Egypt Aluminum braces for loss
Egypt Aluminum expects to lose EGP1.47bn ($94mn) during its upcoming fiscal after losing EGP1.42bn in FY 2019-20, according to media reports. During H1 FY18-19, Egypt Aluminum turned an EGP758.3mn net profit, however, due to higher electricity and production costs, it recorded an EGP595.7mn net loss during H1 FY19-20.
Aura’s proven copper grading hits 1.6pc
According to an update from Aura Minerals, the company has proven copper reserves totaling 1.5mn t (1.36mn mt) with 1.6pc grading. The company added that it has probable copper reserves of 2.9mn t with a grade of 1.62pc. Aura’s measured copper resources hit 3.2mn t with 1.71pc grading, while it has 7.8mn t of indicated copper resources with 1.56pc grading, and inferred copper resources of 5.7mn t with 1.77pc grading.
IBRAM signs MOU with TSX,TSXV
Brazil’s mining association is seeking greater foreign investment and has signed a memorandum of understanding (MoU) with Canada’s TSX and TSXV, which it hopes will yield greater geological research, exploration and, ultimately, development of mining projects in the country. The MoU will increase the number of Brazilian mining firms listed on the exchanges and spur collaborative efforts to make Brazil’s mining sector more attractive outside of the country.