. (Huawei), and State Grid Smart Internet of Vehicles Co., Ltd. on a joint innovation project to develop the world's first zero-carbon, autonomous, and intelligent opencast mine transportation system, which pioneers high-quality industry development.
Li Shuxue, Chairman of Huaneng Inner Mongolia Eastern Energy Co., Ltd., stated at a launch event in Hulunbuir (Inner Mongolia) on 15 May that the company is actively working to drive an energy transition in mining transportation. As a key part of these efforts, it is replacing fuel vehicles with electric ones to build safe, intelligent, and green mines.
Supported by technological innovations, the Huaneng Ruichi autonomous electric mining trucks are industry-leading in several areas: Each truck can carry a load of 90 metric t and operate continually in extreme cold of –40°C, while delivering 120% of the comprehensive operational efficiency of a manually-driven truck. In addition, Huawei Cloud provides the Commercial Vehicle Autonomous Driving Cloud Service (CVADCS) that uses a crowdsourced map for real-time operational location updates. This enables fast route optimisation, reduces waiting times, and improves operational efficiency, maximising the strengths of collaborative truck fleet operations.
Furthermore, as the first autonomous mining truck in China without a driver's cabin, Huaneng Ruichi places personnel safety above all else, keeping them away from equipment hazards and harsh environments to greatly reduce related risks. It is a paramount challenge to safeguard personnel and equipment safety while improving productivity in extreme working conditions such as freezing temperatures at high altitudes, and heavy rain, snow, and dust. Addressing such challenges places high requirements on data processing and system collaboration capabilities.
Zhang Ping'an, Executive Director of Huawei and CEO of Huawei's Cloud Computing Business Unit, noted that Huawei has provided AI algorithms for open-pit mining. These algorithms enable precise sensing for autonomous vehicles and efficient collaboration on the cloud, which is uniquely suited to accelerating the coal mining industry's transition from manual to intelligent operations. This success case is an example of how digital and intelligent technologies can drive the high-quality development of the coal mining industry. It is not only a lighthouse project that demonstrates China's innovative integration of 5G, cloud, AI, and new energy technologies, but an exploration into how AI can be used to tackle pressing challenges in specific industry scenarios.
Read the article online at: https://www.globalminingreview.com/mining/20052025/worlds-first-fleet-of-100-5g-a-autonomous-electric-mining-trucks-launched-at-yimin-mine/
Nomadic Venture Partners and Current have announced the launch of the Mining Water Tech Pilot Pathway Program to support startups developing water-related innovations for the mining industry.
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20 May 20253 min readWorld'S First Fleet Of 100 5G-A Autonomous Electric Mining Trucks Launched At Yimin Mine
Global Mining Review
20 May 2025
mining
Understanding The Next Steps In The $20 Trillion Seabed Mining OpportunityInterest in mining the seabed has dramatically accelerated thanks to recent US moves to allow mining inside and outside its own territorial waters. While this is clearly controversial given that regulations to cover extraction within international waters are still being developed by the International Seabed Authority (ISA)- created by the United Nations Convention on the Law of the Sea, which the US has not ratified, it demonstrates the potential and risks in this area.
The positive benefits of seabed mining
Seabed mining offers a US$20 trillion opportunity to extract critical minerals that are essential for batteries, electric vehicles (EVs), and other green technologies. While traditional land-based mining is increasingly constrained by diminishing ore grades, stricter environmental regulations, and rising production costs, seabed deposits are staggeringly abundant and generally higher quality. For example, analysis based on US Geological Survey data demonstrates that seabed manganese reserves are over four times greater than those on land.
Recent innovations are making seabed mining increasingly feasible. Echo-sounding bathymetry, for example, uses sonar to enable detailed mapping and sampling of the seabed, providing high-resolution images for identifying resource-rich areas. Advances in underwater vehicles are also helping to make mining more viable, although challenging, complex operating conditions still mean that projects are costly.
Understanding the scenarios for the future
As well as a lack of developed regulations, seabed mining also brings significant environmental considerations. In 2023 5000 new species were discovered in the Clarion-Clipperton Zone (CCZ) between Hawaii and Mexico, an area that contains an estimated 30 billion metric t of polymetallic manganese nodules. Companies including Volvo, Volkswagen, BMW, Google, Patagonia, Philips, Samsung SDI, and Scania have all said that say they will not use deep-sea mined metals until the environmental risks are “comprehensively understood.”
With the US pushing forward on fast-tracking permits for deep sea mining, there are three viable scenarios for the industry. The most likely is that competing regulatory frameworks emerge, eroding the ISA’s authority and leading to a lack of unified environmental or operational standards, risking environmental degradation. Alternatively, concerted national and environmental pressure and legal action could lead to the ISA mining code being finalised and enforced globally, or finally a free-for-all competitive resource rush may develop, with countries adopting their own standards. Currently, the first scenario is most likely given the momentum behind US initiatives and the lack of progress with the ISA’s regulations.
Options for the industry
The Metals Company (TMC) has already submitted an application to the US government for a permit to begin operations. Given the scale, risk, and cost of the opportunity, other mining players need to understand their own options. They should closely monitor the regulatory situation, and build resilient supply chains and partnerships with a range of countries. To secure permits, maintain a social license to operate, and mitigate reputational risks they need to demonstrate strict environmental stewardship, all while developing contingency plans for different regulatory and market scenarios. This will enable them to properly evaluate opportunities and potentially dive into the opportunity moving forward.
Read the article online at: https://www.globalminingreview.com/mining/16052025/understanding-the-next-steps-in-the-20-trillion-seabed-mining-opportunity/
Lloyd’s Register Foundation has announced the launch of its new Global Safety Evidence Centre, backed by a £15 million investment over 10 years.
Global Mining Review
mining
16 May 20253 min readUnderstanding The Next Steps In The $20 Trillion Seabed Mining Opportunity
Global Mining Review
16 May 2025
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Canada Growth Fund Commits $111M For Foran Mining’S Mcilvenna Bay ProjectCanada Growth Fund (CGF) has committed approximately C$156m ($111.6m) in a C$350m strategic non-brokered private placement by Foran Mining, a Canadian copper mining company.
The commitment has been made in partnership with co-investors such as Agnico Eagle Mines, which is committing C$90m, and C$75m committed by certain affiliates of Fairfax Financial Holdings, a Canadian holding company.
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Additionally, an institutional equity investor is also participating in this offering, committing C$28m.
This investment by CGF and its partners will support Foran’s efforts to develop its flagship asset, the McIlvenna Bay project in Saskatchewan, Canada.
The offering will be completed in two tranches, with Foran issuing 116.6 million common shares at $3 each for gross proceeds of around C$350m.
The first tranche of approximately C$296m is expected to close around 28 May 2025, pending customary conditions and Toronto Stock Exchange approval.
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Dan Myerson, Foran’s executive chairman and CEO, will also personally invest approximately C$1m in the offering.
Proceeds from the offering are earmarked for the construction completion at McIlvenna Bay and for advancing exploration at nearby and regional targets.
Yannick Beaudoin, president and CEO of Canada Growth Fund Investment Management, the exclusive investment manager of CGF, said: “Canada has a strategic advantage in critical minerals and CGF is committed to building strong supply chains for these minerals, from extraction to end-use.”
McIlvenna Bay is a polymetallic deposit located along the Flin Flon Greenstone Belt. It is currently the only copper and zinc deposit under construction in Canada.
The project will contribute to local job creation and increase Canadian copper and zinc production by up to 4% and 22%, respectively.
Myerson said: “Advancing a scalable project like McIlvenna Bay takes tenacity, adaptability and a long-term view. We are committed to making the right decisions to create lasting value – prioritising smart capital allocation, steady execution, and building the foundation for a scalable, multi-generational operation in a world-class district and jurisdiction.”
In July 2024, Foran Mining announced a financial package of up to C$315m to support the initial phase of the McIlvenna Bay project.
Mining Technology
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15 May 20252 min readCanada Growth Fund Commits $111M For Foran Mining’S Mcilvenna Bay Project
Mining Technology
15 May 2025
mining
Vedanta Resources Weighs Zambia Copper Ipo To Fund Us$1 Billion InvestmentVedanta Resources, the mining and energy company controlled by Indian billionaire Anil Agarwal, is considering listing its Zambian copper unit to raise the funds it needs to invest in the asset.
“Listing is an option,” Ajay Goel, chief financial officer of Mumbai-listed Vedanta Ltd., said on Friday. “It is hard to give a timeline definitely, but it’s under active consideration.”
He did not provide details on the size or location of the potential float.
The company regained control of the Konkola Copper Mines assets in Zambia last year, after the southern African nation’s government triggered its provisional liquidation about five years earlier, accusing Vedanta of lying about expansion plans and paying too little tax. The company has pledged to invest US$1 billion in the operation as part of negotiations with the state to secure its return to Konkola.
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02 May 20251 min readVedanta Resources Weighs Zambia Copper Ipo To Fund Us$1 Billion Investment
Africa Mining Market
02 May 2025
mining
Weir Completes $840M Acquisition Of Mining Software Company MicromineUK-based engineering company Weir has announced the completion of the previously announced acquisition of Micromine, a provider of mining software solutions, for an enterprise value equivalent to £624m ($840m).
Micromine is known for its advanced software spanning the entire upstream mining value chain including exploration, mine design, planning and operations for various mining applications.
The transaction follows the initial agreement disclosed in February 2025.
Weir plans to integrate Micromine’s offerings with its MOTION METRICS and NEXT intelligent solutions, aiming to establish a digital solutions portfolio for the mining industry. Until the integration is complete, Micromine will be reported within the ESCO Division.
Kristen Walsh, formerly the regional managing director of Minerals APAC, will lead the new Digital Solutions division as president.
Andrew Birch, Micromine’s current CEO, will continue to advise Weir for up to one year to support the transition.
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The addition of Micromine is projected to enhance Weir’s operating margins by approximately 25 basis points in 2025.
The company anticipates around £16m in one-off integration and acquisition-related costs as exceptional items over 2025 and 2026.
The funding of this acquisition is also expected to result in an increase in interest costs of around £25m for the year.
Weir CEO Jon Stanton said: “Weir’s mission is to deliver mining technology for a sustainable future, helping the mining industry produce the metals needed to power the global energy transition. Digital has a big part to play, and Weir is innovating and investing in digital solutions to make mining smarter, more efficient and sustainable.
“Bringing together Micromine with our existing digital technologies, our vision is to create a digital platform that helps our customers optimise their performance at each step along the mining value chain. This is about bringing together Weir’s knowledge, capabilities and expertise to create sector-leading digital solutions for the mining industry.”
Mining Technology
mining
01 May 20252 min readWeir Completes $840M Acquisition Of Mining Software Company Micromine
Mining Technology
01 May 2025
mining