07/11/08
Europe closer to blocking BHPB takeover of Rio Tinto
EUROPEAN regulators have outlined their objections to BHP Billiton’s attempted US$80 billion takeover of fellow mining group Rio Tinto. Full story...Rössing ramps up
Rio Tinto intends to boost uranium production at its Rössing mine in Namibia from 4,500t/y to 5,500t/y by 2012 and extend the life-of-mine beyond 2020. Full story...Nautilus strategy boosted by Anglo American interest
ANGLO American plc has upped its stake in deep-water copper/gold explorer Nautilus Minerals Inc with a C$12.4 million (US$10.8 million) investment. Full story...Lower Chinese demand hits Mount Gibson
MOUNT Gibson Iron Ltd will sell iron ore at a 60% discount to the benchmark price and sack 190 workers after three customers defaulted on offtake agreements. Full story...Venezuela to take control of Las Cristinas
Venezuela will take over operating control of the Las Cristinas gold project, the largest gold project in the country, from Canada-based Crystallex International Corp. Full story...West Australian directors resign
Perth-based junior uranium explorer West Australian Metals (WME) faces a troubled future following the resignations of two key directors. Full story...Comment
Comment
In the 14 months since the two titans began sparring over the takeover bid from BHP Billiton, the protaganists have moved apart. Full story...Production and Markets
Interview: Albanese looks to China to lead the recovery
Recent moves by China to stimulate economic growth are likely to come to fruition over the next few months, with demand for raw materials set to recover over the course of 2009, according to Rio Tinto’s chief executive, Tom Albanese. Full story...Rössing ramps up
Rio Tinto intends to boost uranium production at its Rössing mine in Namibia from 4,500t/y to 5,500t/y by 2012 and extend the life-of-mine beyond 2020. Full story...Vale cuts production on market slowdown
Cia Vale do Rio Doce (Vale), the world’s largest iron-ore producer, said it will cut production of the steel-making ingredient by 30Mt/y from November as a result of the recent economic slowdown and significant production cuts in the steel industry. Full story...Palabora looks to extend mine life
Rio Tinto subsidiary Palabora is looking to extend the resource at the Palabora copper mine in South Africa despite falling prices of the metal and slowing demand in China. Full story...Lower Chinese demand hits Mount Gibson
MOUNT Gibson Iron Ltd will sell iron ore at a 60% discount to the benchmark price and sack 190 workers after three customers defaulted on offtake agreements. Full story...Interview: Demetri Manolis, Goldplat
Opportunity is a word that Demetri Manolis, chief executive of Goldplat plc, uses a lot, and the present climate offers more of them, he says. Full story...Lonmin prepares to cut work force
Lonmin plc may have to cut its work force in South Africa as a result of falling demand for platinum and plummeting prices. Full story...Rusal reduces Ukraine output
Russian aluminium group UC Rusal has begun to shut down production at its Zaporozhye aluminium complex in Ukraine as a result of high local electricity tariffs and falling aluminium prices. Full story...Venezuela to take control of Las Cristinas
Venezuela will take over operating control of the Las Cristinas gold project, the largest gold project in the country, from Canada-based Crystallex International Corp. Full story...Peru protests
Mining protests have continued to worsen in Peru and on Tuesday angry protesters set fire to government buildings in the southern city of Tacna. Full story...Zimbabwe debt
Zimbabwe’s central bank owes gold mining companies US$30 million, placing the industry on the brink of collapse, the country’s Chamber of Mines has announced. Full story...Gammon cuts
Gammon Gold Inc has dismissed 230 employees at its El Cubo gold mine in Mexico to reduce costs at the operation. Full story...Angloplat urged to consult with communities
South Africa’s Human Rights Commission has called for Anglo Platinum Ltd to better engage with the communities the company is relocating from its Potgietersrus project in the Limpopo region, in order to avoid potential human rights abuses. Full story...Coeur shuts Cerro Bayo
Coeur d’Alene Mines Corp has announced that it has temporarily suspended production at its Cerro Bayo silver mine in southern Chile because of market conditions. Full story...DRDGold suspension
DRDGold Ltd has suspended all underground drilling and blasting at its ERPM gold mine after pumping was halted at the property for safety reasons in September. Full story...DiamondEx bad news
DiamondEx Ltd has reported that the initial diamond sale from its Lerala diamond mine in Botswana achieved an average price much less than the preliminary valuation. Full story...Yunnan cuts
Yunnan Tin Co, China’s biggest tin producer, plans to cut production by 30% in the December quarter as a result of falling metal demand and prices. Full story...SA fatality levy
South African mining unions have requested that levies be imposed on every accident or fatality that occurs in the country’s mines in an attempt to break poor safety records. Full story...Exploration & Development
Runruno study points towards feasibility
Metals Exploration plc’s study for development of its 85%-owned Runruno gold-molybdenum project in the Philippines indicates the project should proceed to a feasibility study. Full story...Avanti’s Kitsault scoping potential
A scoping study by SRK Consulting has defined a US$585.7 million project to develop Avanti Mining Inc’s Kitsault historical molybdenum mine in British Columbia. Full story...Allied reduces debt through hedge book
PAPUA New Guinea gold producer Allied Gold Ltd has lowered its debt by US$3.3 million by reducing its hedge book exposure. Full story...Voorspoed unveiled
South Africa’s Minister of Minerals and Energy, Buyelwa Sonjica, this week officially opened De Beers’ R1.3 billion (US$130.5 million)Voorspoed diamond mine in South Africa. Full story...Projects delays mount up
Mining developments continue to be torpedoed by the global financial crisis, and this week several companies announced delays, suspensions and rethinks, including the following: Full story...New plan for Wesizwe
Wesizwe Platinum Ltd will continue to develop its Frischgewaagd-Ledig platinum group metals project in South Africa, but with a rearranged timetable. Full story...Livengood estimate doubled
International Tower Hill Mines Ltd has received the latest estimate for the Money Knob deposit at its Livengood gold project near Fairbanks, Alaska. Full story...Estimate jumps at Twangiza
BANRO Corp has announced a 49.7% rise in gold contained within measured and indicated resources at its Twangiza gold project in the Democratic Republic of the Congo to 5.6Moz. Full story...Itochu backs Pure Nickel at MAN
Japanese conglomerate Itochu Corp has signed a joint venture to earn up to a 75% interest in Pure Nickel Inc’s MAN nickel project in Alaska. Full story...Lac Herbin hits milestone
Alexis Minerals Corp has announced its Lac Herbin underground gold mine in Val d’Or, Quebec has achieved commercial production, and expected the operation to be at full production levels by the end of the year. Full story...Uranium costs
Uranium One Inc has announced that the costs at its Honeymoon uranium project in Australia are set to rise after construction of the project was suspended earlier this year while the company looked for a development partner. Full story...More Zhaogou results
Dragon Mountain Gold Ltd has received more results from its confirmation, infill and extension drilling programme in progress at its Zhaogou gold deposit, part of the Lixian property in Gansu province, China. Full story...Corak confirmed
Mediterranean Resources Ltd has confirmed the continuity of mineralisation with infill drilling at its Corak deposit in Turkey. Full story...Niogold discovery
Niogold Mining Corp has discovered a gold-mineralised structure within hanging-wall ultramafic rocks at its Marban historical gold mine property in the Abitibi region of Quebec. Full story...Amulsar intercepts
Lydian International Ltd’s continuing exploration of the joint-venture Amulsar gold discovery in Armenia has returned the “best intersection yet”, according to Tom Coughlin, Lydian’s president and chief executive. Full story...Pallas Green extension
Minco plc reported extensions to mineralisation had been intersected at the joint-venture Pallas Green base-metals property in Ireland. Full story...Harrier intercepts
Northgate Minerals Corp has intersected extensions to gold-mineralised zones at the Harrier underground prospect, near the existing reserve at its Fosterville gold mine in Victoria. Full story...Aricheng assays
U3O8 Corp’s drilling programme at the Aricheng South property in Guyana has intercepted albitite-hosted uranium mineralisation. Full story...Estimate for Sundance’s Mbalam grows
Sundance Resources Ltd has received an update to the resource estimate for the Mbarga iron-ore deposit, part of its 90%-owned Mbalam project in Cameroon. Full story...Spotted Quoll boost
Western Areas NL said that results from drilling at its Spotted Quoll nickel deposit, part of its Forrestania project in Western Australia had indicated the presence of further nickel mineralisation both above and below the current resource. Full story...Sherwood discovery
Sherwood Copper Corp has confirmed that it has discovered a new copper-gold zone at its Minto copper mine in the Yukon Territory, Canada. Full story...Otish drilling
Golden Valley Mines Ltd has received drilling results from its Otish Basin uranium project in Quebec, Canada. Mineralisation at the project occurs at shallow depths and is located along the flanks of ridges. Full story...Finance
Peter Hambro cancels move to main London board
RUSSIAN gold producer Peter Hambro Mining plc (PHM) has scrapped plans to move from the Alternative Investment Market to London’s main board, citing “extraordinary conditions in the financial markets”. Full story...
Europe closer to blocking BHPB takeover of Rio Tinto
EUROPEAN regulators have outlined their objections to BHP Billiton’s attempted US$80 billion takeover of fellow mining group Rio Tinto. Full story...Nautilus strategy boosted by Anglo American interest
ANGLO American plc has upped its stake in deep-water copper/gold explorer Nautilus Minerals Inc with a C$12.4 million (US$10.8 million) investment. Full story...Delayed vote a sticking point in Cliffs’ takeover of Alpha
IRON-ore and coal producer Cliffs Natural Resources Inc has changed the date of a shareholder vote on the proposed takeover of Alpha Natural Resources Inc. Full story...Coeur d’Alene has poor quarter
PRECIOUS metals producer Coeur d’Alene Mines Corp has posted a US$3.6 million loss for the September quarter. Full story...Zambian explorer sourcing capital
ZAMBEZI Resources Ltd has suspended trading on the Australian Securities Exchange and the Alternative Investment Market, as it negotiates funding arrangements for its Kangaluwi copper project in Zambia. Full story...Karara JV equity payment proposal
GINDALBIE Metals Ltd, the Western Australian iron-ore producer, is considering raising A$162.06 million (US$112.19 million) via a share placement to Anshan Iron & Steel Group Corp (AnSteel) of China, its partner in the A$1.8 billion Karara development joint venture. Full story...BID WITHDRAWN
An unsolicited offer from Pala Investments Holdings Ltd for Rockwell Diamonds Inc has been withdrawn. Full story...FUNDING SETBACK
After extending the deadline for its share purchase plan three times, junior resource play Silver Mines Ltd has announced it will shelve the plan. Full story...LIABILTY SORTED
Crew Gold Corp and Intex Resources ASA have entered into an agreement regarding settlement of all former intragroup balances which originated when Intex was a subsidiary of Crew Full story...INCREASED RAISING
Stornoway Diamond Corp has shirked off global financial woes and will increase the size of a private placement from C$3 million (US$2.61 million) to C$5 million. Full story...GOLDCORP EARNINGS
Goldcorp Inc reported earnings of US$297.2 million in the September quarter and production of 557,400oz of gold. Revenues increased 5% to US$552.2 million on gold sales of 550,500oz. Full story...RIO STAKE SAFE
Alcoa Inc and Aluminium Corp of China’s (Chinalco) 9% stake in Rio Tinto has not been affected by the collapse of Lehman Brothers investment bank. Full story...UNDER ADMINISTRATION
Queensland silver producer Macmin Silver Ltd has appointed voluntary administrators “in light of difficulty securing required funding requirements”. Full story...RIGHTS ISSUE HURDLE
OZ Minerals Ltd has backed Australian uranium explorer Toro Energy Ltd’s attempted A$26 million (US$18 million) capital raising. Full story...TRANSACTION TALKS
Serabi Mining plc has confirmed it is in early-stage discussions regarding a potential merger/acquisition. Full story...Reverse takeover offer for Jupiter
MINING executive Brian Gilbertson has revealed his intentions for Australian junior explorer Jupiter Mines Ltd. Full story...Crosby drops unwelcome Medusa takeover
HONG Kong investment group Crosby Capital Ltd has abandoned its off-market takeover bid for Philippines gold producer Medusa Mining Ltd, partly due to the worsening economic crisis. Full story...Fifth Column
Revolt at Noront
Apparently there are more than a few long-serving and well-entrenched chief executives of Canadian junior mining and exploration companies who feel a little worried about their personal situations after the outcome of a big shareholder revolt at Toronto-listed Noront Resources Ltd. Full story...Focus
Interview: Facing the challenge
FEW investors in the mining sector can boast the 30 years of experience of JPMorgan's Ian Henderson. Perhaps that is why he remains sanguine about the calamity that has been visited upon the mining sector this year. Full story...Fund Fundamentals: Facing the challenge
Mining Journal presents the second in a series of fortnightly interviews with professional investors in resource stocks Full story...Reports
Political turmoil in Thailand
Thailand has returned to democratic rule following the military coup in 2006 but the political scene remains confused Full story...Mining for development
A Swedish initiative aims to help ensure economic development from the mining industry Full story...Tighter regime in Vietnam
The country still offers excellent opportunities for the mining sector despite new government legislation Full story...Fund fundamentals: Facing the challenge
Mining Journal presents the second in a series of fortnightly interviews with professional investors in resource stocks Full story...People and Appointments
MDM ENGINEERING CHANGES
MDM Engineering Group Ltd, a minerals process and project management group providing services to the mining industry, has appointed Dominique de la Roche as finance director. Full story...COST CONTROL CASUALTY
TVI Pacific Inc announced that, in conjunction with cost control initiatives implemented by the company, Carl Caumartin ceased to be engaged by TVI as its vice-president, exploration. Full story...TOURNIGAN CHANGES
Tournigan Energy Ltd has appointed Alva Kuestermeyer as its vice-president, engineering/environmental and promoted Rich Eliason to vice-president, exploration. Full story...SOLOMON CFO
Solomon Gold plc will be joined by Kevin Nagle as company secretary and chief financial officer. Full story...GLOBESTAR CHIEF EXECUTIVE ROLE
David Brace has been appointed as chief executive of GlobeStar Mining Corp. Full story...ARM RESIGNATION
African Rainbow Minerals Ltd director Rick Menell will not seek re-election at the company’s annual general meeting on November 25. Full story...BOARD MOVEMENTS
The board of Continental Nickel Ltd has named Bruce Burton as a director, replacing Geoff Wallace who did not stand for re-election. Chartered accountant Mr Burton is a financial professional and has worked in the mining and resource sector for more than 35 years. Full story...Vice-president APPOINTMENT
Timmins Gold Corp has named Hallein Darby as its senior vice-president finance. Full story...FINANCIAL EXPERIENCE
James Meek is the new senior vice-president and chief financial officer of Romarco Minerals Inc. Full story...PACIFIC RIDGE APPOINTMENT
Pacific Ridge Exploration Ltd has appointed Lei Wang as chief financial officer, subsequent to the resignation of Jeannine Webb. Full story...TANZANITEONE DEPARTURE
TanzaniteOne Ltd announced that under the by-laws of the company, the directors have today removed Mark Summers as a director. Full story...DIRECTOR REPLACEMENT
Caledonia Mining Corp non-executive director Leigh Wilson has resigned and has been replaced by Robert Babensee. Full story...PERILYA NOMINATION
Lead producer Perilya Ltd has proposed the appointment of Paul Arndt as managing director. Full story...West Australian directors resign
Perth-based junior uranium explorer West Australian Metals (WME) faces a troubled future following the resignations of two key directors. Full story...Journal Team Diary
Picking the ponies
The race that stopped a nation did not halt many in the mining industry in their tracks – a number of leading lights in the Australian mining industry were too busy to give Mining Journal’s sister website MiningNews.net any of their time to discuss their Melbourne Cup favourites. Full story...Site Search
Log inIssue: 07/11/08
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