13/11/09
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Production and Markets
Barrick eyes higher gold and copper production, divestment of nickel
Barrick Gold Corp will increase its exposure to base-metals markets, with chief executive Aaron Regent saying about 30% of the company’s revenue will eventually stem from copper production
Global recovery fragile, gold will increase
The global economy will periodically falter on its path to recovery but conditions are right for further increases in the gold price, according to Russell Jones, global head of fixed-income and currency research at RBC Capital MarketsPuno interdict turned down
Puno Investment (Pty) Ltd has had an urgent interdict against Central Rand Gold Ltd, dismissed by the South Gauteng High Court, South Africa.African Consolidated will fight for title
African Consolidated Resources plc (ACR) said it will fight to regain its title to the Marange diamond deposit in Zimbabwe after the government signed a joint venture with New Reclamation Group LtdDundee denied Chelopech EIA by Bulgarian court
The Bulgarian Supreme Administrative Court has revoked the Environmental Impact Assessment (EIA) for the construction of a metals processing facility at Dundee Precious Metals Inc’s Chelopech mineRecovery progresses at Olympic Dam
Repair work at the Olympic Dam mine is well advanced, BHP Billiton has announced, with work scheduled to commence inside the damaged Clark Shaft in the next few weeksBrazilian blackout hits Vale
Nearly 60 million people in Brazil were plunged into darkness for up to four hours on November 10 after severe storms caused several high-voltage transformers to short circuitNoventa's Sharper Focus
Four months after the abrupt dismissal of its former chairman, Noventa Ltd has announced that its operating headquarters is moving from Johannesburg to Maputo, Mozambique capitalExploration & Development
Joanna prefeasibility designs 110,000oz/y mine
Aurizon Mines Ltd has commissioned a feasibility study for development of its Joanna gold mine on the Cadillac fault in the Abitibi gold belt of northwestern Quebec
Trafigura backs Tiger's Kipoi
Tiger Resources Ltd has agreed a conditional deal to secure funds for its Kipoi copper project in the Democratic Republic of the Congo, in a US$33.9 million plan with Trafigura Beheer BV that confers offtake rights on the latterRover 1 assays
Westgold Resources Ltd reports the intersection of a broad zone of strong mineralisation at its polymetallic Rover 1 property in Australia's Northern Territory.New Cerro Moro zone
Exeter Resource Corp has discovered a new zone of gold-silver mineralisation at its Cerro Moro property in Santa Cruz, Argentina.IGE to take Rönnbäcken to prefeasibility
An independent preliminary economic assessment for development of International Gold Exploration AB’s Rönnbäcken nickel-cobalt sulphide project in Sweden has convinced the firm to undertake a prefeasibility studyRandgold heads for Gounkoto prefeasibility
Randgold Resources Ltd will complete a prefeasibility study for development of its 80%-owned Gounkoto gold project in Mali, following a scoping study that that "comfortably" satisfied the company's targetsSecond DRC deal for Rio/BRC DiamondCore
BRC Diamondcore Ltd has signed a letter of intent for a second diamond exploration joint venture with Rio Tinto in the Democratic Republic of the CongoManchuria assays
Patagonia Gold plc’s infill drilling programme at La Manchuria gold-silver property in Argentina has intersected what the company described as “bonanza” gradesIvanhoe's NI 43-101 Merlin estimate
TSX-listed Ivanhoe Australia Ltd, 89.2%-owned by Ivanhoe Mines Ltd, has received an initial NI 43-101-compliant resource estimate for its Merlin molybdenum-rhenium deposit in QueenslandGeorge's Reward assays
Northern Mining Ltd (NML) reports that a joint drilling programme with Southern Gold Ltd (SGL) on NML’s joint venture Blair North property has intersected gold mineralisation at the George’s Reward prospectElena results
Final assays results from Fortress Minerals Corp’s drilling programme at its Svetloye gold property in Russia have returned mineralisation from surface at the Elena prospectBarbara extended
Syndicated Metals Ltd has received drilling results that it said extended mineralisation at its Barbara South copper-gold property in QueenslandPNG: Activity Update
Overall mineral-sector activity in Papua New Guinea has proved resilient, with significant progress at all of the major projects, despite some junior companies having found the going tough, especially when it comes to raising new fundingThird Doolgunna zone
Sandfire Resources NL has confirmed the discovery of a third zone of copper-gold mineralisation at its Doolgunna property in Western AustraliaFruta resumption
Kinross Gold Corp will shortly restart exploration of the Fruta del Norte gold deposit in EcuadorFinance
China strengthens African bond
China has made a bold move to improve its reputation for exploiting African resources by pledging US$10 billion in loans and aid to the continent
Beny Steinmetz Group invests in Gabriel Resources
Gabriel Resources Ltd says it has sold 30 million shares and warrants to BSG Capital Markets, part of the Beny Steinmetz Group (BSG), raising C$67.5 million (US$64.4 million)New life for Botswana's AK6
De Beers has sold its 71% interest in the AK6 kimberlite to Lucara Diamond Corp for US$49 million, freeing the project up for rapid development following a period of little activityDRDGold attempts to save Blyvoor
DRDGold Ltd has been granted a judicial management order over its struggling Blyvooruitzicht mine in South Africa in a bid to save the 67-year-old operation from insolvencyPolaris bidding continues
Mineral Resources Ltd, the original bidder for Australia’s Polaris Metals NL, has made another offer for the company, at a higher value than the latest cash bid from Lion-Asia Resources LtdSundance raises A$85m for Cameroon iron ore
Sundance Resources Ltd has raised A$85 million (US$79 million) through international institutions to complete a feasibility study on its iron-ore project in Cameroon and for other corporate activitiesFranco royalty
Franco-Nevada Corp, a gold-focused royalty company, has agreed to purchase a 2% net smelter royalty in Newmont Mining Corp’s Ahafo property in Ghana from Moydow Mines International IncDiamondCore debt
BRC DiamondCore Ltd has reached a debt settlement with creditors whereby the company will issue a total of 43 million shares to settle a total of C$8.6 million (US$8.2 million) in debtPerseus raising
Perseus Mining Ltd has completed a private placement to raise C$34 million (US$32.5 million)Mariana raising
Mariana Resources Ltd plans to raise £2.6 million (US$4.3 million) through a placement of sharesNullagine off-take and funding boost
BC Iron Ltd has secured $US50 million in funding and the first off-take deal for its Nullagine iron-ore joint venture in Western AustraliaExeter equity
Exeter Resources Corp has entered into an agreement for a proposed public offering of 8.5 million shares at a price of C$5.85/share (US$5.59/share) to raise a total of C$50 millionFifth Column
Drama Continues
The furore over corporate upheavals at Anglo American Corp and Impala Platinum had scarcely begun to fade away before two more dramas involving top level executives began to enthral the South African mining industry.Focus
Missed Exploration Opportunities
The financial return on a new mine is particularly important given the current uncertainties in financial markets. In the early stages of many projects, a large proportion of the capital expenditure is drilling related. This includes direct costs paid to drilling contractors and the indirect cost of related field services. The latter are required to support the drilling crews and project teams who are responsible for handling and interpreting the samples and results obtained during drilling.Reports
