23/01/09
BHPB feels the pinch
BHP Billiton, the world’s largest mining company, this week revealed plans to axe 6,000 jobs, or 6% of its global work force, and pulled the plug on its US$2.2 billion Ravensthorpe nickel mine in Western Australia, reflecting the growing strain on the industry. Full story...Rio Tinto unveils cost-saving measures
RIO Tinto this week revealed details of a series of production cuts and job losses in line with plans to conserve cash and reduce debt. Full story...Diamond market loses its shine
De Beers, the world’s largest diamond company, announced this week that it would cut production and jobs across its operations. Full story...Legal battle ensues over HudBay/Lundin merger
HUDBAY Minerals Inc has launched its defence of a C$550 million (US$437 million) friendly business combination with Lundin Mining Corp at a hearing of the Ontario Securities Commission. Full story...Russians discuss mega merger plan
OLEG Deripaska, the Russian billionaire and controlling shareholder of aluminium producer UC Rusal, has been named chief executive of the company to steer it through the global economic meltdown. Full story...India creates new market for uranium producers
The first US nuclear delegation to India concluded its visit this week, encouraging hopes that the Asian country is set to become a new market for the world’s uranium producers. Full story...
Production and Markets
Gold poised to rally on deepening economic crisis
GOLD prices may reach an all-time high in the first six months of 2009 on surging investment in the precious metal as a haven amid the current economic turmoil, according to consultants GFMS Ltd. Full story...Newcrest costs soar, output slumps
NEWCREST Mining Ltd, Australia’s largest gold producer, this week revealed an 82% hike in production costs in the three months to December 31, from the same period a year earlier, and lowered its output forecast for the year to June 30. Full story...Hochschild augments mine output
HOCHSCHILD Mining plc said it had achieved its silver equivalent production target of 26.1Moz, in the three months to December 31, 2008. Full story...Petra to boost diamond output
PETRA Diamonds Ltd expects its Cullinan mine in South Africa to produce as much as 27% more than initial estimates. Full story...Diamond market loses its shine
De Beers, the world’s largest diamond company, announced this week that it would cut production and jobs across its operations. Full story...SUMITOMO EXTENDS CUT
Sumitomo Metal Mining Co, Japan’s largest nickel producer and secondlargest copper smelter, said it plans to extend production cuts to June owing to slumping demand. Full story...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...Anglo resumes output at Loma de Niquel
ANGLO American plc has resumed nickel production at the Loma de Niquel laterite mine in Venezuela after a four-week stoppage. Full story...TRG trouble continues
TITANIUM Resources Group (TRG), which mines rutile and ilmenite in Sierra Leone, had its shares instantly marked down 75% on Tuesday as it returned from suspension, following a dredge accident at its flagship mine. Full story...IRON ORE BOOST
India’s iron-ore exports rose in December for the first time in eight months as demand in China increased. Full story...Russians discuss mega merger plan
OLEG Deripaska, the Russian billionaire and controlling shareholder of aluminium producer UC Rusal, has been named chief executive of the company to steer it through the global economic meltdown. Full story...India creates new market for uranium producers
The first US nuclear delegation to India concluded its visit this week, encouraging hopes that the Asian country is set to become a new market for the world’s uranium producers. Full story...DRDGOLD JOB CUTS
DRDGold Ltd said it would lay off 1,355 workers at its East Rand Propriety Mines operations in South Africa, following the closure of the unprofitable mine in November last year. Full story...Iron-ore drop hits Vale
CIA Vale do Rio Doce (Vale) suffered a 26.3% quarter-on-quarter drop in iron-ore production in the three months to December 31, as the Brazilian company “managed its production in accordance with the new global economic outlook”. Full story...BMA scales back cokingcoal output
THE BHP Billiton Mitsubishi Alliance (BMA), the world’s largest coking coal producer, plans to cut output by up to 15% over the next six months at its mines in Australia as the economic slowdown continues to crimp demand for steel. Full story...ILUKA SHUTDOWNS
Iluka Resources Ltd, the world’s largest zircon producer, said it would close the Waroona and Wagerup mines in Western Australia ahead of schedule as the operations were not profitable. Full story...Exploration & Development
Anvil clears Kinsevere, Dikulushi contracts
ANOTHER company has achieved settlement with the authorities in the Democratic Republic of the Congo, as Anvil Mining Ltd released details of agreements for the contracts at its Kinsevere and Dikulushi copper mines. Full story...Petaquilla in talks to resolve Molejon issues
PROGRESS at the first new gold mine in Panama for many years is awaiting agreement between owner Petaquilla Minerals Ltd and environmental authorities over approval of the Molejon project. Full story...Westwood update good for Iamgold
Iamgold Corp is moving ahead with further development of its Westwood gold project in Quebec following its updated scoping study that indicated the deposit could support annual production of up to 200,000oz of gold. Full story...Moto’s Sessenge focus raises estimate
MOTO Goldmines Ltd focused drilling in the first half of last year at its 70%- owned namesake gold project in the Democratic Republic of the Congo on the Sessenge Deeps zone at the KCD deposit. Full story...Leinster tailings potential
SCOPING studies for development of Braemore Resources plc’s nickel tailings project, based at BHP Billiton’s Leinster operations in Western Australia, indicate production of 12,500t/y of nickel could be achieved. Full story...Ecuador’s mining law reaches final stages
ECUADORIAN President Rafael Correa this week approved the country’s new mining law that should allow international mining companies to restart activities in the country. Full story...Ecuador’s mining law reaches final stages
Ecuadorian President Rafael Correa this week approved the country’s new mining law that should allow international mining companies to restart activities in the country. Full story...Costs rise at Augusta’s Rosemont project
Capital costs at Augusta Resource Corp’s Rosemont copper project in Arizona have increased by 14% from US$782.4 million to US$897.2 million, the company announced this week. Full story...Atlas ships second ore, unveils new resource
ATLAS Iron Ltd has announced the second commercial shipment of iron ore from its Pardoo project in the Pilbara region, Western Australia. Full story...Haquira East estimate
ANTARES Minerals Inc has filed a full NI 43-101 report for its initial resource estimate for the primary sulphide deposit at the Haquira copper-molybdenum project in southern Peru. Full story...BROCKMAN IRON ORE
Brockman Resources Ltd has reported drilling results from the Abalone prospect at its Marillana project in Western Australia’s Pilbara region. Full story...OSISKO DRILLING
Osisko Mining Corp has announced further 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...Olympic Dam reductions
BHP Billiton is to reduce activity related to the expansion project at its Olympic Dam copper-gold-uranium mine in South Australia. Full story...MARBAN DRILLING
Niogold Mining Corp has reported drilling results from its Malartic gold project in Quebec, Canada. Full story...India creates new market for uranium producers
THE first US nuclear delegation to India concluded its visit this week, encouraging hopes that the Asian country is set to become a new market for the world’s uranium producers. Full story...SLOVAKIAN URANIUM
Tournigan Energy Ltd has announced the release of drilling results from its Kuriskova uranium project in Slovakia. Full story...SACRE COEUR DRILLING
Sacre-Coeur Minerals Ltd has received drilling results from its Northwest gold project in Guyana. Drilling was designed to test the extent of mineralisation at depth as well as testing tailings from historical artisanal mining. Work at the project has been suspended during the current financial downturn. Drilling results included: Full story...RED ROCK RESULTS
Red Rock Energy Inc has released drilling results from its Uranium City project in Northern Saskatchewan. The drilling programme focused on the newly-discovered Fusion zone and the River zone, both extensions of historical Lake Cinch and Cenex mine workings at the project. Drilling results included: Full story...KAGARA ASSAYS
Kagara Ltd has reported drilling results from its Lounge Lizard nickel project in Western Australia. Full story...RUDDOCK RESULTS
Selkirk Metals Corp has released new drilling results from the underground drilling programme at its Ruddock Creek zinc-lead project in British Colombia, Canada. Full story...SOUTH MINE RESULTS
Kirkland Lake Gold Inc has announced drilling results from its drilling programme at its South Mine Complex in Ontario, Canada. Full story...MCPHILLAMYS HOLE
Alkane Resources Ltd has announced results from a further drill hole at the McPhillamys prospect on its Moorilda gold project in New South Wales. Full story...MCBEAN RESULTS
Queenston Mining Inc has reported drilling results from its McBean gold project in Ontario, Canada. Full story...HUDBAY AWARD
HudBay Minerals Inc has been awarded the Prospectors and Developers Association (PDAC) Bill Dennis Award for a Canadian discovery. Full story...New Caledonia nickel deal
French mining group Eramet SA has signed an accord with the South Province of New Caledonia to explore and develop two new deposits in the south of the island. Full story...Finance
Mowana on hold as African Copper tries to raise cash
AFRICAN Copper plc has shut down its Mowana mine in Botswana, despite shareholders approving a supposed rescue package that may see a sixfold increase in the number of shares. Full story...
BHPB feels the pinch
BHP Billiton, the world’s largest mining company, this week revealed plans to axe 6,000 jobs, or 6% of its global work force, and pulled the plug on its US$2.2 billion Ravensthorpe nickel mine in Western Australia, reflecting the growing strain on the industry. Full story...Rio Tinto unveils cost-saving measures
RIO Tinto this week revealed details of a series of production cuts and job losses in line with plans to conserve cash and reduce debt. Full story...Metals Exploration seals funding deal
Metals Exploration plc has joined the small but growing club of companies that has grasped a financial lifeline. Full story...Sukari developer receives financing
GOLD mine developer Centamin Egypt Ltd has entered a bought-deal financing agreement that could net the company C$69 million (US$54 million). Full story...Legal battle ensues over HudBay/Lundin merger
HUDBAY Minerals Inc has launched its defence of a C$550 million (US$437 million) friendly business combination with Lundin Mining Corp at a hearing of the Ontario Securities Commission. Full story...Legal battle ensues over HudBay/Lundin merger
HUDBAY Minerals Inc has launched its defence of a C$550 million (US$437 million) friendly business combination with Lundin Mining Corp at a hearing of the Ontario Securities Commission. Full story...Russians discuss mega merger plan
OLEG Deripaska, the Russian billionaire and controlling shareholder of aluminium producer UC Rusal, has been named chief executive of the company to steer it through the global economic meltdown. Full story...OZ SECURES LOAN
OZ Minerals Ltd, trying to refinance US$560 million of debt, has secured an A$140 million (US$92 million) bridging facility. Full story...MARAMPA STAKE
Cape Lambert Iron Ore Ltd will increase its stake in the Marampa iron-ore project in Sierra Leone from 30% to 35%. Full story...MERGER APPROVAL
The shareholders of Aflease Gold Ltd and BMA Gold Ltd voted in favour of the deal that will combine the two companies to create a new gold-focused company called Gold One International. Full story...KAZAKHGOLD DOWN
Fitch Ratings has downgraded KazakhGold Group Ltd’s long-term issuer default rating to “CCC” from “B” and downgraded its senior unsecured rating to “CCC”/”RR4” from “B”/”RR4”. Full story...Kazakhmys bosses offer shares as loan guarantee
KAZAKHMYS plc chairman Vladimir Kim and chief executive Oleg Novachuk have offered shares worth £98 million (US$134 million) as collateral for loans. Full story...CODELCO FUNDS
Chilean state-controlled copper producer Codelco has raised US$600 million to refinance debt via a bond offering. Full story...Rusoro’s unpopular bid for Gold Reserve extended
RUSORO Mining Ltd has extended its unwelcome three-for-one takeover bid for Gold Reserve Inc, after holders of fewer than 3% of Gold Reserve shares took up the offer. Full story...Acquisitive Kinross boosts coffers
KINROSS Gold Corp, Canada’s thirdlargest gold producer, plans to raise up to US$414.6 million. Full story...PANAUST RAISING
PanAust Ltd has raised A$21 million (US$14 million) from a share offering. Full story...ADANAC COST CUTS
Adanac Molybdenum Corp, in accordance with an agreement set up by creditors, has implemented measures to curtail its business operations and reduce its operating costs. Full story...Palmarejo royalty nets cash boost for Coeur d’Alene
COEUR d’Alene Mines Corp has sold a royalty for 50% of production from the Palmarejo silver-gold mine to investment company Franco-Nevada Corp for US$80 million. Full story...KANGAROO DEAL
The directors of Kangaroo Metals Ltd have entered into a non-binding memorandum of understanding (MoU) for the potential sale of a number of the company’s assets to a third party. Full story...Broken Hill takeover falters
CBH Resources Ltd has scrapped its all-scrip bid for fellow Broken Hill zinc-producer Perilya Ltd. Full story...Fifth Column
Golden times
Not so long ago, Aaron Regent was part of the team trying to build a Canadian “mining industry champion” by merging Falconbridge Ltd with Inco Ltd. Full story...Focus
Fund Fundamentals: Seven-year itch
This is the sixth in series of Mining Journal interviews with professional resource-stick investors. In this installment: Newland Fund Management LLP Full story...Dominican Republic packs a punch
THERE was a strong increase in mining activities in the Dominican Republic in 2008. Full story...Reports
Fund Fundamentals: Seven-year itch
This is the sixth in series of Mining Journal interviews with professional resource-stick investors. In this installment: Newland Fund Management LLP Full story...People and Appointments
LETEN NAMED ATLAS COPCO PRESIDENT
The board of directors has appointed Ronnie Leten (pictured) as the new president and chief executive of Atlas Copco AB. Full story...HERENCIA MANAGING DIRECTOR
South American-focused Herencia Resources plc has appointed Michael Bohm as managing director. Full story...GOLDEN CROSS CHANGES
As a result of the strategic alliance between Golden Cross Resources Ltd and HQ Mining Resources Holding Pty Ltd, the board of Golden Cross has implemented changes foreshadowed when the agreement was signed. Full story...EMED DIRECTOR DEPARTURE
Michael Price has resigned as a director of Emed Mining Public Ltd. Dr Price’s departure comes after the recent expansion of the board following the appointment of two new directors – Ross Bhappu and Ashwath Mehra. Full story...OVOCA DIRECTOR
The board of Ovoca Gold plc has appointed Timothy McCutcheon as a non-executive director. Full story...US SILVER RESIGNATION
John Ryan, one of the founders of US Silver Corp, has tendered his resignation from the board. He recently became president and chief executive of Sterling Mining Corp, a position that will require his full attention. Full story...Journal Team Diary
Playing ball with commodities
More than 300 hardy people watched the second annual City Challenge rugby league match at Honourable Artillery Club in London between Harlequins and the London Skolars on Tuesday. Full story...Issue: 23/01/09
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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