McClean Lake Approved to Increase U3O8 Production

Areva Resources Canada has obtained approval from the Canadian Nuclear Safety Commission to increase U3O8 production at the McClean Lake mill in northern Saskatchewan from 13 million to 24 million lb/y. The mill is owned by Areva (70%), Denison Mines (22.5%), and OURD Canada (7.5%). Areva is the operator. Since 2013, the mill has been through an upgrade and expansion program to improve, modernize, and increase the capacity of its various circuits, so it has capacity in place to meet higher production targets.

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New Power Agreement Keeps Alcoa’s Intalco Smelter Open

Alcoa announced in early May a new agreement with the Bonneville Power Administration (BPA) that will improve the competitiveness of Alcoa’s Intalco primary aluminum smelter in Ferndale, Washington, and allow the plant to remain open. The amendment to the power contract is effective July 1 through February 14, 2018, and provides for additional access to market power during this period.

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Hecla to Purchase Mines Management

Hecla Mining has announced a friendly agreement to acquire Mines Management Inc. in an all-share transaction that values the latter company at about $37 million. Mines Management’s key asset is its Montanore silver-copper project in northwest Montana, which hosts in-situ mineralization estimated at more than 230 million oz of silver and nearly 2 billion lb of copper, not considering dilution or subeconomic mineralized zones. The transaction is expected to close in the third quarter of 2016.

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Goldcorp Buys Kaminak for its Coffee Gold Project

Goldcorp and Kaminak Gold announced a deal in May, in which Goldcorp will acquire all of the outstanding shares of Kaminak in an all-share transaction valued at approximately C$520 million. Closing of the transaction is expected to occur no later than August 15.

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