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Canada’s Yamana receives takeover proposal from Agnico and Pan American

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Canadian mining company Yamana Gold has received a joint unsolicited takeover offer of $4.8bn from Agnico Eagle Mines and Pan American Silver .

The offer values Yamana Gold at $5.02 per share and comprises 153.5 million Pan American Silver shares, 36.1 million Agnico Eagle shares and $1bn in cash.

Under the definitive binding offer, Pan American will acquire all of Yamana Gold’s issued and outstanding common shares.

Yamana Gold would offload certain subsidiaries and partnerships that own stakes in its assets in Canada to Agnico Eagle. These assets include the Canadian Malartic mine, which is claimed to be one of the largest gold mines in the world.

The deal is expected to create Latin America’s major precious metals producer with about 28.5Moz to 30Moz of annual silver production and around 1.1Moz to 1.2Moz of annual gold production.

In May 2022, Yamana Gold signed a definitive agreement with Gold Fields whereby the latter agreed to acquire Yamana in a $6.7bn all-stock deal.

Yamana Gold’s board has determined the latest cash and stock offer to be superior and informed that Gold Fields holds the option to amend its existing proposal in five business days if it wants to.

Meanwhile, in a statement, Gold Fields called its bid for Yamana ‘strategically and financially superior’, adding it will not change the terms of its existing offer.

In a press statement, Yamana Gold said: “At this time, there can be no assurance that the new offer will lead to a termination of the Gold Fields Arrangement Agreement and the execution of a definitive arrangement agreement with the new offerors in respect of the new offer, or that the proposed transaction contemplated by the new offer will be consummated.”

Agnico Eagle president and CEO Ammar Al-Joundi said: “This transaction is a continuation of Agnico Eagle’s strategy to operate in regions where we believe we have a competitive advantage, in this case over 50 years of operating history.”

SolGold obtains $50m royalty funding from Osisko for Cascabel project

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sisko Gold Royalties has agreed to provide $50m in royalty financing to SolGold to fund the development of the latter’s Cascabel copper-gold property in northeastern Ecuador.

As part of the deal, Osisko will make $50m in an upfront cash payment to SolGold in exchange for a 0.6% net smelter return royalty (NSR ) on the Cascabel property, including SolGold’s Alpala deposit.

The Cascabel property comprises 4,979ha of Andean Copper Belt and is located on the margin of the Eocene and Miocene metallogenic belts, which are claimed to host some of the world’s largest porphyry copper and gold deposits.

Osisko will receive $4m in minimum annual payments under the NSR, beginning in 2030 and until the end of 2039.

SolGold also has a buy-back option, which is exercisable for one-third of the NSR interest, for four years.

Osisko president and CEO Sandeep Singh said: “We believe that Alpala has the potential to become a Tier-1 asset with a much longer mine life than currently envisaged.

“SolGold was a first mover in Ecuador and we view the broader Cascabel property as having the geological potential to support significant further discoveries.”

The deal is subject to customary conditions.

SolGold chairperson Liam Twigger said: “This funding immediately removes the financing overhang that has encumbered SolGold and provides an accretive and attractive financing solution.  SolGold can now devote its complete attention to the Strategic Review Process which is currently underway to maximise shareholder value.”

SolGold director Dan Vujcic said: “Working with Osisko, a party, like SolGold, with big aspirations is exciting and is a testament to the relationships that can be forged on the back of owning a Tier 1 project in a commodity essential to the global shift to decarbonisation.”

Petra suspends Tanzania diamond mine operations after tailings breach

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UK-based mining firm Petra Diamonds has paused operations at its Williamson mine in Shinyanga Province, Tanzania, after the eastern wall breach of the tailings storage facility (TSF).

The breach led to flooding that extended into certain areas outside of the mine lease area.

Also operating three underground producing mines in South Africa, Petra Diamonds said no injuries or fatalities had been reported due to the TSF wall breach.

The government and mine emergency response teams have been deployed at the mine site, where a probe into the incident is planned to be carried out.

In a press statement, Petra said: “A CEO-led team is being sent to the site to assist the mine team and to provide any support required. Williamson’s management is working closely with local and regional authorities and Petra will provide further updates as information becomes available.”

Petra owns a 75% stake in the Williamson mine while the remaining stake is held by the Tanzanian Government.

Said to be Tanzania’s only important diamond producer, the Williamson mine is an open pit operation based upon the 146ha Mwadui kimberlite pipe that is claimed to be one of the world’s largest economic kimberlites.

The mine was put on care and maintenance in April 2020 to preserve its liquidity. However, its operations resumed in Q1 2023

Lithium Americas plans to separate North American and Argentine businesses

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Canada-based mining firm Lithium Americas plans to separate its business units in North America and Argentina into two independent public companies by the end of 2023.

Following a months-long review, the decision will result in the creation of Lithium International and Lithium Americas (NewCo).

Lithium International will own Lithium Americas’ 44.8% stake in Caucharí-Olaroz and a 100% stake in the Pastos Grandes lithium brine project in Salta.

It will also hold Lithium America’s 17% investment in Arena Minerals.

Furthermore, Lithium Americas (NewCo) will hold Lithium Americas’ 100% stake in Thacker Pass in Nevada, US, as well as investments in Green Technology Metals and Ascend Elements.

Lithium Americas president and CEO Jonathan Evans said: “Following a comprehensive review of the merits of separating Lithium Americas into two public entities, we have reinforced our beliefs that separating the North American and Argentine businesses will facilitate unlocking the full potential of their significant asset base to deliver maximum value to our shareholders and other stakeholders.

“Upon completion of the separation, Lithium Americas shareholders will retain ownership in two leading lithium businesses – one of the largest known lithium developments in North America, which is central to the US domestic supply chain, and a near-term producing portfolio with significant growth from two high-quality projects in Argentina.”

Lithium Americas anticipates the two new business units to benefit from enhanced operating flexibility and strategic focus needed to drive long-term growth.

The separate North American and Argentine businesses are planned to be publicly listed in Toronto and New York by the end of 2023.

The separation is subject to approvals from the board, stock exchanges, shareholders, and the Canada Revenue Agency, among others.

Osino gets 20-year mining licence for Namibian gold project

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anada’s Osino Resources has received a 20-year mining licence and positive environmental permitting review for its Twin Hills gold project in Namibia.

The ‘Preparedness to Grant’ licence has been issued by the Namibian Ministry of Mines and Energy (MME ) and is subject to meeting certain customary conditions.

Some of these conditions include the issuance of the Environmental Clearance Certificate (ECC ) by the Namibian Ministry of Environment, Fisheries and Tourism (MEFT) and securing remaining secondary permits to operate the mine, among others.

Based on the pre-feasibility (PFS) study, the Twin Hills mine will have an average gold production rate of 169koz per annum during its ten-year operation. It is expected to have a 13-year open-pit mine life.

Osino co-founder, president and CEO Heye Daun said: “Receipt of the mining licence is a major endorsement of the progress Osino has made with the advancement of the Twin Hills Gold Project and confirms the support of the Namibian government for the ongoing development of the project.

“Twin Hills’s stature as one of Namibia’s most exciting mining development projects continues to grow and we are very appreciative of the partnership shown by all Namibian permitting authorities throughout this process.”

Osino carried out more than 220,000m of drilling and advanced technical studies on the Twin Hills project since its grassroots discovery in August 2019.

The Twin Hills Discovery forms part of the firm’s Karibib Gold Project, which comprises 12 contiguous licences to the north-east of Karibib.

British Airways Accelerates Project Speedbird

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Project Speedbird, a partnership between Nova Pangaea Technologies, British Airways, and LanzaJet that aims to develop cost-effective sustainable aviation fuel (SAF) for commercial use in the UK, is due to start earlier. IAG, the parent company of British Airways, has announced an investment in the project that will facilitate the next development phase for aviation decarbonisation.

Project Speedbird was initially granted nearly £500,000 by the Department for Transport’s (DfT) Green Fuels, Green Skies competition to fund an initial feasibility study for the early-stage development of the project. It targets annual production of 102 million litres of SAF from sustainably sourced agricultural and wood waste.

“Project Speedbird is another great step towards our mission to reach net zero carbon emissions by 2050 or sooner and achieve our target of using SAF for 10% of our fuel by 2030. With further investment and continued government support, Speedbird will be a key and pioneering project in the production of SAF here in the UK,” said British Airways Sustainability Director Carrie Harris.

The partnership has submitted an application for the DfT’s Advanced Fuels Fund grant for further funding to support continued development of the project. Construction work for the SAF production facility is expected to begin early next year in North East England, with delivery of the end product anticipated by 2026.

Once operational, it will be the UK’s first facility to produce SAF using agricultural and wood waste. The SAF will be produced using Nova Pangaea’s REFNOVA process that converts agricultural and wood waste into bioethanol and biochar. Later, the bioethanol will be converted into SAF and renewable diesel using LanzaJet’s proprietary and patented alcohol-to-jet (ATJ) technology.

Moreover, project Speedbird is also expected to create significant employment opportunities in the North East of England. British Airways, the flag carrier of the UK, looks to procure all the SAF produced by the facility to power some of its flights. The SAF produced would reduce carbon emissions on a net lifecycle basis by 230,000t per year.

The UK Commits to Green Shipping Corridors

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At this year’s COP27 conference in Egypt, the UK has agreed, in partnership with the US, to create green shipping corridors between the two countries. The green maritime links involve specific routes that are decarbonised from end to end, including both land-side infrastructure and vessels.

Both the UK and the US have agreed to launch a special Green Shipping Corridor Task Force to bring together experts in the sector, as well as encourage vital research and development and drive other important work and projects to see these initiatives come to life as quickly as possible. The process of setting up green shipping corridors involves using zero-emission fuels, implementing refuelling or recharging infrastructure at ports, and deploying zero-emission capable vessels for more environmentally-friendly shipping.

“The challenges posed by climate change are clear and the need to decarbonise maritime has never been greater. That’s why we’ve committed to work alongside global partners to clean up the sector, improve air quality in and around our ports and coastal communities, and drive green investment into our economy. But we must not lose momentum. I’m delighted to say the UK has agreed to begin developing green shipping routes with some of our closest allies, as we work together to realise the ambitions of the Paris Agreement and limit global warming,” said UK Transport Secretary Mark Harper.

This announcement follows the UK-led Clydebank Declaration at COP26, an initiative to provide a framework for governments to establish zero-emission shipping routes between ports. A total of 24 signatories signed the declaration to support the establishment of green shipping corridors.

Currently, the international maritime sector is responsible for almost 3% of global emissions. To counterattack that, the UK, alongside its counterparts in the Zero Emission Shipping Mission, have recently published an action plan to remove obstacles to creating a greener maritime sector, from clean energy ports to zero-emission vessels and the green fuels that will be needed to develop green shipping corridors.

Moreover, the UK Government has also launched a £60 million fund for the third round of the Clean Maritime Demonstration Competition on World Maritime Day, to invest in zero-emission shipping solutions.

DPD UK Switches to Renewable Biofuel

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Parcel delivery company DPD UK has announced it will be switching its entire diesel HGV fleet to renewable biofuel by the end of next year. The move, in partnership with integrated energy provider Essar and Green Biofuels, will see the company’s vehicles running on Green D (Gd+) hydrotreated vegetable oil (HVO).

Under the EU’s REDII legislation, Gd+ HVO is a renewable and sustainable alternative for diesel, while also being the lowest-emission replacement fuel available on the market. Developed using renewable feedstock, it contains a specifically designed performance additive to ensure cleanliness and optimum combustion throughout the fuel system.

“This is a very significant step in the journey to decarbonising our entire fleet and achieving our aim of being the most sustainable parcel delivery company in the UK. While we are well on the way to electrifying our delivery van fleet, the HGV linehaul fleet has always been a very different challenge. We have assessed a range of options and it is clear now that this is the most effective and practical way to make a real difference. While there may be different solutions in years to come, we must start this process now by making our existing vehicles significantly cleaner,” said Justin Pegg, Chief Operating Officer at DPD UK.

Operators of diesel engines that decide to use the Gd+ HVO fuel will be able to save lifecycle greenhouse gas emissions by 90% and therefore help improve local air quality. Moreover, in-field and controlled environment-independent tests have shown that compared to standard diesel emissions, Gd+ HVO achieves up to 80% reductions of particulates and up to 20% reductions of nitrogen oxides emissions.

“We are delighted to be working with Essar and DPD,” commented William Tebbit, CEO and Co-Founder of Green Biofuels. “Our mission is to support the net-zero energy transition by providing a solution that that makes an immediate impact on local air quality, lowers CO2 emissions, and supports decarbonization. The challenges faced by DPD are typical of most large fleets in the UK; however, Gd+ HVO provides results with no additional costs of transforming the engines. Green Biofuels offers the most effective solution available today – it is an essential ingredient for the transition to an environmentally friendly world fueled by 100% renewable energy.”

The process of switching to Gd+ HVO will begin immediately and, following a four-month trial, DPD UK aims to convert 60% of its vehicles within 2022, reducing as a result emissions by 70,282 metric tons compared to 2021. The remaining vehicles will switch by the end of 2023.

Innovation Centre to Eliminate Pallet Stability Issues

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Lindum Packaging, the UK’s leading expert on pallet stability and wrapping, has officially launched its Innovation Centre, which will provide offsite solutions that will solve the pallet stability issues. The £250k facility replicates its customers’ packaging operations and in-transit conditions without disrupting their day-to-day operations.

Pallet stability issues cost companies thousands of pounds in lost sales every year, but the early customer trials operated by Lindum have shown excellent results. For example, one customer was able to dispatch 60 tubs on a pallet instead of 48, saving them £1 million per year through transport and efficiency gains.

Moreover, by trialling and proving the case for switching to a recycled content stretch film, Lindum has also reduced a global brewer’s virgin plastic consumption by 2,106kg per year, reduced their carbon equivalent emissions by 4,739kg and removed 471kg of pallet roll cores from their requirements.

Working in collaboration with Lindum’s Mobile Pallet Stability Test Lab, the Innovation Centre is the first of its kind to identify and solve the problems that cause movement in transport (MIT) issues. With 750 million pallet journeys a year, MIT issues affect 11% of these journeys, leading to 82.5 million pallets arriving at their destination with some damage every year. An issue that results in huge product and financial losses for businesses.  

“With the Mobile Pallet Stability Test Lab and Innovation Centre, we can show our customers exactly what they need to do to ensure that their products get from their factory to their customer in the best condition. We go beyond highlighting where customers have problems with goods getting damaged in transit and diagnose and treat the root cause to prevent the problem from arising in the future. Whether they’re looking to minimise the amount of stock that gets written off, or to prove the business case for investing in new pallet wrapping machinery, we can give our customers real, tangible results,” said Rick Sellars, Sales Manager of Lindum Packaging.

Customers who are facing pallet stability issues can send a problem pallet to Lindum who will trial multiple solutions to give scientifically accurate, data-backed results to diagnose the root problem and advise on changes to production and packaging lines.  

Changes and adjustments to the pallet can now be made inside the Innovation Centre, rather than being trialled by the customer. The centre is equipped with semi-automatic pallet wrapping equipment and a range of different gauge films, anti-slip sheets and protective tertiary packaging materials.

 

Maritime Transport Orders 100 Curtainsiders from Tiger Trailers

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Maritime Transport, the UK’s leading provider of integrated road and rail solutions, has turned to Tiger Trailers for its latest order of curtainsiders, based on the manufacturer’s reputation for high quality products, efficiency, and a customer-focussed approach. Manufactured on time and in full at Tiger’s state-of-the-art facility, the new trailers have entered service throughout the UK.

Paul Heyhoe, Maritime Transport’s Fleet Director, comments: “We are pleased to have placed our first order with Tiger Trailers, who met our timescales and specification at a time where production schedules are being delayed across various industries. The new trailers are a welcome addition to our fleet and will bring greater efficiencies and flexibility to our distribution division, ensuring it is prepared for substantial growth we have seen in new contracts.”

Maritime Transport’s one hundred 13.6m Tiger curtainsiders incorporate various EN 12642 XL rated bodywork components, feature a clearspan pillarless roof design, and have been designed to meet the company’s exacting requirements through specified components including two rear strap pouches, a specific load securing setup, TIR cord, toolbox, and SAF drum brake axles. The majority are fitted with Keruing hardwood floors, while ten have phenolic non-slip plywood finishes.

Stephen Pollock, Tiger Trailers’ Business Development Director, says: “Here at Tiger we are extremely pleased to have welcomed Maritime Transport as a customer, following their decision to place this order for 100 curtainsiders with ourselves. It has been an absolute pleasure to have developed a close working relationship with Paul Heyhoe and his colleagues and we look forward to supporting them going forwards.”

Maritime’s trailer fleet includes curtainsiders of various apertures, some of which are fitted with tail-lifts to suit their varied duties, along with skeletals of both sliding and fixed types, tippers, gensets and goosenecks. They are pulled by over 1,600 tractor units comprising Scania’s, Volvo’s, and Mercedes, all meeting Euro-6 emissions standards and LEZ compliance. Maritime was awarded the accolade of Road Freight Company of the Year at the 2022 Multimodal Awards held in June. The company has been a proud recipient of the award on four occasions since the Road Freight category was launched in 2016.

Tiger Trailers is approaching its 10th year of business and has grown fast to become one of the UK’s leading articulated HGV trailer and rigid bodywork manufacturers, building the complete product range from curtainsiders and box vans to fixed-deck and moving-deck double decks, flatbeds, skeletals and other specialist trailers, plus swap-body demountables and temperature-controlled trailers. Its customer portfolio is significantly comprised household brands, major parcel operators and haulage firms. Underpinned by an apprenticeship programme and multi-shift production, Tiger is able to offer competitive build slots. The company also offers finance and leasing, along with an OEM and general Parts service.