16/01/09
Skinner steps down at Rio Tinto
RIO Tinto has appointed British steel executive Jim Leng as its new chairman. Mr Leng will replace outgoing chairman, Australian Paul Skinner, who announced his intention to step down in December. Full story...Peruvian protesters claim torture at Rio Blanco
THE Peruvian authorities are planning to investigate allegations of torture at Monterrico Metal plc’s Rio Blanco copper project in 2005, following the release of photographs that it was claimed showed protests being abused by police and mine security forces. Full story...Gold shines on
ETF Securities’ Physical Gold exchange traded commodity was its best performing long ETC in 2008, up 4% in US dollar terms at a time when most assets suffered significant falls, the company said. Full story...Shareholder wants to halt HudBay/Lundin merger
HUDBAY Minerals Inc’s largest shareholder has initiated legal action to halt the planned merger of HudBay with Lundin Mining Corp. Full story...
Production and Markets
Rio Tinto slows expansion plans
RIO Tinto revealed this week a series of delays to expansion projects in Brazil and Australia in line with its intention to cut US$5 billion in spending to reduce debt and conserve cash. Full story...Output falls for Rio Tinto iron ore
RIO Tinto this week posted an 18% fall in global production of iron ore to 31.8Mt in the three months to December 31; sales were down 23% to 33.6Mt. Full story...BHP Billiton, Freeport agree to boost TC/RCs
BHP Billiton has reached a deal with Pan Pacific Copper Co and Mitsubishi Materials Corp to pay 70% more in copper processing fees in 2009, the first rise in three years. Full story...Peruvian protesters claim torture at Rio Blanco
THE Peruvian authorities are planning to investigate allegations of torture at Monterrico Metal plc’s Rio Blanco copper project in 2005, following the release of photographs that it was claimed showed protests being abused by police and mine security forces. Full story...Yamana eyes gold boost
TORONTO-BASED Yamana Gold Inc said it plans to lift output by up to 44% this year with additional production anticipated from new mines in South America. Full story...Gold shines on
ETF Securities’ Physical Gold exchange traded commodity was its best performing long ETC in 2008, up 4% in US dollar terms at a time when most assets suffered significant falls, the company said. Full story...Antofagasta closes Lince operation
ANTOFAGASTA plc has shut its Lince open-pit copper mine in Chile owing to falling metal prices, the company said on Wednesday. Full story...Oz Minerals shifts focus to copper at Golden Grove
OZ MINERALS Ltd has suspended operations at the Scuddles zinc mine at its Golden Grove project in Western Australia to reduce costs. Full story...Japan copper cuts
Mitsubishi Materials Corp, Japan’s third-largest copper smelter, plans to cut production by about 10% from February as global demand slows, the company said. Full story...Eramet cuts nickel
French mining and metals group Eramet SA revealed it would cut output at its Doniambo nickel smelter in New Caledonia to 50,000t/y this year, citing poor demand. Full story...HudBay suspension
Canada-based HudBay Minerals Inc intends to suspend operations at its Chisel North zinc mine and concentrator in Snow Lake, Manitoba, owing to low base-metal prices. Full story...Fresnillo forecasts 2009 output on a par with 2008 levels
FRESNILLO plc expects gold and silver production in 2009 to be broadly in line with last year’s output, and said it would only focus on critical capital expenditure and intermediate and advanced exploration projects owing to the current economic crises. Full story...Exploration & Development
Pan American reports mixed news in Argentina, Peru
PAN American Silver Corp announced good and bad news in South America this week, with the first pour of silver-gold doré at its Manantial Espejo mine in Argentina – achieved at the end of last year – and the suspension of the Quiruvilca operation in Peru. Full story...Rio Tinto’s Malagasy mineral-sands output
THE mineral-sands project developed by 80% owner Rio Tinto in Madagascar has begun production of ilmenite. Full story...Mt Thirsty’s cobalt potential
BARRA Resources Ltd has published results from a continuing prefeasibility study for development of its 50%-owned Mt Thirsty cobalt-nickel-manganese project in Western Australia, claiming it could produce as much as 3,700t of cobalt, 10,300t of nickel and 27,000t of manganese annually. Full story...Catalpa’s new study outlines ‘robust’ redevelopment
THE former open-pit gold mine near Westonia in Western Australia could be redeveloped, according to a feasibility study received by owner Catalpa Resources Ltd (formerly Westonia Mines Ltd). Full story...Gurvanbulag costs increase by 55%
CAPITAL costs for the Gurvanbulag Central deposit at Western Prospector Group Ltd’s Saddle Hills uranium project in Mongolia have increased 55%, the company said. Full story...Galaxy gives go-ahead at Mt Cattlin
THE board of directors of Galaxy Resources Ltd has approved development of the company’s Mt Cattlin lithium-tantalum project near Ravensthorpe in Western Australia. 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...Resource doubles at Western Areas’ Spotted Quoll
WESTERN Areas NL has almost doubled the resource estimate at its Spotted Quoll nickel project in Western Australia, to more than 2Mt at an average grade of 6.2% Ni. Full story...Perseus reduces Ayanfuri costs
PERSEUS Mining Ltd has announced that planned improvements to the processing method at its Ayanfuri gold project in Ghana could reduce processing costs by 43% and total capital costs by 23%. Full story...Colossus drilling
Colossus Minerals Inc has reported further drilling results from the phase I drilling programme at its Serra Pelada gold and platinum-group metals project in Para State, Brazil. Full story...Spanish Creek results
Skygold Ventures Ltd has discovered a new zone of gold mineralisation at its Spanish Creek gold property in central British Columbia. Full story...Carpathian results
Carpathian Gold Inc has reported drilling results from its wholly-owned Riacho dos Machados gold project in Minas Gerais state, Brazil. Full story...Barruecopardo rise
Ormonde Mining plc has announced that it will double the proposed production rate at its Barruecopardo tungsten project in Salamanca, Spain, as a result of recent drilling results. Full story...Weeli Wolli drilling
Iron Ore Holdings Ltd has released drilling results from its Weeli Wolli iron-ore project in the Pilbara, Western Australia. Full story...Detour Lake assays
Infill drilling completed last year at Detour Gold Corp’s Detour Lake gold deposit in Ontario has indicated more gold mineralisation in the pit outline designed using US$700/oz gold price. Full story...Lucara sampling
Lucara Diamond Corp has announced further bulk sampling results from the C kimberlite at its Mothae diamond project in Lesotho. Full story...Cameroon port
Sundance Resources Ltd’s subsidiary Cam Iron SA has been selected by the government of Cameroon to develop an iron-ore export facility as part of a new multi-user deepwater port project being developed in the country. Full story...Gramalote drilling
B2Gold Corp has announced drilling results from its Gramalote gold project in central Colombia. The project is a joint venture between B2Gold (51%) and AngloGold Ashanti Ltd (49%). Full story...Patagonia results
Patagonia Gold plc has announced drilling results from its Cap-Oeste gold-silver project in the Santa Cruz province, Argentina. Full story...El Nino hits
El Nino Ventures Inc has announced drilling results from its Kasala copper-cobalt project in the Democratic Republic of the Congo. Full story...Mulga Rock estimate
ENERGY and Minerals Australia Ltd has received the first (inferred) JORC-compliant resource estimate for its Mulga Rock Deposits uranium property in Western Australia. 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...Baobab, IFC agree
International Finance Corp (part of the World Bank) has signed a joint-venture agreement with Baobab Resources plc concerning Baobab’s iron-ore properties in Mozambique’s Tete region. Full story...Finance
Implats, Mvela and Northam call off platinum merger
THE dire state of the world economy has scuttled another mining merger, with Impala Platinum Ltd (Implats) pulling out of a R22 billion (US$2.17 billion) deal to purchase rivals Mvelaphanda Resources Ltd (Mvela) and Northam Platinum Ltd. Full story...Creditors offered cash and equity deal as Apex goes bust
APEX Silver Mines Ltd, 65% owner of the San Cristobal silver-zinc-lead project in Bolivia, will file for Chapter 11 bankruptcy as it fails to overcome a liquidity crisis. Full story...Alcoa reports first loss in six years
ALCOA Inc has suffered its first loss in six years, with the December-quarter results showing a net loss of US$1.19 billion. Full story...Karara project loan conditionally approved
GINDALBIE Metals Ltd has received conditional approval from a Chinese bank for a loan up to US$1.2 billion to develop the Karara iron-ore project in Western Australia. Full story...Archangel axes diamond deal
ARCHANGEL Diamond Corp has terminated an agreement to buy a stake in the Verkhotina diamond property in Russia. Full story...Hambros consider tie-up of iron-ore and gold assets
THE Hambro family appears set to merge their respective gold and iron-ore assets. Peter Hambro Mining plc (PHM), chaired by Peter Hambro, and Aricom plc, headed by his son, Jay Hambro, as chief executive, have proposed a tie-up. Full story...Bibiani handed to bank after CAG defaults on payment
OWNERSHIP of the Bibiani mine has been transferred to Investec Bank after owner Central African Gold plc (CAG) defaulted on a loan payment. Full story...Stock picking in 2009 could be hazardous
DEUTSCHE Bank has told investors that gold stocks will be the safest mining investments in 2009. Full story...CIC invests in Teck
China Investment Corp has purchased a 17.2% equity interest in Teck Resources Full story...ANATOLIA CREDIT
The UniCredit Group will lend Anatolia Minerals Development Ltd US$62.5 million for development of its Çöpler gold project in Turkey. Full story...ANGLO RATING CUT
Diversified producer Anglo American plc had its credit-rating outlook changed to “negative” from “stable” by Fitch Ratings as lower metals prices hit the company’s profit. Full story...OMH PROTECTION
Shareholders of OM Holdings Ltd have supported the introduction of takeover protection provisions into the company’s by-laws. Full story...T1 SHARES CLEARED
TanzaniteOne Ltd (T1) said it has received confirmation from the South African Reserve Bank (SARB) that the issue of B-shares to a wholly-owned subsidiary was not in breach of SARB rules. Full story...LINEAR ISSUE
Linear Gold Corp has received underwriting for a C$15 million (US$12 million) share and warrant offer. The company is committed to a merger with Central Sun Mining Inc, as announced in December. Full story...LETTER TO THE EDITOR: Philip Crowson
Fund managers naturally promote their stock with all the means at their disposal, but it is surprising that Mining Journal appears to accept some of their arguments uncritically... Full story...AVOCA RAISING
Avoca Resources Ltd plans to raise A$25 million (US$16.5 million) to fund construction of the Trident paste fill plant, at its Higginsville gold mine in Western Australia, and for working capital. Full story...Shareholder wants to halt HudBay/Lundin merger
HUDBAY Minerals Inc’s largest shareholder has initiated legal action to halt the planned merger of HudBay with Lundin Mining Corp. Full story...OZ DEBT WOES
Oz Minerals Ltd is aiming up cash flow to help refinance US$560 million of debt by February 27. Full story...NEPTUNE SINKING
Neptune Minerals plc intends to delist form the AIM board, with shareholders set to vote on the proposal at a meeting on January 30. Full story...Fifth Column
An award-winning prospector
CRAIG R Williams is a geologist who has been directly involved in a number of significant discoveries, including Ernest Henry in Queensland and a series of gold deposits in Western Australia. Full story...Focus
Resource nationalism in Latin America
A US$100 fall in the price of oil and tumbling minerals prices might seem to spell the end of six years of strident resource nationalism in Latin America. Full story...People and Appointments
Skinner steps down at Rio Tinto
RIO Tinto has appointed British steel executive Jim Leng as its new chairman. Mr Leng will replace outgoing chairman, Australian Paul Skinner, who announced his intention to step down in December. Full story...RUSSEL REPLACEMENT
Brian Hedges will succeed Bud Siegel as president and chief executive of Russel Metals Inc. Full story...GRYPHON GOLD DIRECTOR
Marvin Kaiser will join the board of directors of Gryphon Gold Corp. He has been appointed to the audit committee, and compensation committee. Full story...DEPARTURES
There has been a raft of resignations from mining and exploration companies in recent weeks. Full story...GOLD FIELDS CFO NAMED
Gold Fields Ltd has officially named Paul Schmidt (pictured) as chief financial officer, a position in which he has acted since May 2008. Full story...PRESIDENT NAMED
George Bee will be joining Andina Minerals Inc as president, chief executive and a director. Full story...FINDERS APPOINTMENT
Finders Resources Ltd has named Robert Thomson as an executive director. Full story...HOCHSCHILD BOARD APPOINTMENTS
Hochschild Mining plc has appointed chief executive Miguel Aramburú and chief financial officer Ignacio Rosado to the board. Full story...FOCUS OPERATING OFFICER
Focus Minerals Ltd has appointed international mining executive Campbell Baird to the position of chief operating officer. Full story...Site Search
Log inIssue: 16/01/09
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