5 stories mentioning ASX:WWIUpdated 8d ago
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West Wits Mining (ASX:WWI) reported an accident at the Qala Shallows underground mine in South Africa that resulted in the death of a contractor's employee, according to a Wednesday filing with the Australian bourse.The incident was raised to the South African Department of Mineral and Petroleum Resources in line with regulatory protocols, the filing said.Shares fell 6% in morning trade on Wednesday.
West Wits Mining (ASX:WWI) achieved a breakthrough of the 1 West decline into the 2 Level mining horizon at its Qala Shallows project in South Africa, unlocking access to historically established stoping areas, according to a Thursday Australian bourse filing.The company said access to pre-developed underground workings is expected to support improved mineral grades and accelerated production ramp-up, requiring limited additional development.Underground fleet expansion is advancing with a new 10-tonne load haul dump (LHD) delivered and a jumbo drill rig expected shortly to enhance productivity and mining flexibility, the filing added.An expanded scoping study to assess multiple development and processing pathways across the broader Witwatersrand Basin project is underway, with completion targeted for the end of July, it added.
West Wits Mining (ASX:WWI) signed a binding term sheet for a senior loan facility of up to 875 million South African rand with Absa Bank and Nedbank, through its Nedbank Corporate and Investment Banking division, according to a Thursday filing with the Australian bourse.The facility can be drawn down from the date of fulfilment or waiver of the conditions precedent until June 30, 2028, and has a final maturity date of June 30, 2031, the filing said.The facility replaces the previously disclosed funding arrangement with the Absa Bank and Industrial Development Corporation, and supports advancement of the Qala Shallows project, per the filing.Shares rose 6% in morning trade Thursday.
West Wits Mining (ASX:WWI) is set to divest the Mt. Cecelia project in Western Australia to Aventine Resources via the sale of 100% of the issued capital of its unit, Northern Reserves, according to a Wednesday Australian bourse filing.The consideration consists of an equity portion of AU$2 million shares in Aventine, calculated at the public offering price under Aventine's proposed initial public offering, which is currently equal to 10 million Aventine shares, as well as a 1% net smelter returns royalty on all products extracted from the project.It also includes deferred portion, upon the disclosure to ASX of a mineral resource estimate of inferred category or greater of at least 500,000 ounces of gold, at a minimum cut-off grade of 0.5 grams per tonne, of either AU$1 million in cash or 5 million Aventine shares, at Aventine's election.The deal is subject to customary conditions, including due diligence, execution of definitive agreements, Aventine's proposed ASX listing and capital raising, and receipt of all necessary regulatory approvals.
West Wits Mining (ASX:WWI) said its issued capital was consolidated on a 10-for-one basis after approval by its shareholders at a April 8 general meeting, according to a Thursday Australian bourse filing.Its ordinary shares after the consolidation were 434.6 million, compared to 4.35 billion before the consolidation. Its listed options after the consolidation were 30.3 million, and its unlisted options were 38.7 million, compared with 302.5 million and 387 million, respectively, before the consolidation.
