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28/01/11

Guinea may seek larger stake in mines

Guinea’s new president, Alpha Condé, this week said the West African country’s government may seek larger state ownership instead of reviewing existing mining contracts

Argus fights off Australian tax inquiry

Don Argus, the former chairman of BHP Billiton, is attempting to evade an Australian Senate request to stand before an inquiry into the proposed Mineral Resources Rent Tax (MRRT), The Australian newspaper reported

Another coal disaster in Colombia

Colombia’s poor recent safety record in coal mining has continued into 2011 with the death this week of up to 20 miners in an explosion at the Preciosa mine

Pike River miners killed by first explosion

An inquest into the incident where 29 miners died when two explosions rocked the Pike River coal mine in New Zealand has found that the men died from the impact of the first blast on November 19 last year.

More Hong Kong listings on the way

China Hongqiao Group Ltd is set to be the latest large-scale miner to list on the Hong Kong Stock Exchange

Norilsk completes US$3.5bn share buyback

OAO Norilsk Nickel has completed a previously announced share buyback by purchasing a 7.2% stake from shareholders for US$3.47 billion

Russia’s Koks could carry US$2.6bn market cap

OAO Koks, the Russian pig-iron and coke producer, could carry a market capitalisation of as much as US$2.6 billion after announcing the price range of its shares for the upcoming London listing

Opinion

Imitating Icarus

Chris Hinde says it will come as little surprise to learn that he is not writing this week's Comment from a ski resort in the Swiss Alps. No, the Davos invitation got lost in the post, again. Perhaps it is jealousy but he wonders if the World Economic Forum has flown too high to be effective.
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Production and Markets

Miners still working to clear water in Queensland

A large portion of Queensland’s coal mines remain “impaired by excess water” following recent rains and flooding, according to the Australian state’s leading industry association

Platinum producers increase production, prices improve

Production results from two of the world’s largest platinum group metal’s producers this week reflect an increase in production from a year earlier, while the basket price of metals sold has also shown gains

Another coal disaster in Colombia

Colombia’s poor recent safety record in coal mining has continued into 2011 with the death this week of up to 20 miners in an explosion at the Preciosa mine

Pike River miners killed by first explosion

An inquest into the incident where 29 miners died when two explosions rocked the Pike River coal mine in New Zealand has found that the men died from the impact of the first blast on November 19 last year.

Newcrest drops guidance

Gold miner Newcrest Mining Ltd has cut its production guidance due to excessive rain in eastern Australia and the political unrest in the Ivory Coast

Two die in South Africa.

Two mine employees have died in South Africa

Tin hits new record

The spot price of tin hit an all-time high of US$26,680/t on Wednesday, driven by renewed concern over Indonesian exports

Gem Diamonds reports record quarterly prices

Gem Diamonds Ltd recorded strong increases in sales at both its mines in the last three months of 2010 as it achieved record average prices for its diamonds

China Shenhua Energy

China’s largest coal producer, China Shenhua Energy Co, increased coal production by 7% in 2010 to 224Mt, while sales volumes increased by 15% to 292Mt
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Exploration & Development

London secures Marampa offtake with Glencore

Glencore International AG will buy 9.5Mt of iron-ore concentrate from the first part of the first phase of London Mining plc’s Marampa project in Sierra Leone

Banro's Namoya alternative

Banro Gold Corp’s Namoya gold project in the Democratic Republic of the Congo could be exploited using heap-leaching gold recovery, after a revised scoping study found potential for 124,000oz/y production

Tete exploration update

Baobab Resources plc has received results from a further three holes drilled at its Tete iron-vanadium-titanium project in Mozambique

PNG boost for Harmony

Harmony Gold Mining Co has reported exploration results from its 50%-owned Morobe Mining joint venture in Papua New Guinea

Songjiagou plan for 100,000oz/y

An independent scoping study has designed an open-pit mine with an average 106,000oz/y of gold production for Majestic Gold Corp’s Songjiagou project in Shandong province, China

Griffin raises Caijiaying resource

Reinterpretation of mineralisation at Griffin Mining plc’s 60%-owned Caijiaying gold-zinc mine in China has allowed it to compile a revised, larger resource estimate

Batero intercepts

Drilling to test the extent of porphyry mineralisation at Batero Gold Corp ‘s Batero-Quinchia gold-copper property in Colombia has intersected long intervals of stockwork and disseminated mineralisation at the Cumbre target

Yanneri Ridge estimate

Montezuma Mining Company Ltd has received an independent resource estimate for the Yanneri Ridge manganese deposit, one of six discovered at the company’s Butcher Bird property in Western Australia

Houdini assays

Holes to test historically-intercepted mineralisation at the Houdini prospect, part of Ivanhoe Australia Ltd’s Osborne project in Queensland, have intersected strong mineralisation

Courageous Lake confidence rises for Seabridge

Seabridge Gold Inc’s 2010 drilling programme at its Courageous Lake gold project in Canada’s Northwest Territories has improved confidence and size of the resource estimate

Guadelupe intercepts

First Mexican Gold Corp has received results from the first three holes of a ten-hole programme at the Guadelupe gold-silver-copper property in Sonora State, Mexico

Sentinel potential

An internal study by First Quantum Minerals Ltd has assumed a resource of at least 700Mt at 0.65-0.80% Cu for the Sentinel copper deposit, part of the Trident project in Zambia

Nautilus gains Solwara licence

The Government of Papua New Guinea has awarded Nautilus Minerals Inc the mining licence for its Solwara 1 polymetallic project in the Bismarck Sea

Stornoway's Renard grows

An independent resource estimate for the joint-venture Renard diamond project in Quebec has delineated about 40Mct of diamonds within indicated and inferred categories

Nkout results

Results from a drilling programme testing the centre 3km of African Aura Mining Inc’s Nkout iron-ore property in southern Cameroon has confirmed magnetite-bearing banded iron formation

More from Cadjebut

Meridian Minerals Ltd has received further intercepts from extensional drilling at its Lennard Shelf base-metals site in Western Australia, testing the Cadjebut Splay prospect

Sihayo hits

The continuing drilling programme at Sihayo Gold Ltd’s 75%-owned Sihayo Pungkut gold deposit in Sumatra, Indonesia, has intersected mineralisation outside the current resource

Windermere assays

The final results from Consolidated Tin Mines Ltd drilling programme that tested the Windermere prospect, part of the Mt Garnet tin project in Queensland, have confirmed extension of tin mineralisation
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Finance

Guinea may seek larger stake in mines

Guinea’s new president, Alpha Condé, this week said the West African country’s government may seek larger state ownership instead of reviewing existing mining contracts

Argus fights off Australian tax inquiry

Don Argus, the former chairman of BHP Billiton, is attempting to evade an Australian Senate request to stand before an inquiry into the proposed Mineral Resources Rent Tax (MRRT), The Australian newspaper reported

Support for Glencore IPO

The mooted initial public offering (IPO) by Glencore International AG received support this week from its founder and from one of the company’s bond holders

More Hong Kong listings on the way

China Hongqiao Group Ltd is set to be the latest large-scale miner to list on the Hong Kong Stock Exchange

BC Iron behind bid from Regent Pacific

BC Iron Ltd’s board of directors has backed a takeover offer for the Australian iron-ore developer from its largest shareholder, Hong Kong’s Regent Pacific Group Ltd

Vietnam’s Masan secures funding

Masan Resources, a unit of Vietnamese company Masan Group Corp, has raised US$100 million through a commitment from US group Mount Kellett Capital Management LP

Rio Tinto closer to Riversdale acquisition

Rio Tinto’s US$3.9 billion bid to acquire Riversdale Mining Ltd is a step closer to completion after the coal miner’s board backed the offer

Norilsk completes US$3.5bn share buyback

OAO Norilsk Nickel has completed a previously announced share buyback by purchasing a 7.2% stake from shareholders for US$3.47 billion

Russia’s Koks could carry US$2.6bn market cap

OAO Koks, the Russian pig-iron and coke producer, could carry a market capitalisation of as much as US$2.6 billion after announcing the price range of its shares for the upcoming London listing

Hummingbird Petmin deal

Liberian gold explorer Hummingbird Resources plc has signed an agreement to potentially sell half of its Mount Ginka iron-exploration interest to Petmin Ltd

De Beers sells Finsch to Petra for US$210m

De Beers has chosen Petra Diamonds Ltd as the preferred bidder for the sale of the Finsch diamond mine in South Africa
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Reports

Corporate resurrection

Colin Loosemore describes it as a corporate "near-death experience". He is talking about the time AIM-listed Archipelago Resources came within a whisker of financial collapse.

MEG monitor: Ending up

Metals Economics Group Pipeline Activity Index continues to rise in January as financing activity skyrockets

Stock Exchanges: Mining companies - which market?

With equity markets once again picking up pace, the choice of listing venues is more important that ever
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People and Appointments

Taylor new COO

Peter Taylor has been appointed African Aura Mining Inc’s chief operating officer

McKinstry joins Carrick

Carrick Gold Ltd has enhanced its management team with the appointment of experienced mining executive John McKinstry as chief executive officer

New Tara CFO

Lynda Keeton-Cardno has been appointed chief financial officer of Tara Minerals Corp and Tara Gold Resources Corp

Lee appointed

Leonard Lee has joined Kryso Resources plc as a director

Stalker made CEO

Brazilian Gold Corp has appointed John Stalker as chief executive following the resignation of Alvin Jackson, effective January 31
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Journal Team Diary

Did coal wipe out the dinosaurs?

Burning coal is the latest suspect in the quest to find what killed the dinosaurs 250 million years ago
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MJ 28/01/11
Past issues
 
PROFESSIONAL PLACEMENTS

Professional PlacementsProfessional Placements: Executive Director - PDAC

The Prospectors & Developers Association of Canada (PDAC) is seeking an Executive Director (ED) to oversee its operations from its headquarters in Toronto, Ontario

COMPANY PROFILES
Russian precious metals company Polymetal International plc’s commitment to establishing an extensive pipeline of growth projects has continued with the acquisition of the Kyzyl gold project.
Russian precious-metals company Polymetal International plc has made significant progress at the Semcha platinum-group metals (PGM) property in the past year as it moves the project towards a preliminary economic assessment
The Republic of Guinea intends to launch, pursuant to the mining Code, a competitive and transparent invitation to tender for three bauxite mining blocks located in the prefectures of Boffa, Boké and Télimélé.
Indochine Mining Limited is developing a high-grade gold project at Mt Kare in PNG by rapidly developing wide, high-grade gold zones
Sarama Resources is a West Africa-focused gold explorer with substantial landholdings in Burkina Faso, Liberia and Mali.
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