07/05/2010
Australian tax: Miners fight back
Australia’s miners and investors have come out strongly against proposals made by the country's government to impose, amongst other things, a 40% Resource Super Profit Tax (RSPT) from July 2012. Full story...Vale injects aluminium assets into Norsk Hydro
Vale has entered into an agreement that will involve its aluminium business being absorbed by Norway’s Norsk Hydro ASA in a US$4.9 billion deal. Full story...Vale: Iron ore deal in Guinea
Vale SA, the world’s largest iron-ore producer, is to acquire a controlling 51% stake in the Guinean iron-ore assets of BSG Resources (BSGR) for US$2.5 billion. BSG Resources is wholly owned by Beny Steinmetz Group. Full story...Alliance reopens mine after deaths
Alliance Resource Partner LLP has resumed production at its Dotiki mine in Kentucky five days after a roof fall killed two workers at the mine. Full story...Xstrata-Glencore merger rumours resurface
Talk of a merger between Xstrata plc and its largest shareholder, Glencore, resurfaced this week. The Telegraph newspaper reported that Goldman Sachs has been working as an adviser to Xstrata on a prospective deal. Morgan Stanley and Citigroup are said to be working on Glencore’s proposal. Full story...
Production and Markets
Kumba, ArcelorMittal spat continues
Kumba Iron Ore Ltd has said that ArcelorMittal South Africa Ltd had not accepted a recent proposal on interim pricing and payment of iron-ore deliveries in an ongoing dispute between the two companies Full story...
Chinese gold production continues to increase
Total gold output from China increased by 4.4% in the first three months of 2010, compared with the same period a year earlier Full story...First quarter gold results
London-listed Russian gold miner Petropavlovsk plc said it is on track to reach its production target for 2010, despite a 37% drop in production year-on-year for the first quarter Full story...RSA: Fatality rates continue to improve
Mine deaths in South Africa are showing a downward curve but mine safety technology is still “deficient”, according to labour union Solidarity Full story...Alliance reopens mine after deaths
Alliance Resource Partner LLP has resumed production at its Dotiki mine in Kentucky five days after a roof fall killed two workers at the mine. Full story...Jubilee buys smelting site
Jubilee Platinum plc has bought an active brownfield smelting site for its first ConRoast furnace-build programme Full story...Exploration & Development
Hazelwood plans Big Hill for ferrotungsten project
Hazelwood Resources Ltd plans to develop its Big Hill tungsten deposit in Western Australia to feed a proposed second stage of a 60%-owned ferrotungsten plant being built in Vietnam Full story...Abacus turns to KGHM for Afton-Ajax
Abacus Mining and Exploration Corp has agreed a joint venture with KGHM Polska Miedź SA to progress the former’s Afton-Ajax copper-gold project in British Columbia Full story...Grayd raises La India resource
Grayd Resource Corp reports that successful drilling at its La India gold deposit in Mexico has allowed calculation of an independent resource estimate that defines more than 1Moz Full story...Tanami's new Central estimate
Tanami Gold NL Corp said its Central Tanami tenements in Australia’s Northern Territory, recently acquired from Newmont Mining Corp for A$22 million (US$20 million), were estimated to contain a total of just over 1Moz of gold Full story...Maryborough resource rises
An updated resource estimate for Northern Energy Corp Ltd’s Maryborough hard coking-coal project in Queensland’s Burrum Syncline has increase the total by 46% to 83Mt Full story...Delayed Runruno study designs 10-year operation
Metals Exploration plc’s 85%-owned Runruno gold-molybdenum deposit in the northern Philippines could yield about 100,000oz of gold annually for ten years, according to a company-managed feasibility study Full story...Tubas alaskite assays
Deep Yellow Ltd, which recently announced resource estimates for its Tubas Red Sand and Inca uranium deposits at its Omahola property in Namibia, has announced discovery of primary alaskite uranium mineralisation at the Tubas prospect Full story...Karara scope expands, costs rise
The cost of the Karara iron-ore joint venture in Western Australia has risen 20% to A$1.98 billion (US$1.79 billion), according to Gindalbie Metals Ltd Full story...Magambazi drilling
Canaco Resources Corp reports that it has extended the Magambazi gold zone at its Handeni property in Tanzania, following results from recent drilling Full story...Ouare intercepts
Etruscan Resources Inc has intersected high-grade gold mineralisation during reverse-circulation drilling at its Ouaré gold prospect, part of the Bitou exploration permit, about 40km from the company’s Youga mine Full story...Crescent results
Reverse-circulation drilling at Crescent Gold Ltd’s Craggiemore (denoted CMRC) and West Laverton (WLRC) gold prospects, part of its Craggiemore property near Laverton in Western Australia, has returned “excellent” results, according to managing director, Roland Hill Full story...Calandrias assays
Mariana Resources Ltd has continued to intersect gold-silver mineralisation at the Calandrias property in Santa Cruz, Argentina Full story...Llama discovery
Sabina Gold and Silver Corp has received initial results from what it says is another new gold discovery at its Back River property in Canada’s Nunavut Territory Full story...Toroparu intercepts
Results from drilling designed to expand and optimise the known Toroparu gold-copper deposit (2Moz gold and 122,000t copper indicated and inferred) in Guyana “continue to encourage” owner Sandspring Resources Ltd, according to president Abraham Drost Full story...Caspiche assays
Further drilling at the Caspiche porphyry deposit in the Maricunga district of Chile has expanded the central high-grade zone, according to owner Exeter Resource Corp Full story...Sandfire records spectacular DeGrussa hits
The DeGrussa copper discovery in Western Australia has yielded yet more exceptional copper intersections Full story...Initial Big Daddy chromite resource
KWG Resources Inc, Spider Resources Inc and Cliffs Natural Resources Inc, joint-venture partners at the Big Daddy chromite discovery in the McFauld’s Lake area of Ontario’s James Bay lowlands, have received an initial independent resource estimate from consultant Micon International Full story...Ikungu confirmation
MDN Inc’s revived drilling programme at the Ikungu gold property in Tanzania has confirmed grade and continuity of mineralisation along a strike length of 2.5km Full story...Troy expands Casposo plan
Troy Resources NL's reassessment of its Casposo gold-silver project in Argentina, following the acquisition last year, has continued apace, with a revised reserve and production plan. Full story...Canbelego drilling
Helix Resources Ltd reports a six-hole reverse-circulation drilling programme at its Canbelego joint-venture copper property in New South Wales has confirmed the presence of a 200m+ zone of mineralisation Full story...Finance
Australian tax: Miners fight back
Australia’s miners and investors have come out strongly against proposals made by the country's government to impose, amongst other things, a 40% Resource Super Profit Tax (RSPT) from July 2012. Full story...
Hanlong bets big on Australia
Hanlong Mining Investment Pty Ltd has completed the acquisition of a 55% stake in Moly Mines Ltd, and has confirmed plans to invest US$5 billion in Australia. Full story...Banpu buys stake in Centennial Coal
Thai coal producer Banpu plc has purchased a 14.9% stake in Sydney-based Centennial Coal Ltd Full story...Aurora welcomes cash injection for gold mines
Aurora Empowerment Systems has completed a transaction with Swiss-based Global Emerging Markets (GEM) that will pave the way for Aurora to buy two South African gold mines Full story...Lihir accepts Newcrest's hand
Lihir Gold Ltd (LGL) announced this week that it has entered a ‘merger implementation’ (MI) agreement with Newcrest Mining Ltd Full story...SMR moots Hong Kong IPO
Oleg Deripaska is considering the initial public offering of a second Russian resource company in Hong Kong. Strikeforce Mining and Resources Ltd is reported to be planning to raise US$150-200 million from the IPO, which follows the US$2.2 billion listing of UC Rusal in January. Full story...Uranium One acquires stake in Paladin
Uranium One Inc has bought a small stake in rival Paladin Energy Ltd for “investment purposes” Full story...Gold costs at all-time high
Cash costs at the world’s gold mines averaged US$516/oz in the final quarter of 2009, US$9/oz higher than in the preceding three-month period and setting a new record Full story...Kinross buys stake in Red Back Mining
Kinross Gold Corp has agreed to buy a 9.4% stake in Red Back Mining Inc through a C$600 million (US$585 million) private placing Full story...Vale injects aluminium assets into Norsk Hydro
Vale has entered into an agreement that will involve its aluminium business being absorbed by Norway’s Norsk Hydro ASA in a US$4.9 billion deal. Full story...Vale: Iron ore deal in Guinea
Vale SA, the world’s largest iron-ore producer, is to acquire a controlling 51% stake in the Guinean iron-ore assets of BSG Resources (BSGR) for US$2.5 billion. BSG Resources is wholly owned by Beny Steinmetz Group. Full story...Stellar buys Kono
Stellar Diamonds Ltd has bought Petra Diamonds Ltd’s interest in the Kono kimberlite joint venture in Sierra Leone Full story...Integra announces Randalls hedge
Integra Mining Ltd has announced forward sales of 91,952oz of gold, covering two years of early production at its Randalls gold project southeast of Kalgoorlie in Western Australia. Full story...Xstrata-Glencore merger rumours resurface
Talk of a merger between Xstrata plc and its largest shareholder, Glencore, resurfaced this week. The Telegraph newspaper reported that Goldman Sachs has been working as an adviser to Xstrata on a prospective deal. Morgan Stanley and Citigroup are said to be working on Glencore’s proposal. Full story...Patagonia raises £13m
Patagonia Gold plc has raised £13 million (US$20 million) to advance exploration and development projects in the Santa Cruz province of Argentina Full story...Anglo sells more Tarmac
Anglo American plc has sold Tarmac’s French and Belgian building materials business, Tarmac Matériaux de Construction to Fondations Capital for a total enterprise value of €67 million Full story...Fifth Column
Insider brought low
At the end of court proceedings that caused puzzlement and sadness among many Australian mining executives, Victorian Supreme Court Justice Terry Forrest sentenced John O'Reilly for the insider trading of Indophil Resources Full story...Reports
Changes to Canadian Disclosure Standards
The administrator of Canadian securities has proposed rule changes that would, if adopted, represent the most substantial amendments to NI 43-101 since it was adopted in 2001 Full story...
Mining holds on through Greek tempest
The mining and metals industry is one of the most important sectors in Greece, and a significant contributor to the local economy Full story...Sunrise win again
Western Australia's Chamber of Minerals & Energy has announced the winners of its annual Surface Mine Emergency Response competition, and the team from Anglogold Ashanti's Sunrise Dam mine has claimed top honours for the third consecutive year. Full story...Hungarian mining on verge of renewal
Traditionally a coal producer, Hungary has the potential to mine other commodities Full story...People and Appointments
New director at Cudeco
Gerry Lambert has been appointed as an independent non-executive director of Australian company Cudeco Ltd Full story...Mintail makes transition
Basie Maree has resigned as a director of ASX-listed Mintails Ltd Full story...Avocet CEO resigns
Jonathan Henry has resigned as chief executive officer of Avocet Mining plc in order to pursue other interests Full story...de Wit joins Tsodilo
Mike de Wit has been appointed president and chief operating officer of Tsodilo Resources Ltd Full story...Caruso to leave board
Andrew Caruso has resigned from the board of Australasian Resources Ltd for personal reasons Full story...Ross joins American Paramount
Kristian Ross has been appointed as project development consultant of American Paramount Gold Corp Full story...Site Search
Log inIssue: 07/05/2010
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