01 December 2023
01 December 2023
Develop Global will be responsible for establishing and developing an exploration decline at the Mt Marion lithium mine.
The financing for the K.Hill manganese project has been secured via long-term convertible loan facilities with the Industrial Development Corporation of South Africa (IDC).
The options for the properties were exercised through Argentina Lithium’s subsidiary Argentina Litio y Energia (ALE).
The transaction is expected to be complete in the first quarter of next year, subject to the receipt of regulatory approvals.
Barrick will pay $175,000 over a five-year period and spend $500,000 on exploration work to earn a 100% stake in the property.
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Industrial minerals consumption patterns are primarily dependent on the movement of the global construction sector. Despite sluggish growth estimated in the global construction sector in 2023, the momentum is expected to pick up in 2024 with an annual average growth rate of 3.9% from 2024 to 2027. In addition, the changing geopolitical dynamics especially related to oil and gas trade around the globe are likely to further hamper the confidence levels of the market participants over the short-term period.
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