MINEX Forum

Month: December 2023

  • The United States imposed sanctions against Gleb Trotsenko

    The United States imposed sanctions against Gleb Trotsenko

    The latest expansion of American sanctions against Russia has affected businessman Gleb Trotsenko. This is stated in the State Department’s background documents, TASS reports.
    The State Department is blacklisting Gleb Romanovich Trotsenko due to his work or past work in the technology sector of the Russian Federation.
    In addition, the State Department is blacklisting a network of personal assets and investment vehicles used by the Trotsenko family. The documents claim that the Trotsenko family is close to Russian President Vladimir Putin.
    Let us recall that the mining group GeoProMining of Roman Trotsenko acquired 60% of the Zangezur copper-molybdenum plant in Armenia.
  • British company Chaarat intends to focus on work in Kyrgyzstan

    British company Chaarat intends to focus on work in Kyrgyzstan

    British Chaarat Gold Holdings Limited signed a memorandum of understanding with the government of Kyrgyzstan. This was reported in a company press release.

    “The Memorandum of Understanding covers the Tulkubash and Kyzyltash projects, which have combined resources of more than 6 million ounces of gold, or an annual production potential of more than 350 thousand ounces of gold. At the end of the first quarter of 2024, Chaarat plans to complete financing of the first phase of the Tulkubash project.

    The Memorandum of Understanding complements the agreement signed in 2019 and confirms the government of the Kyrgyz Republic’s commitment to assisting in the implementation of Chaarat Gold projects and increasing investment in the republic by the company.

    Chaarat works closely with the government of Kyrgyzstan to improve the investment climate and promote the country’s initiatives at the international level,” the statement said.

    In October 2023, Chaarat closed the sale of the Kapan deposit in Armenia for $55 million 400 thousand to Gold Mining Company LLC in order to focus on creating the largest gold mining company in emerging markets through the development of assets in the Kyrgyz Republic.

    Chaarat Gold Holdings Limited is a British company implementing gold mining projects in Kyrgyzstan, Armenia and Uzbekistan. The company’s shares are listed on the AIM platform of the London Stock Exchange.

  • The Ministry of Industry and Construction announced the imminent completion of the deal between the government and ArcelorMittal

    The Ministry of Industry and Construction announced the imminent completion of the deal between the government and ArcelorMittal

    The Ministry of Industry and Construction announced the imminent completion of the deal between the government and ArcelorMittal

    – We inform you that the deal between the Government of the Republic of Kazakhstan and ArcelorMittal is approaching its final stage. In light of the significance of this event, we will organize a briefing immediately after the completion of the transaction. At this meeting we will present all the necessary information and answer all questions,” announced the press service of the Ministry of Industry and Construction.

    Let us remind you that as part of the deal, ArcelorMittal will transfer its Kazakh assets to an investor chosen by the government, who will be ready to invest at least three billion dollars in the next three years. This deal was adopted due to frequent fatal accidents at ArcelorMittal Temirtau mines.

    The government officially announced that a preliminary agreement had been reached on the transfer of the ArcelorMittal Temirtau enterprise on October 28 against the backdrop of the accident at the mine named after. Kostenko, in which 44 miners died. On November 6, ArcelorMittal Temirtau and the Ministry of Industry made a joint statement regarding negotiations on the transfer of property

     

     

  • Five charged with 11 million euro metal theft from Aurubis

    Five charged with 11 million euro metal theft from Aurubis

    Prosecutors did not name the company, but an Aurubis spokesperson confirmed separately to Reuters that it is the producer involved.

    Aurubis, Europe’s largest copper producer, has cut its earnings forecast for its current financial year and suffered a fall in its share price following major suspected metals theft.

    A statement from the Hamburg state prosecutors office said five people had been charged in connection with the theft of about 5,000 kilograms of materials containing precious metals from the company between February 2020 and January 2021. A further person has been charged with assisting them.

    Precious metals including silver are contained in copper ores and scrap which are refined for sale as byproducts by Aurubis.

    The stolen material was allegedly sold to as-yet unidentified parties but part of it was sent for analysis and further used by an unidentified company in Turkey, prosecutors said.

    The five people, aged between 33 and 50 years, used encrypted mobile phones to communicate with each other. Their trial is scheduled to start in December, prosecutors said.

  • The Critical Minerals to China, EU, and U.S. National Security

    The Critical Minerals to China, EU, and U.S. National Security

    The Critical Minerals to China, EU, and U.S. Security

    Over the last decade, minerals like nickel, copper, and lithium have been on these lists and deemed essential for clean technologies like EV batteries and solar and wind power.

    This graphic uses IRENA and the U.S. Department of Energy data to identify which minerals are essential to China, the United States, and the European Union.

    What are Critical Minerals?

    There is no universally accepted definition of critical minerals. Countries and regions maintain lists that mirror current technology requirements and supply and demand dynamics, among other factors.

    These lists are also constantly changing. For example, the EU’s first critical minerals list in 2011 featured only 14 raw materials. In contrast, the 2023 version identified 34 raw materials as critical.

    One thing countries share, however, is the concern that a lack of minerals could slow down the energy transition.

    With most countries committed to reducing greenhouse gas emissions, the total mineral demand from clean energy technologies is expected to double by 2040.

    U.S. and EU Seek to Reduce Import Reliance on Critical Minerals

    Ten materials feature on critical material lists of both the U.S., the EU, and China, including cobalt, lithium, graphite, and rare earths.

    Despite having most of the same materials found in the U.S. or China’s list, the European list is the only one to include phosphate rock. The region has limited phosphate resources (only produced in Finland) and largely depends on imports of the material essential for manufacturing fertilizers.

    Coking coal is also only on the EU list. The material is used in the manufacture of pig iron and steel. Production is currently dominated by China (58%), followed by Australia (17%), Russia (7%), and the U.S. (7%).

    The U.S. has also sought to reduce its reliance on imports. Today, the country is 100% import-dependent on manganese and graphite and 76% on cobalt.

    After decades of sourcing materials from other countries, the U.S. local production of raw materials has become extremely limited. For instance, there is only one operating nickel mine (primary) in the country, the Eagle Mine in Michigan. Likewise, the country only hosts one lithium source in Nevada, the Silver Peak Mine.

    China’s Dominance

    Despite being the world’s biggest carbon polluter, China is the largest producer of most of the world’s critical minerals for the green revolution.

    China produces 60% of all rare earth elements used as components in high-technology devices, including smartphones and computers. The country also has a 13% share of the lithium production market. In addition, it refines around 35% of the world’s nickel, 58% of lithium, and 70% of cobalt.

    Among some of the unique materials on China’s list is gold. Although gold is used on a smaller scale in technology, China has sought gold for economic and geopolitical factors, mainly to diversify its foreign exchange reserves, which rely heavily on the U.S. dollar.

    Analysts estimate China has bought a record 400 tonnes of gold in recent years.

    China has also slated uranium as a critical mineral. The Chinese government has stated it intends to become self-sufficient in nuclear power plant capacity and fuel production for those plants.

    According to the World Nuclear Association, China aims to produce one-third of its uranium domestically.

  • Mundoro Announces Q3-2023 Profitable Financial Results And Portfolio Update

    Mundoro Announces Q3-2023 Profitable Financial Results And Portfolio Update

    November 30, 2023 Vancouver, BC – Mundoro Capital Inc. (TSXV: MUN | OTCQB: MUNMF | www.mundoro.com) (“Mundoro” or the “Company“) is pleased to report profitable financial results from its operations in the first nine months ending September 30, 2023 (“Q3-2023”).

    Teo Dechev, CEO and President commented: “The Company is pleased to report a profitable period for the nine-months ended September 30, 2023, where Cash Flow from Operations increased to $1,315,362, which is 428% increase over the same period ended September 30, 2022.  The profitable operations are a result of generating value added opportunities for our partners while also providing value added operational services to our partners. This unique business model creates value for our shareholders, partners and the communities where we operate.”

    Financial Highlights and Outlook

    For further information of the Company’s financial results, please refer to the condensed interim consolidated financial statements and MD&A for the nine-month periods ended September 30, 2023, and 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.

    • Strong Cash Position: As of September 30, 2023, the Company held $5,780,203 in cash and cash equivalents (“Cash Position”) and no long-term debt.
    • Fees Earned:  During the three and nine-months ended September 30, 2023, the Company generated $935,476 and $2,394,299, respectively, in Fees and Payments, representing an increase of 110% and 194%, respectively, compared to the same periods in Q3-2022.
    • Corporate Expenses: During the three and nine-months ended September 30, 2023, the Company incurred general and administrative expenses of $431,047 and $1,056,211, respectively, up 15% and 27% compared to the same periods in 2022.
    • Net Income: During the three and nine-months ended September 30, 2023, net income was $75,903 and $1,154,991, compared to a net loss of $16,323 and $498,117 for the same periods in 2022, which represents a 565% and 332% increase, respectively.
    • Positive Cash flow from Operating Activities: Cash flow from operating activities is $1,315,362 during the nine-months ended September 30, 2023 compared to a loss of $400,689 for the nine-months ended September 20, 2022 which represents an increase of 428% compared to the same period in 2022.

    Q3-2023 Exploration Portfolio Highlights

    Follow our weekly updates on: LinkedIn and Twitter @Mundoro

    For further information of the Company’s Summary of Operations, please refer to the MD&A for the nine-month periods ended September 30, 2023, and 2022. The Company’s filings are available on SEDAR at www.sedar.com and on Mundoro’s website at www.mundoro.com.

    Vale-Mundoro Projects, Serbia

    • Completion of Phase II Drill Program at Skorusa Target: In Q3-2023, a phase II drill program was completed that followed up on previous AMT geophysical anomalies and mineralization at depth. The program drilled 1004.4 meters in a single drill hole. Assay results are expected in Q4-2023.
    • Completion of Drilling at Prekostenski Target: In Q3-2023, 291 meters of diamond drilling was completed on a drill hole at the Prekostenski target, testing for possible extensions of mineralization intersected in previous drilling campaigns in areas with geophysical anomalies.
    • Advancing Exploration for Upcoming Drill Programs: In Q3-2023, a passive seismic geophysical survey was completed over three target areas, for which the initial geophysical interpretations were received. In addition, in Q3-2023, a regional structural interpretation was completed to improve the understanding of the structural setting and targeting in the Timok region.  A Phase I drilling program at Branik to follow up on mineralized ore clasts intersected in a previous drilling campaign is planned for Q4-2023 for a total of up to 750 meters with the assays expected in Q1-2024.  A Phase II drill program of 1,600 meters is planned for the Markov Kamen South target area to follow up on potential extensions to mineralization intersected during previous drilling campaigns. Drilling is anticipated to be completed in Q4-2023 with assay results from this drill program anticipated in Q1-2024.  A Phase II drilling program is planned for 800 meters at the Bacevica North target to follow up areas of interest identified with geochemistry and geophysics. Drilling will commence in Q4-2023 with the assays expected in Q4-2023 or Q1-2024.

    Kinross-Mundoro Project

    • Focused on Community Engagement: In Q3-2023, the work program focused on community engagement and permitting in preparation for future drilling.

    BHP-Mundoro Projects

    • Completion of Drilling: In Q3-2023, a follow up drill program to test the extension of an IP anomaly to the south of the East Zone at the south end of the property was completed with one drill hole of 600.5 meters, with assay results expected in Q4-2023. Additionally, a ground gravity survey was completed measuring gravity at 1400 stations across the project, with geophysical interpretation expected in Q4-2023.
    • Advancing Exploration for Upcoming Drill Programs: In Q3-2023, a follow-up grid-based soil geochemical sampling survey covering the Vitanovac and Ponor licenses was completed.  In Q3-2023 a ground gravity survey was completed measuring 1022 stations across the license area. Initial geophysical interpretations are expected in Q4-2023.  A Phase I drilling program is planned to test one target area within the Vitanovac license during Q4-2023.

    JOGMEC-Mundoro Project

    • Advancing Exploration for Upcoming Drill Program: In Q3-2023, a soil geochemical survey and geological mapping was completed. In addition, a follow up AMT geophysical survey for a total of 27 line kilometers was completed with geophysical interpretations expected in Q4-2023. A Phase I drill program is planned for 1,900 meters after receiving all relevant permissions from the local government agencies.

    Vale-Mundoro Projects, Arizona, USA

    • Preparation for Upcoming Drill Program in Dos Cabezas: In Q3-2023, a drill contractor mobilized on to the project in preparation for the Phase 1 Drill Program to commence Q4-2023 over three target areas: Mineral Park, Mescal Canyon and Casey Copper Canyon.
    • Advancing Exploration for Upcoming Drill Program in Picacho: In Q3-2023, project wide drone magnetic and ground gravity surveys began, and are ongoing, with an expected completion in Q4-2023.  Geophysical interpretations are expected in Q4-2023.  A Phase I Drill program is being developed for 2024.

    Qualified Person

    The scientific and technical information described in this Press Release has been prepared in accordance with National Instrument 43-101. The scientific and technical information for Serbia exploration programs was reviewed and approved by Thomas Sant, FGS (EurGeol, CGeol) a Qualified Person as defined by NI 43-101 and Exploration Director to the Company. The scientific and technical information for the Bulgaria and USA exploration programs has been reviewed and approved by T. Dechev, P.Eng (PEO, APEGBC), a Qualified Person as defined by NI 43-101, and the Company’s Chief Executive Officer.

    About Mundoro Capital Inc.

    Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals.  To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro from partners and creates royalties attached to each mineral property.  The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.

    For further information about Mundoro, please contact Teo Dechev, Chief Executive Officer, President and Director, +1-604-669-8055, and Shamil Devji, Investor Relations Manager at +1-604-669-8055.  You can also visit Mundoro’s website www.mundoro.com.

    Caution Concerning Forward-Looking Statements

    This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company’s future strategy and business plan and execution of the Company’s existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro’s assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.