Chinese stocks are closed for ERG – Benedikt Sobotka

MINEX FORUM | March 24, 2017
img0 Image: cnn.com Kazakhstan government-backed Eurasian Resources Group, which is seeking Chinese finance for four metals projects involving total investment of US$6 billion, has called on Beijing to open up China’s stock markets for foreign firms to raise funds, said scmp.com. The company, the world’s largest producer of ferrochrome – an intermediate material used to give ...

Nordgold agreed with Sberbank CIB about US$325 million seven-year debt

MINEX FORUM | March 23, 2017
img0 The gold producer Nordgold  announced that the Group has entered into a US$325 million seven-year debt facility with Sberbank CIB. Nordgold intends to use the proceeds to refinance its existing debt facility with Sberbank (approximately US$333 million). As at 31 December 2016, Nordgold’s total debt was US$861.6 million, while its net debt position was US$505.4 ...

ICBC has waived Petropavlovsk’s lower-tier subsidiary Kimkano-Sutarsky Mining and Beneficiation Plant repayment

MINEX FORUM | March 21, 2017
img0 Image: sdelanounas.ru Petropavlovsk PLC, a significant shareholder in IRC Limited, announced today that Industrial and Commercial Bank of China Ltd (“ICBC”) has waived the obligation of IRC’s wholly owned subsidiary, Kimkano-Sutarsky Mining and Beneficiation Plant LLC (“K&S”), to repay all 2017 loan principal instalments of US$42.5 million. ICBC has informed IRC that all conditions precedent ...

Globe Specialty Metals accused Brazil, Kazakhstan, Norway and Australia in unfair competition

MINEX FORUM | March 9, 2017
img0 Image: tradekorea.com Globe Specialty Metals, Inc., a subsidiary of Ferroglobe PLC, (NASDAQ:GSM) (“GSM”) today petitioned the U.S. Department of Commerce (“Commerce”) and the U.S. International Trade Commission (“ITC”) to stop and provide relief from unfairly traded silicon metal imports from Brazil, Kazakhstan, Norway and Australia, said NASDAQ. In petitions filed with Commerce and the ITC, GSM ...

IMF discussed its Stand-By Arrangement with Serbia

MINEX FORUM | March 7, 2017
img0 Image: cloudfront.net An International Monetary Fund (IMF) mission, led by James Roaf, visited Belgrade during February 27-March 6, 2017 to discuss progress in implementation of commitments under Serbia’s precautionary Stand-By Arrangement (SBA) with the IMF. A full mission for the seventh review under the new semi-annual SBA review schedule, combined with the 2017 Article IV ...

Gobi Coal & Energy buys uranium asset in Mongolia near AREVA’s project

MINEX FORUM | March 1, 2017
img0 Gobi Coal & Energy has announced its 100% stock acquisition of Zaraiya Holdings Ltd, which wholly owns an advanced in-situ leach uranium project in Mongolia, adjacent to AREVA. The acquisition is expected to complete in March and demonstrates Gobi Coal’s progress towards becoming a diversified multi-national energy resources company focused on high value projects. As ...

Erdene Resource Development increases the offer to CAD$12 M

MINEX FORUM | February 1, 2017
img0 Erdene Resource Development Corp. (TSX:ERD) announced that due to strong demand, it has amended the terms of its previously announced bought deal financing to increase the size of the offering from C$10,000,760 to C$12,000,000. The Company has entered into an amended agreement whereby Paradigm Capital Inc. as lead underwriter and Canaccord Genuity Group Inc. have ...