Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) senior management will host a conference call on Thursday, November 3, 2022 at 8:30 a.m. ET to discuss the company's third quarter 2022 results.
Hudbay plans to issue a news release containing the third quarter 2022 results on Wednesday, November 2, 2022 and post it on the company's website. An archived audio webcast of the call also will be available on Hudbay's website.
Hudbay (TSX, NYSE: HBM) is a diversified mining company with long-life assets in North and South America. The company's operations in Cusco (Peru) produce copper with gold, silver and molybdenum by-products. Its operations in Manitoba (Canada) produce gold with copper, zinc and silver by-products. Hudbay's organic pipeline includes copper development projects in Arizona and Nevada (United States), and its growth strategy is focused on the exploration, development, operation, and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay's mission is to create sustainable value through the acquisition, development and operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining, and to see the regions and communities in which the company operates benefit from its presence. Further information about Hudbay can be found on www.hudbay.com .
For further information, please contact:
Candace Brûlé Vice President, Investor Relations (416) 814-4387 candace.brule@hudbay.com
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(All dollar amounts are in United States Dollars unless otherwise indicated)
Nova Royalty Corp. (" Nova " or the " Company ") (TSXV: NOVR) (OTCQB: NOVRF) is pleased to announce that, further to its news release dated January 10, 2022 it has completed its acquisition (the " Transaction ") of an existing 0.135% net smelter return (" NSR ") royalty on the Copper World and Rosemont copper projects in Arizona (the " Royalty "), owned by Hudbay Minerals Inc. (TSX: HBM) (NYSE: HBM). Nova has also been granted a Right of First Refusal in respect to an additional 0.540% NSR covering the same area as the Royalty.
The aggregate purchase price for the Transaction included upfront consideration of $1.0 million in cash (" Closing Cash Payment ") and $0.5 million in common shares of Nova (" Consideration Shares "), of which Nova issued 214,610 Consideration Shares at C$2 .950940 per share, calculated based on the twenty-day volume weighted average trading price of the common shares of Nova up to and including January 7, 2022 .
An additional $4.0 million in cash will be payable as follows:
Other terms of the Transaction were as disclosed in Nova's news release dated January 10, 2022 .
Nova has also completed its previously announced drawdown (the " Drawdown ") of an additional C$1.5 million (the " Drawdown Amount ") under its existing amended and restated convertible loan facility with Beedie Capital (the " Beedie Capital Facility "). The Drawdown will increase the total amount drawn under the Beedie Capital Facility to C$6.5 million , with an additional C$18.5 million remaining available to the Company. The Beedie Capital Facility carries an interest rate of 8.0% per annum on advanced funds and 1.5% per annum on standby funds.
The Drawdown Amount is convertible by Beedie Capital into 426,845 common shares of the Company at a conversion price of C$3.514152 per share which is based on a 20% premium above the 30-day volume-weighted average price of the common shares of Nova on the TSX Venture Exchange (" TSXV ") calculated up to and including January 7, 2022 , in accordance with the terms of the Beedie Capital Facility. Any common shares of the Company issued upon conversion of the Drawdown Amount will be subject to a hold period elapsing on May 26, 2022 .
A portion of the Drawdown Amount was used to fund the Closing Cash Payment and the balance will be used for general and administrative purposes.
Nova has received conditional acceptance of the TSXV to complete the Drawdown, which remains subject to final acceptance of the TSXV.
Nova is a royalty company focused on providing investors with exposure to the key building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSXV under the trading symbol "NOVR" and on the US OTCQB under the ticker "NOVRF".
On Behalf of Nova Royalty Corp.,
(signed) "Alex Tsukernik" President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, exploration and expansion potential, production, recoveries and other anticipated or possible future developments on the Rosemont and/or Copper World projects, current commodity prices, the payment frequency of the under the Royalty, current and potential future estimates of mineral reserves and resources; future commercial production from the Rosemont and/or Copper World projects or other designated areas; and the attainment of any required regulatory approval to the acquisitions of the Royalty. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 available for review on the Company's profile at www.sedar.com . Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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While other materials have seen unstable markets in the last year, demand for lithium has continued to rise in order to meet the demands of the lithium-ion battery market.
According to a recent CBC article, one of the jurisdictions that is seeing an uptick in lithium exploration activity is Manitoba’s Snow Lake region. Snow Lake sits 200 kilometers east of Flin Flon, another area in the province that is well known for lithium production. Companies like Snow Lake Resources and Far Resources (CSE:FAT) are leading the charge in exploring the Snow Lake region, showing a glimmer of hope and promise as the province faces ongoing employment challenges in its mining sector. This follows decisions from both Hudbay Minerals (TSX:HBM,NYSE:HBM) and Vale (NYSE:VALE) to reduce their activities in Manitoba.
In their pursuit to develop a lithium hub in northern Manitoba, the miner will be developing the Stall mill, Lalor mine and a refurbished New Brit Gold mill, all near Snow Lake. “As long as there is exploration, there’s always hope for a longer future,” said Snow Lake mayor Peter Roberts.
Click here to read the full article.
Copper prices kicked off the year on a strong note, reaching an all-time high in March, when the red metal was changing hands for above US$10,000 per metric ton (MT). But it hasn't been able to retain its gain.
Falling sharply since its peak, copper is now at the US$7,000 level. The base metal, which is used in construction and is often seen as indicator of economic health, is being hit by macro and micro factors that are keeping it under pressure.
Volatility has without a doubt been dominating the macroeconomic environment, with high inflation top of mind for every investor. Case in point — US headline inflation level is now running at its highest level in about 40 years.
“That means that nobody under the age of 60 in the workforce today has ever worked through a period of life with direct, hands-on experience with dealing with hyperinflation — that has all sorts of implications for how people think about their businesses and plan for this,” Duncan Hobbs, research manager at Concord Resources, said.
Speaking at this year’s Fastmarkets copper conference, held in Barcelona, the analyst added that the market should expect central banks, led by the US Federal Reserve, to be very hawkish.
“The US monetary policy and economic resilience is driving a strong rally in the US dollar, which usually has an inverse relationship with copper due to operating expenditure effects,” he said.
Another key macroeconomic factor impacting copper is Europe's power crisis. This has raised expectations of a potential recession as the region struggles with high energy prices and prepares to enter a cold winter on the back of the Russia-Ukraine war.
“We're now seeing European governments shaping up to provide some sort of support to consumers and industry, formulating a substantial fiscal policy response,” Hobbs said.
While copper consumption in Europe might be impacted by these factors, all eyes have been on China, the top copper consumer, as COVID-19 containment measures imposed earlier this year have had a ripple effect on metals markets.
“The emerging recovery early this year was stalled by widespread COVID lockdowns in Q2 2022,” he said. “Over 30 cities recently under some level of restrictions and dogged pursuit of zero-COVID may have delayed stronger policy stimulus.”
When looking at the short term, experts at the Fastmarkets event believe the copper supply picture is looking healthy, while demand from China is lagging behind; this can be seen on how prices are behaving.
Even though world copper mine output has underperformed year-to-date, according to data from Concord Resources, it is still up about 3 percent year-on-year in H1 2022, level with consumption, versus a full-year forecast of more than 5 percent.
But mine output is forecast to rise strongly as projects ramp up into 2023, which could be one of largest gains of the last 20 years.
“I think there are reasons to be cautiously optimistic about global growth and the Chinese economy into the end of this year and into 2023,” Hobbs said. “However, there is a pretty heavy negative weight on sentiment, which is related to the property market, and it starts with the fact that property prices in China have fallen.”
Also speaking at the Fastmarkets conference, Graeme Train, head of metals research at Trafigura, said that while the short term may be problematic for copper, in the long term the story really hasn’t changed too much — there’s a supply gap coming.
Annual copper demand from green energy is set to increase by over 3 million MT per year during the course of this decade.
Just looking at electric vehicles (EVs), there is three times as much copper in one EV compared to internal combustion engine cars. Add to that the use of copper in EV charging stations and energy storage systems, and the demand picture only keeps on growing.
“We have moved into a landscape of accelerated copper demand growth, underpinned by the green energy transition,” ERG Senior Market Analyst Piotr Ortonowski said. “In 10 years’ time, 7.6 million to 11.3 million tonnes of new mine capacity will be required to fill the supply gap, but mining companies have been extremely sluggish in responding to this challenge — the recent drop in prices won’t help.” Copper demand from green end-use sectors is set to more than double its share of total usage from 2020 to 2030.
“The bottom line is that if we want to have an energy transition, we need copper — it is vital for us,” Ortonowski told the audience in Barcelona. “And judging from the level of physical inventories today, supply is already falling short of demand.”
Weakness in copper prices between 2012 and 2020 has led to severe underinvestment in new mines.
“Moreover, mining projects are becoming increasingly difficult to develop for a plethora of reasons, even in the best-established mining jurisdictions, such as Chile or Peru, including major headwinds from stringent permitting, inadequate water availability, severe social opposition, changing legislation and of course, deteriorating deposit quality,” Ortonowski said.
Copper investments are required for the market to supply the needs of this green energy transition.
“This is a sector that needs continual investment, and the pace of that investment needs to be accelerated quite quickly,” Trafigura’s Train said. “We find that the average project now is about 30 percent smaller, takes about three and a half years longer to get to market, is about 40 percent more expensive from a capital expenditure perspective and about 25 percent more expensive from an operating expenditure perspective.”
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Ero Copper Corp. (TSX: ERO, NYSE: ERO) (the "Company") will publish its third quarter 2022 financial and operating results on Tuesday, November 1, 2022 after market close. The Company will host a conference call to discuss the results on Wednesday, November 2, 2022 at 11:30am Eastern time (8:30am Pacific time).
Ero Copper Corp is a high-margin, high-growth, clean copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, MCSA, 100% owner of the Company's Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Project (formerly known as Boa Esperança), an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. which owns the Xavantina Operations (formerly known as the NX Gold Mine), namely comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on the Company's website (www.erocopper.com), on SEDAR (www.sedar.com), and on EDGAR (www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, VP, Corporate Development & Investor Relations (604) 335-7504 info@erocopper.com
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Kamoa-Kakula Mining Complex milled approximately 2.1 million tonnes of ore during the quarter at an average grade of 5.6% copper
Kamoa Copper has produced more than 240,000 tonnes of copper year-to-date
Phase 3 expansion progressing well, with box cut for the new Kamoa 1 and 2 mines now complete and decline development underway
Ivanhoe Mines to issue Q3 2022 financial results and host conference call for investors on November 14
Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng "Miles" Sun are pleased to announce that the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo has set a new quarterly production record in the third quarter of 2022, with 97,820 tonnes of copper in concentrate produced.
Kamoa-Kakula's Phase 1 and 2 concentrator plants set a monthly production record in September 2022 of 33,484 tonnes of copper in concentrate, and continue to regularly surpass the combined throughput design capacity of 7.6 million tonnes per annum, following the early commissioning of Phase 2 in April 2022.
Kamoa-Kakula's Phase 1 and 2 concentrator plants milled approximately 2.1 million tonnes of ore during the third quarter at an average feed grade of 5.6% copper. This included high-grade, run-of-mine ore from the Kakula Mine, supplemented with ore from the surface stockpiles to meet the throughput in excess of design capacity. In line with design parameters, copper recoveries averaged approximately 86% during the quarter.
Ongoing mining optimization work at the Kakula Mine successfully targeted higher head grades during the third quarter, with the goal of increasing head grades up to 6% copper. Kamoa Copper continues to evaluate additional material handling capacity at the Kakula Mine to increase mining rates to feed the de-bottlenecked Phase 1 and 2 processing capacity of 9.2 million tonnes per year. Further details will be incorporated into the Phase 3 expansion pre-feasibility study, scheduled for year-end.
To date, a total of 118.3 kilometres (73.5 miles) of underground development has been mined across the mining complex. While the ongoing expansion of underground infrastructure at the Kakula Mine takes place, ore will be drawn periodically from the stockpile to maximize copper production, as the concentrators are currently operating in excess of design capacity. Kamoa-Kakula's total high- and medium-grade ore surface stockpiles totaled approximately 4.2 million tonnes at an estimated grade of 4.15% copper for a total of over 174,000 tonnes of contained copper, as of the end of September 2022.
The Phase 1 and Phase 2 concentrator plants now are operating at an annualized production rate of approximately 400,000 tonnes of copper in concentrate, and have periodically exceeded this rate daily during the third quarter. The de-bottlenecking program is on track to boost Kamoa Copper's annual production to approximately 450,000 tonnes of copper in concentrate by the second quarter of 2023.
Management continues to anticipate that the early commissioning of the Phase 2 concentrator plant in March 2022, approximately four months ahead of schedule, will enable Kamoa Copper to deliver in the upper range of its increased 2022 production guidance of 310,000 to 340,000 tonnes of copper in concentrate.
Ivanhoe Mines' Founder and Executive Co-Chairman, Robert Friedland commented: "Kamoa-Kakula has effectively doubled its copper production rate to approximately 400,000 tonnes per year since the first quarter, and is expected to be producing at an annualized rate of 450,000 tonnes per year by the second quarter of 2023. This all has been achieved ahead of schedule and on budget ... a true pink unicorn in the mining industry and a great credit to the operating team at Kamoa Copper and our joint-venture partner, Zijin Mining.
"This success is built upon Ivanhoe Mines' industry-leading history of mineral discovery, which will play a pivotal role in the company's future. We remain committed to discovering and developing tier-one ore bodies … to provide a supply of metals critically needed for the electrification of the world economy ... and reduction of greenhouse gases throughout the supply chain." Watch a September fly-over of mining and expansion activities at Kamoa-Kakula:https://vimeo.com/756832174/5e0fc76a83
Construction of an additional scavenger-cleaner flotation cell at the Phase 2 concentrator, which is part of the de-bottlenecking program designed to boost copper production to approximately 450,000 tonnes per annum by Q2 2023.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/139563_99ee494ec4ed4b8c_002full.jpg
Also part of the de-bottlenecking program, construction of the additional concentrate thickener is advancing well.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/139563_99ee494ec4ed4b8c_003full.jpg
Figure 1: Quarterly copper production since first production at Kamoa-Kakula in May 2021. Over 345,000 tonnes of copper have been produced to September 30, 2022. To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/3396/139563_ivanhoefig1en.jpg
Kamoa-Kakula reports record quarterly production of 97,820 tonnes copper for Q3 2022
Commercial production from Kamoa-Kakula's Phase 2 concentrator plant was declared on April 7, 2022, while steady state production was achieved at the end of May 2022.
The Kamoa-Kakula Mining Complex milled approximately 5.0 million tonnes of ore at an average feed grade of 5.6% copper year-to-date, and produced approximately 240,736 tonnes of copper in concentrate through September 30, 2022. A total of 2.1 million ore tonnes were milled during the third quarter at an average feed grade of 5.6% copper.
Kamoa-Kakula set a new quarterly production record in the third quarter of 2022 with 97,820 tonnes of copper in concentrate produced, up from 87,314 tonnes produced in the second quarter and 55,602 tonnes produced in the first quarter.
Kamoa-Kakula achieved a daily record of 26,361 tonnes of ore milled per day on the last day of the quarter. In addition, a daily production record of 1,426 tonnes of copper in concentrate was achieved on September 3, 2022.
Over 100,000 tonnes of copper were floated during the quarter, including the contained copper that has been floated, but not yet filtered. As at September 30, 2022, there was a balance of approximately 4,800 tonnes of contained copper in the circuit.
The difference between floated and filtered copper arises from the current bottleneck in concentrate filter capacity, as the Phase 1 and 2 milling and flotation circuit continues to operate in excess of design capacity. Floated copper is temporarily stored as a slurry in a fully lined pond, which will be reclaimed into the concentrate thickener and filter press once the fourth Larox filter press is installed as part of the de-bottlenecking program.
The fourth Larox filter press, from Metso Outotec of Espoo, Finland, is expected to arrive on site by year-end and will be commissioned in January 2023. In the meantime, Kamoa Copper is working on initiatives to maximize the capacity of the existing three filter presses.
(L-R) Mbbuti Romain, KKCC General Mounter; and Wang Lei, KKCC Riveter, on the assembly platform for the new scavenger-cleaner flotation cells, which are being installed as part of the de-bottlenecking program at the Phase 1 concentrator.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/139563_99ee494ec4ed4b8c_005full.jpg
Kamoa Copper's previously announced de-bottlenecking program is progressing on schedule to increase the combined design processing capacity of the Phase 1 and Phase 2 concentrator plants to approximately 9.2 million tonnes per annum.
After successfully operating the Phase 1 concentrator, the Kamoa-Kakula team identified several relatively minor modifications that are expected to increase ore throughput by approximately 20%, from the design capacity of 475 tonnes per hour to approximately 580 tonnes per hour. These modifications include increasing the diameter of several pipes, replacing several motors and pumps with larger ones and installing additional flotation, concentrate-thickening, concentrate-filtration and tailings-disposal capacity. The total capital requirement for the de-bottlenecking program is $50 million.
Once completed in the second quarter of 2023, the de-bottlenecking program will enable the copper production from Kamoa-Kakula's first two phases to reach approximately 450,000 tonnes per year, positioning the Kamoa-Kakula Mining Complex as the world's fourth largest copper producing operation.
The Kamoa Copper process engineering team, together with a number of internationally-recognized external metallurgy specialists, is investigating new technologies to economically recover additional copper units from the tailings stream of the Phase 1 and 2 concentrators, thereby potentially increasing overall recovery above the design target of 86%.
Lualaba Copper Smelter restarts following scheduled maintenance
The Lualaba Copper Smelter, located approximately 50 kilometres from Kamoa-Kakula, completed its scheduled maintenance in early September. The transportation of copper concentrates to the facility has resumed, as well as the export of its blister copper (approximately 99% contained copper). The Lualaba Copper Smelter is expected to treat approximately 120,000 tonnes of copper concentrates from Kamoa Copper in 2022.
In line with previous disclosures, Kamoa Copper is in the process of implementing several initiatives to optimize the transportation of copper products, following higher logistics costs announced in Q2 2022 due to a significant increase in volumes shipped.
The restart of the Lualaba Copper Smelter will assist in reducing overall shipping volumes, as the export of blister copper incurs lower logistics costs per unit of copper compared to copper concentrate. While the logistics optimization initiatives are underway, Kamoa Copper and other operators have continued to experience disruption including periodic border congestion and occasional industrial action by truck drivers.
A close-up of a blister copper ingot, containing approximately 99% copper, and its identification tag at the Lualaba Copper Smelter, near Kolwezi.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/139563_99ee494ec4ed4b8c_006full.jpg
Kamoa 1 and Kamoa 2 box cut and decline ramp now complete, Phase 3 twin decline excavation well underway
Kamoa-Kakula's Phase 3 will consist of two new underground mines known as Kamoa 1 and Kamoa 2, located 10 kilometres north of the existing Phase 1 and Phase 2 concentrator plants. A new, 5-million-tonne-per-annum concentrator plant will also be established adjacent to the two new Kamoa mines. In addition, a 500,000-tonne-per-annum, direct-to-blister flash smelter will be constructed adjacent to the existing Phase 1 and Phase 2 concentrator plants. The associated power and surface infrastructure constructed for Phase 3 will be designed to support future expansions of the Kamoa-Kakula Mining Complex.
Construction now is complete on the Phase 3 box cut and decline ramp at the Kamoa 1 and Kamoa 2 underground mines, while excavation of the twin declines to access the new mining areas is advancing well. Construction works for the ramp, cut-off drains, and water-collection sumps also now is complete.
Basic engineering design for the entire Phase 3 expansion project is complete, with procurement activities well advanced. Bush clearing and terracing work for the 5-million-tonne-per-annum concentrator plant and associated surface infrastructure has started. Earthworks and civils contracts have been placed.
Upon commencement of Phase 3 production, the Kamoa-Kakula Mining Complex will have a processing capacity in excess of 14 million tonnes per annum. Phase 3 is expected to increase copper production capacity to approximately 600,000 tonnes per annum, with commissioning expected by the fourth quarter of 2024. This production rate will position the Kamoa-Kakula Mining Complex as the third-largest copper mining operation in the world.
Kamoa-Kakula's Phase 3 expansion also includes the refurbishment of turbine #5 at the Inga 2 hydroelectric power station. The turbine will supply an additional 178-megawatts of clean hydroelectric power to the national grid, which is sufficient to meet the power requirements of the Phase 3 concentrator, the direct-to-blister flash smelter, as well as providing spare capacity for future expansions. The blister anode copper produced from Kamoa-Kakula's smelter is expected to be one of the lowest carbon emitters per tonne of copper produced in the world.
The Kamoa-Kakula smelter is designed to use technology supplied by Metso Outotec of Espoo, Finland, and to meet the International Finance Corporation's (IFC) emissions standards. The smelter has been sized to process much of the copper concentrate that is expected to be produced by Kamoa-Kakula's Phase 1, 2 and 3 concentrators.
Earthworks excavation is now approximately 60% complete and progressing well at the smelter site, adjacent to Kamoa-Kakula's Phase 1 and Phase 2 concentrator plants. Civil works have also commenced.
3D model of the direct-to-blister flash copper smelter site, located adjacent to the Phase 1 and 2 concentrators. Construction continues on schedule, with commissioning expected by the end of 2024.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/139563_99ee494ec4ed4b8c_007full.jpg
Ivanhoe Mines to issue Q3 2022 financial results and host conference call for investors on November 14
Ivanhoe Mines will report its Q3 2022 financial results, and a detailed update on its operations, before market open on Monday, November 14, 2022.
The company will hold an investor conference call to discuss the Q3 2022 financial results at 10:30 a.m. Eastern time / 7:30 a.m. Pacific time on the same day.
An audio webcast recording of the conference call, together with supporting presentation slides, will be available on Ivanhoe Mines' website at www.ivanhoemines.com.
After issuance, the Financial Statements and Management's Discussion and Analysis will be available at www.ivanhoemines.com and at www.sedar.com.
Qualified Persons Disclosures of a scientific or technical nature at the Kamoa-Kakula Mining Complex in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Ivanhoe Mines' Executive Vice President, Projects. Mr. Amos has verified the technical data disclosed in this news release.
Other disclosures of a scientific or technical nature regarding the stockpiles in this news release have been reviewed and approved by George Gilchrist, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Gilchrist is not considered independent under NI 43-101 as he is the Vice President, Resources of Ivanhoe Mines. Mr. Gilchrist has verified the other technical data regarding the surface stockpiles disclosed in this news release.
Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, which is available on the company's website and under the company's SEDAR profile at www.sedar.com:
The technical report includes relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Kamoa-Kakula Mining Complex cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the newly expanded, mechanized, underground mines at the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo, the development of the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the restart of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.
Kamoa-Kakula Mining Complex is one of the highest-grade and fastest growing major copper mining operations in the world. Copper concentrates were first produced in May 2021 and, through on-going phased expansions, it is positioned to become one of the world's largest copper producing operations. Kamoa-Kakula's 2022 production guidance is between 310,000 to 340,000 tonnes of copper in concentrate
The Kamoa-Kakula Mining Complex is powered by clean, renewable hydro-generated electricity and is among one of the world's lowest greenhouse gas emitters per tonne of copper metal produced.
The Kamoa-Kakula Mining Complex is operated by Kamoa Copper, a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%).
Ivanhoe Mines is also exploring for new copper discoveries across its circa 2,400km2 of wholly-owned exploration licences in the Western Foreland, which are located adjacent to the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Such statements include without limitation: (i) statements that an updated pre-feasibility study for Phase 3 is scheduled for year-end 2022; (ii) statements regarding Kamoa-Kakula's copper production guidance for 2022, which currently is estimated at between 310,000 tonnes and 340,000 tonnes of copper in concentrate; (iii) statements regarding first copper production from Phase 3 expected in the end of 2024; (iv) statements regarding the de-bottlenecking program will enable the copper production from Kamoa Copper's first two phases to exceed 450,000 tonnes per year by Q2 2023; (v) statements regarding ongoing mine optimization work at Kamoa-Kakula targeting improved grades towards 6% copper and additional material handling capacity; (vi) statements that the de-bottlenecking program is expected to expand ore throughput at Kamoa-Kakula's Phase 1 and Phase 2 concentrators to 9.2 Mtpa by Q2 2023; (vii) statements regarding the establishment of a new 5-Mtpa concentrator plant adjacent to the two new mines at Kamoa; (viii) statements that at commencement of Phase 3, Kamoa-Kakula will have processing capacity greater than 14 Mtpa and is expected to increase annualized copper production capacity to approximately 600,000 tpa by Q4 2024; (ix) statements regarding Kamoa-Kakula will be among the world's lowest greenhouse gas emitters per unit of copper produced; and (x) statements regarding ore being periodically drawn from Kamoa-Kakula's surface stockpiles; (xi) statements regarding shipments of copper concentrate to the Lualaba Copper Smelter, blister copper exports and associated impacts on cash costs; (xii) statements regarding Kamoa-Kakula's 500-ktpa smelter facility being commissioned by the fourth quarter of 2024; (xiii) statements regarding the refurbishment of Turbine #5 at the Inga II hydropower facility; (xiv) statements regarding the associated power and surface infrastructure constructed for Phase 3 will be designed to support future expansions.
As well, all of the results of the Kakula definitive feasibility study, the Kakula-Kansoko Pre-Feasibility Study and the Kamoa-Kakula Preliminary Economic Assessment, constitute forward-looking statements or information, and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects. Furthermore, with respect to this specific forward-looking information concerning the development of the Kamoa-Kakula Mining Complex, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; and (xvii) political factors.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under "Risk Factors", and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
The company's actual results could differ materially from those anticipated in these forward-looking statements because of the factors set forth below in the "Risk Factors" section in the company's 2022 Q3 MD&A and its current annual information form.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139563
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Trilogy Metals Inc. (TSX: TMQ) (NYSE: TMQ) ("Trilogy Metals", "Trilogy" or "the Company") announces its financial results for the third quarter ended August 31 2022. Details of the Company's financial results are contained in the interim unaudited consolidated financial statements and Management's Discussion and Analysis which will be available on the Company's website at www.trilogymetals.com on SEDAR at www.sedar.com and on EDGAR at www.sec.gov . All amounts are in United States dollars unless otherwise stated.
Field season activities at the Upper Kobuk Mineral Project ("UKMP") commenced in late May, with the camp opening on May 20 and drilling was completed on September 16. The Bornite camp is expected to be fully shut down during the first week of October. The $26.2 million approved budget for Ambler Metals LLC for this year was mainly spent on the summer field program, which included 10,739 meters of diamond drilling that prioritized advancing the Arctic Project with additional infill drilling to further improve the confidence in the resource and the completion of a geotechnical study to further de-risk the Arctic Project. Exploration outside of the Arctic deposit focused on identifying copper-rich satellite deposits near Arctic in the Volcanic Massive Sulphide ("VMS") Belt and the Cosmos Hills. The forecasted spend at Ambler Metals for the fiscal year is estimated to be approximately $28.5 million which is $2.3 million or 8.8% higher than budget.
For the 2022 Arctic field program, Ambler Metals completed 8,376 meters in 47 holes as part of an 8,400-meter infill program to increase confidence of the resource from the Indicated to Measured category. This includes five holes totaling 815 meters completed for the geotechnical assessment of Arctic that was initiated last year and two infill holes instrumented for the ongoing geohydrological assessment.
The 2022 exploration program for the Cosmos Hills and Ambler VMS Belt includes drilling of 7 holes totaling 2,363 meters as well as detailed mapping and soil sampling to build on the work performed during the prior year. In addition, 1,350 meters of trenching was completed around Pardner Hill.
The Company expects to begin announcing drill results during the fourth quarter of 2022.
In a press release dated September 21, 2022 , the Company provided an update on the AMDIAP. The United States Bureau of Land Management ("USBLM") published in the Federal Register a Notice of Intent ("NOI") that it will prepare a Supplemental Environmental Impact Statement ("SEIS") for the proposed AMDIAP. The NOI includes a 45-day comment period on the SEIS, which will allow the USBLM to determine if any additional impacts and resources related to previously identified deficiencies should be more thoroughly assessed. The NOI also indicated that input by Alaska Native Tribes and Corporations will continue to be of critical importance and that the USBLM will continue to consult with these entities under applicable guidance. The USBLM anticipates publishing a Draft SEIS during the second quarter of 2023, after which it will accept public comments on the Draft SEIS.
The Company anticipates intervenor defendants, including the State of Alaska , NANA Regional Corporation, Inc. and Ambler Metals LLC, to provide comments to the Court in the road permit lawsuit against the United States Department of Interior ("DOI") urging the DOI to expedite their work with a goal to reinstating the Joint Record of Decision for the Ambler Access Project.
The following selected financial information is prepared in accordance with U.S. GAAP.
Share of loss on equity investment
For the three-month and nine-month periods ended August 31, 2022 , cash preservation strategies resulted in overall cash savings of $0.5 million and $0.9 million , respectively in general and administrative expenses, investor relations, professional fees and salaries when compared to the same periods last year. The increase in our share of losses of Ambler Metals of $2.9 million and $4.4 million , respectively was mainly due to an increase in mineral property expenses over the comparative quarter in the prior year from higher drilling and project support costs as well as higher pre-development costs for the Ambler Access Project.
We expended $3.4 million on operating activities during the nine-month period ending August 31, 2022 with the majority of cash spent on corporate salaries, professional fees related to our annual regulatory filings, annual insurance renewal, annual fees paid to the Toronto Stock Exchange and the NYSE American Exchange and with the American and Canadian securities commissions.
At August 31, 2022 , we had $3.1 million in cash and cash equivalents and working capital of $2.9 million . The Company continues to manage its cash expenditures through its working capital. Management continues to review the fiscal 2022 budget for cash preservation opportunities and has reduced cash expenditures where feasible, including but not limited to, reductions in marketing and investor conferences and office expenses. In addition, the Company's Board of Directors have agreed to take all of their fees in equity of the Company in an effort to preserve cash and increase share ownership. The Company's senior management team are also taking a portion of their base salaries in equity of the Company to preserve cash. Management believes that the combination of these cost reduction efforts results in sufficient cash to fund the Company's operations for the next twelve months.
Richard Gosse , P.Geo, Vice President Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101. Mr. Gosse has reviewed the scientific and technical information in this news release and approves the disclosure contained herein.
Trilogy Metals Inc. is a metal exploration and development company that holds a 50 percent interest in Ambler Metals LLC which has a 100 percent interest in the UKMP in Northwestern Alaska . On December 19, 2019 , South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The UKMP is located within the Ambler Mining District, one of the richest and most-prospective known copper-dominant districts in the world. It hosts world-class polymetallic VMS deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits that have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District – the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 181,387 hectares. Ambler Metals LLC has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy's vision is to develop the Ambler Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods.
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the anticipated timing of drill results, the expected timing of the shutdown of the Bornite Camp, the Company's forecasted expenditures for the fiscal year, the Company's ability to fund its operations, our expectations relating to and continued work with the DOJ and other intervenor defendants in the lawsuits concerning the Ambler Access Project, the requirement for additional funding at Ambler Metals and the perceived merit of the Company's properties are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving success of exploration activities, permitting timelines, requirements for additional capital, risks pertaining to the outbreak of the coronavirus (COVID-19), government regulation of mining operations, environmental risks, prices for energy inputs, labour, materials, supplies and services, uncertainties involved in the interpretation of drilling results and geological tests, unexpected cost increases and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2021 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
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October 4 th 2022 TheNewswire - Kiplin Metals Inc. (TSXV:KIP) (the " Company " or " Kiplin ") announces completion of its exploration program on the Company's Cluff Lake Road (CLR) Uranium Project in northwestern Saskatchewan. The CLR Project covers ~531ha in the southwestern Athabasca Basin in northern Saskatchewan, where several new discoveries, including the Arrow and Tripe R Uranium deposits have been made. The CLR Project is completely surrounded by Fission 3.0 Corp.'s high profile Paterson Lake North ("PLN") Project.
The exploration program was conducted by a team from Exploration Facilitation Unlimited Inc., based at Big Bear Lodge, Saskatchewan, located approximately 17 kilometres south-southwest of the Project. Activities included:
25 line-kilometres of magnetic geophysical survey on lines spaced 100 metres apart, oriented in an E-W direction, to test a N-S trending VTEM conductor that transects the length of the Project.
Approximately 15 line-kilometres of magnetic geophysics was completed on infill 50 metre lines in areas of known conductors and/or radon gas anomalies.
In 2017 a previous explorer completed an Alpha Track radon gas sensors survey over most of the current CLR Project with several anomalies indicated. The Company's recent exploration program comprised prospecting with a handheld spectrometer over the radon gas anomalies and conductive zones, resulting in over 100 radioactive boulders uncovered, with values up to 500 counts per second.
The western boundary of the CLR Project is flanked by Fission 3.0 Corp.'s "N Conductor Complex", an active exploration target with one drilled in 2022, and additional worked planned by Fission in the winter 2023.
The Company has the right to earn a 100% interest in the CLR Project and controls all exploration and development of the Project. The recently completed exploration program will assist in defining drill targets. The Company is applying for the requisite permits and expects to be drilling when permits are received.
Peter Born, Director of Kiplin, commented "we are very pleased with the team at Exploration Facilitation Unlimited, and are confident this program will confirm the locations for what we believe are highly prospective targets."
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
Kiplin Metals Inc. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery all the way to production. This vertically integrated strategy allows Kiplin Metals to achieve exceptional shareholder value through the entire life-cycle of the mining process.
Cluff Lake Road Uranium Project. Kiplin Metals has the right to earn a one-hundred percent interest in the Cluff Lake Road Uranium Project (the "CLR Project"). The CLR Project covers ~531ha in the southwestern Athabasca Basin in northern Saskatchewan, where several new discoveries, including the Arrow and Tripe R Uranium deposits have been made. The CLR Project is 5 km east of the Cluff Lake Road (Hwy 955), which leads to the historic Cluff Lake Mine, which historically produced approximately 62,000,000lbs of yellowcake uranium.
Exxeter Gold Project covers an area of 715ha located in Val d'Or Quebec, one of the premier gold camps in the world which produced over 113.4M oz Au by the end of 2019. The project covers 3.8km of the Cadillac Tectonic zone, which is the principal geologic structure responsible for cold mineralization in the Val d'Or.
For further information, contact the Company at info@kiplinmetals.com , or visit the Company's website at www.kiplinmetals.com .
On behalf of the Board,
For further information, contact the Company at 604-622-1199.
On behalf of the Board of Directors,
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill" or the "Company") is pleased to announce the mailing today to shareholders of Turquoise Hill of the Management Proxy Circular (the "Circular") and associated Form of Proxy and Letter of Transmittal (collectively, the "Meeting Materials") in connection with the arrangement pursuant to which, among other things, and subject to the satisfaction or waiver of all applicable conditions precedent, Rio Tinto International Holdings Limited ("Rio Tinto") will acquire the approximately 49% of the issued and outstanding common shares of Turquoise Hill that Rio Tinto does not currently own (the "Minority Shares") for C$43.00 per share in cash (the "Consideration") pursuant to a statutory plan of arrangement (the "Arrangement"), following the public filing thereof on September 29, 2022.
On the unanimous recommendation of a special committee of the Board of Directors of the Company (the "Board") consisting entirely of independent directors (the "Special Committee"), the Board (excluding conflicted directors) unanimously determined that the Arrangement is in the best interests of the Company and fair to the holders of Minority Shares and recommends that the holders of Minority Shares vote in favour of the resolution relating to the Arrangement at the special meeting of shareholders.
In reaching its conclusion, the Special Committee and Board took into consideration, among other things, the following:
Pursuant to an interim order by the Supreme Court of Yukon on September 27, 2022, a special meeting of the Company's shareholders will be held on Tuesday, November 1, 2022 at 10:30 a.m. (Montréal time) in person and in virtual format (the "Special Meeting") in order to consider and, if thought advisable, pass a resolution to approve the Arrangement (the "Arrangement Resolution"). Shareholders of record as of the close of business on September 19, 2022 are entitled to receive notice of, to participate in, and to vote their shares of the Company at the Special Meeting. The Meeting Materials are filed and available under Turquoise Hill's profiles on SEDAR at www.sedar.com and on EDGAR at www.sec.gov . Details of the Special Meeting and how registered shareholders or their duly appointed proxyholders can attend, access and participate in the Special Meeting are set out in the Circular.
In order to become effective, the Arrangement Resolution must be approved by: (i) at least two-thirds (66⅔%) of the votes cast by shareholders present in person, virtually present or represented by proxy at the Special Meeting, voting as a single class; and (ii) because the Arrangement is subject to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the approval of a simple majority (more than 50%) of the votes cast by the shareholders present in person, virtually present or represented by proxy at the Special Meeting, excluding the votes attached to shares held by Rio Tinto and its affiliates and any other shareholders whose votes are required to be excluded under MI 61-101.
Shareholders must vote their proxy before 10:30 a.m. (Montréal time) on October 28, 2022 (or, if the Special Meeting is adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened Special Meeting).
If you are a registered shareholder, we are asking you to take two actions.
First, your vote is important regardless of how many common shares you own. Shareholders are encouraged to vote in advance of the Special Meeting. If you are a registered shareholder , whether or not you plan to attend the Special Meeting, to vote your shares at the Special Meeting, you can either return a duly completed and executed form of proxy to the Company's transfer agent, TSX Trust Company (the "Transfer Agent"), Proxy Department, by mail at: TSX Trust, 1200-1 Toronto Street, Toronto, Ontario M5C 2V6, or TST Trust Company, 1600-2001 Robert-Bourassa Blvd., Montréal, Québec H3A 2A6, or via the internet at www.tsxtrust.com/vote-proxy not later than 10:30 a.m. (Montréal time) on October 28, 2022 or, if the Special Meeting is adjourned or postponed, 48 hours, excluding Saturdays, Sundays and statutory holidays, prior to the commencement of the reconvened Special Meeting. If you hold Shares through a broker, investment dealer, bank, trust company or other intermediary (a "Beneficial Shareholder"), you should follow the instructions provided by your intermediary to ensure your vote is counted at the Special Meeting.
Second, if the Arrangement is approved and completed, before you can receive the Consideration for your common shares of the Company the depositary will need to receive the applicable letter of transmittal completed by you, together with the certificates representing the shares and any additional documents that may be required. Registered shareholders must complete, sign, date and return the letter of transmittal enclosed with the Circular. If you are a Beneficial Shareholder, you will receive payment for your common shares through your financial intermediary if the Arrangement is completed.
If you have any questions about voting your proxy and the information contained in this press release in connection with the Special Meeting of shareholders please contact our proxy solicitation agent and strategic shareholder advisor, Kingsdale Advisors, at 1-888-370-3955 (toll-free in North America), or by calling collect at 416-867-2272 (outside of North America) or by email at contactus@kingsdaleadvisors.com .
Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is the Company's principal and only material mineral resource property. Turquoise Hill's ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC; Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity, holds the remaining 34% interest.
Forward-looking statements and forward-looking information
Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "likely", "may", "plan", "seek", "should", "will" and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements regarding the Arrangement, including the anticipated timing of the Special Meeting and of the completion of the Arrangement.
Forward-looking statements and information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions regarding the ability of the parties to receive in a timely manner and on satisfactory terms, the necessary shareholder approvals and court approval; the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Arrangement, and other expectations and assumptions concerning the Arrangement, present and future business strategies, local and global economic conditions, and the environment in which the Company will operate. The anticipated dates indicated may change for a number of reasons, including the inability to receive, in a timely manner, the necessary shareholder approvals and court approval or the necessity to extend the time limits for satisfying the other conditions to the completion of the Arrangement.
Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included the "Risk Factors" section of the Circular and in the "Risk Factors" section of the Company's Annual Information Form, as supplemented by the "Risks and Uncertainties" section of the Company's Management Discussion and Analysis for the three and six months ended June 30, 2022 ("Q2 2022 MD&A"). Further information regarding these and other risks, uncertainties or factors included in Turquoise Hill's filings with the U.S. Securities and Exchange Commission as well as the Schedule 13E-3 transaction statement and the Circular.
Readers are further cautioned that the lists of factors enumerated in the "Risk Factors" section of the Circular, the "Risk Factors" section of the Company's Annual Information Form, the "Risks and Uncertainties" section of the Q2 2022 MD&A and the Schedule 13E-3 transaction statement that may affect future results are not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events and should not rely on the Company's forward-looking statements and information to make decisions with respect to the Company. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221004006087/en/
Vice President Investors Relations and Communications Roy McDowall roy.mcdowall@turquoisehill.com Follow us on Twitter@TurquoiseHillRe
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