#ExploringMining #Podcast 294 - News from (NYSE: $TRQ) (NYSE: $RIO) (ASX:NCM) (TSXV: $CGP.V) (NYSEAmerican: $MAG) (TSXV: $MTU.V)
Vancouver, Kelowna, Delta, BC, August 17, 2022 Investorideas.com, a global investor news source covering mining and metals stocks releases today’s edition of Exploring Mining Podcast, featuring stock news from TSX, TSXV ,CSE, ASX, NASDAQ, NYSE companies plus interviews with CEO's and leading experts.
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A Special Committee from Turquoise Hill Resources Ltd. (NYSE:TRQ) has terminated its review of a non-binding proposal from Rio Tinto Group (NYSE:RIO) wherein the latter would acquire full ownership of the former. Rio Tinto, according to the press release, “is disappointed by the decision of the Special Committee and continues to believe that the terms of the Proposed Transaction would deliver compelling value for Turquoise Hill minority shareholders.” Rio Tinto’s Chief Executive of Copper, Bold Baatar, said:
"Rio Tinto remains as committed as ever to the long-term success of Oyu Tolgoi. While we are disappointed by this decision, we will continue to work constructively with the Board of Turquoise Hill to advance the Oyu Tolgoi project."
Newcrest International Pty Limited, a subsidiary of Newcrest Mining Limited (ASX:NCM), has notified Cornerstone Capital Resources (TSXV:CGP) and its subsidiary Mineral Cornerstone Chile Limitada (MCCL) that it intends to withdraw from the option and farm-in Agreement on MCCL’s Miocene concessions in Chile . This involves the targeting of “epithermal gold-silver and porphyry gold-copper deposits along the interpreted northern extension of the Maricunga magmatic belt that hosts several world-class gold deposits.”
MAG Silver Corp. (NYSEAmerican:MAG) has announced its unaudited financial results for the three and six months ended June 30, 2022. Highlights include the processing of 154,069 tonnes of mineralized development and stope material – with 2,207,626 payable silver ounces, 5,119 payable gold ounces, 1,016 payable tonnes of lead and 1,599 payable tonnes of zinc produced and sold. George Paspalas, MAG’s President and CEO, explained:
“As we look forward to the final tie-in to the electrical grid at Juanicipio, Q2 continued the trend of strong operational performance with record toll milling through the Saucito and Fresnillo operations and robust cash generation. The project operator Fresnillo reports final tie-in to the power grid is expected in the coming weeks and target ramp-up to 85-90% of nameplate capacity by year end remains within reach.”
Manitou Gold Inc. (TSXV:MTU) has reported its board of directors having approved a strategic reorganization of assets, including the possibility to “spin out the nickel-cobalt-PGE commodities from its Goudreau project into a newly incorporated, wholly-owned subsidiary named Western Nickel Corp.” Richard Murphy, the company’s President and CEO, said:
“The Spin-Out of Western Nickel by Manitou will be very positive for all shareholders of the Company. Our shareholders will receive new shares of a pure nickel-cobalt-PGE company for no additional consideration, as well as a continued indirect interest in Western Nickel through the interest to be retained in the spun-out company by Manitou. As a result, they will benefit from the upside potential of both a gold focused company, as well as a Ni-Co-PGE company – all within the 366 square km Goudreau project.”
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