27/02/09
Concern over China’s Australian investments
THE Australian government faces calls for an inquiry into recent Chinese investment in major domestic mining companies, including this week’s announcement that China’s Hunan Valin Iron and Steel Group Co Ltd could take a 16.5% stake in Fortescue Metals Group Ltd for A$1.2 billion (US$718 million). Full story...De Beers slashes output as crisis bites
Pre-eminent diamond producer De Beers has slashed output at operations in Botswana and Canada in response to the recent rapid decline in the diamond market. Full story...Chinese mine tragedy claims 77 lives
A gas explosion at the Tunlan coal mine in Shanxi, China, has killed 77 people, adding to the country’s grim statistics for mine safety. Full story...Gold output falls to near-record lows
THE gold price may be strong and hovering close to US$1,000/oz, but gold production is another story, as both South Africa and Australia announced this week that production had fallen to near-record lows. Full story...The party is over
THE boom in mining mergers and acquisitions is definitely over. For the third year in a row, mining M&A has decreased, reaching only US$80 billion in 2008 (down 20% from 2007, and sharply below the 2006 peak of US$140 billion). There is a direct relationship between the appetite for M&A and metal prices and, with the present gloomy outlook for most metals, takeover activity will continue to decline. Full story...Chinese smelters abandon DRC
The Democratic Republic of the Congo is being deserted by some foreign investors, but others are holding on, awaiting the outcome of its protracted contract reviews. Full story...DRC deserted by some, others hold on
The Democratic Republic of the Congo is being deserted by some foreign investors like a sinking ship, but others are holding on in the country still awaiting the outcome of its protracted contract review process Full story...
Production and Markets
Chinese mine tragedy claims 77 lives
A gas explosion at the Tunlan coal mine in Shanxi, China, has killed 77 people, adding to the country’s grim statistics for mine safety. Full story...Vale halt
Cia Vale do Rio Doce (Vale) has temporarily suspended operations at its Thompson nickel mine in Manitoba, after a worker was killed. Full story...Chinese smelters abandon DRC
The Democratic Republic of the Congo is being deserted by some foreign investors, but others are holding on, awaiting the outcome of its protracted contract reviews. Full story...Unions, Lonmin talk retrenchments
South African platinum producer Lonmin plc said it has reached agreements with unions on the 5,500 job cuts at its Marikana and Limpopo operations. Full story...Illegal miners
Pan African Resources plc has discovered the bodies of five illegal miners at its Consort mine in South Africa. Full story...Rio still plagued by floods
Rio Tinto has delayed some iron-shipments to clients from its Pilbara iron-ore operations, as it continues to suffer stoppages and transportation problems caused by recent flooding in Western Australia. Full story...Anglo American adds 9,000 jobs to group cull
Anglo American plc has added a further 9,000 job loses to the 10,000 previously announced by the group’s platinum producer, Anglo Platinum Ltd. Full story...Thompson halt
Cia Vale do Rio Doce (Vale) has temporarily suspended operations at its Thompson nickel mine in Manitoba, after a worker was killed. Full story...DRC deserted by some, others hold on
The Democratic Republic of the Congo is being deserted by some foreign investors like a sinking ship, but others are holding on in the country still awaiting the outcome of its protracted contract review process Full story...Peñoles sends silver abroad
Industrias Peñoles SAB, the Mexican mining company, has sent a shipment of silver and gold to be refined abroad for the first time as its domestic facilities remain closed owing to protracted strike action Full story...Copper imports
China’s copper imports for January were 41% higher than a year previously. Copper imports for January were 180,490t according to customs data, down 14% from the December high of 211,527t. Full story...Gold production declines to near record lows
The gold price may be strong and hovering close to US$1000/oz, but gold production is another story, as both South Africa and Australia announced this week that production had fallen to near record lows Full story...Kagara shutdown
Kagara Ltd has closed its Thalanga and Mt Garnet processing plants for the period March 2 to March 6, and has put staff on a two-week stand-down after continued flooding in Queensland prevented the company using haulage roads. At present, 31,000t of ore is stockpiled at Mungana. Full story...Exploration & Development
Oz achieves first Prominent Hill output
Oz Minerals Ltd has reached the delayed first-concentrate production milestone at its Prominent Hill copper-gold mine in South Australia. Full story...Saudi Arabian iron plan viable
London Mining plc has announced the results from a feasibility study on the development of Wadi Sawawin, a 50:50 iron-ore joint venture with Saudi Arabia-based National Mining Company (NMC). Full story...De Beers slashes output as crisis bites
Pre-eminent diamond producer De Beers has slashed output at operations in Botswana and Canada in response to the recent rapid decline in the diamond market. Full story...Mactung feasibility points to development
THE world’s largest undeveloped high-grade tungsten deposit would be viable to develop, according to North American Tungsten Corp Ltd, owner of the Mactung project in Canada’s Yukon Territory. Full story...Gold output falls to near-record lows
THE gold price may be strong and hovering close to US$1,000/oz, but gold production is another story, as both South Africa and Australia announced this week that production had fallen to near-record lows. Full story...Fortescue begins Christmas Creek
Fortescue Metals Group Ltd has begun mining at its second iron-ore project in the Pilbara region of Western Australia. Full story...Shayban’s next round
Assay results have been reported from a further four reverse-circulation holes in the 36-hole second drilling programme at the Shayban gold deposit in Saudi Arabia. Full story...Alamos update
Exploration drilling last year at Alamos Gold Inc’s Cerro Pelon project in Mexico resulted in the delineation of a new gold zone. Full story...IRON VALLEY DRILLING
Iron Ore Holdings Ltd has completed an RC drilling campaign at its Iron Valley deposit in the Pilbara. Full story...Bong deal queries
Approval for China’s US$2.6 billion agreement to develop the Bong iron-ore project in Liberia has been delayed owing to concerns raised by the country’s parliament. Full story...Study shows Gold Mountain viability
TIANSHAN Goldfields Ltd has delivered a positive pre-feasibility study for its 90%-owned Gold Mountain heap-leaching project in Xinjiang, north-west China. Full story...AJAX EXTENSION
Abacus Mining & Exploration Corp said the first five drill-holes from an extension of the Ajax copper-gold deposit, in British Columbia, indicate a new, mineralised fault-offset block. Results include: Full story...Nevada drilling
Nevada Copper Corp has announced more drilling results from its Pumpkin Hollow copper project in Nevada. Full story...Ambatovy costs rocket by US$1 bn
The large-scale Ambatovy lateritic nickel-cobalt joint venture in Madagascar will cost US$1 billion more than previously estimated, according to 40%-owner and project operator Sherritt International Corp. Full story...MECHEL DEAL
Russian mining and metals firm OAO Mechel has signed a coking coal supply agreement with Hyundai Steel of Korea. Mechel will deliver 100,000-300,000t/y of K-9 grade coking coal for five years from April 1, 2010. Full story...Fox results
Fox Resource Ltd has announced Davis Tube recovery (DTR) results from its Mount Oscar iron-ore project in Cape Lambert, West Australia Full story...ROSSING SOUTH RESULTS
Namibia-focused Extract Resources Ltd said the latest assay results from its Rossing South deposit reconfirm it is the highest-grade granite-hosted uranium deposit in the country and possibly one of the largest uranium deposits in the world. Full story...Banro confirms DRC contracts
Emile Bongeli and Martin Kabwelulu, respectively Deputy Prime Minister and Minister of Mines of the Democratic Republic of the Congo, have confirmed Banro Corp's mining licences in the country are in order. Full story...Mactung feasibility points to development
The world's largest undeveloped high-grade tungsten deposit would be viable to develop, according to North American Tungsten Corp Ltd, owner of the Mactung project in Canada's Yukon Territory. Full story...Finance
Concern over China’s Australian investments
THE Australian government faces calls for an inquiry into recent Chinese investment in major domestic mining companies, including this week’s announcement that China’s Hunan Valin Iron and Steel Group Co Ltd could take a 16.5% stake in Fortescue Metals Group Ltd for A$1.2 billion (US$718 million). Full story...Mvela plans to shut down
MVELAPHANDA Resources Ltd (Mvela) will cease to operate after passing its 63% holding in Northam Platinum Ltd to shareholders. Full story...Tough terms scuttle Eldorado raising
ELDORADO Gold Corp scrapped a C$275 million (US$219 million) public offering this week, which it had planned to use to fund acquisitions. Full story...HudBay directors now opposed to Lundin merger
THE friendly merger between HudBay Minerals Inc and Lundin Mining Corp has been called off, following dissent from major HudBay shareholders. Full story...Big companies weather market downturn in 2008
SOME of the world’s largest mining companies posted their full-year financials in the past week, including Barrick Gold Corp, which suffered from lower copper prices during the December quarter. Full story...The party is over
THE boom in mining mergers and acquisitions is definitely over. For the third year in a row, mining M&A has decreased, reaching only US$80 billion in 2008 (down 20% from 2007, and sharply below the 2006 peak of US$140 billion). There is a direct relationship between the appetite for M&A and metal prices and, with the present gloomy outlook for most metals, takeover activity will continue to decline. Full story...RIDGE CLOSES HEDGES
Ridge Mining plc’s 50%-subsidiary Blue Ridge Platinum has received R541 million (US$54 million) by closing its hedge-book. The subsidiary will use proceeds to repay debt and provide working capital of the Blue Ridge mine in South Africa. Full story...MORE OSISIKO FUNDS
Osisko Mining Corp has received a further C$52.5 million (US$42.1 million) from an over-allotment option granted to underwriters in a recent public offering. The extra funds bring the total amount raised to C$402.9 million. Full story...PENINSULAR PROGRESS
Peninsular Gold Ltd has repurchased US$20 million of convertible notes. The notes have been cancelled and all related securities have been released. In addition, Peninsular has signed a two-year operating and management agreement with Time Mining and Processing Pty Ltd of South Africa in relation to its new carbon-in-leach plant at the Raub gold project in Malaysia. Full story...QUEENSTON EQUITY
Queenston Mining Inc closed a C$18 million (US$14 million) equity deal this week, with a group of underwriters agreeing to purchase a combination of hard dollar units and flow-through shares. Each hard dollar unit was priced at C$3.85 and consists of one common share and one half purchase warrant Full story...CO-O RAISING
Medusa Mining Ltd is seeking A$24.5 million (US$15.9 million) to fund expansion and exploration at the Co-O mine in the Philippines. Medusa plans to issue 20.3 million shares at A$1.21 each to institutional and sophisticated investors. The placement will be underwritten by Euroz Securities. The cash will go towards work at Co-O, including a phase-two expansion to 100,000oz/y. Full story...Fifth Column
Survival plan
“Events resulted in him working day and night, seven days a week to save the company” Full story...Reports
Fund Fundamentals: Show me the margins
Mining Journal presents the eight in a series of interviews with professional investors in resource stocks. This installment: First State Investments (UK) LTD Full story...Focus
Solid Gold
With gold investment reaching record levels, features editor Michelle Giglio looks at why the precious metal is rising above all other commodities Full story...China grapples with commodity crisis
With such massive energy requirements to meet the needs of its immense population, China has been seeking to increase domestic production of commodities – and also acquiring raw materials worldwide Full story...Fund Fundamentals: Show me the margins
Mining Journal presents the eighth in a series of interviews with professional investors in resource stocks. This installment: First State Investments (UK) LTD Full story...People and Appointments
BAOBAB BOARD APPOINTMENT
Baobab Resources plc has appointed Brett Townsend as managing director of the company. Full story...SHIFT IN FOCUS
Focus Minerals Ltd managing director Peter Williams will change his role to chief operating officer. Full story...Unions, Lonmin talk retrenchments
South African platinum producer Lonmin plc said it has reached agreements with unions on the 5,500 job cuts at its Marikana and Limpopo operations. Full story...Site Search
Log inIssue: 27/02/09
PROFESSIONAL PLACEMENTS
Geologists- Senior and Junior Positions
Gryphon Minerals is aggressively growing its world class Banfora Gold Project in Burkina Faso, West Africa.
Mining and Metals Opportunities - Hatch
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Minerals Geoscientist Vacancy - Neftex
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