The offer, which has recently been extended until July 5, 2023, provides shareholders with additional time to evaluate the terms and benefits before making a decision.

Mincor’s Kambalda Nickel Operations continue to perform exceptionally well, surpassing initial expectations.

The company is on track to achieve nameplate mining rates in May 2023, earlier than planned.

For the June quarter to date, Mincor has produced 1,839t of nickel-in-concentrate, bringing the year-to-date production to 5,16t.

The total ore mined stands at 97,867t for the June quarter and 306,917t year-to-date, demonstrating the company’s strong operational performance.

In terms of financials, Mincor Resources maintains a healthy cash balance of $42.1m as of May 26, 2023.

The company has successfully hedged 1,130 nickel/t of future production as of April 30, 2023, under the mandatory hedge program.

Amidst these positive updates, the focus remains on the ongoing takeover offer made by Wyloo Consolidated Investments, a subsidiary of Wyloo Metals Pty Ltd.

Wyloo’s offer, initially set to expire on May 22, 2023, has been extended until July 5, 2023, providing shareholders with additional time to evaluate the offer’s terms and implications.

With Wyloo currently holding a majority ownership stake of 72.77% in Mincor, the likelihood of a competing proposal emerging is low.

Mincor’s board of directors continues to unanimously recommend that shareholders accept Wyloo’s offer, emphasising the potential benefits for all parties involved.

Shareholders who wish to accept the offer can do so by placing a sell order on-market at the offer price of $1.40 per share.

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Metal Hawk Limited has announced that it has secured 100% ownership of the Kanowna East, Emu Lake, and Fraser South projects in Western Australia by purchasing IGO Limited’s 51% Joint Venture interest.

This transaction will increase IGO’s shareholding in Metal Hawk from 5.4% to 8.2%.
Metal Hawk will now own all the projects, including the extensive maiden drill program that will begin shortly at Fraser South, targeting early-stage indicators of nickel-copper sulphides and rare-earth elements (REE).

Metal Hawk is preparing for an extensive aircore drilling program at Fraser South, targeting Ni-Cu mineralisation hosted within zones of potential mafic and ultramafic stratigraphy.

The project covers over 40km of strike along the interpreted structural extension of the western margin of the Albany Fraser belt.

Metal Hawk plans to commence drilling in Q2 2023.

The company is also exploring strategic options to divest or joint venture its interest in the Kanowna East and Emu Lake projects.

Metal Hawk’s Kanowna East project area has expanded to over 100km2, and the Emu Lake project is located only 75km from Kalgoorlie and situated along the Gindalbie greenstone belt.

The tenement package at Kanowna East remains relatively underexplored, considering its close proximity to Kalgoorlie and significant gold and nickel sulphide deposits.

The payment for IGO’s 51% interest in the Fraser South, Kanowna East and Emu Lake Projects consists of 2m fully paid MHK shares and 2m MHK options.

MHK has also agreed to grant IGO the Right of First Offer to purchase any ore or concentrate containing nickel group and lithium group minerals produced from the project tenements.

Metal Hawk Limited is a Western Australian mineral exploration company focused on early-stage discovery of gold and nickel sulphides.

Metal Hawk owns a number of quality projects in the Eastern Goldfields, Albany Fraser, and Ashburton regions.

“As we take on 100% ownership of these projects, we are pleased to see IGO increase its shareholding in Metal Hawk.

“Since the MHK-IGO earn-in and joint venture agreement commenced in September 2020, there has been a significant amount of quality work carried out by the IGO team.

“Metal Hawk is now well-positioned to realise the potential of these projects,” said Metal Hawk managing director, Will Belbin.

Falcon Metals Limited has an Earn-in Agreement with Metal Hawk on the Viking Gold Project whereby FAL can earn up to 70% of the Viking Project by spending $2.75 million on exploration over 4.5 years.

Metal Hawk is well-positioned to commence extensive exploration activities at Fraser South, targeting nickel-copper sulphides and rare-earth elements.

With Metal Hawk’s expertise and experience, the projects have the potential to be a game-changer for the company in the Western Australian mineral exploration industry.

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Wyloo Metals (ASX:WYL) has extended its takeover offer for Australian nickel explorer Mincor Resources (ASX: MCR) until May 22, according to an announcement made on May 3, 2023.

The privately-held Wyloo offered $1.40 per share of Mincor, a 35% premium on the closing price before the offer, which values the company at $760m ($510m) on a fully diluted basis.

Before the takeover bid, Wyloo owned a nearly 20% stake in Mincor.

Since then, Wyloo has tightened its grip on the target, reaching a 61.64% ownership as of May 2, 2023.

Like other top miners, Wyloo Metals wants to secure a steady supply of metals considered critical for a greener economy, such as nickel, copper, and platinum group metals.

Mincor’s nickel operations are centred in the Kambalda district of Western Australia.

The company’s flagship Cassini nickel mine, a greenfields discovery located to the south, and the northern operations, which comprise the Long and Otter Juan/Durkin North mines, currently comprise the Kambalda nickel operations.

Mincor combines ore from both its northern and southern operations to deliver a blended product to BHP’s nearby Kambalda nickel concentrator.

Despite Mincor’s recent disclosure of nickel quality issues, which threatened the acquisition, Wyloo has continued with its plan to acquire all of Mincor’s shares.

Mincor’s Board of Directors has unanimously recommended that shareholders accept Wyloo’s offer in the absence of a superior proposal.

The extension of the offer period provides Mincor shareholders with additional time to consider their options, although the board of directors continues to recommend that shareholders accept Wyloo’s offer.

The acquisition of Mincor Resources is a significant move for Wyloo and highlights the importance of strategic acquisitions to expand mining companies’ portfolios.

The successful acquisition of Mincor would add to Wyloo’s portfolio of mining assets, providing it with access to nickel sulphide deposits, which are highly sought after in the battery materials market.

The acquisition of Mincor Resources is just one of many acquisitions and mergers that have taken place during the March quarter of 2023.

The previous day, BHP completed its takeover of OZ Minerals.

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Radlink, headquartered in Perth, Australia, designs, delivers, and integrates wireless data and voice communication networks and supporting infrastructure to surface and underground mines throughout Australia.

Robust wireless networks are vital to support mining automation, including autonomous and teleremote solutions, which in turn strengthen safety and productivity. The company has approximately 330 employees and had revenues in the fiscal year ending June 30, 2022, of about AU$145 million.

Epiroc announced on September 19, 2022, that it had agreed to acquire the majority stake.

The transaction is not subject to a disclosure obligation pursuant to the EU Market Abuse Regulation. To learn more about Radlink, go to www.radlink.com.au/.

Radlink becomes part of Epiroc’s Parts & Services division.

Epiroc congratulated everyone involved in finalising the acquisition.

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JTMEC, based in Perth, Australia, is an electrification infrastructure solutions provider for both underground and surface mines. The company’s offerings include high voltage installation and maintenance work, transformer servicing and testing, engineering design, feasibility studies, and training. It also manufactures electrical products including substations and mine chargers. JTMEC has 190 employees and had revenues in the fiscal year ending June 30, 2021, of about MAUD 34 (MSEK 235).

“Battery electrification represents the future in the mining industry, and the strong team at JTMEC is playing an important role in enabling this vital transformation,” says Helena Hedblom, Epiroc’s President and CEO.

“This acquisition will further strengthen our ability to support mining customers on their electrification journey toward less emissions, improved work conditions, and higher productivity. JTMEC is also a strong complement to Meglab, which we acquired in 2021.”

The acquisition is expected to be completed in the second quarter 2022. The transaction is not subject to a disclosure obligation pursuant to the EU Market Abuse Regulation.  To learn more about JTMEC, please see https://jtmec.com.au.

JTMEC will become part of Epiroc’s Parts & Services division.

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Motion Metrics is the market leading developer of innovative Artificial Intelligence (AI) and 3D rugged Machine Vision Technology used in mines worldwide.  Its technology helps miners increase safety, efficiency and sustainability of their operations.  As part of the agreement, Motion Metrics Vancouver headquarters will become Weir’s global centre for excellence in AI and Machine Vision technology.

Motion Metrics applications are highly complementary to Weir’s product portfolio.  It will join the ESCO division reflecting the early adoption of its technology in ground engaging tools (GET) where ESCO is an established global leader.  Motion Metrics AI and Machine Vision capabilities are expected to be leveraged across the whole mining value chain served by the Weir Group.

Transaction highlights

• Strengthens Weir’s industry leadership in making mining more sustainable and efficient
• Significantly increases the Group’s capability in critical AI and Machine Vision Technologies
• Fully aligned to ESCO’s ambitious growth strategy through further digitisation of its portfolio
• Enables rapid globalisation of Motion Metrics technology through Weir’s global network
• Highly complementary to Weir’s aftermarket-focused business model

In 2021, Motion Metrics generated revenues of £9m¹ and was modestly profitable.  Initial integration efforts will focus on leveraging Weir’s global sales network and the ESCO division’s large installed base to rapidly expand adoption of this value enhancing technology by our mining customers thereby driving significant revenue growth.    Motion Metrics is expected to be accretive to ESCO’s margins by 2023 with returns expected to exceed the Group’s cost of capital by 2024 in line with Weir’s capital allocation policy.  Up to a further £59m¹ will be payable in cash by Weir at the end of 2024, depending on revenue and profit performance.  The transaction will be funded through cash and existing banking facilities.  Over the next two years integration costs are expected to total £3m.

Jon Stanton, Weir Group CEO said:

“The combination of Weir and Motion Metrics will be extremely powerful and reflects our ambition to play a leading role in mining’s technology transformation.  Motion Metrics not only provides access to innovative and highly relevant technology that will accelerate growth in our ESCO division, but it also brings world-class expertise in AI, rugged 3D Machine Vision technology and data science that is applicable across the Group.  This acquisition is fully aligned with our strategy and our commitment to grow ahead of our markets, expand our margins and significantly reduce our customers’ environmental footprint.”   

A leading mining technology business specialising in AI and Machine Vision applications

Miners are increasingly focused on improving the safety, efficiency and sustainability of their operations.  Motion Metrics has developed proprietary products and solutions that supports these critical ambitions leveraging innovative Machine Vision, distributed AI and machine learning.

Motion Metrics produces smart, rugged cameras that monitor and provide valuable and timely data on equipment performance, faults, payloads and rock fragmentation.  This data is then analysed using embedded and cloud-based machine learning to provide real-time feedback to the mining operation.  This enables immediate identification of potential issues that could impact safety and cause expensive unplanned downtime.  This includes boulder and foreign body detection to dislodged ground engaging tools that can critically damage crushing equipment if undetected.  It also provides information that can be used to optimise asset efficiency, supporting better decision making as miners seek to increase productivity while reducing energy consumption, particularly in areas such as comminution (crushing, screening and grinding), one of the most energy-intensive processes in mining.

These technologies were initially developed for GET applications but have recently been extended into a suite of products and solutions that can be applied from drill and blast through to primary processing.  Motion Metrics technology is currently used on more than 80 mine sites and its customers include some of the world’s largest mining companies.   Its revenues are generated from the initial sale of equipment and subsequent recurring aftermarket revenues including subscriptions to its cloud computing platform, services and spare parts; a model that is highly complementary to Weir’s aftermarket-based business model.

Motion Metrics was founded in 1999 by Dr. Shahram Tafazoli.  In addition to its headquarters in Vancouver, Canada, Motion Metrics has offices in Chile, Australia, Brazil, Russia and South Africa.  The business employs c.125 people focused largely on research and development, alongside sales and field support.  Dr. Tafazoli will continue to lead the business when it joins the Weir Group, overseeing the new Weir centre for excellence in AI and Machine Vision technology.  Weir’s existing Canadian operations employ c.600 people and include manufacturing facilities as well as sales and service centres.

Motion Metrics Founder, Dr. Tafazoli said:

“Motion Metrics was established to harness the power of AI and Machine Vision to help the global mining industry make its essential transition to safer, more productive and sustainable operations. Having proven our technology and grown rapidly over recent years, the time is right for us to accelerate our development as part of the Weir Group, which brings access to every major mining region in the world, from pit to plant.  I am also excited to establish in Canada a global centre of excellence for AI and Machine Vision for mining applications, reflecting Canada’s domain expertise in both mining and machine intelligence.”

Motion Metrics will become part of Weir’s ESCO division, with its extensive team of researchers, data scientists and engineers also supporting the increased digitisation of the broader Weir product portfolio.

Accelerating ESCO’s growth strategy following its successful integration into the Group

ESCO was acquired in July 2018 and the business has been successfully integrated into the Weir Group over the past 3-years.  Cost synergies in excess of US$30m were realised ahead of schedule and the business is on track to surpass its acquisition margin targets.  Despite the impact of the COVID pandemic on market conditions over the past 18-months, returns on capital employed will exceed the Group’s cost of capital in 2021, in line with the Group’s capital allocation policy.

Moving forward, ESCO’s focus is on accelerating growth through geographic expansion and the continued extension of its market leading front-of-shovel offering, creating new solutions to support customers’ safety, efficiency and sustainability goals. Motion Metrics is fully aligned to this strategy, including the early realisation of the digitally instrumented smart bucket concept which provides information on bucket and GET health alongside payload and ore fragmentation analysis. Combining ESCO’s deep knowledge of mining operations with the data-led insights from Motion Metrics’ AI capabilities will enable the business to create new solutions that integrate and extend the technological differentiation of its best-in-class offerings across the mine.

Andrew Neilson, Division President of Weir ESCO commented:

“This is a perfect partnership.  Our customers want more digital solutions to help them improve safety, efficiency and sustainability and providing these is a key part of our growth strategy.  Motion Metrics brings patent-protected technology that reduces expensive downtime in GET applications, helping improve ESCO’s differentiated technology offering even further.  The additional capability in AI and Machine Vision will also accelerate our expansion into adjacent markets including developing smart eco-system offerings encompassing the load and haul operations of our customers.”

The acquisition is expected to complete in the fourth quarter of 2021.

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The proposed merger will create a portfolio of assets across brine and hard rock in Canada, South America, Japan and Australia, with production capacity around 40,000tpa LCE (lithium carbonate equivalent), as well as vertical integration across the supply chain.

A new name for the merged is yet to be determined, with the group’s head office in Buenos Aires, Argentina, a corporate headquarters on the Australian east coast and an office in Perth.

Galaxy chairman Martin Rowley says the transaction has the potential to provide significant value for Galaxy and Orocobre shareholders.

“The merged entity’s growth opportunities in both brine and hard rock position it uniquely to take advantage of expected rising EV (electrical vehicle) demand for lithium,” he said.

Orocobre chief executive and managing director Martín Pérez de Solay, who will remain in his position for the group, says the proposed merger creates an opportunity to create a leading independent lithium company.

“The merger consolidates the combined group’s position in Argentina and will give us significant operational, technical and financial flexibility to deliver the full value of our combined portfolio,” he said.

Galaxy chief executive Simon Hay says the transaction will allow the group to accelerate the development of its combined growth projects.

As part of the proposed merger, Mr Rowley will become Non-Executive Chairman, Orocobre chairman Robert Hubbard will become Deputy Chairman and Mr Hay will assume a newly created role as President of International Business.

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The $903 million deal will allow IGO to focus on battery metals, while Regis will inherit a Tier 1 gold asset and a ”world class” joint venture partner in AngloGold Ashanti.

Located 330km northeast of Kalgoorlie in Western Australia, Tropicana is Australia’s fifth largest gold mine, producing 463,000 ounces of gold in the 2019-2020 financial year.

IGO (ASX: IGO) managing director and chief executive Peter Bradford said Tropicana had been an important part of IGO’s history and a key driver of its sustained growth since its discovery in 2005.

“While IGO continues to believe that Tropicana is a high-quality tier-1 gold asset with strong upside potential, it is no longer aligned with our focus on commodities critical to clean energy,” Mr Bradord said.

“This transaction, along with the recent investment in Tianqi Lithium assets in Australia, solidifies IGO’s position of becoming a globally relevant pure-play battery minerals producer and developer, uniquely exposed to tier1 nickel, copper, cobalt and lithium.”

The 30% non operating interest provides Regis Resources (ASX: RRL) with immediate exposure to high margin cash flows from an asset operated by a “world-class” joint venture partner, according to Regis’ ASX announcement.

It also stated the deal diversifies Regis’ existing production base with a high quality, low cost, high margin gold asset, which has a mine life of more than ten years.

Regis’ Managing Director and CEO Jim Beyer said the acquisition would create substantial value and provide the company with multiple opportunities to deliver growth for shareholders.

”This is a genuinely transformational transaction for Regis and one that delivers on our strategic objectives to grow as a safe, responsible, reliable, long life, low cost gold producer, generating strong financial returns.”

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TRADING was halted Tuesday in shares of ASX-listed gold company Alto Metals (ASX: AME) after it received a takeover approach from Goldsea Australia Mining, a subsidiary of Chinese company Shandong Goldsea Group.

Alto Metals shares will stay in a trading halt until Thursday or pending its response to the takeover approach.

The gold exploration company advised its shareholders on February 24 that Goldsea had offered to acquire all of its shares for the price of $0.065/share in cash.

Alto noted that Goldsea’s approach was subject to conditions including Foreign Investment Review Board approval and due diligence to confirm the mineral resource in its Sandstone Gold project.

The company stated that its directors advise Alto Metals shareholders take no action and await its response to Goldsea’s approach.

Goldsea Group said its offer price for Alto Metals represented a 93pc premium to its one-month weighted average price of $0.034/share.

The Chinese company said its takeover would enable it to consolidate Alto’s Sandstone gold project within its mining portfolio of three underground coal mines in China.

Goldsea Group chairman Mr Jianjun Li said its takeover approach for Alto was a logical step in line with its strategy to bring the Sandstone project within its orbit.

“Given the nature of the Sandstone gold project exploration and potential restart, we believe the Sandstone gold project would be best placed being wholly owned within a larger, diversified portfolio such as Goldsea’s,” he said.

The Sandstone gold project comprises 800sqkm of the prospective Sandstone Greenstone belt lying 600km north of Perth, in the East Murchison mineral field of WA.

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Sprott and Novo will each subscribe to 10m shares in Kalamazoo at a price of 40c/share to raise $8m for Kalamazoo’s drilling programs in the Castlemaine, South Muckleford and Tarnagulla Central gold projects in Victoria.

Kalamazoo chairman and CEO Luke Reinehr said in a statement to the ASX that he was pleased to welcome Mr Sprott and Novo as investors.

“The investment of $8m by Novo and Eric Sprott is a terrific endorsement of our Central Victorian Goldfield’s strategy to explore smarter, using new technologies and innovations in a low impact manner,” he said.

Mr Sprott said he was excited at the prospect of more gold discoveries in Victoria following the results of Kalamazoo’s recent exploration drilling campaigns in the area.

“The Victorian goldfields appear ripe for more high-grade discoveries. We are excited to have found an opportunity with Kalamazoo to pursue what may be yet another significant new discovery,” he said.

Mr Sprott is a director of Novo Resources and the company is aiming to move its WA gold projects into production.

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