trending Market Intelligence /marketintelligence/en/news-insights/trending/Fzo-BF-txWOPgi8vHhaw5w2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Magmatic cancels East Lachlan gold-copper projects demerger

Mining Insights Newsletter June 2020

A Decade of Underperformance for Gold Discoveries

State of the Market: Mining Q1-2020

Mining Exploration Insights - April 2020

Magmatic cancels East Lachlan gold-copper projects demerger

Magmatic Resources Ltd. said Oct. 11 that it will no longer proceed with the proposed demerger of its four East Lachlan projects into Australian Gold and Copper Limited, a decision driven by investors reassessing the region, following the success of Alkane Resources Ltd. at Boda and feedback from Magmatic shareholders.

The company's board intends to develop a new exploration plan to refocus all of Magmatic's efforts on the East Lachlan projects. In particular, the short-term focus will be on the Wellington North copper project in New South Wales.

Magmatic terminated the acquisition of three gold projects in Western Australia, agreeing to pay the vendors North Iron Cap Pty. Ltd. A$25,000 in cash and 1 million ordinary shares; Ashburton Metals Group Pty Ltd, A$25,000 in cash; and Kokoda Exploration Pty Ltd, A$10,000 in cash.

The company has also agreed with Blue Cap Mining Pty. Ltd. to terminate the pre-production works agreement and funding agreement in relation to the North Iron Cap gold project in consideration for the issue to Blue Cap of 3 million unlisted options to acquire Magmatic shares at 10 cents apiece, with a three-year term.

Separately, Magmatic Resources said that it has agreed with Japan Oil Gas & Metals National Corp., or JOCMEG, to discontinue their joint venture agreement. 100% of the project and the two licenses, Alectown and Parkes East, will remain with Magmatic.

JOCMEG has spent approximately A$2.7 million on the project, which is in its third year.