The NT Independent is providing you with an update of resource news from across the Northern Territory. This week, Origin continues NT operation despite its joint venture having ties with a Russian oligarch, Rio Tinto also wades into the Russian fray, Territory explorers get set to list on the ASX and more.

Origin continues NT gas drilling operations

Origin Energy will continue its Beetaloo gas exploration after being granted a federal government clearance for its Northern Territory operations despite its joint-venture partner having ties with the sanctioned Russian oligarch Viktor Vekselberg.

Origin will focus on completing its Beetaloo exploration program commitments by drilling and testing two more wells.

The Australian government earlier slapped financial sanctions on Russian oligarchs with business interests in the country, including Vekselberg who has a financial interest in Falcon Oil and Gas, Origin’s junior partner in a joint venture exploring gas tenements in the Beetaloo Basin.

The Department of Foreign Affairs and Trade’s Australian Sanctions Office ruled that Origin’s exploration activities were not in violation of sanction laws since no asset was benefiting Vekselberg.

Rusal fights Rio Tinto’s takeover of Queensland Alumina Ltd

Russian aluminum giant Rusal said it remains in talks with mining heavyweight Rio Tinto about its ongoing role in making decisions at Queensland Alumina Limited (QAL) after being taken over by the latter.

Rio Tinto, which owns 80 percent of QAL had stepped in to take full control of the company by exercising “step-in” rights that gave it sole control on all decisions and take 100 per cent of the venture’s alumina output.

The mining company made the move after the federal government barred all alumina exports to Russia to curtail the country’s capability to make aluminum—a key material needed to manufacture weapons and munitions.

Russian billionaire Oleg Deripaska who holds a large stake in Rusal has been added to Australia’s list of sanctioned businessmen.

Talks between QAL and Rio Tinto are ongoing about the intent of the Australian government’s sanctions and Alumina & Bauxite Company’s, which holds a stake in QAL, ongoing involvement in the operations of Gladstone alumina refinery owned by QAL.

After weeks of legal review of its partnership agreement with Rusal. Rio Tinto had taken 100 per cent of QAL’s capacity and governance “until further notice”.

Five explorers set to join ASX

Five stocks are set to list on the Australian Securities Exchange (ASX) in the next two weeks.

Two exploration companies, RLF AgTech (RLF) and Osmond Resources (OSM) are expected to be listed before Easter, while Lithium Plus Minerals (LPM), Koba Resources (KOB), and Maronan Metals (MMA) after Anzac Day.

OSM an explorer and developer company has the Yumbarra project in South Australia, along with the Fowler, Coorabi Shear Zone, and Tallacootra projects. It also operates the Sandford Project in Victoria. The Initial Public Offering (IPO) is pegged at $5 million at $0.20 per share.

RLF’s IPO is valued at $10 million and is being offered at $0.20 per share. The company is focused on the manufacture and sale of tech-based plant nutrition products aimed at alleviating agricultural and environmental challenges while reducing atmospheric carbon.

LPM is currently focused on its 19 granted exploration licenses and three licenses under application in the Northern Territory.

Assuming its applications for the tenements in the Bynoe and Arunta regions are granted, LPM will hold a total area exceeding 1,690 km2 of potential lithium source. Shares will be offered at $0.25 each, with a total offering value of $10 million.

KOB is offering its share at $0.20 each with a total value of $8 million. Its assets include the Blackpine, Colson, and Panther cobalt-copper projects located in the United States.

MMA, an explorer focused on the Maronan lead-silver copper-gold project in Northwest Queensland will be offering a total of $5.5 million in shares with a $0.20 value apiece.

Redbank Copper is set to start its 2021 field season after raising $4 million in capital

Redbank Copper (RCP) has raised an additional $4 million in capital to finance this year’s field season through the placement of around 112 million new shares of stocks issued to institutional and sophisticated investors at 3.5 cents per share.

RCP’s new funds will be invested in exploration and associated study work of the company’s namesake project in the McArthur Basin in the Northern Territory. The company has earlier secured all the necessary approvals to begin its field season and mobilization of a drill rig which has already begun.

Subject to shareholder approval, company directors will take 2.8 million shares which make up $100,000 of the placement.

Argonaut is the Sole Lead Manager of the capital raising.

Emmerson Resources set to launch capital raise

Emmerson Resources (ERM) expects to come out of a trading halt on April 14, after it has announced the details of its capital increase.

ERM is yet to disclose how it expects to raise the money and how the funds would be appropriated.

ERM and its joint-venture partner Tennant Consolidated Mining Group (TCMG) earlier announced a maiden mineral resource estimate (MRE) of 256,216 tonnes at 3.5 g/t gold for 28,974 ounces of gold for the Mauretania gold deposit in the Northern Territory.

TCMG is funding $10.5 million worth of exploration over five years. ERM is entitled to a free-carried 6 percent gold revenue royalty at the Mauretania deposit.

ERM is a gold and copper explorer with a collection of projects straddling 1,706 square kilometres in the NT and 659 square kilometres in the Macquarie Arc belt of New South Wales.

Its shares last traded at 14 cents on April 11.