ASIA DESK
Seeing some light in uranium gloom
THIS time last year, Gus Simpson was heading up a company worth $A320 million. A year on, the same company is worth just over $90 million.
Glencore, Xstrata just chatting
ZUG, Feb 3 – Global commodities trader Glencore International has until March 1 under the United Kingdom takeovers law to announce formally whether it intends to make an offer for Xstrata.
Bannerman secures DFS funds
PERTH, Feb 3 – Bannerman Resources has completed a series of fund-raising activities that have given it A$14M in new capital to complete a definitive feasibility study on the Etango uranium project in Namibia, due at the end of March.
Rustenburg trouble deepens
JOHANNESBURG, Feb 3 – Impala Platinum has issued dismissal notices to another 13,000 employees taking part in an illegal strike at the Impala Rustenburg platinum mine in South Africa.
Advertisement
Magma partner
PERTH, Feb 3 – Australian nickel producer Panoramic Resources has launched a surprise off-market offer for dual Australian and Toronto-listed Magma Metals.
Bokoni rejig
JOHANNESBURG, Feb 3 – Bokoni platinum project partners Anooraq Resources and Anglo American Platinum have agreed to a restructure, recapitalisation and refinancing plan for Anooraq and the Bokoni mine in the Bushveld Complex of South Africa.
More Deflector attention
PERTH, Feb 3 – Mutiny Gold is stepping up the exploration of its flagship Deflector gold-copper deposit in the South Murchison region of Western Australia in its drive to complete a project finance package by June this year.
Advertisement
Kibali construction ready
KINSHASA, Feb 3 – Kibali gold project operator Randgold Resources has completed preparatory work for construction to begin on the Kibali gold project in the Democratic Republic of Congo.
Bligh partner talks
SYDNEY, Feb 3 – Australian explorer Bligh Resources may team up with a major Chinese miner and processor for the development of the Bootu Creek Two manganese project in Australia’s Northern Territory.
Red Rock's Resource Star support
LONDON, Feb 3 – UK-based explorer Red Rock Resources says it will direct part of the proceeds from the recent rationalisation of its uranium interests to support its Australian subsidiary Resource Star.
Hot rock team formed
BRISBANE, Feb 3 – Leading global geothermal company Energy Development Corporation has teamed with Australian company Hot Rock to advance four South American projects.
Optimism rises
JOHANNESBURG, Feb 3 – Optimum Coal has raised expectations for its December half-year interim results due next week by reporting a 62% surge in operating cash to R716M.
Sheffield sets Irwin target
PERTH, Feb 3 – Mineral sands explorer Sheffield Resources is setting itself an exploration target of 220-340Mt at 1.2-1.6% heavy minerals suitable for a dredging operation at its Irwin prospect in the Mid-West region of Western Australia.
OM signs Sarawak power deal
SINGAPORE, Feb 3 – OM Holdings has celebrated the signing of a power supply agreement for the Sarawak ferro alloy smelting project in eastern Malaysia to treat manganese ore from its Bootu Creek mine in the Northern Territory, Australia.
Beacon's Barlee boost
PERTH, Feb 3 – Beacon Minerals says the A$4M sale of its 80% interest in Mining Lease ML 77/1254 at the Barlee gold project will allow it to step up its work on the remaining Barlee tenements.
Coppermoly advances PNG prospects
BRISBANE, Feb 3 – Copper explorer Coppermoly is pulling together resource estimates for its Nakru-1 copper gold system and Simuku copper-molybdenum system, both on the island of New Britain in Papua New Guinea.
Gulf ready to pounce
PERTH, Feb 3 – Gulf Mines has identified its first potential acquisition targets in the Indonesian coal sector following its pact with Hong Kong investment company Legend Way Capital.
East Coast increases Wolfsberg potential
PERTH, Feb 3 – Australian explorer East Coast Minerals has doubled the exploration potential of its 80%-owned Wolfsberg lithium project in Austria.
Leapard spots opportunity
PERTH, Feb 3 – Leopard Resources is negotiating to acquire an advanced stage, 1000 tons pa lithium project located in South America.
Vale says China ports will be open
RIO DE JANEIRO, Feb 3 – Brazilian mining giant Vale says the delivery schedule for its 35-strong fleet of very large ore carriers (VLOC) will not be changed despite reports they will not be allowed to visit Chinese ports.
Beacon Hill expands Moatize reserve
LONDON, Feb 3 – Beacon Hill Resources has extended the mine life forecast for its Minas Moatize coal project in the Moatize Coal Basin of northern Mozambique to 14 years after announcing a maiden JORC-compliant mineable reserve of 42.65Mt.
Sable secures Mount Nimba
LONDON, Feb 3 – BHP Billiton, Newmont and Areva’s 600 million tonne Nimba iron ore project in Guinea has a new neighbour, with Sable Mining Africa acquiring an adjoining 123.5sq.km exploration permit.
Lynas gets licence
SYDNEY, Feb 2 – Malaysia’s Atomic Energy Licensing Board has approved a temporary operating licence for the controversial rare earths processing plant being built by Australian miner Lynas Corporation near Kuantan in Pahang state.
BHBP approves extra port funding
MELBOURNE, Feb 2 – BHP Billiton has approved US$917M in pre-commitment funding for the construction of a 100Mtpa new harbour at Port Hedland to service the growth in its Western Australia Iron Ore operations.
IronClad deal
ADELAIDE, Feb 2 – Iron ore hopeful IronClad Mining has locked up off-take agreements for the first two years’ production from its Wilcherry Hill project in South Australia following a deal with Hong Kong-based resources industry investment group New Page Investments.
Stander returns to Bushveld
JOHANNESBURG, Feb 2 – Bokoni Platinum Mines has gone back to the future with the appointment of Dawid Stander as managing director of its Bushveld Complex operation in South Africa.
Cooma positive for Ironbark
PERTH, Feb 2 – Base metals hopeful Ironbark Zinc is encouraged by high-grade base and precious metal drilling results and strike length extension at its 100% owned Peakview prospect near Cooma in New South Wales, Australia.
BHPB titanium exit
MELBOURNE, Feb 2 – BHP Billiton has withdrawn from the titanium industry, selling its 37% interest in South African mineral sands miner and smelter Richards Bay Minerals to rival mining giant Rio Tinto.
Maiden resource for Kinney coal
PERTH, Feb 2 – The announcement of a maiden JORC resource at the Kinney coal project in Utah, USA has set New Horizon Minerals’ American subsidiary Wasatch Natural Resources on the road to becoming a mid-tier producer.
China ports closed
BEIJING, Feb 2 – The biggest players in the global iron ore industry will be keeping a close eye on what happens next after the Chinese Government closed its ports to many large bulk carriers and tankers.
Anvil action dismissed
MONTREAL, Feb 2 – A class action against Australian copper producer Anvil Mining over a 2004 massacre that occurred in the town of Kilwa in the Democratic Republic of Congo has been thrown out in a Canadian court.
De Grey raises funds
PERTH, Feb 2 – De Grey Mining has revealed details of a private placement and entitlements issue to raise nearly A$2.5M to fund its precious metals exploration in Argentina.
Rubianna extends Bloodstone
PERTH, Feb 2 – Recent aircore drilling has extended the boundary of the Bloodstone gold project within Rubianna Resources’ 100%-owned Murchison tenements in the Peak Hill Mining District of Western Australia.
More Mowana funding secured
JOHANNESBURG, Feb 2 – African Copper has borrowed an additional US$5M from majority shareholder ZCI Limited to fund its Mowana copper mine in the Matsitama Belt of Botswana.
Petra's Finsch boost
LONDON, Feb 2 – Diamond miner Petra Diamonds has credited last September’s purchase of the Finsch mine in the northern Cape Province, South Africa for a 64% jump in production for the six months to December 2011.
Dorado Discovery launch
WELLINGTON, Feb 2 – Maritime research vessel Dorado Discovery is set to start work at Chatham Rise in the Pacific Ocean testing bulk sampling equipment that will be used later this year to search for underwater phosphate resources.
Thor raises funds
LONDON, Feb 2 – Australian-focused UK explorer Thor Mining has raised GBP570,000 to help finance development work on its Molyhil tungsten-molybdenum project in the Northern Territory.
Birimian aims at three targets
PERTH, Feb 2 – Birimian Gold is set to raise A$665,000 via a placement to fund its aggressive exploration programs on highly prospective gold exploration projects in Mali and Liberia.
London milestones
LONDON, Feb 2 – London Mining capped off a strong month in January by achieving the first iron ore shipment from its Marampa project in Sierra Leone and the first production of coke from its operation in Colombia.
More drilling for Red Rabbit
LONDON, Feb 2 – Ariana Resources has scheduled further drilling as its exploration continues to increase the scope and potential of its Red Rabbit gold project in western Turkey.
Barberton green light
LONDON, Feb 2 – Pan African Resources has given the go-ahead for Phase 1 of the Barberton gold tailings retreatment project in Mpumalanga Province, South Africa.
Sudbury stoppage
RIO DE JANEIRO, Feb 1 – Vale SA has stopped operations at its five Sudbury Basin underground nickel mines in Canada following the death of a worker on Sunday.
Xstrata's copper shift
ZURICH, Feb 1 – Global miner Xstrata is relying on the transition to new lower-cost production sources from the second half of 2012 to restore its copper output after recording a 3% fall in output through 2011.
Xstrata capex plan
ZURICH, Feb 1 – Xstrata has outlined seven key capital expenditure projects, with a combined value of US$2.6B, approved during 2011.
Luiri hopes lift
PERTH, Feb 1 – Emerging African gold developer Luiri Gold is building expectations for reopening the Luiri Hill gold project in Zambia after confirming the existence of a significant gold resource at the historic mine.
Beating a path to court
LONDON, Feb 1 – Pathfinder Minerals is headed towards the courts in its dispute over ownership of its mining concession licences in Mozambique.
Namiquipa numbers impress
BRISBANE, Feb 1 – Mexican-focused explorer Cerro Resources has released assay results from continuing drilling that demonstrate high-grade mineralisation at depth at the Namiquipa silver project in Chihuahua state, Mexico.
New resource coming for Bau Central
TORONTO, Feb 1 – Olympus Pacific Minerals aims to release a new resource estimate this quarter after drilling confirmed significant mineralisation widths at the Bau Central gold project in Sarawak, East Malaysia.
Cortona breakthrough
SYDNEY, Feb 1 – Cortona Resources is free to pursue the development of its 100% owned Dargues Reef gold mine in New South Wales, Australia after two local conservation groups withdrew their objections to the mine.
Liberia iron promise
PERTH, Feb 1– West Peak Iron has identified what it considers to be significant iron ore targets across four project areas spread across Liberia.
Stuart Shelf drilling starts
ADELAIDE, Feb 1 – Straits Resources has begun a diamond drilling program on the Stuart Shelf copper-gold project in the highly prospective Olympic Dam-Prominent Hill area of South Australia.
ASIA DESK
Steeled with renewed optimism
IT SAYS a lot about the new improved air of optimism in Hong Kong at the moment that major profit downgrades from a pair of Chinese steel makers are being touted as a buying opportunity.
FROM THE CAPITAL
Markets need to re-define what they mean by normal
NO matter how many times economists and investment strategists repeat how important the emerging economies are to world growth, we still run scared at the thought of any growth slippage in the advanced economies. We will have to train ourselves to react differently because the changes underway to the structure of the world economy are part of an ongoing, irreversible evolution.
AFRICA
Rediscovering their Moto
THE team that turned Moto Goldmines into a $US500 million takeover target are back in action in West Africa, and it’s fair to say they don’t intend to die wondering. Wondering, that is, whether the ground they’ve got is any good.
MINING INTELLIGENCE
ASIC, I fear it is now up to you
I HAVE used a series of these columns to emphasise my concerns about the veracity of the approach used in many mine developments. The data I have suggests that 80% of opencut mining projects will use forecast equipment rates more than 20% higher than the median for the particular machines in their plans and studies. Most (if not all) mine people and planners believe their mine can operate at or above the 75th percentile but in reality, only one in four does. It is a little obvious where problems are coming from I think.
COAL
Farm conundrum grows for NSW miners
AS Strategic Land Use Plans loom for New South Wales miners, Sparke Helmore Lawyers Alan McKelvey and David White delve into possible ramifications of the vague policy currently on the table.
MINING
Lougher may open up M&A vista
UNSURPRISINGLY new managing director Dan Lougher wasn’t going to come into the top job at Western Areas talking big, brash and bold. But away from the headlines there’s certainly indications of balls being in the air. Indeed a deal or two in 2012 looks odds-on as management of the world’s best margin nickel mines wrestles with how to start moving its company up the market value chain.
COAL
Time to deliver for Cockatoo
WITH a Glencore pedigree working in Australia, the United States and Singapore, new Cockatoo Coal CEO Andrew Lawson is bound to know a thing or two about coal marketing and strategic development. His challenge this year though is to ensure Cockatoo Coal delivers on promises related to projects in the Bowen and Surat Basins, in Queensland, and in New South Wales.
CENTRAL ASIA
Coal could power wider search
MONGOLIA focused Xanadu Mines is looking to cash-in on its thermal coal exposure and concentrate on its copper, gold and coking coal projects in the strongly emerging, highly prospective resource sector destination wedged between China and Russia.
COAL
Queensland minnows feel squeeze
WHILE the details are still fuzzy, what Queensland’s small coal explorers can be sure of is they will come under increasing financial pressure with the introduction of cash-bidding for coal tenure and duty on exploration permits.
PROJECT WATCH
Nena edges ahead
GOOD news late last month for the management and shareholders of Highland Pacific spells bad news for the owners of Indophil.
COAL
Strategic Cropping Land arrives
THE controversial Queensland strategic cropping land legislation came into effect this week and it won’t be long for the first casualties to emerge, according to HopgoodGanim Lawyers associate Damian Roe.
EXPLORATION
Bell focus turns to Nigeria
FOR those not familiar with Western Australia, Katanning is a major farming town in the heart of the state’s wheat and sheep country whose uniqueness in that part of the world probably doesn’t extend much past it being the location of a significant halal slaughterhouse. How much cultural knowledge geologist Benjamin Bell gleaned from the local Muslims when he was (up until recently) overseeing the Katanning gold project isn’t known, but any he did would surely be of some use now he’s re-emerged in the Muslim stronghold of northern Nigeria.
PEOPLE
Six dollar samples, 20c schooners and $1 apps
FORTY years ago this month Minemakers executive chairman Andrew Drummond joined the resources sector. This is his Australian mining story.
CONSULTING
Consulting briefs: Itasca, Coffey, Xstract
WORK by a consulting firm for a leading gold miner is said to have produced an accurate simulation of localised rock damage and behaviour to aid new mine design models for South African’s deep gold mines.
MINING IT
Growth at a price
AUSTRALIAN microcap software firm ISS Group can beat the effects of a strong local currency and withstand fierce competition to increase annual revenue by up 40% during this year and next, but it faces ongoing margin pressure from these market forces.
MINING IT
IT notebook: FEI, Itasca, Mincom
FEI Company vice-president and general manager Paul Scagnetti says the company’s recent acquisition of ASPEX Corporation would prove pivotal to its ongoing strategy aimed at moving automated mineral and petrographic analysis “outside the laboratory to where mining, and oil and gas companies are exploring, extracting, processing and refining”.
HEAVY METAL
Komatsu's mining lift
JAPAN’S biggest mining and construction equipment manufacturer Komatsu says a 30% increase in full-year mining equipment demand (for its fiscal year ending March 31) will help offset a steep fall in sales for its construction division in China in the past six months and the effects of a stronger Japanese currency against the American greenback.
HEAVY METAL
Heavy metal briefs: Sandvik, Caterpillar
SWEDISH manufacturer Sandvik is celebrating its 150th birthday this week.
Founder Göran Fredrik Göransson’s steelmaking enterprise, formed in Sandviken, broke new ground with the use of the Bessemer process which would revolutionise steel manufacturing. The company quickly became a significant global industrial player.
