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19/12/08

Venezuela miners facing legal action as uncertainty continues

GOLD Reserve Inc will try to sue Rusoro Mining Ltd, to block an unwanted take­over bid, the company said.

BHPB consolidates position

BHP Billiton this week acknowledged the challenging uncertainty in commodity markets, but emphasised the company’s strong position, which would not only allow it to weather the financial crisis but to expand existing operations.

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RESOURCE NEWS

REGIONAL NEWS

SPECIAL FEATURES

Indonesia passes new mining law

The Indonesian government passed its long-awaited new mining law this week, in an effort to increase revenue and attract more foreign investment to the country

Xstrata loses battle over McArthur River zinc mine

Xstrata plc has expressed disappointment at the Australian Federal Court’s ruling not to allow the company to expand the McArthur River zinc mine in the Northern Territory.

Rio Tinto dumps US$10.5 billion Saudi JV

Rio Tinto has pulled out of a US$10.5 billion aluminium smelter project with the Saudi Arabian Mining Co owing to the deterioration of the global economy and increasing project costs.

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Production and Markets

Australian coal producers respond to slowing demand

Xstrata plc and Macarthur Coal Ltd this week revealed strong measures in response to slowing demand for raw materials from steelmakers. Xstrata said it would cut coking-coal production by half at its Oaky Creek Number One mine in Queensland, Australia.

Everest succumbs to geotechnical disruption

Aquarius Platinum Ltd has suspended production at its Everest platinum mine in South Africa for at least six months and plans to lay off some 1,950 workers, after ground instability rendered the underground operation too risky.

A bumpy ride – and worse to come

This year will no doubt be remembered for the economic perfect storm that engulfed the sector, but let’s not forget the challenges the mining industry faced in the first half of the year. Mike Lovesey takes a look at some of the issues, obstacles and opportunities of 2008

Slowdown crimps iron-ore exports

Australia, the world’s biggest iron-ore exporter, has cut its fiscal 2009 forecast for mine production by 16% as a global slump in steel production curbs demand for raw materials.

BHPB consolidates position

BHP Billiton this week acknowledged the challenging uncertainty in commodity markets, but emphasised the company’s strong position, which would not only allow it to weather the financial crisis but to expand existing operations.

Lead and zinc surplus

Global lead production dropped 2.9% in October to 732,600t, exceeding demand, the International Lead and Zinc Study Group (ILZSG) said.

Pend Oreille shuts

Teck Cominco Ltd plans to close the Pend Oreille zinc mine and mill complex in Washington, US, owing to dwindling prices for the metal.
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Exploration & Development

Cañariaco Norte potential

Candente Resource Corp’s Cañariaco Norte porphyry copper-gold-silver project in northern Peru could support a project capable of processing 75,000t/d, according to a scoping study produced by consultants SRK and SamuelEngineering.

Capital costs fall at Jabal Sayid and Chaarat

Capital costs have fallen by almost US$100 million at Citadel Resource Group Ltd’s Jabal Sayid copper project in Saudi Arabia, the company announced this week.

Good times over for now

Towards the end of 2008, mining companies large and small were coming to terms with the consequences of the global downturn, and the end of the exploration boom as predicted by the Metals Economics Group

ECU increases inferred estimate

ECU Silver Mining Inc has produced a new resource estimate for its Velardena properties in Durango State, Mexico, where it has moved a portion of the project from an estimate of potential mineralisation to the NI 43-101-compliant inferred resource.

Nautilus stops equipment build

Nautilus Minerals Inc, which is planning to develop the world’s first seafloor massive sulphide recovery operation, has suspended the construction of equipment for its Solwara 1 project.

Cortona results

Cortona Resources Ltd announced drilling results from its Dargues Reef gold project in New South Wales. Drilling was designed to further test the depth potential of the newly discovered Plumes Lode.

Detour drilling

Detour Gold Corp has announced drilling results from the current infill drilling programme at its Detour Lake gold project in northern Ontario.

Victoria intercept

Victoria Gold Corp has intersected new gold mineralisation at its Helen zone discovery in north-central Nevada.

Hassai zone

La Mancha Resources Inc said recent drilling at its Hassai gold project in northeastern Sudan has suggested the presence of an enriched supergene zone above the volcanic massive sulphide deposit. Drilling results included:

Indonesia passes new mining law

The Indonesian government passed its long-awaited new mining law this week, in an effort to increase revenue and attract more foreign investment to the country

Xstrata loses battle over McArthur River zinc mine

Xstrata plc has expressed disappointment at the Australian Federal Court’s ruling not to allow the company to expand the McArthur River zinc mine in the Northern Territory.

Rio Tinto dumps US$10.5 billion Saudi JV

Rio Tinto has pulled out of a US$10.5 billion aluminium smelter project with the Saudi Arabian Mining Co owing to the deterioration of the global economy and increasing project costs.

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Oromin drilling

Oromin Explorations Ltd has announced initial drilling results from the Kerekounda gold deposit, a new gold discovery at its Sabodala project in eastern Senegal.

Osisko results

Osisko Mining Corp has announced new drilling results from the South Barnat zone, a separate zone of mineralisation located close to the company’s Canadian Malartic gold project in Quebec.

Sukhoi Log costs contested

Russia-based research company Renaissance Capital has said in a research note that it thinks the Russian government’s estimated costs for the massive Sukhoi Log gold project in the eastern Irkutsk region are too low.

Angostura resource

Greystar Resources Ltd has updated the resource estimate at its Angostura gold-silver project in northeastern Colombia, increasing the measured and indicated resources by almost 14%.

Spotted Quoll grows

Western Areas NL has reported that recent drilling below the current resource estimate for its Spotted Quoll nickel project in Western Australia has indicated that the resource continues to depth.
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Finance

Anglo cuts costs not jobs

Anglo American plc said it could not comment on future job numbers despite announcing this week that it was to cut capital spending by more that 50%. “We can’t predict the likely impact on head count at present,” spokesperson James Wyatt-Tilby said.

Vale/ARM joint venture to explore African copperbelt

CIA Vale do Rio Doce (Vale) and African Rainbow Minerals Ltd (ARM) will form a joint venture to buy out and develop the assets of Teal Exploration & Mining Inc.

Money and mergers in a turbulent year

There were few loans, equity offerings fell flat and share prices hit record lows, but 2008 still had its highlights for observers. Blake Wilshaw examines the corporate and financial movements that shaped the international mining industry during the past 12 months

Katanga seeks lifeline in massive share expansion

Katanga Mining Ltd, struggling with low cash reserves and falling copper prices, is seeking approval to increase its share capital from 300 million shares to 5 billion. The company said it is also considering taking a loan, convertible into stock, from some of its shareholders.

Merger to hand Essakane control to Iamgold

IAMGOLD Corp and Orezone Resources Inc have entered into a plan of arrangement agreement under which Iamgold will acquire 100% of Orezone in a deal worth US$139 million.

WISCO invests in Centrex iron-ore projects

China’s third-largest steel group, Wuhan Iron & Steel (Group) Co (WISCO), will invest up to A$180 million (US$128 million) to earn half of selected South Australian iron-ore projects owned by Centrex Metals Ltd.

Venezuela miners facing legal action as uncertainty continues

GOLD Reserve Inc will try to sue Rusoro Mining Ltd, to block an unwanted take­over bid, the company said.
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Fifth Column

Putting out the fires

Rob Still, like many other South Africans at this time of year, has packed up, left his desk and is on holiday until January 5. When he returns to his office in Randburg it will be to a bulging in-tray.
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Focus

Investment Down Under

Australia-listed companies presented in London on what they expect for the future

Miners seek a better deal in Zambia

COPPER enjoyed record high prices in 2007 and early 2008, and Zambia’s economy continued to grow on the back of increased production of the red metal and cobalt. Together, these exports account for more than 80% of the country’s foreign exchange income.
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People and Appointments

GOLDCORP MOVEMENTS

Goldcorp Inc has announced that Kevin McArthur (pictured) will retire as president and chief executive from December 31. Mr McArthur will serve through 2009 as adviser to the chief executive and remain as a director on Goldcorp’s board. The board of directors has appointed Charles Jeannes, Goldcorp’s executive vice-president, corporate development as president and chief executive.

SHAKE-UP AT REDBANK

Australian high-grade copper developer Redbank Mines Ltd has announced a number of changes to its board as the company repositions itself to focus solely on the exploration and development of high-grade copper sulphide targets at its Northern Territory copper project.
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Issue: 19/12/08
MJ 19/12/08
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