Changes afoot for International Lithium Corp
International Lithium has announced that, a Mr. Maurice Brooks has been appointed to the Companys board of directors.
Mr. Brooks wa...
Changes at the top
International Lithium has announced that, a Mr. Maurice Brooks has been appointed to the Company’s board of directors.
Mr. Brooks was appointed interim Chief Financial Officer of the Company earlier this year. He is a licensed senior statutory auditor in the UK and has been a senior partner in Johnson, Smith & Co., Chartered Accountants and Statutory Auditors since 2000.
Previously, he was Finance and Deputy Managing Director of a vehicle producer, Investment Accountant to the Western Australian Government, and before that he had been employed in the audit department of PricewaterhouseCoopers – UK.
“Mr. Brooks brings a unique skill set to the board of directors of ILC and shares our vision to move beyond the high risk early exploration model of value creation,” stated Kirill Klip, Chairman, President and CEO of International Lithium Corp.
Mr. Brooks replaces Mr. Wayne Spilsbury, who resigned as a director of ILC on February 13, 2017. Mr. Spilsbury is also a director of Australian Stock Exchange-listed Pioneer Resources Limited a party to an option agreement with International Lithium Corp. on the Mavis and Raleigh pegmatite projects located in Ontario, Canada.
Building blocks to success
As part of the new model, ILC will continue to focus its efforts on the advancement of the Mariana Lithium Brine project in Argentina and the Avalonia Lithium Pegmatite project in Ireland together with strategic joint venture partner Ganfeng Lithium (“GFL”) in a manner that best suits the interests of both parties. Discussions are currently underway to identify the most effective structure in which to move these projects forward and to add value to both GFL and ILC.
ILC will also continue to focus on the advancement of the Mavis and Raleigh Lithium Pegmatite projects in Ontario, Canada with strategic partner Pioneer Resources Limited where the first hole of a recently announced drilling campaign has reported an intersection of spodumene bearing pegmatite
In addition to these ongoing value generators, ILC intends to build on the expertise it has gained in acquiring and advancing world class lithium prospects and will seek to extend its portfolio of strategic assets that are not restricted to early stage exploration prospects. The Company will now begin to pursue lithium (and possibly other strategic mineral interests related to the battery sector) projects, investments and royalties in partnerships with worldwide leaders in the battery making, electric car, energy and utilities industries.
ILC has begun building a team that will give it a significant advantage in assessing and acquiring the highest quality projects while maintaining a significant core strength of experienced and talented individuals possessing extensive experience in corporate governance and international finance.
“I am very pleased with how our strategic transition is moving forward at ILC,” states Kirill Klip, Chairman, President and CEO International Lithium Corp. “We are switching from a relatively low profit base of only managing exploration operations for the development of our J/V projects with our strategic partners to building a sizeable portfolio of strategic assets. Examples of our successful past record include the Mariana and Avalonia lithium projects which are being developed in conjunction with lithium industry leaders like Ganfeng Lithium, our strategic partner.
Expanding our focus to include investments in opportunities on a broader scale that may see mine production in the near term and seek financing in creative manners that restrict shareholder dilution to fund these acquisitions will be in alignment with our current partners and shareholders and give us an edge over other companies that are closely tied to specific exploration prospects.
This new business model will allow ILC to capitalise on the growth of our industry which is providing the material base for the ongoing Green Energy rEVolution. Lithium based energy storage technology is at the centre of the exponential growth in the markets for electric cars and Energy Storage Systems, which are providing the necessary technical solutions for solar and wind power generation that are intermittent in their nature.”
Making moves in mining
International Lithium is an active player in the mining space, with The Mariana project.
The project is a lithium-potash salar in Argentina, consisting of several contiguous mining claims covering an expansive 160 km2 project area, strategically encompasses the entire salar and a significant portion of the surrounding area to provide prospective land for a potential future processing plant facility
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Barrick profit beats expectations as copper, gold prices up
Barrick Gold has reported a 78% jump in first-quarter profit, beating analyst expectations thanks to rising gold and copper prices, and said it was on track to meet annual forecasts.
Production in the second half is expected to be higher than the first, the gold miner said, thanks in part to the ramp-up of underground mining at the Bulyanhulu mine in Tanzania and higher expected grades at Lumwana in Zambia, reports Reuters
Barrick’s first-quarter gold production fell to 1.10 million from 1.25 million ounces due partly to lower grades at its Pueblo Viejo mine in Dominican Republic.
Adjusted profit surged 78% to $507mn in the quarter ended March 31, from $285mn a year earlier, and Barrick announced a 9 cent per share quarterly dividend.
Stronger prices helped boost Barrick’s revenue from its copper mines in Chile, Saudi Arabia and Zambia by 31% from the fourth quarter. Overall earnings per share were $0.29, ahead of analysts’ estimate of $0.27.
“We expect a positive stock reaction to the earnings beat and strong cash flow,” said Credit Suisse analysts.
Potential for South Africa merger
Barrick CEO Mark Bristow, who has championed mergers across the gold industry, said he backed the idea of South Africa-listed miners Goldfields and AngloGold Ashanti combining.
Speculation has been swirling around the two companies and Sibanye-Stillwater, whose CEO Neal Froneman floated the idea of a three-way merger.
“I’m a South African, and this country has such a great mining history and it would be great to see a real gold business come out of the many failed discussions that we’ve seen,” said Bristow.
Goldfields declined to comment. In a statement, AngloGold Ashanti said it was focused on delivering on its growth plan to unlock value from its portfolio of gold assets.
Bristow also said he had met with the Democratic Republic of Congo’s new mines minister and other officials and was continuing to work on getting $900mn belonging to its Kibali mine joint venture out of the country.
“We have a solution, it just needs to be sanctioned by the appropriate authorities which haven’t been around for a while,” he said, referring to a recent government overhaul by President Felix Tshisekedi.