Jaguar Mining takes option on Iamgold assets in Brazil
The option gives Jaguar the potential to earn an initial 60% interest in the package, which comprises 28 exploration tenements. This includes the Paciência mill, which has been dormant in care and maintenance since 2012. The requirements for this option are that Jaguar spends $6mn on exploration over a four-year period, commencing in the third quarter of 2020.
Jaguar Mining will be the project operator. The technical committee will be drawn from representatives of both Iamgold and Jaguar.
The Iron Quadrangle area contains world-class multimillion-ounce gold deposits, including those at Morro Velho, Cuiabá and São Bento. Jaguar already has the second-largest gold land position among companies operating in the Iron Quadrangle, with more than 35 000 ha.
At present, Jaguar’s main operating assets are the Turmalina gold mine and the Caeté mining complex.
Jaguar’s CEO, Vern Baker, commented on the acquisition: “The opportunity to increase exploration targets with the Iron Quadrangle agreement, our sustainable production and excess plant capacity, underpinned by an expanding mineral resource and mineral reserve inventory, can easily support growth exploration initiatives”.
The company’s vice-president for geology and exploration, Jon Hill, added: “A multitude of historical mines and mineralised occurrences along the prolific Sao Vincente, Paciência and Congonhas crustal scale shear zones, along with existing data from ongoing generative work, indicate Tier 1 discovery potential targets. A discovery, regardless of size, may potentially be processed at Jaguar's underutilised and permitted Paciência mill”.
Iamgold is another Canadian gold mining company, with assets in Canada, Burkina Faso and Suriname as well as Brazil. Its CEO, Gordon Stothart, took up the post in March this year.
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.