12 January 2024
12 January 2024
The move comes after First Quantum's primary operation, the Cobre Panama mine, was mandated to cease operations.
The company has started commercial production of mixed rare earth concentrate (MREC) in Brazil.
The expansion includes 12 new claims independently staked by Appia, incorporated into the project acquisition at minimal cost.
The company agreed to acquire two exploration licences from Castillo Copper.
Through the investment, Zijin will acquire more than 28 million of Solaris’ shares, which account for around 15% of its capital.
Production at second largest copper mine in Canada is ‘well above’ targets.
The first batch of separated oxides, specifically neodymium and praseodymium, is expected to be delivered in the coming weeks.
The initial cash purchase price is approximately $62.3m, with additional contingent consideration based on future events.
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The total number of underground mining trucks and loaders/LHDs in underground mines at the end of 2023 was estimated at 22,927, of which 19,718 were at active mines. GlobalData predicts that the highest growth in machine counts is expected in Oceania and Africa and the Middle East, supported by both new purchases from new mines entering production and replacements.
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