19/12/08
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. Full story...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. Full story...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. Full story...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 Full story...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. Full story...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. Full story...Article currently being added to the archive...
We are currently adding article to the archive. The process should be complete by 12:00 GMT. Full story...
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. Full story...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. Full story...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 Full story...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. Full story...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. Full story...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. Full story...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. Full story...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. Full story...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. Full story...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 Full story...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. Full story...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. Full story...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. Full story...Detour drilling
Detour Gold Corp has announced drilling results from the current infill drilling programme at its Detour Lake gold project in northern Ontario. Full story...Victoria intercept
Victoria Gold Corp has intersected new gold mineralisation at its Helen zone discovery in north-central Nevada. Full story...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: Full story...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 Full story...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. Full story...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. Full story...Article currently being added to the archive...
We are currently adding article to the archive. The process should be complete by 12:00 GMT. Full story...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. Full story...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. Full story...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. Full story...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%. Full story...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. Full story...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. Full story...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. Full story...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 Full story...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. Full story...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. Full story...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. Full story...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. Full story...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. Full story...Focus
Investment Down Under
Australia-listed companies presented in London on what they expect for the future Full story...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. Full story...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. Full story...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. Full story...Site Search
Log inIssue: 19/12/08
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