French Government appeals Montagne d'Or mining renewal
Orea Mining Corp's renewal of the Montagne d'Or mining concessions is uncertain after the French Government filed an appeal on the December 24 court ruling.
The Government, citing incompatibilty with its environmental ambitions, filed an appeal with the Administrative Court of Appeal in Bordeaux on January 25.
The French Court had found in favour with the Montagne d'Or joint venture (owned 44.99% by Orea and 55.01% by Nord Gold SE), located in French Guyana, in December, and ordered the State to extend the mining concessions within six months of the judgement.
"Orea remains of the opinion that the JV is entitled to the renewal of the Montagne d'Or concessions and both Orea and the JV intend to exercise all available rights to defend themselves vigorously in the appeal," according to a statement.
"The Montagne d'Or project has been the subject to comprehensive environmental studies of high standard. Orea will update the market in due course."
Orea is developing its 45% owned Montagne d’Or Gold Deposit, which hosts NI-43-101 Proven and Probable Reserves of 2.75 million ounces gold (54.11 million tonnes @ 1.58 g/t gold).
It is stepping up its activity at the Maripa gold project in French Guyana too - recently completing 8 diamond drill holes, and four holes intersected "wide shear zones marked by quartz veining".
Last month the company reported a non-brokered private placement (the “Private Placement”) for gross proceeds of up to CAD$1 million, representing 5,882,353 units at a price of CAD$0.17 per unit, and the proceeds will be used for general working capital purposes.
French industry's output decreased by 0.8 percent in December after a 0.7-percent drop in November.
The French Government aims to cut greenhouse gas emissions by 40% by 2030 and reach carbon neutrality by 2050.
The Act of 17 August 2015 on energy transition for green growth seeks to enhance France’s energy autonomy, cut its greenhouse gas emissions and provide effective tools to all stakeholders in order to boost green growth.
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.