The week was marked by a flow of changes both local and international for the mining industry. In Mexico, Pan American Silver made headlines by entering an agreement to explore the Amalia project with Radius Gold. Internationally, Chilean workers refused BHP’s offer of a US$27,700 signing bonus per worker to call off the strike at La Escondida and South Africa’s hope to revive its gold industry is dwindling as its most important project comes with high costs.
Our interviewee of the week, Peter Secker, CEO of Bacanora Lithium told us just where Mexico fits into the lithium boom and how the company’s world-class Sonora Lithium project is being developed.
Find out more in this week’s roundup!
Excellon Resources, owners of Mexico’s highest-grade silver mine, reported a 177 percent increase in revenues to US$9.9 million in 2Q18 in comparison to 2Q17.
Radius Gold announced its agreement with Pan American Silver to drill and explore the high-grade silver and gold project, Amalia, in Chihuahua.
Headlines often warn on the hidden bacteria and viruses that lie in our mobile devices. But little did the silver industry know that microbe phobia was just what it needed to increase demand and make the price of the precious metal skyrocket thanks to its antibacterial properties.
The CEO of the world’s biggest lithium producer, SQM, resigned last Wednesday for personal reasons. Patricio de Solminihac will be replaced by Ricardo Ramos Rodríguez.
In an attempt to improve Brazil’s mining code, the country approved the creation of the National Mining Agency (ANM). But its implementation may be delayed until the presidential elections in October or beyond.
The bad news keeps coming for La Escondida as BHP’s final offer was rejected by workers. The company’s offer included a US$27,770 signing bonus for each worker, which equals 18 million Chilean pesos. Despite the large chunk of change it represents, it was still less than the 23 million Chilean pesos workers received in a negotiation in 2013.
The South Deep mine is considered to be South Africa’s last hope to revive its gold industry, but the costs of such a deep underground project are becoming hard to keep up with. The deposit is known as “the world’s second biggest known body of gold-bearing ore.”