US launches new strikes on Iran, targeting missile sites and boats
The US said it launched new strikes on southern Iran, targeting Iranian missile sites and boats attempting to place mines.
The strikes were taken in "self-defense" and were designed "to protect our troops from threats posed by Iranian forces", US Central Command said in a statement.
Central Command spokesperson Capt Tim Hawkins said the US military "continues to defend our forces while using restraint during the ongoing ceasefire" between the two countries.
Iran is yet to respond to the US attack. However, Iranian foreign ministry spokesman Esmail Baqai earlier said that while some progress had been made in talks to end the war, a deal "is not imminent".
It is unclear what impact the strikes will have on any potential peace agreement between the US and Iran.
Following the strikes, US Secretary of State Marco Rubio said a deal was still possible and pointed to talks on Tuesday between Iran's top negotiator and foreign minister and Qatar's prime minister.
"We'll see if we can make progress. I think it's a lot of talking back and forth going on about specific language in the initial document, so it'll take a few days," Rubio told reporters during an official visit to India.
He said President Donald Trump had "expressed his desire to make it".
New Delhi: Oil and Natural Gas Corporation (ONGC) on Monday announced that it has selected BP Exploration Services India Limited, a subsidiary of BP Plc, as Technical Services Provider (TSP) for its Western Offshore oil and gas fields, excluding the Mumbai High field.
The partnership aims to enhance production from ONGC’s mature offshore assets through advanced technologies and global best practices.
ONGC said the appointment followed an international competitive bidding process under which leading global energy companies were invited to submit proposals for improving hydrocarbon recovery from ageing offshore fields in the Mumbai Offshore Basin.
Under the agreement, BP Exploration Services India Limited will assess field performance and recommend technical interventions across reservoirs, wells and offshore facilities to improve crude oil and natural gas output.
The collaboration builds on ONGC’s earlier engagement with BP Exploration Alpha Ltd. for the Mumbai High field, where optimisation initiatives have reportedly helped stabilise production levels.
According to ONGC, the Western Offshore project is expected to deliver significant production gains over a 10-year contract period. The technical services provider has projected an estimated 10.8 per cent increase in crude oil production and nearly 31.5 per cent growth in natural gas output compared to baseline levels.
Combined oil and oil-equivalent gas production is expected to rise by around 24 per cent during the contract period.
The company said production improvements are likely to begin from FY27, with the full-scale impact expected from FY30 onwards.
Under the contract structure, the technical services provider will receive a fixed fee during the first two years, followed by a revenue-linked service fee tied to incremental hydrocarbon production after accounting for additional operational costs.
ONGC said the initiative is part of its broader strategy to maximise output from mature offshore assets and strengthen India’s long-term energy security through technology-led production enhancement.
Shares of ONGC ended lower at Rs 284.90 on the NSE on Monday.
By Nidhi Verma
NEW DELHI, May 25 (Reuters) - Indian refiners turned to imports from Latin America and Africa after supplies from the Middle East were disrupted as the Israeli-U.S. war on Iran restricted shipping in the Strait of Hormuz, data provided by trade sources show.
Refiners in the world's third-largest oil importer and consumer bought most of their crude from the nearby Middle East until the war broke out at the end of February.
In April and May, Indian refiners raised imports from Venezuela, Brazil, Angola and Nigeria to make up the shortfall, as well as continuing to buy Russian oil, preliminary data from Kpler show.
Last month, India skipped purchases from Iraq as exports were halted, while it received Iranian oil after a gap of seven years following a temporary waiver granted by Washington to help stabilise global oil prices.
New Delhi reduced imports from Russia by about 29.4% from March to 1.6 million barrels per day as Nayara Energy shut its 400,000-bpd refinery for maintenance, the data showed.
However, in May, India is due to get about 1.9 million bpd of Russian oil and about 41,000 bpd of Iraqi oil, preliminary data from Kpler showed.
Overall, India imported 4.57 million bpd oil in April, unchanged from March, but down 15.5% from a year earlier, the data showed.
Imports from the United Arab Emirates rebounded in April to 669,700 bpd from 230,600 bpd in March while intake of Saudi Arabian oil stayed at about 619,500 bpd, the data showed.
The UAE and Saudi Arabia are the only Gulf producers with pipelines that export crude bypassing the Strait of Hormuz, while Kuwait, Iraq, Qatar, and Bahrain rely on the waterway for shipments.
The share of the Organization of the Petroleum Exporting Countries, including the UAE as its member during the month, in India's imports rose to 45.2% in April from about 30% in March, the data showed.
The UAE exited OPEC in May, freeing it from oil output quotas.
Higher imports from the UAE helped arrest a decline in the Middle East's share of India's imports, while the share of Russian oil declined to about 35% from nearly 50%.
Russia remained India's top oil supplier, followed by the UAE and Saudi Arabia. Brazil was the fourth-largest supplier, while Venezuela ranked fifth. Venezuela is on course to become the fourth-largest supplier in May, Kpler data showed.
(Reporting by Nidhi Verma, editing by Gus Trompiz)
https://finance.yahoo.com/sectors/energy/articles/india-turns-latin-american-african-081216683.html
Phillips 66 is moving forward with the Zeus Gas Plant and a third Coastal Bend Fractionator, two projects that will advance its integrated wellhead-to-market strategy, expanding gas processing capacity in the Permian and NGL fractionation capabilities on the Gulf Coast.
Zeus will be a 300-million-cu.-ft.-per-day (MMcf/d) gas processing facility in the Permian and will include the new Midland Express (MEX) Pipeline, a 45-mile, 20-in. line integrating Phillips 66’s Permian Basin gathering systems. Expected to come online with the Zeus processing plant, MEX will be able to move up to 230 MMcf/d of wellhead gas and provide future bidirectional flexibility between multiple processing facilities.
The third Coastal Bend Fractionator, previously referenced as Corpus Christi Fractionator, or BTT2, will be a 100,000-barrels-per-day (bpd) natural gas liquids (NGL) fractionator in Robstown, Texas, including NGL purity pipeline expansion and water treatment facilities.
Both projects are expected to be online in 2028.
“Zeus Gas Plant and a third Coastal Bend Fractionator will strengthen our ability to move growing Permian volumes across an integrated value chain, from the wellhead to key market centers,” says Don Baldridge, executive vice president of midstream at Phillips 66. “These projects will enhance system connectivity, increase processing and fractionation capacity, and position us to serve customers while capturing additional value across our midstream network.”
Zeus Gas Plant and the third Coastal Bend Fractionator are included in Phillips 66’s capital spending program and fall within the company’s stated $2.0 billion to $2.5 billion capital spending range. This is consistent with Phillips 66’s commitment to reduce debt to $17 billion by year-end 2027 and return more than 50 percent of net operating cash flow, excluding working capital, to shareholders.
The projects will support growing Permian production from Phillips 66 customers’ dedicated acreage by adding the processing and fractionation capacity needed to move increasing volumes efficiently through Phillips 66’s integrated system, the company says. With Permian production expected to grow over the next five years, Zeus and the third Coastal Bend Fractionator will help connect advantaged supply to downstream assets and premium markets.
In other news, the company’s board of directors appointed Greg Hayes to serve as lead independent director.
https://www.lpgasmagazine.com/phillips-66-plans-gas-plant-fractionator-projects-for-2028/
DUBAI — A supertanker carrying Iraqi oil bound for China has left the Gulf and crossed into the Arabian Sea, as diplomatic efforts continue over reopening the Strait of Hormuz.
The Very Large Crude Carrier (VLCC) Eagle Verona transported about 2 million barrels of Iraqi oil and crossed from the Gulf of Oman into the Arabian Sea, according to vessel tracking data compiled by Bloomberg.
Meanwhile, a liquefied natural gas tanker exited the Strait of Hormuz heading to Pakistan on Monday after being stranded for nearly three months, shipping data showed.
The vessels are among a handful of supertankers exiting the Gulf this month via a transit route that Iran has ordered ships to use. Last week, three Very Large Crude Carriers (VLCCs) made their way to China and South Korea with 6 million barrels of crude.
LNG tanker Fuwairit is crossing the Strait of Hormuz on Monday and is expected to discharge its cargo at Pakistan on Tuesday, shipping data on LSEG and Kpler showed. The vessel, sailing under the Bahamas flag, loaded LNG at Qatar’s Ras Laffan port around March 28.
Japan’s Mitsui O.S.K. Lines (MOL), which owns the Fuwairit, could not be immediately reached for comment outside office hours.
Separately, the VLCC Eagle Verona, which exited the strait on Saturday, is expected to reach Ningbo port in eastern China on June 12 to discharge its cargo, shipping data on LSEG and Kpler showed.
The Singaporean-flagged vessel chartered by Unipec, the trading arm of Asia’s largest refiner Sinopec, loaded nearly 2 million barrels of Basrah crude around February 26, according to the data.
Sinopec and Malaysian state shipper MISC, which owns the vessel, could not be immediately reached for comment outside office hours.
Oil markets are closely monitoring tanker movements in and out of the Arabian Gulf, where most commercial shipping has been disrupted since Iran reportedly restricted access to the Strait of Hormuz following military strikes by the United States and Israel in late February.
The closure has significantly slowed maritime traffic in and out of one of the world’s most critical energy corridors.
Before the war began, shipping traffic through the strait averaged 125 to 140 daily passages. Some 20,000 seafarers remain stranded inside the Gulf on board hundreds of ships.
Fuel vessels are heading to China and Pakistan after being idled due to the war with Iran. Hundreds of ships and sailors remain blocked in the region.
Two liquefied natural gas (LNG) tankers are leaving the Strait of Hormuz on Monday, heading for Pakistan and China, while a supertanker carrying Iraqi oil for China left the Persian Gulf on Saturday after a nearly three-month standstill, shipping data showed, Reuters reports, according to UNN.
Details
The war of the United States and Israel against Iran, which began on February 28, has severely restricted shipping through the Strait of Hormuz, through which about one-fifth of the world's oil and LNG supplies usually pass.
These vessels are among several supertankers leaving the Persian Gulf this month via a transit route that Iran has ordered vessels to use. Last week, three very large crude carriers (VLCCs) headed for China and South Korea with 6 million barrels of oil.
The LNG tanker "Fuwairit" is crossing the Strait of Hormuz on Monday and is expected to offload its cargo in Pakistan on Tuesday, according to shipping data from LSEG and Kpler. The Bahamas-flagged vessel loaded LNG at Qatar's Ras Laffan port around March 28. The publication was unable to reach the Japanese company Mitsui O.S.K. Lines (MOL), which owns the "Fuwairit," for comment.
The LNG tanker "Al Rayyan" also left the strait. Carrying a cargo loaded at Ras Laffan, it was last seen in the Persian Gulf on May 22 and is now outside the strait between Iran and Oman. According to LSEG and Kpler, the cargo is expected to be offloaded in China on June 27. QatarEnergy, which owns the vessel "Al Rayyan," did not respond to a request for comment outside of business hours.
Separately, according to LSEG and Kpler, the VLCC tanker "Eagle Verona," which exited the strait on Saturday, is scheduled to arrive at the port of Ningbo in eastern China on June 12 to offload its cargo.
According to LSEG and Kpler, the Singapore-flagged vessel, chartered by Unipec, the trading arm of Asia's largest refiner Sinopec, loaded nearly 2 million barrels of Basrah oil around February 26.
As two sources previously told Reuters, the "Eagle Verona" was one of seven vessels for which Malaysia requested transit permission from Iran. Five of these vessels have already left the strait, while two others remain in the Persian Gulf.
Sinopec and the Malaysian state shipping company MISC, which owns the vessel, could not be reached for comment.
Before the war began, shipping through the strait averaged between 125 and 140 voyages per day. About 20,000 sailors still remain stranded in the Persian Gulf aboard hundreds of vessels.
A major shale oil base in Jiyang, East China's Shandong Province, which is operated by Sinopec, has achieved cumulative crude output exceeding 2 million tons, marking a breakthrough in safeguarding national energy security, China Media Group reported on Monday.
Covering 7,300 square kilometers, the base has accelerated production capacity expansion this year. In the first four months of this year, the zone put 10 high-production wells into operation, delivering shale oil output of 14,000 tons, a 15 percent year-on-year increase.
Shale oil, trapped in tight and fragmented rock formations with no natural flow capacity, is widely regarded as one of the world's most difficult exploration challenges.
Through independent innovation, Chinese researchers have conquered more than 40 key technological bottlenecks. They pioneered a targeted exploration and development theory tailored for continental faulted basins. The breakthroughs have enabled the effective exploitation of 90 percent of previously inaccessible shale oil resources in the region, uncovering three 100 million ton level oil fields.
The Jiyang shale oil demonstration zone has reported proven geological reserves of 327 million tons, with estimated total resources reaching 10.5 billion tons. The massive new reserve is equivalent to discovering a large new oilfield, supporting stable crude output growth and reinforcing China's energy security.
China boasts abundant shale oil resources, distributed across five major basin areas including the Bohai Bay and Ordos in North China's Inner Mongolia Autonomous Region, as well as eight medium-sized and small basins. The country's technically recoverable shale oil reserves now rank third worldwide at about 32 billion barrels.
Unlike marine shale oil overseas, China's shale oil is largely continental, featuring more complex geological conditions and greater development difficulties, said Guo Xusheng, an academician with the Chinese Academy of Engineering.
Driven by continuous technological breakthroughs, China's total proven shale oil reserves have reached 1.84 billion tons. The country's annual shale oil output topped 8.5 million tons last year and is expected to surpass 10 million tons soon, demonstrating strong development prospects.
With the orderly construction of national-level shale oil demonstration zones including Jiyang, China has built the world's largest continental shale oil development system with fully self-controllable core technologies. The industry has achieved a leap from technological breakthroughs to large-scale stable production, emerging as a strategic pillar in safeguarding national energy security.
Global Times
Discussions about a potential fuel shortage due to the war in Iran have sparked anxiety among travelers in Germany.
A survey revealed that nearly one-fifth of Germans reported having already canceled, rebooked, or had their flights canceled by the airline because of these concerns.
The survey was commissioned by the financial settlement services company SAP Concor.
The survey indicated that a clear majority of respondents (62%) have already altered their travel plans due to these fears.
Nearly half of the respondents (46%) have opted to travel by train or car instead of plane, while 39% have booked early, and 31% have postponed their travel decisions.
Regarding business travel, the level of anxiety appeared less pronounced, with only 17% altering their travel plans in the aforementioned manner, and only 6% of business travelers experiencing cancellations or rebookings.
From SAP Concor's perspective, companies must be prepared to deal quickly and efficiently with flight cancellations.
Therefore, the company's CEO, Michael Schmitz, recommended: "Those traveling in the coming weeks should plan flexibly. This means considering alternatives to flying, such as trains or rental cars, and rebooking as quickly as possible if cancellations occur. Passengers should also document any additional costs and keep their receipts."
Last April, German Economy Minister Katharina Reiche announced countermeasures in case of a jet fuel shortage, but cautioned against exaggerating the situation, saying, "Screaming about jet fuel is not helpful," adding that supply situations vary from market to market.
The International Energy Agency had previously warned that several European countries could face the beginning of jet fuel shortages due to the Strait of Hormuz closure crisis.
https://maaal.com/en/news/details/fuel-shortage-fears-confu/
Monday, May 25 2026 - 04:17 PM WIB
Indonesia is tightening controls on new upstream nickel smelter investments and redirecting its downstream strategy toward battery materials and green industrial products, a senior investment ministry official said on Monday, as Southeast Asia’s largest economy seeks to maximize the value of its vast nickel reserves.
The policy shift follows the issuance of Government Regulation No. 28/2025 on risk-based business licensing, which restricts new investments in smelters producing intermediate nickel products such as nickel pig iron (NPI), ferronickel (FeNi), nickel matte and mixed hydroxide precipitate (MHP).
“The government wants nickel investments to move further downstream by encouraging advanced derivative products such as battery raw materials, green industrial components and even final product manufacturing,” Rudy Salahuddin, Secretary of the Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM), said during a public discussion in Jakarta on Monday.
Indonesia, the world’s largest nickel producer, has aggressively pursued a downstreaming strategy in recent years by banning exports of raw nickel ore and attracting billions of dollars in smelter investment, particularly from Chinese firms.
However, the government is now seeking to steer investment beyond basic processing and toward higher value-added industries linked to electric vehicle batteries and clean energy technologies.
Under the new regulation, rotary kiln electric furnace (RKEF)-based smelters, which typically produce NPI and ferronickel, as well as high-pressure acid leach (HPAL) facilities producing only MHP, are no longer considered priority investment targets, Rudy said.
The restrictions apply to smelter operators classified as manufacturing industries holding industrial business licenses issued by the Industry Ministry, rather than mining permits.
Indonesia sees nickel as a strategic mineral in the global energy transition because of its use in electric vehicle batteries and energy storage systems.
Rudy said demand for nickel was also expected to rise alongside the government’s plan to develop 100 gigawatts of solar power capacity, which would require large-scale battery storage systems to address the intermittent nature of solar generation.
“The control of nickel smelter investment through PP No. 28/2025 is not merely a restriction, but a step to direct the utilization of nickel reserves more strategically,” he said.
The government hopes the policy will strengthen Indonesia’s industrial independence, attract higher-quality investment and position the country as a major player in the global clean energy supply chain.
Editing by Reiner Simanjuntak
Washington, May 24 (SANA) Gold prices edged lower Sunday while global oil markets remained volatile amid geopolitical tensions, rising production activity and shifting trade flows.
Gold traded near $4,508 per ounce amid persistent inflation concerns and ongoing tensions in the Middle East. Analysts said the precious metal was moving within a narrow consolidation range after reaching record highs earlier this month.
Analysts added that the longer-term outlook for gold remained positive despite temporary corrections.
Oil prices climbed sharply amid mounting geopolitical tensions and concerns over global supply disruptions.
In the United States, oil companies including Diamondback Energy and Continental Resources increased drilling and production activity in the Permian Basin, the world’s largest oil-producing region.
The increase in output came after U.S. President Donald Trump called on domestic producers to raise production amid tightening global supply conditions.
Trump previously announced that a preliminary agreement had been reached with Iran to ease tensions in the Middle East, including provisions related to reopening the Strait of Hormuz.
Meanwhile, South Korea’s crude oil imports from the Middle East fell more than 37% year-on-year last month, according to data released by the Korea International Trade Association.
Total crude oil imports declined 22.8% to around 8.46 million tons, while imports from the United States rose 13.4% to approximately 2.145 million tons.
R.H/Abd
Recent market whispers are picking up strong: Ivanhoe Mines is experiencing a notable upward stock spike, drawing attention from investors across the U.S. Is this trend more than a passing curiosity, or could it signal a sustained shift in momentum around this resource play? With sharp price movements emerging in early 2025, understanding the forces behind this spike offers valuable insight for those tracking emerging financial opportunities.
Understanding the Context
The surge has caught the eye amid a broader resurgence of interest in natural resource stocks amid global supply concerns and inflationary pressures. Analysts note shifting investor sentiment toward high-growth mining equities, particularly those with strategic assets and transparent development plans. Social and financial forums now buzz with questions about Ivanhoe Mines’ recent operational milestones and royalty agreements. While the stock remains niche compared to giants, its aggressive movement reflects deep curiosity about potential returns tied to copper and related commodities—materials central to energy transition and tech industries.
This attention isn’t just passive; it’s fueled by real-time data, analyst reports, and online communities tracking asset strength and market timing. Mobile users browsing during lunch or commutes are increasingly discovering Ivanhoe’s progress, sparking conversations about sustainable income and sector momentum.
The stock’s movement isn’t luck—it reflects tangible momentum drivers. Ivanhoe Mines has advanced key exploration projects, securing favorable royalty terms, and expanded production capacity. These developments align with a global surplus constraint in specialty metals.
The national average price assessed by Mysteel for smelter-grade alumina with a minimum purity of 98.6% was unchanged from the previous day at Yuan 2,700/tonne ($398/t) last Friday.
Across China's key alumina-producing regions, prices were also stable. Assessed prices for the same grade of alumina in Shandong, Henan, Shanxi, Guizhou, and Guangxi remained steady on day, averaging between Yuan 2,665/t and Yuan 2,780/t.
In contrast, major alumina futures on the Shanghai Futures Exchange weakened further on the final trading day of last week. The most-traded September contract edged down by 0.07% during Friday's daytime session and fell by 0.8% overnight, closing the nighttime trading at Yuan 2,689/t by 1 a.m. last Saturday, marking the lowest level in more than a month.
On the spot side, some primary aluminium smelters with restocking needs entered the market to secure cargoes. Meanwhile, many alumina suppliers either slightly cut their offers or kept them steady, as the overall alumina supply has yet to fully loosen amid maintenance stoppages at some refineries.
Mysteel heard of one concluded deal on May 22, in which a smelter in Gansu purchased 10,000 tonnes of alumina originating from North China via tender at a delivered price of Yuan 2,840/t including freight and the VAT. The transaction price was unchanged from a comparable deal concluded on May 19.
Written by Iris Pang, pangjunyu@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
Henry Lazenby | May 21, 2026 | 2:18 am
Marimaca Copper (TSX: MARI, ASX: MC2) is moving to protect its $587 million capex namesake oxide project from a volatile sulphuric acid market in Chile.
As the explorer pivots into development it has signed a cooperation agreement around a second-hand acid plant just as Chinese exports to Chile have dried up in recent weeks and the Middle East war has driven up sulphur and acid prices.
China’s acid shipments to Chile fell to zero in March, according to a mid-April Reuters report. S&P Global said on May 7 that spot availability tightened across key markets and the US. Gulf sulphuric acid rose to $400 per tonne on May 6 from $155 on Feb. 25.
“We were thinking about this more as business resiliency,” CEO Hayden Locke told The Northern Miner on Wednesday. “We don’t need it, but it certainly really strengthens our business case.”
Copper majors are picking up the pace of development activity in Chile and Argentina, as work on the ground intensifies at BHP (ASX: BHP) and Lundin Mining’s (TSX: LUN) Vicuña joint venture, First Quantum Minerals (TSX: FM) advances La Granja and Taca Taca, and Chilean state-run copper miner Codelco works with Freeport-McMoRan (NYSE: FCX) to expand El Abra in northern Chile for $7.5 billion.
Locking down acid supply looks less like an add-on than a way to de-risk one of the few near-term copper builds in the region.
Just in time
Marimaca has signed a six-month non-binding memorandum with a large acid producer in the port city of Mejillones, about 25 km by road from the project site, to study refurbishing, relocating, integrating and operating the Dos Amigos acid plant.
The company bought the plant late last year at a distressed sale for $2.5 million. Locke estimates a new acid plant could cost as much as $35 million for the equipment alone and roughly $50-$70 million for a full installation.
A map showing the location of Marimaca Copper close to the port city of Mejillones. Credit: Marimaca Copper
The executive rejected the idea of a true global acid shortage, saying acid can still be sourced if buyers pay up. His concern is margin compression and supply volatility at a heap-leach mine that will need acid throughout its life.
Owning “just-in-time” acid supply down the road prevents unforeseen cost increases and also protects against Chinese and global acid supply volatility, Locke said.
Oxide starter
The acid strategy fits the oxide project’s economics and timeline. A feasibility study released by Marimaca in August outlined a 13-year cathode operation producing 50,000 tonnes copper a year, with a post-tax net present value of $709 million at $4.30 per lb. copper and a 31% internal rate of return.
The study also flagged scope to lower operating costs through an owner-run acid plant. The mine plan targets proven and probable reserves of 178.6 million tonnes grading 0.42% copper for 748,000 tonnes contained copper.
A view towards the Marimaca oxide deposit. Credit: Henry Lazenby.
Marimaca keeps checking off pre-construction milestones at the oxide project. The company filed critical mine permits in April and expects approvals by year-end. Having won authorization earlier this month to connect to the 110-kV El Lince powerline 13 km away, it plans to start early road works in June and has secured provisional easements over the ground needed for the project.
Marimaca aims to start early site preparation late this year and target a final investment decision for the oxide project around mid-2027, Locke said.
Sulphide upside
About 28 km east of Marimaca is the Pampa Medina satellite deposit that also contains good oxide potential to feed into the future oxide circuit, but it’s the discovery of rich sulphide copper intercepts at depth that gives investors a glimpse of what will come after the Marimaca oxide project is in production.
Drilling so far this year has outlined a stacked oxide-sulphide copper-silver system over an initial 3-km-by-1.5-km area, the company said Monday.
The latest step-out drilling at Pampa Medina kept extending the copper-silver system, led by hole SPRD-06, which cut 424 metres grading 0.58% copper and 2.2 grams silver per tonne from 424 metres downhole. It included 32 metres at 1.02% copper from 432 metres.
Hole SPRD-02 returned 166 metres of 0.5% copper and 3.9 grams silver from 222 metres, including 10 metres of 2.47% copper and 27.4 grams silver from 228 metres, while SWRD-05 hit 68 metres of 0.73% copper and 5.1 grams silver from 532 metres, including 30 metres of 1% copper and 7.3 grams silver from 536 metres.
“If that’s the case, and there’s continuity of the grades and widths we’re seeing, this could be one of the most important new discoveries in Chile,” Locke said of Pampa Medina.
The Marimaca copper project is the Canadian company’s flagship project. (Image courtesy of Marimaca Copper.)
Canaccord Genuity mining analyst Dalton Baretto said key takeaways from the Monday announcements were the continuity between the earlier 300-metre scout holes, with meaningful widths and grades; confirmation of five separate sedimentary mineralized horizons; and the fact the deposit remains open to the west, especially the southwest.
“The Pampa Medina target continues to prove up at scale,” Baretto said in a Monday note to clients. “We look forward to ongoing exploration results from the second-stage campaign.”
People risk
Locke said separate development and exploration teams are now running the oxide build and the drill campaign. He is targeting releasing a first combined oxide-sulphide resource for Pampa Medina in the first half next year.
Locke said the bigger risk to execution is hiring the right people at a time when major copper groups are stepping up project work.
“Our view is we will attract people and incentivize them to be top performers by giving them equity in our company and having them aligned with us and hopefully build a Chilean company that creates life-changing value for all of our stakeholders,” Locke said.
https://www.mining.com/how-to-dodge-the-iran-war-acid-shortage-one-miner-bought-its-own-plant/