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Norge Mining: Major European mining project to supply critical materials for decades

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From food security to defence, project milestone ensures independence of supply chain at time of geo-political uncertainty

LONDON, Sept. 9, 2024 /PRNewswire/ — A mining project qualified to be fast tracked by the Norwegian Government is now set to secure critical and strategic minerals, (essential for food security,  semiconductors, batteries for EVs, green technologies and defense), having achieved a major milestone which proves the project’s viability. 

With growth in demand but a reliance on a limited number of producers, such as China and Russia, the creation of a new integrated value chain for critical raw materials in Europe has become a strategic imperative.

Norge Mining, the Anglo-Norwegian mineral exploration company with world-class resources of Critical Raw Materials in southwest Norway is pleased to have the business case for its Eigersund Project independently confirmed, paving the way for guaranteed supply to industries in Europe and beyond for decades to come.

The “Pre-Feasibility Study” (“PFS”) for the Eigersund Project, an environmentally and socially sustainable greenfield mining project, has been successfully completed for the first of the three zones, which represents only 5% of the entire exploration area, proving the business case of extraction of phosphate, titanium, vanadium and ferro magnetite.

John Vergopoulos, Chief Executive Officer of Norge Mining, said:

“Today’s news is a major step forward for ensuring the safe supply of critical minerals, without which many of the industries on which we rely so heavily, in particular our food supply and green technologies, would be severely compromised.  At a time of real uncertainty, the need for self reliance in the supply chain of critical materials has never been starker.  The confirmation of Norge Mining’s business case is a significant step towards delivering a vertically integrated, European supply source of EU Critical and Strategic Raw Materials. This has been achieved without compromising our commitment to the highest standards of environmental and social sustainability which are guiding the development of our business.”

The PFS gives the one zone of the Eigersund Project a net present value (“NPV”) of US$2.01 billion and states that this is expected to increase as the project progresses and optimisations are identified.  Supply of CRMs and strategic minerals from this first zone is set for the first 23 years of extraction with an expected yearly output of 20 Mtpa to begin with.

The Eigersund Project is located at the Company’s Storeknuten exploration area, which totals 26km2 and now has a JORC Mineral Resource statement totalling 3.2 billion tonnes, represents just 5% of the Company’s 520 km2 of exploration licences in southwest Norway. The Eigersund Project represents the first stage of the Company’s planned mining operations. 

The capital cost of the Eigersund Project is estimated in the PFS at US$2.31 billion, which includes the capex associated with the open-pit mine, tailings, beneficiation and infrastructure development. Opportunities to reduce the capital cost will be assessed as the project progresses.

Extraction rights for the Eigersund Project were awarded by the Norwegian government in June this year along with extraction rights for all of the Company’s other exploration licence areas marking the largest ever awarded area of over 26km2 in Norwegian history.

The Company is committed to achieving the highest standards of sustainability at the Eigersund Project and has established a research and development company in Norway, NM R&D, which is investigating alternative uses for the mine’s tailings, potentially finding commercial applications in construction, agriculture and other industries. In addition to reducing the need for tailings deposits, such applications would further enhance the Eigersund Project’s economics.

Following completion of the PFS, a bridging study is being conducted to assess project optimisation and opportunities such as tailings utilisation. Once this bridging study is complete, a Definitive Feasibilty Study (“DFS”) will commence.

The PFS was compiled jointly by the Company’s engineering and mining consultants, Hatch, Norconsult and SRK. It is based on the most recent JORC compliant resource statement for Storeknuten which was announced on 25 June 2024.

At the same time as working on the PFS, the Company and its consultants have been progressing the potential for including downstream activities in the Eigersund Project, particularly relating to the production of white phosphorus, phosphoric acid, titanium metal and vanadium. This work is progressing well and is expected to be concluded in parallel with the DFS.

The Company has founded a business in Germany, NM Deutschland GmbH, to evaluate and develop downstream opportunities in phosphorus. This significant opportunity recognises that phosphorus-based industries require high standards of sustainability in upstream and downstream processes to ensure the ESG credentials of their own products. They are also reliant on secure supply chains.

Contacts:  +44 (0) 20 7466 5000 / norgemining@buchanan.uk.com

Norge Mining                                   
John Vergopoulos, CEO

Burson Buchanan                                  
Mark Court / George Pope                                                                                                                                                                         

About Norge Mining

Norge Mining is an Anglo-Norwegian natural resources company focused on mineral exploration in Norway.

The Company’s JORC resource estimates from the Bjerkreim Exploration Project in southwest Norway have confirmed world-class deposits of the EU Critical Raw Materials phosphate, vanadium and titanium, materials with key roles in the clean energy transition, security of food supply and other areas. The provenance of these materials is also of significant strategic importance for net carbon zero and ESG commitments, a key requirement for which is supply chain transparency.

Norge Mining, which owns 61 exploration licences totalling more than 520 square kilometres in Norway, including extraction rights, is conducting a programme of exploration work, building on earlier studies by the Geological Survey of Norway (NGU).

Founded in November 2018, the Company is headquartered in the UK and has a 100%-owned Norwegian subsidiary, Norge Mineraler AS. The Company’s ambition is to become a substantial, sustainable and strategically important exploration and mining business in Europe.

For further information, please visit www.norgemining.com

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SOURCE Norge Mining

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In Turfan, Xinjiang, China’s first commercially operated microgrid has generated nearly 100 million kWh of electricity

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November 15, 2024

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TURFAN, China, Nov. 15, 2024 /PRNewswire/ — On November 13, the Turfan New Energy City Microgrid Demonstration Project, China’s first commercially operated microgrid demonstration project, generated nearly 100 million kWh of electricity, equivalent to saving 29,000 tons of standard coal and reducing carbon dioxide emissions by 77,600 tons.

A microgrid refers to a small-scale power generation and distribution system organized by distributed power sources, power loads, distribution facilities, monitoring and protection devices, etc., which can realize flexible control and autonomous management. Since the end of 2013, the project had been the largest and most comprehensive solar energy utilization and building integration project in China up to that time, with 8.7 MW of photovoltaic power installed on the roofs of 223 residential buildings, generating an annual power capacity of about 10 million kWh.

To promote the physical operation of the project, the State Grid Turfan Power Supply Company invested more than 2 million yuan to cooperate in the construction of microgrid infrastructure, fully supporting the online operation of surplus new energy power generation, promoting the comprehensive utilization of renewable resources in urban buildings, and helping Turfan build a high-quality development demonstration area and a green and low-carbon pilot area.

View original content:https://www.prnewswire.com/apac/news-releases/in-turfan-xinjiang-chinas-first-commercially-operated-microgrid-has-generated-nearly-100-million-kwh-of-electricity-302306810.html

SOURCE State Grid Turfan Power Supply Company

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Innovations in Guiyang: Adhering to New Industrialization and Promoting High-End, Intelligent and Green Manufacturing

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November 15, 2024

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GUIYANG, China, Nov. 15, 2024 /PRNewswire/ — A report by Huanqiu.com

The wave of new industrialization in Guiyang is driving the transformation and upgrading of the manufacturing industry in ways like never before. Guiyang is always strategically oriented toward “industrial structure optimization with a focus on industries”, and has made all efforts to develop “four major industrial bases”, highlighting its industrial economy as the “primary driving force” behind development. Especially relying on its policy edge in renewable energy, Guiyang has rapidly emerged as a national new-energy power battery and materials research, development and production center, injecting strong momentum into the city’s economy.

In October 2023, the CATL (Guizhou) New Energy Power and Energy Storage Battery Production Base, located in Gui’an New Area, Guizhou Province, was put into production. The first phase of the base boasts cutting-edge design standards, characterized by “lighthouse + zero carbon factory”. The high-standard facility employs advanced, high-speed, highly automated, and flexible production lines. It is designed to have an annual production capacity of 30 GWh. After the base achieves the designed production capacity, its annual output value is expected to reach 15 billion yuan. According to statistics, the base realized an industrial output value of 618 million yuan in the first half of 2024, and the year’s industrial output value is expected at about 2 billion yuan.

The Chery (Guizhou) industrial base has also yielded unusually brilliant results in the field of new energy vehicles (NEVs), where Chery Automobile’s self-developed “CHEVOO” new-generation light truck KL71 project is undergoing four-pillar car road tests. The advanced pressing, welding, painting and assembly lines, as well as the R&D lab and the all-electric truck production line, together constitute this “digital intelligent” NEV factory. Moreover, the Chery (Guizhou) industrial base has built, extended and strengthened its vehicle manufacturing industry chain so as to master key parts supply chains and reduce development costs.

The Gui’an FinDreams battery project, as an important move of BYD in Guiyang, is also showing its strength in power batteries for NEVs. FinDreams Battery Co., Ltd. at Longshan Industrial Park in Gui’an New Area has four automatic production lines that are operating at high speeds in the workshop, which produce “blade batteries” which are well-known both in and out of the industry. According to reports, 300 battery packs and 40,000 cells can be produced per day.

Guiyang’s “four bases” – a new energy vehicles and battery materials production base, a resource deep-processing base, a computing power assurance base, and an industrial backup base, contribute greatly to the development of NEV and battery materials industry, electronic information manufacturing industry, and advanced equipment manufacturing industry, etc. Data show that in the first three quarters, the added value of Guiyang’s industrial enterprises above designated size grew by 11%, and the contribution of industrial economy to economic growth reached 39.4%.

Photo – https://mma.prnewswire.com/media/2558773/image.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/innovations-in-guiyang-adhering-to-new-industrialization-and-promoting-high-end-intelligent-and-green-manufacturing-302306825.html

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Premialab appointed by Lombard Odier Investment Managers to scale Quantitative Investment Strategies

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November 15, 2024

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Premialab’s technology chosen to enhance QIS scaling, operational efficiency, and risk management.

PARIS, Nov. 15, 2024 /PRNewswire/ — Lombard Odier Investment Managers (LOIM), the institutional asset management business of the Lombard Odier Group, has integrated Premialab‘s industry-leading technology to support the management of their soon-to-be-launched DOM Global Macro strategy. This partnership underscores LOIM’s commitment to onboard innovative strategies in an evolving market landscape.

“Our decision to partner with Premialab is driven by their comprehensive risk management and regulatory compliance expertise,” said Didier Anthamatten, Portfolio Manager at LOIM. “With a strong track record in alternative investments, LOIM remains focused on delivering innovative investment solutions and high-quality returns for our clients. Premialab’s advanced data capabilities are essential in helping us maintain our rigorous standards and provide robust, risk-adjusted performance. Additionally, their platform perfectly matches the DOM Global Macro strategy’s needs, enhancing our risk monitoring capabilities and streamlining portfolio management.”

The DOM Global Macro strategy expects to leverage Premialab’s unique dataset. The full lookthrough across all DOM’s proprietary systematic strategies allows granular risk decomposition and scenario-based analysis at the entire portfolio level. This should help monitoring exposures’ attractiveness, from both time-series and cross-sectional perspectives, and optimizing asset allocation.

Neil Richards, Head of EMEA Business Development at Premialab, said the collaboration with LOIM is a significant addition to Premialab’s growing business in Switzerland and within the wider European markets.

“Institutions such as LOIM, which oversees a substantial portfolio across various asset classes, need continuous monitoring and adjustment to keep their investments on track,” he explained. “Premialab provides the tools for benchmarking and stress testing their systematic investments, ensuring that LOIM’s mandates are effectively managed in terms of cost, risk, and value.”

Premialab CEO Adrien Géliot highlighted that the QIS sector is experiencing rapid growth, driven by institutional investors seeking liquid, transparent, and cost-efficient investment strategies. “Premialab sits at the centre of the QIS landscape, uniquely positioned to aggregate and make sense of the vast and growing universe of data,” he stated. “We are thrilled to be partnering with LOIM to deliver our unique data and risk monitoring capabilities to one of the top global investment firms.”

Premialab’s multi-asset, multi-region platform handles 10 million data points daily. It analyzes over 5,000 investible systematic strategies, with client assets under management totalling approximately USD $20 trillion. Combining the Premialab platform with Premialab Pure Factors®, it provides comprehensive cross-asset quantitative strategy selection and thorough due diligence on strategies available worldwide. Additionally, the platform enhances risk management and reporting capabilities, including expedited and detailed regulatory reporting.

With its unique combination of systematic strategies and discretionary trading, the DOM Global Macro strategy clearly benefits from Premialab’s state-of-the art data analysis capabilities and computational efficiency. The Portfolio and Risk Managers can thus use a shared dataset for risk analysis and performance decomposition, enhancing the portfolio’s robustness and operational efficiency.

About Premialab
Premialab is the leading independent platform that collaborates with leading investment banks and institutional investors globally, providing data, analytics, and risk solutions for systematic, factor, and multi-asset strategies. With offices in London, Paris, New York, Hong Kong, Dubai and Sydney, the company has forged strong partnerships with the top 18 investment banks, asset managers, pension funds, sovereign wealth funds and insurance companies globally.

About Lombard Odier Investment Managers (LOIM)
Lombard Odier Investment Managers (LOIM) is the institutional asset management business of the Lombard Odier Group, wholly owned and funded by its partners since its establishment in 1796.

We provide a range of investment solutions to a diverse group of long-term oriented clients. Our heritage, and our combination of the best of conservatism and innovation, keeps us well positioned to create lasting value for our clients. Our investment capabilities span fixed income, convertible bonds, equities, multi-asset, and alternatives. Sustainability is central to our investment philosophy; we believe it is the founding principle of long-term economic and investment outcomes and will drive returns over the long term.

With over 200 investment professionals, we are a global business with a network of 13 offices across Europe, Asia and North America and have assets under management of CHF 64 billion (as at 31 September 2024).

View original content:https://www.prnewswire.com/de/pressemitteilungen/premialab-appointed-by-lombard-odier-investment-managers-to-scale-quantitative-investment-strategies-302306411.html

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