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Highlights:
- UK’s Final Coal Plant Closure: Ratcliffe-on-Soar to shut down on September 30, ending 142 years of coal-generated electricity in the UK.
- Greatland Gold Acquisition Progress: Greatland Gold makes headway on conditions for a US$475 million deal with Newmont Corporation.
- Andrada and Anglo Asian Updates: Andrada reports steady tin production, while Anglo Asian resumes full operations at Gedabek mine.
The UK is preparing to close its final coal-fired power station, Ratcliffe-on-Soar, on September 30, bringing an end to over a century of coal dependency for electricity generation. Owned by Uniper, the station’s closure is a significant milestone in Britain’s transition towards greener energy sources. Ratcliffe-on-Soar has been the nation’s last operating coal-fired power plant since September 2023, and its shutdown will mark a new era for the UK’s power generation landscape.
In mining news, Greatland Gold PLC (LSE:GGP, OTC:GRLGF) shares rose nearly 5% after announcing progress on two key conditions required to finalize its US$475 million acquisition deal with Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM). The agreement includes a 70% stake in the Havieron gold-copper project, 100% ownership of the Telfer gold-copper mine, and other related assets in Western Australia’s Paterson region. Greatland has made significant headway in meeting the necessary conditions, indicating the deal’s completion is on track.
Gold prices reached a new high on Thursday, trading at US$2,675 per ounce during the morning, reflecting continued demand for the precious metal amid economic uncertainties. The metal is edging closer to the US$2,700 mark, maintaining a strong upward trend.
Meanwhile, Andrada Mining Ltd (LSE:ATM, OTC:AFTTF) reported steady tin production from its Uis mine in Namibia. Production for the three months ending August 2024 totaled 239 tonnes, supported by improved recoveries and higher plant utilization. The miner also benefited from a 27% jump in realised tin prices, which reached US$31,937 per tonne during the quarter, bolstering revenues.
Anglo Asian Mining PLC (LSE:AAZ, OTC:AGXKF) is ramping up production at its Gedabek mine in Azerbaijan after receiving the green light to raise the tailings dam wall. Construction started in early August 2024, allowing the gold and copper producer to resume full-scale operations and optimize its production processes.
