13/03/09
Australian Senate sidesteps Rio Tinto/Chinalco politics
Australian senators have supported the US$19.5 billion investment by Aluminium Corp of China (Chinalco) in Rio Tinto, following a vote in the upper house of parliament this week. Full story...Villagers sue Copper Mesa and TSX for US$1bn
Villagers from the Andean mountains in Ecuador have launched a US$1 billion lawsuit against Copper Mesa Mining Corp (formerly Ascendant Copper) and the Toronto Stock Exchange (TSX) on allegations relating to violence and human rights abuses by security forces at the Junin copper project. Full story...Mining groups face insurance crunch
Mining companies are finding it harder to get insurance and are paying more for it, according to Willis’ Mining Market Review Full story...Newmont releases unprecedented community report
Non-government organisations have commended Newmont Mining Corp for recognising failures to engage with affected communities at its mines around the world in a newly-released community relations review. Full story...
Production and Markets
Investor demand for commodities remains high
Investors appear to remain positive about the long-term value of commodities, despite the current economic downturn, a new survey by Barclays Capital has found. Full story...Pilbara floods
Fortescue Metals Group Ltd is assessing the impact on production following severe rainfall in the Pilbara which resulted in flooding at its Cloudbreak minesite in early March Full story...Winchumayo threat
The regional division of Peru’s mines and energy ministry (MEM) for Puno (DREM) has recommended the closure of the Winchumayo operation Full story...Villagers sue Copper Mesa and TSX for US$1bn
Villagers from the Andean mountains in Ecuador have launched a US$1 billion lawsuit against Copper Mesa Mining Corp (formerly Ascendant Copper) and the Toronto Stock Exchange (TSX) on allegations relating to violence and human rights abuses by security forces at the Junin copper project. Full story...Half of Australian companies to cut jobs
The Australian Mines and Metals Association (AMMA) has found that 55% of Australian mining companies are planning job cuts this year, with 21% anticipating further cuts in 2010. Full story...Iron-ore contracts could fall 40%
Iron-ore prices could drop as much as 40% this year, on fears of falling steel prices in China. Full story...Strikers sacked
Xstrata plc has dismissed 108 workers at its alloy furnace in Rustenberg after they participated in an illegal strike over extended leave pay. Full story...Mercator commences molybdenum shipments
Mercator Minerals Ltd has completed the first molybdenum shipments from its Mineral Park mill in, northwest Arizona, after mining commenced in December last year. Full story...Glencore asked to surrender mines to state
Glencore International AG and First Quantum Minerals Ltd have been asked by the Zambian government to surrender their ailing Mufurila and Nkana copper mines to the state to prevent job loses and keep the mines operating. Full story...Financial downturn has not secured energy future
While the economic downturn has reduced energy costs and increased power availability as a result of reduced industrial demand, it is not enough to completely mitigate future energy-supply security concerns, Samantha Hoe-Richardson, head of energy strategy at Anglo American plc, said at a women in mining seminar this week. Full story...Target halts production
Target Resources plc has announced that it will suspend diamond production in Sierra Leone until further notice as a result of the collapse of the diamond market in recent months. Full story...Newmont releases unprecedented community report
Non-government organisations have commended Newmont Mining Corp for recognising failures to engage with affected communities at its mines around the world in a newly-released community relations review. Full story...More African job loses to come
Further job loses will hit South Africa and Tanzania this month as more mining companies consider retrenchments as a result of declining commodity prices. Full story...Free trade hopes
Peru and China are expected to sign a free trade agreement in April, the state news agency, Andina, reported José Antonio García Belaunde, the foreign relations minister, as saying Full story...Angola Fears
The Angolan diamond industry is close to shutting down as the credit crunch erodes the demand for the gems, according to Endiama LP, the state-owned mining company Full story...Cuts at Lady Annie
The Lady Annie copper mine in north west Queensland has suspended operations following flooding in February Full story...Aluminium drop
Alcoa Inc chief executive Klaus Kleinfeld said this week that he expects global demand for aluminium to fall by 6% to 7% this year, adding that further production cuts are possible. Full story...Queensland storms
At least three ports in Queensland have had coal exports disrupted as a result of tropical cyclone Hamis this week. Full story...Exploration & Development
Khan updates Dornod with feasibility
Khan Resources Inc intends to begin negotiations with the Mongolian government for an investment agreement at its majority-owned Dornod uranium project, after receiving a positive feasibility study for its development from consultants Aker Solutions and Scott Wilson Roscoe Postle. Full story...Runruno endorsement
Metals Exploration plc has received an endorsement of its application for a financial and technical assistance agreement (FTAA) regarding its 85%-owned Runruno gold-molybdenum project from the secretary of the Philippines Department of the Environment and Natural Resources. Full story...Iron at Spinifex Ridge
Moly Mines Ltd has intersected iron-ore mineralisation at its Spinifex Ridge molybdenum project in Western Australia. Full story...San Jose intercepts
Fortuna Silver Mines Inc has completed an infill drilling prgoramme at the San Jose gold-silver deposit in Oaxaca, Mexico. Full story...El Gallo assays
US Gold Corp's step-out drilling at El Gallo, a silver property in Sinaloa, Mexico has intersected what the company described as "exceptional" mineralisation. Full story...Pallas Green results
Minco plc reports that Xstrata plc, its partner at the Pallas Green base-metals property in Co Limerick, Ireland, has completed further drilling at the Tobermalug zone. Full story...New OG zone
Full Metal Minerals Ltd and Ashburton Ventures Inc report that a new zone of mineralisation has been discovered at the OG zinc-lead-silver property in Canada’s Yukon territory Full story...Frieda River update
Highlands Pacific Ltd has received further drilling results from an infill programme by Xstrata plc at the joint-venture Frieda River copper-gold project in Papua New Guinea. Full story...Kalplats delay
Platinum Australia Ltd has delayed finalising a feasiblity study for the Kalahari Platinum project in South Africa. Full story...Initial Beskauga estimate
Cigma Metals Corp has received an initial inferred resource estimate for its Beskauga copper porphyry deposit, part of its Dostyk property in Kazakhstan. Full story...SA, Saskatchewan agree uranium co-operation
South Australia and Saskatchewan, two of the world's major uranium provinces, have agreed a memorandum of understanding to promote scitenific and technical cooperation within teor rspective mineral resources industries. Full story...Hackett River increase for Sabina
Prefeasibility work for Sabina Silver Corp’s Hackett River polymetallic deposit in Canada’s Nunavut territory has raised resources according to a new estimate. Full story...New offtake for Forrestania
Western Areas NL has signed a new heads of agreement for offtake from its Forrestania nickel operation in Western Australia, supporting development of a second mine. Full story...BHP Billiton backs Mumbwa
Blackthorn Resources Ltd (formerly AIM Resources) reports that BHP Billiton, its partner at the Mumbwa iron oxide copper-gold project in Zambia, has taken an early decision to go to the next stage of the joint venture. Full story...Japanese uranium interest
Pitchstone Exploration Ltd has signed a letter agreement with Japan Oil, Gas and Metals National Corp (Jogmec) concerning an option to earn a 50% interest in Pitchstone's Wolverine and Marten uranium properties in Saskatchewan. Full story...Finance
Australian Senate sidesteps Rio Tinto/Chinalco politics
Australian senators have supported the US$19.5 billion investment by Aluminium Corp of China (Chinalco) in Rio Tinto, following a vote in the upper house of parliament this week. Full story...Çaldag raising
European Nickel plc plans to raise up to US$6 million through an accelerated book-building. Canaccord is acting as broker and book- runner. Full story...Mbalam funds
Patagonia Gold plc, the South American mining exploration company, has completed the placing of 116.5 million new ordinary shares of 1p each and a subscription of 3.5 million new ordinary shares of 1p each. Full story...Iron Mountain bid
Iron Mountain Ltd has announced an off-market bid for all the shares and options in Terrain Minerals Full story...PHM builds stake
Peter Hambro Mining plc (PHM) has subscribed for 6.17 million new shares in Rusoro Mining Ltd as part of an equity placing by Rusoro. Full story...Russian firm bids
Peter Hambro Mining plc (PHM) has subscribed for 6.17 million new shares in Rusoro Mining Ltd as part of an equity placing by Rusoro. Full story...Shareholder revolt
A group of shareholders with a 10.7% stake in Western Australian gold mine developer Regis Resources Ltd has notified the company it intends to requisition a shareholder meeting to appoint a new board. Full story...Mirabela loan
Patagonia Gold plc, the South American mining exploration company, has completed the placing of 116.5 million new ordinary shares of 1p each and a subscription of 3.5 million new ordinary shares of 1p each. Full story...First Majestic Raising
Patagonia Gold plc, the South American mining exploration company, has completed the placing of 116.5 million new ordinary shares of 1p each and a subscription of 3.5 million new ordinary shares of 1p each. Full story...Patagonia completion
Patagonia Gold plc, the South American mining exploration company, has completed the placing of 116.5 million new ordinary shares of 1p each and a subscription of 3.5 million new ordinary shares of 1p each. Full story...HudBay chief gone
Allen Palmiere has resigned as chief executive and director of HudBay Minerals Inc, the company reported. Mr Palmiere received criticism over the recent scheme to merge HudBay with Lundin Mining Corp. Full story...Regional specialist Wedlock appointed to the new Jupiter Mines
Former BHP Billiton iron-ore boss Geoff Wedlock has been appointed executive chairman of Jupiter Mines Ltd, after shareholders of the Western Australian explorer approved a plan to pass control to AIM-listed Red Rock Resources plc and Brian Gilbertson’s Pallinghurst Resources Ltd. Full story...Golden Minerals to hold Apex assets
Bankrupt silver producer Apex Silver Mines Ltd will be reborn as Golden Minerals Co, with creditors to receive a stake in the new company instead of repayments. Full story...Silver Wheaton opens war chest with Silverstone offer
Silver Wheaton Corp, in a strong financial position after a recent capital raising, has bid for Silverstone Resources Corp with a C$206 million (US$160 million) share offer. Full story...Antofagasta increases dividend despite profit drop
Copper producer Antofagasta plc has increased its dividend payment, despite a 39% drop in net profit for 2008. Full story...Rusal extends debt refinancing
United Co Rusal has a two-month reprieve on US$7.4 billion of debt refinancing, after signing an agreement with international lending banks. Full story...Hochschild makes offer for Southwestern, Liam JV
Hochschild Mining plc will acquire full ownership of the Liam gold project in Peru, with a takeover offer for Southwestern Resources Corp Full story...Iamgold plans Essakane capital raising
Iamgold Corp plans to raise up to C$345 million (US$270 million) to fund construction and development of the Essakane gold project in Burkina Faso. Full story...Price agreement reached for Asarco sale to Vedanta
The operating assets of US copper producer Asarco LLC have been sold to India’s Vedanta Resources plc for US$1.1 billion, a sharp drop from the US$2.6 billion price tag of May 2008. Full story...Mining groups face insurance crunch
Mining companies are finding it harder to get insurance and are paying more for it, according to Willis’ Mining Market Review Full story...Mining movements into FTSE 100
Mining companies Fresnillo plc and Lonmin plc have returned to the FTSE 100, following the most recent quarterly review of the blue chip index’s constituents. Full story...Fifth Column
The first chapter
Randall Oliphant says one of the key assets of the company to be formed from the merger of New Gold Inc and Western Goldfields Inc “is the collection of people we will have around the boardroom table”. Full story...Focus
Fund fundamentals: Eye on yield
Mining Journal presents the ninth in a series of interviews with professional investors in resource stocks Full story...Thaw at PDAC
As last week’s Prospectors and Developers Association of Canada (PDAC) conference and exhibition progressed, so the temperature eased. From an initial -15ºC (-26ºC at one point, when the wind chill was taken into account), the temperature rose to a positively balmy -3ºC on Wednesday morning. Full story...Reports
Fund fundamentals: Eye on yield
Mining Journal presents the ninth in a series of interviews with professional investors in resource stocks Full story...People and Appointments
Kalahari resolves extract dispute
Kalahari Minerals plc, the AIM-listed mining exploration group with uranium, copper and base metal interests in Namibia, has resolved its dispute over board directors at Australia-based uranium explorer Extract Resources Ltd, in which it holds a 39.881% stake Full story...Wardell in at Nuinsco
Nuinsco Resources Ltd has appointed Robert Wardell as a director. Mr Wardell is a chartered accountant with more than 40 years of public company management, accounting and auditing experience. Full story...One in, one out at Minco Silver
Minco Silver Corp has appointed Wayne Spilsbury to the board and audit committee, subject to regulatory approval. Full story...Hickson joins Kazakhmys
Peter Hickson has been named as independent non-executive director at Kazakhmys. Full story...Diallo president of mining body
Semafo, the Canada-based mining company with gold production and exploration activities in West Africa, has announced the election of Mamoudou Diallo. Full story...Monty House joins Allied Gold
Allied Gold Ltd has announced that Monty House has been appointed to the board of Allied as an independent non-executive with immediate effect. Full story...Beowulf’s corporate review
Beowulf Mining plc, the AIM- and Aktietorget-traded mineral exploration company with projects in Sweden, has completed a corporate review and restructured the board. Full story...Journal Team Diary
Peer review
Remember that warm glow you got when you won a prize at school? Or you were chosen to be captain of the team by your team mates? Full story...St Piran’s party
Workers in Cornwall, UK, have been given an unofficial day off on March 5 to celebrate St Piran’s Day. Wondering what relation this has to mining? Full story...Those were the days
The parties, receptions and hospitality suites at PDAC, for which the convention is rightly feted, were particularly well attended this year. Full story...Issue: 13/03/09
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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