Global Mining Leadership Changes, Strategic Agreements And Gold Sector Developments

Zinger Key Points
  • Metals Acquisition appoints Morné Engelbrecht as CFO, enhancing financial and operational expertise.
  • Gold Royalty invests $31 million in Aura's Borborema project, securing strategic royalty.

Dec. 20, 2023: Here are today’s top stories in the mining sector:

1. Metals Acquisition Limited announced that it appointed Morné Engelbrecht as its new chief financial officer, who is expected to start on Feb. 10, 2024. Engelbrecht’s most recent role was CEO at Beach Energy Limited, an Australian oil and gas explorer and producer.

Metal Acquisition Limited CEO, Mick McMullen, commented on the appointment, stating: “[Engelbrecht’s] strong financial and risk management skills, broad experience across many jurisdictions, operational expertise, knowledge and relationships in the finance, banking and investor universe will be of great value for us as we optimize the CSA Copper Mine and continue to grow our business.”

2. ACME Lithium signed a preliminary agreement granting Snow Lake Resources the option to earn up to 90% interest in the mineral claims it holds at its lithium pegmatite project areas in southeastern Manitoba. To exercise the options, Snow Lake must pay C$500,000 in addition to incurring C$1.8 million in exploration and development expenditures over the next two years.

Also Read: 5 ETFs To Keep An Eye On As Market Anticipates Fed's Preferred Inflation Gauge This Friday

3. Following gold’s recent push to all-time highs, Papua New Guinea is seeing a 4% year-over-year increase in output. GlobalData showed that Papua New Guinea was ranked as the 18th-largest gold producer in 2022, and it is projected to see an 11% CAGR in gold production through 2026. The world’s first and second-largest mining companies, Newmont and Barrick, are already actively involved in the region.

4. Gold Royalty completed its investment in Aura Minerals’ Borborema project in Rio Grande do Norte State, Brazil. The investment includes a 2% net smelter return royalty for $21 million and a royalty-convertible gold-linked loan of $10 million for a total of $31 million in project financing.

David Garofalo, Chairman and CEO of Gold Royalty, commented on the news, saying, "We are thrilled to secure a royalty over the Borborema gold project, and partner with Aura, a diversified mine operator in the Americas, in creating a mutually beneficial structure. The Aura team has a proven track-record of building mines in Brazil and we look forward to their team advancing the construction of the Borborema Project and bringing the asset into production."

Now Read: VIX Index At Three-Year Lows: Does Wall Street's Fear Gauge Foresee A 2024 Stock Rally?

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!