Gem Diamonds raised its full year 2026 guidance after exceptional large stones at the Letseng mine in Lesotho lifted third quarter revenue 35 percent to $34.8 million, even as carats sold fell 22 percent to 17,899. Four stones each fetched more than $1 million, together bringing in $22.2 million, almost 64 percent of quarterly revenue, including the 347 carat Lesotho Jubilee, a white Type II diamond recovered in the second quarter and sold in the third. Recoveries fell 13 percent to 19,299 carats, with three diamonds over 100 carats recovered in the quarter, taking the year to date total to six. Guidance for carats recovered rose to 78,000 to 80,000 from 75,000 to 78,000, and for carats sold to 79,000 to 81,000. Lesotho has also approved a variable royalty of 3 to 6 percent for Letseng, set on the six monthly average price per carat and effective for sales from October 1, and Gem is finalising renewal of revolving credit facilities expiring December 21 with Nedbank and Standard Bank.
Fluor has received full notice to proceed as EPCM contractor for Sierra Gorda’s fourth grinding line expansion in Chile’s Antofagasta region. The brownfield project lifts concentrator capacity from about 130,000 tonnes a day to 165,000 tonnes a day, taking expected annual average payable production to about 195,000 tonnes of copper, 6,000 tonnes of molybdenum, 58,000 ounces of gold and 1.7 million ounces of silver, roughly 30 percent more copper equivalent output. The KGHM and South32 joint venture approved execution earlier this year, and construction is expected to start in 2027.
Eagle Nuclear Energy has signed a binding letter of intent to acquire 100 percent of Noble Plains Uranium in an all stock transaction at a deemed C$0.125 a share, a premium of about 92 percent to Noble Plains’ October 29 close of C$0.065, leaving former Noble Plains holders with about 4.78 percent of the combined company. Noble Plains holds two in situ recovery amenable projects in Wyoming covering about 5,965 acres, including an option over 80 percent of Duck Creek in the Powder River Basin, which hosts 5.32 million pounds of indicated U3O8 and 1.04 million pounds inferred under NI 43-101. The deal remains subject to a definitive agreement and approvals, and Eagle shares fell 2.8 percent on the announcement.
Gruvaktiebolaget Viscaria has signed a letter of intent with Orefields Mining on underground development work at the Viscaria copper mine in Kiruna, Sweden, part of preparations for a planned production start in 2028. Orefields has worked at the site for several years, rehabilitating existing infrastructure, pilot drilling and building a new five metre exhaust ventilation shaft, and the parties will now negotiate an expanded final agreement.
PLS has awarded the upgrade of about 14.6 km of the main access road to its Pilgangoora lithium operation in Western Australia to Bugarrba PJV, a majority Nyamal owned joint venture, and SRG Global Infrastructure. Construction began in October 2026 with completion targeted for July 2027, creating about 105 construction jobs, and the work forms part of up to A$650 million of infrastructure investment at Pilgangoora approved alongside the A$1.9 billion P2000 expansion. The Western Australian government has separately committed A$11 million to the public road intersection serving the site.