The current AP1000 activities at Khmelnytskyi are part of a Memorandum of Understanding (MoU) signed in 2022, for the deployment of nine AP1000 reactors in Ukraine.

The AP1000 is the only available operating Generation 3+ reactor that offers fully passive safety systems, modular construction design and the smallest footprint per MWe.

Currently, the AP1000 reactor is commercially operational in the US, China, and Bulgaria.

The technology is considered to be deployed at multiple other sites in Central and Eastern Europe, the UK, India and North America.

Energoatom head Petro Kotin said: “The Westinghouse company is our reliable strategic partner: both in the development and loading of alternative fuel into the VVER reactors, and in the creation of a fuel production line in Ukraine.

“During the war, we have not stopped, but on the contrary deepened and accelerated our cooperation.”

Ukraine’s Energy Minister Herman Halushchenko said: “The facilities that we plan to build at the Khmelnytskyi NPP will enable Ukraine to make the largest recovery since the Second World War. I am very grateful to Westinghouse.

“In 2020, we signed an agreement to develop fuel for VVER-440 type reactors for five years. But after the full-scale invasion, we significantly accelerated that process and did the impossible – Westinghouse, together with Ukrainian specialists, developed that fuel twice as fast.”

The first batch of Westinghouse VVER-1000 nuclear fuel has been delivered for the two operating units at the Khmelnytskyi Nuclear Power Plant.

Westinghouse manufactured the VVER-1000 fuel at its fuel fabrication facility in Sweden

The company also delivered the first batch of VVER-440 nuclear fuel to Ukraine’s Rivne Nuclear Power Plant in September last year, in a development program.

In addition to the AP1000 reactor, Westinghouse signed an MoU with Ukraine in September last year, for the development and deployment of the AP300 Small Modular Reactor (SMR).

Westinghouse president and CEO Patrick Fragman said: “Westinghouse is honoured to be a trusted partner supporting Ukraine in its pursuit of clean, reliable and secure energy for generations to come.

“This milestone moves us one step closer to bringing another AP1000 reactor online in Europe and joining our global fleet of AP1000 units in China and the U.S., and we remain proud to continue our long-standing, nearly 20-year partnership with Ukraine on proven and reliable nuclear fuel supply.”

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The move allows the Queensland Coordinator-General to work with regulators to advance the projects, which can create more than 5500 jobs in the Townsville-Mount Isa Corridor.

Queensland’s Minister for State Development and Infrastructure Grace Grace declared the prescribed project status for both projects.

Grace Grace said: “The Queensland Government continues to create new opportunities to put Queensland on the world stage as a renewable energy superpower.

“With our critical mineral resources and growing list of projects we are ready to be the home to renewables-linked mining, manufacturing and exporting.

“Project Green Poly will create the Queensland-based polysilicon supply chain the world needs to expand solar and battery energy generation.

“The Eva Copper Mine Project plans to provide a new source of copper concentrate that has the potential to feed Mount Isa’s copper smelter.”

Project Green Poly represents a $7.8bn investment that will create one of Australia’s first integrated mine-to-manufacturing polysilicon supply chains.

It is expected to create around 4400 jobs in and around Townsville during the construction and operation of a facility that will run for 30 years or more.

The Eva copper mine project is located near Mt Isa and Cloncurry and will enhance copper mining and smelting, boosting local supply for solar, wind and battery energy manufacturing.

The mine is anticipated to operate for at least 15 years, creating up to 1,250 jobs in construction and operations and extending the life of local copper mining and smelting jobs.

In October last year, Quinbrook was conditionally allocated 200ha of the total 2200ha Lansdown site through a Council-run competitive tender process.

Quinbrook proposes to develop and build a polysilicon manufacturing facility at Lansdown, powered by a planned large-scale solar and battery storage project adjacent to Lansdown.

Quinbrook Investment Partners managing director, Australia regional leader Brian Restall said: “Townsville has the potential to be a world-leading location to produce polysilicon given its proximity to high-quality quartz resources, its great access to the Port of Townsville and the fact that the Lansdown Eco-industrial park, where our manufacturing is proposed, can be powered by 100% renewable energy.”

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Under the terms of the agreement, Taseko will acquire Dowa and Furukawa’s shares in Cariboo Copper, which allows Taseko to gain an effective 100% stake in the Gibraltar Mine.

The transaction price comprises a minimum of C$117m ($86m), payable over ten years, and additional contingent payments based on copper prices and Gibraltar mine’s cash flow.

An initial C$5m will be paid to Dowa and Furukawa, 2.5m each, shortly after closing and the remaining amounts will be settled with annual payments commencing in March 2026.

Taseko president and CEO Stuart McDonald said: “We are happy to once again own 100% of the Gibraltar mine, our foundational asset, which will continue to generate strong returns for the Company for many years to come.

“This acquisition provides 14% growth in our attributable copper production and is immediately cashflow accretive as we advance construction at our Florence Copper Project.

“We also receive additional offtake rights as the Cariboo offtake contract comes back to Taseko, providing potential cost savings and longer-term strategic benefits as we continue to develop our North American copper production profile.”

The annual payments are linked to the average London Metal Exchange copper price from the previous calendar year, based on a percentage of cashflow from the Gibraltar Mine.

If the copper prices are below $4 per pound, the annual payment will be C$5m, and a maximum annual payment of C$15.25m at copper prices of C$5 per pound or higher.

Also, the annual payments cannot exceed 6.25% of the mine’s annual cashflow between 2025 and 2028, and 10% of its cashflow for the 2029-2033 calendar years.

The outstanding balance on the minimum consideration will be repayable in March 2034, and the total payment is capped at C$142m, limiting the contingent consideration to C$25m.

The company has the option to make total payments of $117m at any time before 2029.

Taseko’s minimum payment obligations are structured as loans from Dowa and Furukawa to Cariboo, which are guaranteed by Taseko, and partly by Cariboo’s 25% interest in the Gibraltar mine.

Furthermore, Dowa and Furukawa will receive 30% of Gibraltar’s copper concentrate offtake for the life of the mine, under the offtake arrangements signed in 2010.

The post Taseko to take full control of Gibraltar copper mine in Canada appeared first on NS Energy.

The company will retain a 10% working interest in the enlarged area of around 72,000 acres surrounding the pilot and a 22.5% working interest in the remaining 4.52 million acres.

Falcon’s decision to reduce its working interest will significantly reduce its share of costs for the two wells planned to be drilled this year, as part of the pilot.

The company also retains an additional A$16.67m ($11m) of gross carry that will be used to offset the costs related to the pilot in 2024, further reducing its cost to participate.

Falcon CEO Philip O’Quigley said: “Falcon’s election to reduce its participating interest to 5% in the Pilot is a prudent use of our capital resources as it significantly reduces our cost exposure.

“Post a successful Pilot, Falcon will own a weighted average interest of 10% in the enlarged area of around 72,000 acres around the Pilot and will be able to participate in any future development of this area, whilst still retaining 22.5% interest in the remaining 4.52 million acres.

“This election by Falcon demonstrates our ability to optimise our interest in the Beetaloo for the benefit of shareholders.”

Last year, Falcon participated in the SS1-H well at its 22.5% working interest, which created a Drill Spacing Unit (DSU) of 20,480 acres.

This year, the company will participate and retain a 5% working interest in the two wells, which will create two new DSUs totalling 51,200 acres.

Falcon’s combined weighted average ownership and future participation entitlement of this enlarged area of 72,000 acres post Pilot will be 10%.

The company will retain its full 22.5% participation interest in the remaining 4.52 million acres in the Beetaloo Basin, which makes a net one million acres to Falcon.

Falcon Oil & Gas is engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused on Australia, South Africa, and Hungary.

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Louise Wrathall, CAML Executive Director of Corporate Development, commented: “As a focused junior explorer with its CEO and exploration team based in Northeast Scotland, Aberdeen is well placed to undertake exploration in an exciting area that is prospective for copper and nickel mineralisation. Importantly, we believe Aberdeen has built an impressive land package in Aberdeenshire and has a firm foundation of strong local relationships.

“We have been impressed with the Aberdeen team and its approach to exploration, and we look forward to working together to discover the extent of the base metal potential in this area of Scotland.

“Our wider business development activities continue as we maintain our work appraising other accretive and potentially transformational opportunities that can contribute to CAML’s long-term growth.”

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The Samapleu-Grata Nickel-Copper Project is now a 60/40 joint venture between Ivanhoe Electric and Sama. In addition to a 60% interest at the Project level, Ivanhoe Electric also owns 22.7% of the common shares of Sama.

Mr. Taylor Melvin, President and CEO of Ivanhoe Electric commented: “We are pleased to have completed our earn-in to 60% of the Samapleu-Grata Nickel-Copper Project. We are particularly encouraged by the significant improvement in both the quality and quantity of potential future copper concentrate production at the Project compared to earlier studies. The results announced by our joint venture partner, Sama, are a product of the hard work by our dedicated joint team. We look forward to working together with Sama on the next steps for our high-quality nickel-copper Project.”

The Samapleu-Grata Nickel-Copper Project is located in western Ivory Coast approximately 600 km from the capital Abidjan. The total area of the Project is approximately 835 km2.

Ivanhoe Electric entered into a binding term sheet for an earn-in and joint venture agreement with Sama which was subsequently formalized in March 2021. Ivanhoe Electric satisfied the terms of its 60% earn-in by spending C$25 million by March 2024.

The 2024 PEA outlines the potential for a conventional open pit mining operation supporting 86.5 million tonnes of modelled mill feed together with 1.62 million tonnes of direct shipped laterite material entirely from the Grata, Main and Extension deposits and the Sipilou Sud Laterite deposit.

Over the life of mine, the Samapleu-Grata Nickel-Copper Project would produce an annual average of 38,627 tonnes of a 26% copper concentrate and 55,119 tonnes of a 13% nickel concentrate through a process plant with a capacity of 5.475 million tonnes per year. This would be achieved through a conventional process that focusses entirely on flotation, for the production of separate copper and nickel concentrates together with cobalt, platinum, palladium and gold as by-products.

The 2024 PEA is preliminary in nature and includes inferred mineral resources, considered too speculative in nature to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not demonstrated economic viability. Additional trenching and/or drilling will be required to convert inferred mineral resources to indicated or measured mineral resources. There is no certainty that the results of the 2024 PEA will be realized.

The 2024 PEA includes only the Grata, Main and Extension deposits and the Sipilou Sud Laterite Deposit, which together with the proposed mine infrastructure, covers only approximately 3% of the 835 km2 Project area. This provides ample opportunities for exploration upside and expansion opportunities, including at known mineralized zones at Yepleu and Draba, as shown in Figure 2.

The Samapleu-Grata Nickel-Copper Project is a potentially commercially profitable operating open-pit operation consisting of magmatic polymetallic sulfide mineralization with by-product metals, including copper, gold, cobalt, platinum, and palladium. The Project has a comparatively small capital cost and favorable internal rate of return while producing competitive nickel and copper concentrates.

Figure 3 compares the Project’s total estimated capital and pre-tax IRR against other pre-production nickel assets, including primary magmatic sulfide deposits like Tamarack, as well as the bulk-tonnage low-sulfur, ultramafic-hosted deposits like Dumont and Crawford. Based on the 2024 PEA, the Samapleu-Grata Nickel-Copper Project has one of the lowest total capital costs while producing a pre-tax IRR that is second only to the Tamarack deposit in the United States providing the opportunity to construct a relatively small, but comparably profitable polymetallic mining operation.

Finally, the polymetallic nature of the Samapleu-Grata Nickel Copper Project means that it has the potential to produce not only a nickel concentrate, but a high quality 26% copper concentrate that is on par with the copper concentrate produced from primary copper mines.

The post Ivanhoe Electric Announces Completion of Earn-In to Acquire a 60% Interest in the Samapleu-Grata Nickel-Copper Project in the Ivory Coast appeared first on NS Energy.

Linden is an Australia-based gold producer, developer, and explorer with significant landholding in the South Laverton Goldfields in Western Australia.

Under the terms of the Bid Implementation Agreement (BIA), Linden shareholders will receive 6.9 Brightstar shares for every Linden share held.

Also, Linden shareholders will receive 6.9 Brightstar options for every Linden option held, equating to an implied offer price of 11.04 cents per share.

The unlisted options held by the Linden option holders, if not exercised into ordinary shares before the Offer closes, will be exchanged for unlisted options in Brightstar.

The offer implies an undiluted equity value for Linden of around $23.7m.

Brightstar managing director Alex Rovira said: “This is an outstanding transaction for both Brightstar and Linden shareholders and aligns with our strategy of becoming a mid-tier gold producer in the near term.

“This combination will create a gold producer and development company with a material resource base, synergistic operations, strengthening in-house operational expertise and a strong balance sheet that will drive development and growth.

“We would like to thank the Linden Board and their major shareholders for their support and note the Board of Linden unanimously recommends this compelling Offer in the absence of a superior proposal.”

Upon implementation of the offer, Brightstar shareholders will hold 62% and Linden shareholders will hold 38% ownership of the combined company.

Linden’s Board of Directors unanimously recommended that Linden shareholders and optionholders accept the offer, in the absence of a superior proposal.

Australia-based gold mining company St Barbara has signed a pre-bid acceptance agreement with Brightstar to accept the offer in respect of its existing 19.8% holding in Linden.

Linden’s major shareholders and their associated entities, Mako Mining, Mine Trades and Maintenance-Electrical (MTM) and Blue Capital Equities (BCE) intend to accept the offer.

Brightstar said that the merger is aligned with its strategy to become a mid-tier gold producer from two of West Australia’s most prolific regions, Laverton and Menzies.

Linden managing director Andrew Rich said: “Brightstar’s team and assets are highly complementary to Linden’s, and we believe the combination will unlock material synergies to the benefit of all shareholders.

“The Offer provides Linden shareholders with a range of benefits, including exposure to a liquid, growing ASX-listed gold producer, a strengthened balance sheet and the ability to utilise Brightstar’s existing infrastructure and resource base.

“The Board of Linden unanimously recommends the Offer and encourages all shareholders to accept the Offer in the absence of a superior proposal.”

The post Brightstar makes off-market bid to acquire Linden Gold Alliance appeared first on NS Energy.

Cyan is a subsidiary of Singapore-based offshore wind vessel maker Cyan Renewables, owned by an infrastructure fund, Seraya Partners.

Under the terms of the binding Scheme Implementation Deed (SID), Cyan will acquire MMA’s shares, through a scheme of arrangement with MMA and its shareholders.

If the Scheme is implemented, MMA shareholders will receive A$2.60 ($1.70) per MMA share held, which values MMA at around A$1.03bn ($612m) on a fully diluted basis.

The transaction price represents an 11% premium to the closing share price of A$2.35 per MMA share and a 20% premium to the 30-day VWAP of A$2.16 per MMA share on 22 March 2024.

MMA chairman Ian Macliver said: “There has been increased interest in MMA as our strategy to diversify our operations and deleverage the business, together with our improved earnings, has seen the share price rise more than 80% over the past 5 months.

“We have been in discussions with Cyan since October 2023 and the Board has now reached the required level of confidence to enter into the Scheme Implementation Deed.

“We believe Cyan’s offer provides compelling value for MMA today, representing a 31% premium to the 90-day volume weighted average share price, a 91% premium to the Company’s net tangible asset value and a 7.7x earnings multiple based on annualised first-half FY24 EBITDA.”

Cyan will retain MMA’s workforce and will use and grow MMA’s expertise, assets, and operating model to expand further into offshore wind support services.

The company will continue to provide its comprehensive suite of marine and subsea services to existing clients in the offshore energy and wider maritime industries.

MMA’s Board of Directors unanimously recommended the MMA shareholders vote in favour of the scheme, in the absence of a superior proposal.

The transaction is subject to the conclusion of an independent expert in their Independent Expert Report, that the Scheme is in the best interests of MMA shareholders.

Macliver added: “The MMA Board believes that the Scheme is in the best interests of shareholders, providing certainty in the form of a cash payment to shareholders while removing the risks associated with operating in a cyclical industry.

“Cyan intends to retain MMA’s workforce, clients, sites and contracts and to invest capital in growing the business.

“MMA provides Cyan with exposure to Asia and, importantly, Australia as Cyan pursues equity investment to create a leading global energy transition-focused offshore marine business.”

The post Cyan MMA to acquire Australian OSV operator MMA Offshore for $612m appeared first on NS Energy.

TotalEnergies owns 43.2% of the project and is also its operator, Nordsøfonden holds 20%, and BlueNord, previously known as Norwegian Energy (Noreco), owns the remaining 36.8%.

Discovered in 1968 by Maersk Oil, Tyra is located 225km off the west coast of Denmark.

The project processed and supplied gas to address more than 90% of the country’s natural gas needs for nearly four decades until it was closed for redevelopment in 2019.

The redevelopment project, due to the natural subsidence of the reservoir, included building an advanced facility that provides safety while enhancing production and export capacity.

Tyra hub is now expected to produce 5.7 million cubic meters of gas and 22,000 barrels of condensate per day, making Denmark self-sufficient and a net exporter of natural gas.

TotalEnergies exploration and production president Nicolas Terraz said: “We are pleased to restart the Tyra hub, one of the most technologically advanced offshore gas installations in the world.

“The success of this major redevelopment project owes a lot to the commitment of our teams, our partners and our contractors.

“The new Tyra leverages state-of-the-art digital solutions and technological innovations to produce more efficiently and with 30% lower greenhouse gas emissions than the former facilities.”

Tyra redevelopment is the largest project on the Danish Continental Shelf. It involved the fabrication and installation of eight new platform topsides, two jackets, and six bridges.

The redevelopment project reused or recycled 98.5% of the materials recovered from the previous or retired installations.

According to BlueNord, production from Tyra II facilities is expected to more than double its net production to more than 50,000 barrels of oil equivalents per day (boepd) by the end of 2024.

In addition, redeveloped Tyra will significantly decrease field opex and emissions intensity, and extend the life of the field by 25 years, only constrained by the 2042 licence expiry.

BlueNord CEO Euan Shirlaw said: “We are delighted to announce the restart of production from Tyra, marking a significant milestone in a journey that began for us nearly five years ago when we became a partner in the DUC.

“The successful delivery of this project is a monumental accomplishment that is a testament to the commitment, resilience, and perseverance of all parties involved, not only at BlueNord but also at TotalEnergies and Nordsøfonden.

“With a ramp-up that is expected to last four months, Tyra will shortly be a key supporter of energy security in the region, transforming Denmark from a net importer to a net exporter of natural gas and supporting the European Union in a manner that compares favourably to imported LNG.”

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The contract will see Bechtel progress design of both the process plant and non-process infrastructure (NPI) facilities at the Dubbo Project to support the Company commencing the execution phase.

Key areas of the work involved in the Bechtel contract scope include:
·       Progressing the engineering in readiness for commencement of the execution phase, and to support the procurement of long lead items and site preparation works.

·       Finalise the Dubbo Project strategies, execution plans, baseline scope and standards to drive the procurement process for engagement of the execution contractors and to support ‘readiness’ for execution.

·       Identify early works opportunities for program reduction and or reduction of implementation risk.

In parallel, ASMH will complete work required to meet the project environmental impact statement and development consent commitments required during the FEED services period.

At completion of the FEED services, Bechtel will deliver to ASMH documentation that will support (along with other inputs and work to be undertaken) ASMH finalising a feasibility study on the construction and operation of the project. The feasibility study will include an updated capital cost estimate, operating cost estimate and project schedule. This will allow ASM to progress key funding activities and provides a critical path to taking final investment decision (FID) on the Dubbo Project.

“We are delighted to announce this contract with Bechtel, one of the world’s leading engineering and construction companies with extensive experience in the mining and metals sector. The Bechtel team bring deep understanding of the Dubbo Project through their prior work on the NPI services contract and have established a proven ability to deliver and work collaboratively in their performance to date on this work. The FEED services will progress our engineering work and provide critical inputs to enable us to take final investment decision and commence execution of the Dubbo Project,” said Ms Rowena Smith, Managing Director and CEO of ASM.

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