Turkey slap
24 March 2008
TURKEY has reaffirmed its status as one of the more difficult investment destinations for miners with Inmet Mining Corp the latest casualty.
Inmet said this week that development plans at its Cerattepe copper project had been halted after a Turkish court granted an injunction against further work at the site. The decision was based on applications filed by two NGOs to cancel the project's operating licenses on environmental grounds.
It is believed an appeal is expected to be ruled on by the end of next month.
Inmet joins the likes of European Nickel as frustrated Turkey investors, with the latter continuing to await a Forestry Permit for its Caldag nickel project.
The Ovacik gold mine was another example of why Turkey is a better place to visit than mine.
No expense spared
PROBLEM: You’ve got a whole bunch of samples from your uranium project in Namibia that need assaying. The required lab in Australia is extremely busy, and you are notified that if the samples aren’t delivered pronto, you risk waiting up to a year or more while the lab works on the assays of a major client.
SOLUTION: Hire a 747 to fly the sample in direct.
COST: A cool half-a-million or so.
Small price to pay
ANDEAN Resources is another to show that there are no issues with raising cash for the right project. The emerging explorer raised a strongly-priced $C40 million from Canadian investors this week for its Cerro Negro project in Argentina.
RBC, which was one of the underwriters, said high grade drill results from Eureka continue to support its 2.9 million oz Cerro Negro upside resource scenario.
“Step-out drilling at Eureka has shown that gold and silver mineralisation continues at least 250m west of the current resource boundary. We now expect an interim Eureka resource upgrade in early Q2 2008. Depending on the level of confidence of the data (further in-fill drilling may be required), we believe the interim resource could be above our base case 2.4Moz resource We note that every 50m strike extension is adding 250-350koz to our Eureka resource estimate.”
Also in the March 24 - 30, 2008 edition
- AFRICA
- Blind find a wake-up call
- Get set for more West African action
- CHINA
- Leyshon says costs in check
- EXPLORATION
- Emmerson heads to Creek with a big paddle
- Uranium explorer finds tungsten opportunity
- FINANCE
- Armenian setback
- HEAVY METAL
- Golden circle
- INTERCEPTS
- Barrick extends PNG print
- MINING
- Black and white battle has shades of grey
- Poseidon resurfaces at Windarra
- ON LOCATION
- Cortona's new track offers better odds
- Mutiny crew focus on production
- TECHNOLOGY
- Crumbs aid safer stoping