Jack Lundin, CEO of Lundin Mining, comes into this story with a new focus on how Copper, Gold, Silver deposits in Argentina might as well change the future of mining in South America.

His group is part of a larger team that found a site with over 80 million ounces of gold and silver alongside more than 12 million tons of copper.

Opening up economic doors

The resource estimate suggests that Argentina will have new ways to make revenue. Financial experts think that the sudden rise in proven reserves will have a ripple effect on job creation and trade numbers, along with infrastructure growth.

Residents in the area hope that this discovery will lead to fair policies. If the government takes advantage of this chance, the funds could be used to build schools, hospitals, and roads in remote areas that have always been behind the more populated areas of the country.

The mountains in the area where this deposit is located have always been known for their splendor. But now, that mountainous background could help the country grow and make it a much stronger player in the global copper market.

This reserve’s significance changes how the world perceives Argentina. By the end of the next decade, the country, which is mostly known for its agriculture, could as well become one of the top copper exporters in the world.

Critical metals and demand around the world

BHP and Lundin Mining are two important companies that work together under the name Vicuña. This partnership brings together technical know-how and a global presence, which raises expectations for a mining operation that is both modern and efficient.

Local officials stress that it is important for officials, residents, and companies to communicate with each other in a positive way.

They think that working together leads to better environmental practices, safer workplaces, and responsible extraction of resources.

The deposit has an abundance of copper, which is important for electronics, green energy, and big machines. Experts say that the growing number of electric vehicles and renewable energy installations will probably keep the demand high.

Traditional investors are still very positive about precious metals. Gold and silver are used by jewellery makers, chip makers, and medical equipment makers all over the world since they are good conductors and last a long time. This connects the new discovery of Argentina to markets all over the world.

How Argentina’s metal deposits make an impact 

According to Dave Dicaire, Vicuña’s general manager, “We are in an excellent position to continue advancing the development of a mining district with great potential.” He stressed the fact that future plans call for cautiously scaled production, utilizing technology to make sure that the business is profitable and that local concerns are taken into account.

Environmentalists are also keeping an eye on how these companies run. Green groups want strict oversight because of the fragile mountain ecosystems along the border between Argentina and Chile.

Chile, Peru, and other countries located in the Andean belt have been getting copper out of the earth for a long time. This change could bring in new competitors and make it easier for individuals to share ideas, work, and funds across borders.

The fact is that Argentina’s rise in metal extraction could as well go on to cause changes in the region. There may be more diplomatic ties because there is a reason for stable conditions and good trade routes through mountains.

Roads, ports, and other public works

Shipping a lot of ore requires new logistics. Analysts say that better highways and rail networks, along with customs facilities, would help both business and everyday travel in the area.

Companies that want to grow talk about how better roads can cut down on travel times and make workers safer. They say that these changes not only make mining operations more efficient, but at the same time, they also make it easier and safer for people in nearby towns to get to major cities.

Argentina’s metals and cultural history

Some parts of the Andes are home to indigenous communities who have voiced concerns about big projects. National laws say that ancestral lands must be treated fairly. These laws tell how the deposit should be managed.

Some communities see positive things, like more public investment. Some people ask about how water is used, how stable the soil is, and how economic traditions related to agriculture or tourism are changing.

The government of Argentina wants to move away from relying on just one or two economic engines. Planners support a balanced approach in which mining works with farming and tourism, along with manufacturing.

Groups working on policy say that changes in mineral prices can go on to have an effect on national budgets. They also support reasonable laws that set aside some royalties for development programs.

Staying away from environmental problems

Waste management and protecting aquifers are two problems that come up with large-scale extraction. Engineers say that advanced water treatment systems, ways to get rid of tailings, and tools for real-time monitoring are going to be very important.

There is more and more pressure on companies to be open and honest. Mistakes in other areas have shown that polluted water can destroy ecosystems, so the best safety measures are anticipated from the start.

People who keep an eye on mining around the world think that copper will continue to be important for clean energy. They see competition growing among producers, and developing countries are trying to increase their capacity to meet the international demand.

Investors who are looking into Argentina’s deposits are still hopeful. Some people say that the current anticipation is like other famous metal discoveries that helped countries go from being small players to big exporters.

Possible benefits across the border

Mining executives say that advanced economies that depend on metals will have better trade opportunities. Emerging markets also need these resources so as to improve their digital infrastructure while also expanding their health care technology.

Economic observers opine that Argentina could make more revenue if everything goes well. This could raise people’s standard of living and help the state pay off its foreign debts.

Technical and research reports

The experts who made this discovery plan to publish a full report that includes information pertaining to technical parameters and capital expenditures, as well as environmentally friendly extraction methods.

The fact is that comprehensive reviews usually guide how governments and communities respond to big projects.

Experts in geology and metallurgy say that the Andean chain has rock formations that are unlike any other. This environment can hide more high-quality veins, which makes global mining companies even more interested.

Social and job creation points of view

No one knows for sure how this deposit will affect the long-term growth of Argentina. A lot of people are excited about the chance of getting a lot of funding, but some are still worried about how it will affect the environment and people who have to move.

International groups are ready to put funds into technology, job training, and safety programs. People who support the project want a model that strikes a balance between being ambitious and being careful, making sure that the project helps the community without hurting the environment.

Young people in the area see engineering, earth sciences, and business, as well as services, as possible career paths. Schools might change the curriculum to fit the specific skills that this field needs.

Small business owners can see opportunities in hospitality, selling equipment, and providing transportation services. They depend on private businesses, government officials, and community leaders to work together so as to keep growth fair.

Argentina and mining for metals in the future

We all are aware that mining around the world has its ups and downs. This big deposit could change the flow of goods around the world, but one has to work hard to avoid the problems that come with boom-bust cycles.

People who care about Argentina’s future stress the importance of being patient, responsible, and planning ahead. They want the money to flow into everyday life, not just business records.

Markets go up and down, but big deposits can get the attention of people in many fields. A steady supply of metals is important for renewable energy and technology, along with heavy industry.

Individuals are already calling for more exploration after this discovery. Some experts think that the mining sector in Argentina that looks newly energized might be the source of the next major advance in knowledge and efficiency as well as safety.

Ghana is moving the Damang gold mine from the control of the multinational company Gold Fields to local ownership. It is well to be noted that there are three local companies that are being considered as bidders.

The mine needs about $1 billion in investment to be fixed up after the government decided not to renew Gold Fields’ lease after almost 30 years.

Engineers and Planners Company Limited, which is led by Ibrahim Mahama, is in the lead because it has worked on the site before and just got $205 million in financing.

International groups such as the U.S. and China have opposed Ghana’s mining reforms, which include higher royalties along with stricter local content rules.

Authorities have begun looking over three proposals from local investors to take over the asset. It is thought that it will take up to $1 billion in new investment to bring production back to full speed.

The process comes after the government decided to take over the mine that South Africa’s Gold Fields had been running for nearly a year after turning down the request from the company to renew its lease.

Reuters says that the bidders who made the final list are Engineers and Planners Company Limited and BCM International, as well as the Vortex Resources consortium. Regulators are now looking at which of the applicants is most likely to deal with the operational and financial problems of the mine.

In April, Ghana, which wants to get more locals involved in its mining industry, refused to extend the existing lease of the Johannesburg-based operator. This was indeed a break from the usual practice of automatic renewals.

The change happens as Gold Fields Limited, which is a South African mining company, leaves one of the oldest gold-producing assets of Ghana after nearly 30 years of operation.

CEO Mike Fraser said that Gold Fields had asked for more time, but the government wanted the asset to go to local ownership instead.

Engineers and Planners, a company that is run by Ghanaian billionaire Ibrahim Mahama, has been a long-term contractor at Damang. This arrangement has given them a lot of experience with the mine’s systems as well as workers.

Earlier in March 2026, Stanbic Bank Ghana, along with Standard Bank of South Africa, helped E&P get a US$205 million loan package. Ecobank Ghana as well as Absa Bank Ghana also assisted.

The money will help with upgrading equipment, making hard-rock mining more efficient, and also increasing long-term operational capacity. This shows that people are becoming more confident that local companies can handle big mining assets. Ghana has made significant changes when it comes to its mining laws in the last few years, focusing on royalty structures and local content rules, along with tax policies to keep more of the country’s mineral wealth.

These include proposals to substitute the long-standing fixed 5% royalty with a sliding scale of up to 12%. There will also be tougher regulations for Ghanaian companies that want to buy things in the country and participate.

But the U.S. and other important mining stakeholders have strongly opposed these changes.

Along with China, the UK, and Canada, as well as Australia, Washington has put unusual coordinated diplomatic pressure on Ghana so as to rethink or scale back the policy. They have warned that higher royalties could make the country one of the most expensive places in Africa to mine and scare away investment.

The U.S. position is very similar to what global mining companies are concerned about. They say that the proposed rates could cut into profits, slow down new projects, and lower output over the long term.

Ghana has said it will proceed with the reforms anyway. It sees them as part of a larger trend across Africa toward resource nationalism, where governments want to get greater value from rising commodity prices and rely less on foreign companies.

According to Gold Fields’ feasibility study, Damang could produce 100,000 to 150,000 ounces of gold each year for at least nine more years. However, the company would need to raise $500 to $600 million in new capital to keep the mine running.

It is well to be noted that the Minerals Commission and other agencies keep an eye on things to make sure that all mining companies in Ghana adhere to the rules.

The partnership looks to deliver smart, safe as well as sustainable solutions for the mining sector, making utmost use of the advanced battery expertise of CATL and capabilities in autonomous systems of EACON.

It apparently looks forward to addressing the key mining issues, like reducing the environmental effect, elevating the safety, and also enhancing the operational efficiency.

It is well to be noted that CATL and EACON are planning to scale the electric autonomous haulage solutions throughout the mining sites across the world.

A major objective of this alliance is to create battery technology that is suited to extreme mining conditions and to also deliver the scalable autonomous haulage systems in terms of open-pit mining operations.

CATL and EACON look to build on the successful trials conducted across China, thereby expanding their reach across the world and also setting new benchmarks when it comes to mining practices that are both sustainable as well as intelligent.

The partnership also extends all the way through to capital, technology, and market, as well as ecosystem development, therefore aiming to accelerate the transition by the mining industry towards green as well as automated operations.

The CEO of EACON Mining Technology, Wason Lan, went on to say that this partnership goes on to represent quite a prominent step forward when it comes to the mining sector. He added that through combining their autonomous driving expertise along with leadership in energy solutions of CATL, they are indeed coming up with a smarter and greener future when it comes to mining haulage.

Apparently, EACON Mining Technology goes on to operate the one of the most-used autonomous haulage systems in the world.

Notably, it has gone on to automate over 2,000 trucks and also supports 25 projects that span commodities like iron ore, coal, copper, and gold, as well as zinc.

In August 2025, CATL went ahead and announced the suspension of its operations at one of the lithium mines based in Jiangxi province of China because of an expired license.

As per the Star Kenya, Shanta Gold Limited, the British miner, has confirmed 1.27 million ounces of gold out of its Isulu-Bushiangala underground project, therefore marking a major milestone as largest gold deposits in Kenya within the mining sector.

The Environmental Impact Assessment – EIA report, which has been submitted to the National Environment Management Authority – NEMA goes on to outline plans in terms of a large-scale underground mine covering around 337 acres located at the Kakamega South Sub-county.

The project, which happens to be spearheaded by Shanta Gold Kenya Limited, which is a subsidiary of the London-listed firm, is going to make use of advanced long-hole open stoping tech in order to extract ore while at the same time minimizing the surface disruption.

As per the company’s statement, the project happens to be aimed at obtaining the needed authorization so as to mine the Isulu-Bushiangala gold resources because of economic purposes.

This may as well lead to the upgradation of local economic development by way of job and business opportunities as well as prominent contributions towards the government of Kenya by way of taxes, royalties, and along with them, revenue contributions that are most likely to transfer into the local as well as regional economic growth.

Major infrastructure is going to include a 1,500-tonne-per-day processing plant along with a 12-megawatt power station and also a tailings storage facility. The construction of the mine is forecasted to cost somewhere around Sh22 billion and Sh27 billion, having an operational life of a minimum of eight years.

It is well to be noted that Kenya at present happens to play quite a minor role in the gold mining industry of Africa, producing almost 410 kilograms of gold in 2023, which is far below the major producers like Ghana, South Africa as well as Sudan, each of which produce millions of ounces per year.

In spite of this low output, Kenya is indeed emerging as a very attractive new frontier when it comes to gold exploration as well as investment, ranking 6th throughout Africa in terms of mining investment attractiveness as per the survey in 2023 by the Fraser Institute.

Because of the discovery of the Isulu-Bushiangala deposit in Kakamega by Shanta Gold Limited of  US$5.29 billion, marking largest gold deposits in Kenya, the position of country could improve quite significantly, thereby signalling a transition from small-scale artisanal mining to large-scale commercial production.

As per the EIA report, the project is all set to generate millions in terms of royalties and taxes as well as community development funds. As per the Mining Act of Kenya, 3% of gross gold sales are going to be paid in terms of royalties, out of which 20% would go to Kakamega County and 10% to the local communities by way of certain development projects. Shanta Gold is also going to contribute 1% of the overall gold output value directly to the host communities, which is going to be in line with the Mining – Community Development Agreement Regulations.

Economists opine that the discovery could as well inject new life into the economy of Kenya through diversifying revenue sources that go beyond agriculture as well as tourism. It is also anticipated to bring to the fore several hundreds of jobs at the time of construction and production phases, help the local businesses, and also attract a great amount of foreign direct investment- FDI.

However, The Star Kenya also reports that there are concerns over land acquisition, displacement, as well as environmental risks, due to the fact of the close proximity of the site to the Kakamega Forest as well as other key river catchments. The company has gone on to pledge to go ahead and follow the Land Act of Kenya and also its international resettlement benchmarks so as to eradicate these challenges.

If it gets approved by NEMA, the Shanta Gold project is sure to position Kakamega as the new frontier in industrial-scale gold mining in Kenya, thereby unlocking a major new stream of economic growth as far as western Kenya and also the nation at large are concerned.

So how big is this supergiant deposit that happens to be located under the Wangu gold field in the Hunan province? Experts happen to estimate it to be at 1,100 tons.

As per the Chinese state media, a team of geologists went on to detect more than 40 gold veins of almost 330 tons of gold ore that dipped 6,600 feet deep under the Wangu gold field located in the Pingjiang County. However, 3D modeling happens to blow that number out of the water, showing that there could be almost 1,100 tons as deep as 9,800 feet. If the models are correct, the deposit could be worth almost $83 billion.

Adding some more weight to the already heavy find was a report that the new discovery goes on to feature 138 grams of gold per metric ton of ore, which is a valuable rate not often found in gold mining. There are many drilled rock cores that showed visible gold, confirmed an ore-prospecting expert with Hunan Province’s Geological Bureau, Chen Rulin, as per the Chinese state media.

If the 1,100-ton figure is true, that makes this new find the largest gold mine in the world, even outpacing the South Deep gold mine of South Africa, with its 1,025 tons of gold, as per Mining Technology. Mines across Indonesia, New Guinea, and Russia, as well as Chile, round out the top five gold mines throughout the world. The Carlin Trend and Cortez gold mines, which are both located in Nevada in the U.S., happen to be ranked sixth and tenth across the world.

Historically, it is worth noting that the world has mined almost 233,000 tons of gold, all of it still around in some form or other, and two-thirds of that mining has already taken place since 1950.

Apparently, already the top gold producer of the world with approximately 10% of global production, China happens to be quite heavily dependent on the metal, by way of using almost three times more gold as compared to what it mines per year. A rate that high needs the country to buy so much gold from other countries that it is also the top importer of the valuable metal in the world. This new discovery has already gone on to put the gold markets across the world on notice, which is indeed enough so that the price of gold increased to $2,700 per ounce, as per the CCN portal.

And the fact is that the gold news may not stop there. As per the vice head of the bureau, Liu Yongjun, additional gold ore was discovered when drilling around the peripheral areas of the site.

“Following a thorough evaluation of several deleveraging options, I am pleased to announce this milestone transaction which preserves exposure to all of the copper production at Kansanshi while still maintaining exposure to the majority of the Company’s gold production. Today’s announcement further enhances the Company’s financial resilience, while the ramp-up of the S3 Expansion at Kansanshi and a resolution in Panama will continue to strengthen our financial position,” Tristan Pascall, CEO of First Quantum, commented. “It is pleasing to form a new partnership with Royal Gold which is a strong endorsement of the operations at Kansanshi and its multi-generational ore body as well as Zambia as a leading African mining jurisdiction.”

Favorable and Flexible Terms for Growth

• Strengthens Balance Sheet: The agreement offers a long-term, non-debt, unsecured capital which will considerably strengthen the liquidity. The proceeds will be utilized towards payment of capital expenditure, general working capital requirements, and repayment of bank loans while the company will continue to keep an eye on debt capital markets for opportunities to manage its maturities. At the closing of the Transaction, the Company’s net debt to EBITDA ratio is expected to reduce markedly.
• Maintains Majority of Gold Production: The transaction will allow the company to maintain full exposure to the copper production at Kansanshi. Based on the company’s copper and gold production guidance for 2026 and 2027, on average, 84% of the Company’s total gold production will continue to have exposure to spot gold prices. The Company retains full exposure to the recently identified near-surface gold zone occurrences at Kansanshi.
• Competitive Terms:  The deal gives the company the ability to increase gold exposure over time, depending on financial performance, with provisions for higher ongoing production payments and acceleration options upon achieving certain leverage thresholds for the gold stream deal.

Key Terms and Conditions of the Gold Streaming Agreement

1. Upfront Payment: First Quantum will receive a total upfront cash consideration of $1.0 billion on August 6, 2025.

2. Gold Deliveries with Stepdown Terms: First Quantum shall deliver to Royal Gold, gold commensurate in proportion to copper production during Kansanshi on the following stepdown terms:

 (i)  75 ounces of gold for each million pounds of recovered copper produced up to 425,000 ounces of gold are delivered; and

(ii) 55 ounces of gold for each million pounds of recovered copper produced up to a further 225,000 ounces of gold delivered; and

(iii) 45 ounces of gold per million pounds of recovered copper produced.

3. Production Payments: First Quantum will be entitled to continuous production payments from Royal Gold equal to 20% of the prevailing spot gold price for each ounce of delivered gold under the Agreement, rising to 35% of the spot price of gold when First Quantum achieves:

        (i)   BB senior unsecured debt rating from Fitch Ratings Inc. (“Fitch”) or S&P Global Ratings (“S&P Global”); or

       (ii)   Net leverage ratio of less than or equal to 2.25x over any 3 consecutive quarters commencing with the quarter ended March 31, 2026.

4. Acceleration Options: First Quantum retains two options that will allow the Company to accelerate deliveries and reduce ongoing gold delivered to Royal Gold by up to 30% as follows:

• Option to reduce the stream rate and delivery thresholds by up to 20% at a value of up to $200 million at such time when First Quantum achieves the earlier of: 

 (i)  BB senior unsecured debt rating from Fitch or S&P Global; or

(ii)  Net leverage ratio of less than or equal to 2.25x over any 3 consecutive quarters commencing with the quarter ended March 31, 2026.

Option to reduce the stream rate and delivery thresholds by up to a further 10% at a value of $100 million at such time when First Quantum achieves certain operational conditions and the earlier of:

(i)  BBB- senior unsecured debt rating from Fitch or S&P Global; or

(ii)  Net leverage ratio of less than or equal to 1.25x over any 4 consecutive quarters.

5. Unsecured and Guaranteed: The gold stream deal is not secured. The stream benefits from guarantees by the Company and some subsidiaries of the Company in the Kansanshi ownership chain.

Mali produces more than 65 tonnes of gold annually, making it the second-largest producer in Africa. For context, the country has been working for a long time to turn its natural riches into significant economic wealth for its citizens.

Because they were too dangerous and difficult to run, several international companies have stopped working at the Yatela and Morila gold mines. Due to declining gold prices, AngloGold Ashanti and IAMGOLD shutdown Yatela in the Kayes area in 2016. This choice was taken despite the fact that there were confirmed leftover supplies.

The Australian company Firefinch left Morila in 2022. Morila was located in the Sikaso area, and the company had a negative impact on the ecology and the economy. Mali’s government has chosen to reclaim these assets rather than leave them lying around. This is one phase in the plan to regain control of the business.

The Society for Research and Exploitation of Mineral Resources of Mali, or SEMOS, is the new government organisation tasked with managing these resources and revitalising them.

I’m concerned about how well the plans will be implemented, where the funding will come from, and how the environment, especially at the Morila site, will be protected. These difficulties are a result of the government’s lack of clear strategies on how to manage operations and allocate funds.

Two West African countries, Burkina Faso and Niger, are also attempting to renegotiate mining agreements and hire additional personnel to work in the industry domestically. Nationalisation is but one facet of a broader shift taking place in West Africa. Globally, the price of gold has been high for a while. 

As a result, states have been able to increase their revenue from manufacturing and prolong contracts. Mali’s plan aims for increasing taxes on businesses that do not have their headquarters in Mali, updating existing contracts, and moving businesses to Russia. For instance, in June 2025, a gold facility that Russia assisted in developing will open.

The plan to acquire the company may make investors less certain. It may result in connections with Kremlin-supporting Russian businesses, but it also raises concerns among ordinary Western investors about the associated national danger.

All things considered, the ramifications for the whole area are significant: as the global balance of power changes, Mali’s bold move may lead other countries in the region to follow suit or reevaluate their own mining policies.

Lastly, the goal to seize Mali as a country will only succeed if the government can resolve its financial, organisational, and daily challenges. If successful, it might completely change the way that West African governments and international mining companies collaborate by emphasising better and more equitable development rather than just extracting resources.

It is an orogenic deposit, which typically have a depth of 2km compared to the current depth of 500m. The Company believes it has a potential resource of +1Moz Au in-situ, plus an estimated additional 300,000 oz Au from satellite ore bodies. Having completed extensive analysis of the historic data, it aims to bring the Project into production with a medium-term target of 60,000 oz Au per annum rising to 100,000 oz Au.

Under the terms of the Agreement, the South Korean’s will form an SPV for the investment that will facilitate Gubong’s development,investing up to USD 5 million in return for a maximum 60% of the Project. The South Korean JV partner is aconsortium of successful South Korean business professionals with a broad range of expertise, including metal trading. TheCompany has been working informally with the consortium to assess the most favourable path to advance Gubong, with the resultant JV structure considered the most optimal option to achieve success.

The Farm-out is over three stages with milestones needed to be achieved for the grant of equity in the JV. In the first and second stages, the JV will aim to obtain the relevant permits relating to bringing Gubong back into production (such as the Mountain Temporary Use Permit – MTUP) and once received prepare a Development Report, which details the planned development of taking Gubong into production. In the third stage, the JV will execute this report and carry out other exploration and production related activities including but not limited to sampling, drilling, trenching, dewatering, permitting, mapping, surveys, technical studies (including the Development Report, environmental studies, acquiring land, feasibility studies and/or studies of resources and reserves) and governmental or local stakeholder liaison.

The expenditure milestones by the investor giving a total of 60% of the Project are as follows: Stage 1 Shares: USD 250,000 or 3% of the JV; Stage 2 Shares: USD 750,000 or 9% of the JV; Stage 3 Shares: USD 4,000,000 or 48% of the JV. The investor can also elect to fast-track expenditure at its discretion. Bluebird shall not be required to contribute to the costs of the JV/Gubong development up to the completion of Stage 3, providing the Company with a free carry to production.

Both parties realise the potential of Gubong with the Farm-Out representing a major endorsement of the Project’s potential and underpins the joint belief that the relevant permits will be obtained, and that the mine has strong potential to be a bought back into production. The value of Gubong and the Kochang Gold and Silver mine, the smaller of the Company’s South Korean projects, was highlighted in a Scoping Study, which included a post-tax NPV of USD 181 million, free cash of USD 50 million per annum, an IRR of 111% and a USD 630 per oz All in Sustaining Cost (AISC). The study was conducted on a USD 1,750 per oz Au price compared to the current price of c.USD 2,300 per oz.

Miramar aims to acquire licence E25/654, located around 90km east of Kalgoorlie, from Debnal, a company linked to Miramar’s executive chairman Allan Kelly.

The agreement grants Miramar a 12-month exclusive option to buy the licence application, with the possibility of a six-month extension for an additional $10,000 (A$14,936). To exercise the option, Miramar must pay $50,000 in cash and issue $50,000 worth of its shares to Debnal.

The exploration licence application is strategically positioned, abutting Global Lithium Resources’ Manna lithium project and Kairos Minerals’ recent REE discovery at the Black Cat Prospect.

It also neighbours Miramar’s existing Randalls Project and lies between Silver Lake Resources’ gold operations, making it a prime location for potential gold, lithium and REE discoveries.

Despite this, the area has seen minimal exploration, presenting an opportunity for Miramar to uncover new resources.

Debnal secured a 14-day Prior Right from DEMIRS to apply for the area, outpacing other interested companies such as FMG and Hancock Prospecting.

With the application submitted on 8 May 2024, Miramar is now set to advance the tenement application towards grant.

Last month, Miramar secured funding under the WA Government’s Exploration Incentive Scheme for drilling at its district-scale Bangemall Projects in the Gascoyne region of WA.

Miramar has been advised by DEMIRS that it has been awarded up to A$180,000 towards the drilling campaign, which will target Norilsk-style nickel, copper, cobalt and platinum group element mineralisation at the Mount Vernon and Trouble Bore Projects.

This follows the establishment of dedicated site policing and the subsequent conditional confirmations from the project’s finance syndicate.

The company has outlined various early works for the project, including community resettlement preparations, procurement engineering, social development consultations and recruitment, which are due to continue until September 2024.

These activities will be independently monitored to ensure they progress on schedule, with the necessary safety protection systems in place.

From October, the project will focus on procurement and fabrication of the plant internationally, community resettlement, site earthworks, grade-control drilling, and the transportation and assembly of the plant and associated infrastructure.

It will also focus on a definitive feasibility study (DFS) of the underground mine. The finance plan for the Tulu Kapi Gold project includes $190m in secured debt from development banks, around $100m in equity risk capital from KEFI’s shareholders and a $110m equity risk note from Ethiopian subsidiaries of multinational corporations, repayable in cash or KEFI shares.

Additionally, there will be $20m in TKGM share subscriptions from the federal and regional governments.

With gold prices at nearly $2,350/oz, the project is expected to generate an average of $377m in hard currency exports annually, with average annual royalties and taxes of $69m, and operating expenditures of about $119m, prioritising local procurement.

The project’s all-in-sustaining costs (AISC) are around $887/oz, with break-even costs including debt service at approximately $1,315/oz, providing an internal rate of return (IRR) to equity of more than 50%. At a gold price of $1,550/oz, the IRR remains above 20%.

The company has also highlighted recently approved exemptions from exchange and capital controls, ensuring that investors and financiers have unrestricted capital servicing.

The Tulu Kapi Gold project is expected to create around 1,000 direct jobs and between 5,000 and 10,000 indirect jobs, with foreign direct investment of around $500m, including historical investment.

KEFI executive chairman Harry Anagnostaras-Adams said: “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all-time high gold prices.

“Tulu Kapi’s high grade and high process recovery, combined with our project design, has resulted in a robust set of economics for long-term operations, which should support further exploration and development along with good opportunities to continue supporting local social development projects such as the already provided local school and water supply.

“The returns for the capital investors and lenders are attractive and the recent exemptions from exchange controls has rendered the Ethiopian mining investment climate internationally competitive.”