02/07/2010
Compromise on Australian mining tax
Australia’s new Prime Minister, Julia Gillard, has reached a compromise agreement with Australia’s mining sector on the proposed Resources Super Profits Tax Full story...Rusal disputes Norilsk elections
Tensions are building once again between UC Rusal and Interros after Norilsk Nickel, of which both Russian companies own a 25% share, controversially elected a new board of directors this week Full story...South Africa retains ownership target
South Africa’s 26% black ownership goal for mining companies will be maintained after government, industry and labour unions signed a new mining strategy this week Full story...Harmony: Booby traps found
Harmony Gold Mining Ltd has found “booby trap” explosive devices near the scene of an explosion that left four workers dead at its Phakisa mine southwest of Johannesburg Full story...Polyus to reverse into Kazakhgold
OAO Polyus Gold is to be taken over by its subsidiary, Kazakhgold Group Ltd, creating a London-listed, US$10 billion, CIS-region gold producer Full story...Rio Tinto and BHPB to share
The Australian Competition Tribunal has ruled that iron-ore giants Rio Tinto and BHP Billiton must make their respective Robe River and Goldsworthy rail lines available for third-party use Full story...Burkina Faso wants to hike royalties, amend laws
The government of Burkina Faso is aiming to increase royalties payable on commodity production by September, as well as amend certain aspects of its Mining Act Full story...
Production and Markets
Rusal disputes Norilsk elections
Tensions are building once again between UC Rusal and Interros after Norilsk Nickel, of which both Russian companies own a 25% share, controversially elected a new board of directors this week Full story...
Zim recuses himself from Sishen matters
Kumba Iron Ore Ltd chairman, Lazarus Zim, has formally recused himself from participating in any board proceedings in relation to the residual mineral rights at the Sishen mine Full story...South Africa retains ownership target
South Africa’s 26% black ownership goal for mining companies will be maintained after government, industry and labour unions signed a new mining strategy this week Full story...Harmony: Booby traps found
Harmony Gold Mining Ltd has found “booby trap” explosive devices near the scene of an explosion that left four workers dead at its Phakisa mine southwest of Johannesburg Full story...RCR: Iron-ore prices to decline
Contract iron-ore prices “should fall” in the fourth quarter of 2010, and will likely remain flat, or decline slightly, through 2011-12, equity research company Resource Capital Research (RCR) has forecast Full story...Memorial to be held for Sundance directors
A memorial service will be held in Perth, Western Australia, next week to commemorate the lives lost in the crash last month of a light-aeroplane carrying the entire board of directors of Sundance Resources Ltd Full story...CPM Group: Platinum prices on the way up
A combination of constrained supplies, rising fabrication demand and increased investor interest in the platinum group metals (PGM) has driven prices sharply higher over the past several quarters, CPM Group said Full story...Massey contests safety administration’s investigation order
Massey Energy Co has challenged an order from the US Mine Safety and Health Administration (MSHA) that, the company said, limits its investigation into the Upper Big Branch coal mine accident Full story...De Beers-Alrosa: EC ruling upheld
The Court of Justice of the European Union has upheld a 2006 decision by the European Commission (EC) that De Beers must cease the purchase of rough diamonds from OAO Alrosa from 2009 Full story...Guinea Election
Guinea’s first free presidential election took place last weekend and a large voter turnout progressed without significant problems, according to reports Full story...Rio Tinto and BHPB to share
The Australian Competition Tribunal has ruled that iron-ore giants Rio Tinto and BHP Billiton must make their respective Robe River and Goldsworthy rail lines available for third-party use Full story...Exploration & Development
Kensington starts up ahead of schedule
Coeur d’Alene Mines Corp has begun production at the US$338 million Kensington gold mine near Juneau in Alaska, ahead of a schedule that had targeted the second half of this year Full story...
Kyzyl prefeasibility points to economic potential
Ivanhoe Mines Ltd, 50%-owner of the Kyzyl gold project in Kazakhstan, said a prefeasibility study has indicated that the project could support a ten-year operation yielding a total 3.31Mz of gold Full story...Boteti update
Lucara Diamond Corp and African Diamonds plc have received an updated feasibility study on their Boteti joint-venture project in Botswana Full story...Kryso raises Pakrut to 3Moz
A recently-published independent resource estimate has defined nearly 3Moz of gold contained within Kryso Resources plc’s Pakrut gold project in Tajikistan Full story...Iron Road triples Central Eyre resource
An independent resource estimate for Iron Road Ltd’s Central Eyre iron-ore project in South Australia has tripled the size of the deposit to 328Mt at about 17% Fe, according to the company Full story...Jaguar's Caete gets formal opening
Jaguar Mining Inc has formally inaugurated its Caeté gold operation in Minas Gerais, Brazil, in a ceremony that included governmental representatives from the state and surrounding cities Full story...East Kutai grows
Churchill Mining plc has raised the planned production rate for its 75%-owned East Kutai coal project in Indonesia from 25Mt/y to 35Mt/y Full story...Calatos resource quadrupled
The latest estimate for Los Calatos, a copper-molybdenum deposit in Peru held by Hampton Mining Ltd, has defined 350% more resources than the previous calculation, according to Metminco Ltd, 69.4%-owner of Hampton Full story...Iamgold begins Essakane ahead of schedule
Operations at Iamgold Corp’s 90%-owned Essakane gold mine in Burkina Faso have begun six weeks ahead of schedule Full story...Breznik extended
Euromax Resources Ltd reports that drilling at its Breznik gold-silver property in Bulgaria has extended the strike length of known mineralisation from 1km to about 2.2km Full story...Ventana assays
Ongoing drilling at Ventana Gold Corp’s Bodega gold property in Colombia supports the company’s theory that a high-grade zone lies within the overall La Bodega zone within the larger project Full story...Whim Creek assays
Resource-definition drilling of the Mons Cupri deposit at Venturex Resources Ltd’s Whim Creek copper property in Western Australia has intersected wide zones of high-grade mineralisation Full story...FT results
Reverse-circulation drilling at North Atlantic Resources Inc’s FT gold project in southern Mali has intersected gold mineralisation in areas previously thought to be unmineralised Full story...McPhee Creek assays
Giralia Resources NL has confirmed thick iron-ore mineralisation outside both the resource estimate and the exploration target at its McPhee Creek property in Western Australia’s Pilbara region Full story...Positive Smitspan study
Independent consultant Parsons Brinckerhoff (PB) has completed the first stage of a definitive feasibility study (DFS) on a surface coal mine for the Smitspan project in South Africa Full story...Scandinavian iron-ore joint venture
Scandinavian Resources Ltd has entered into a joint venture with Tasman Metals Ltd to earn up to a 90% stake in four of the latter's wholly-owned exploration claims in northern Sweden. The projects are in the historic iron-ore mining district of Kiruna. Full story...Almas intercepts
An ongoing drilling programme at the Almas gold property in Tocantins, Brazil, has continued to intersect gold minerlaisation, according to owner Rio Novo Gold Inc Full story...Sese coal find
African Energy Resources Ltd has fortuitously discovered coal mineralisation during a uranium-exploration drilling programme at its Sese property in Botswana Full story...Dunwell assays
Drilling at the former gold operation at Dunwell in British Columbia has intersected further gold mineralisation, according to Mountain Boy Minerals Ltd Full story...Finance
Compromise on Australian mining tax
Australia’s new Prime Minister, Julia Gillard, has reached a compromise agreement with Australia’s mining sector on the proposed Resources Super Profits Tax Full story...
Highland Gold still on the prowl
Highland Gold Mining Ltd has said it is still on the hunt for acquisitions, despite having failed to complete a deal since first announcing its intentions a year ago Full story...Rio Tinto plans to increase Ivanhoe stake
Rio Tinto intends to increase its equity in Ivanhoe Mines Ltd to almost 30% for a cost of US$393 million following an exercise of warrants Full story...Polo cancels Caledon merger, sells Mongolia JV
Merger discussions have been terminated between Caledon Resources plc and Polo Resources Ltd after the two were unable to reach terms due to market volatility. Full story...Chalco scraps Queensland deal
Aluminum Corp of China (Chalco) has ended a three-year deal with the Queensland government to develop the Aurukun bauxite deposit Full story...FerrAus secures raising
Emerging iron-ore developer FerrAus Ltd has raised A$21.5 million (US$18.3 million) through a placement to its subsidiary, Hong Kong-listed Wah Nam International Holdings. Full story...Swan Gold plan dumped
Perth-based Stirling Resources Ltd has shelved plans to issue its own shares to investors of Swan Gold Ltd Full story...Toho extends CBH offer
Japanese company Toho Zinc Co has extended the period of its takeover offer for CBH Resources by another week Full story...Lihir off TSX
Lihir Gold Ltd (LGL) said its board has approved the de-listing of the company’s shares from the Toronto Stock Exchange Full story...Detour Gold raising C$252m
Detour Gold Corp is raising C$252 million (US$237 million) to advance its Detour Lake gold project in north eastern Ontario, a month after releasing a feasibility study Full story...Sumitomo buys stake in Usiminas assets for US$1.93bn
Sumitomo Corp has purchased a 30% stake in the iron-ore subsidiary of Brazilian steel maker, Usinas Siderúrgicas de Minas Gerais SA (Usiminas) for US$1.93 billion Full story...Dynasty China deal
Chinese steel producer Hebei XingHua Iron and Steel Co has offered to purchase a 34% stake in Dynasty Metals Australia Ltd for A$6.4 million Full story...Big Daddy pursuit
Cliffs Resources Inc has again raised its cash offer for Spider Resources Inc, owner of a 26.5% stake in the Big Daddy chromite deposit, in an attempt to gain control of the asset Full story...Polyus to reverse into Kazakhgold
OAO Polyus Gold is to be taken over by its subsidiary, Kazakhgold Group Ltd, creating a London-listed, US$10 billion, CIS-region gold producer Full story...Burkina Faso wants to hike royalties, amend laws
The government of Burkina Faso is aiming to increase royalties payable on commodity production by September, as well as amend certain aspects of its Mining Act Full story...Talvivaara facility
Talvivaara Mining Co plc has secured a three-year €100 million (US$122 million) revolving-credit facility with three Scandinavian banks Full story...Two more London IPOs
Two initial public offerings are planned in the coming weeks on the London stock exchange Full story...Fifth Column
Driving Force
Of the many tributes paid to Ken Talbot, the one by Nicole Hollows, chief executive of Macarthur Coal Ltd, is among the most heartfelt. In his 5th Column, Ken Gooding looks at the careers of Mr Talbot and Ms Hollows. Full story...Reports
Looking beyond the war
Afghanistan is seeking to tender more of its resources, beginning with the Hajigak deposit Full story...
Focus
Modder East milestones
So far so good for the first new mine in decades on the East Rand Full story...People and Appointments
KCM director steps down
Former chief financial officer of South African miner Kimberley Consolidated Mining Ltd (KCM), Koos Pieterse, has now also resigned as non-executive director of the company Full story...RBC appoints Stephens
RBC Capital Markets has hired Jonathan Stephens as a director in its Global Investment Banking team Full story...Downer appoints board members
Australian company Downer EDI has appointed a deputy chairman and two other board members Full story...Foundation makes management changes
Paul Chung has become the chief executive officer of Canada’s Foundation Resources Inc Full story...Vale hires CFO
Vale SA has named Guilherme Cavalcanti as its chief financial officer, replacing Fabio Barbosa Full story...Jones returns
George Jones has been appointed as non-executive chairman of Australian iron-ore producer Gindalbie Metals Ltd Full story...Argentinean joins board
Dual-listed Orocobre Ltd has welcomed to its board its first Argentinean non-executive director, Fernando Oris de Roa Full story...Journal Team Diary
World’s largest coin sold
Gold’s soaring value has boosted the value of the world’s largest gold coin (pictured), a special Canadian Maple Leaf, which sold recently for €3.27 million (US$4 million) at an auction in Vienna Full story...Issue: 02/07/2010
PROFESSIONAL PLACEMENTS
General Manager Processing - OK Tedi Mining
Ok Tedi Mining Limited operates a world class open pit mine and copper concentrator located in the Western Province of PNG.
Chief Operating Officer - TiZir Limited
Key Leadership Role with a $600M Joint Venture Project in West Africa, competitive salary package on offer with Residential and FIFO options.
Chief Executive Officer - Tin International Ltd
Tin International Ltd. (“TIN”) is in the process of becoming an ASX listed tin development company with assets located in Germany.
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