28/11/08
BHPB scraps Rio Tinto mega-merger
BHP Billiton has abandoned its hostile bid for Rio Tinto, blaming plunging commodity prices and the onset of a global recession for scuttling what would have been the second-largest takeover in corporate history. Full story...New Mining Journal website debuts
To coincide with Mines and Money London 2008, a version of the website will be available to anyone with an internet connection from December 1. Full story...Mining forum
NOW in its sixth year, Mines and Money 2008 – Europe’s largest mining and exploration industry forum – starts on Monday. Over the three-day event, 82 speakers will make presentations. Full story...All is apparently well at Norilsk board meetings
Norilsk Nickel, Vladimir Potanin, Oleg Deripaska, Rusal Full story...
Production and Markets
Iron ore futures to start in April
Commodities exchanges may introduce iron-ore futures contracts by April as buyers and sellers turn to publicly traded securities to manage price risk in a volatile market. Five exchanges in Asia, Europe and North America are studying contracts for iron ore, said Steven Randall, managing director of The Steel Index. Full story...
Peru signs royalty law
Peru’s president has signed a mining royalty rule that will change the way royalties are calculated into law this week. Full story...Australian gold output slows
Australian gold mines produced 9% less in the three months to September 31 than the corresponding period a year earlier, as inflated mining costs forced producers to curb output. Full story...DRC review drags on, government wants results
The Democratic Republic of the Congo’s contract review process has now reached the 18-month mark, three times longer that originally proposed, and the newly-appointed government is now calling for a swift conclusion to the process. Full story...Copper rises on China rate cut
Copper prices gained strength this week after China cut interest rates, although a growing surplus in the market threatens to cap gains. Full story...MMC eyes copper smelter in Philippines
China Metallurgical Construction Group Corp (MCC) is looking to develop a US$1 billion copper processing and smelter plant in the Philippines, despite the global credit crunch and slowing demand for metals. Full story...JM: platinum outlook uncertain
The platinum market will be in deficit by 240,000oz in 2008, according to Johnson Matthey’s interim review. Full story...Nickel market continues to frustrate Norilsk
The world’s top nickel producer OAO Norilsk Nickel has suspended production at its Waterloo and Silver Swan underground nickel mines in Western Australia owing to plummeting prices for the metal. Full story...Minor metals succumb
The minor metals finally succumbed to the pressures being created by the global financial crisis, although they were still not being as badly affected as other commodities, showing, perhaps, that stocks held are not as high. Full story...Rio Tinto aluminium
Rio Tinto, the world’s second-largest aluminium producer, plans to temporarily reduce output at its 44,000t/y Lynemouth aluminium smelter in north east England by one-third as rising energy costs and falling metal prices weigh on operating costs Full story...SMR delays production
Russian-based Strikeforce Mining and Resources Ltd (SMR) has postponed plans to double output of ferro-molybdenum until market conditions improve. Full story...Harmony production
Harmony Gold Mining Co, Africa’s third-largest producer of the metal, intends to boost production to benefit from increased local-currency prices for the metal. Full story...IFM shuts furnaces
International Ferro Metals Ltd (IFM) has suspended production at its two ferrochrome furnaces in South Africa in a response to falling demand. Full story...Timah output shift
Indonesia’s PT Timah may shift some production next year to make tin-derived products such as tin solder, after tin prices fell by about 48% in the past six months on the back of the worsening credit crises Full story...Katanga halts DRC
Katanga Mining Ltd has temporarily suspended production of cobalt concentrate at the Tilwezembe open pit and ore processing at the Kolwezi concentrator in the Democratic Republic of Congo owing to the weak price for the metal. Full story...FQM sheds jobs
First Quantum Minerals Ltd, which last month suspended copper output at its Bwana Mkubwa copper-processing plant in Zambia owing to a shortage of copper ore, has laid off 286 workers at the facility, according to union officials. Full story...La Solucion suspended
Canada-based Apogee Minerals Ltd has halted production at La Solucion silver-lead-zinc mine, in Bolivia, after low metals prices, declining grades and high costs rendered the operation unprofitable. Full story...Exploration & Development
Osisko’s Canadian Malartic a major project
THE feasibility study for Osisko MiningCorp’s Canadian Malartic porphyry gold project in Quebec has designed a major open-pit gold mine capable of producing more than 600,000oz/y. Full story...
OZ projects feel crunch
The continuing repercussions of falling metals prices, increasing tightness in credit markets and “volatile exchange markets” have claimed several of OZ Minerals Ltd’s projects. Full story...Mining forum
NOW in its sixth year, Mines and Money 2008 – Europe’s largest mining and exploration industry forum – starts on Monday. Over the three-day event, 82 speakers will make presentations. Full story...SALT CREEK RESULTS
Integra Mining Ltd has reported further drilling results from the Salt Creek deposit at its Aldiss-Randalls gold project near Kalgoorlie in Western Australia. Full story...End of the exploration boom
THIS year will mark the end of the recentexploration boom, according to thelatest report by Canadian-based MetalsEconomics Group (MEG), which alsopredicts lean times ahead for junior,intermediate and major companies alike. Full story...Acoje study positive for Rusina, European Nickel
Development of Rusina Mining NL’s Acoje nickel-cobalt laterite project in the Philippines, using European Nickel plc’s heap-leaching technology, could be viable, according to a recent prefeasibility study. Full story...Dutwa resource, Zanzui find
African Eagle Resources plc has achieved quick results from a resource-drilling programme at its Dutwa lateritic nickel-cobalt deposit in Tanzania, receiving an independent estimate within six months of discovery. Full story...Duluth receives Nokomis study
Duluth Metals Ltd has received a scoping study for its Nokomis polymetallic project in Minnesota, US. Full story...Colossus confirms high grades at Serra Pelada
Colossus Minerals Inc has intersected further high-grade gold and platinum group metals (PGM) mineralisation at the historic Serra Pelada property in Parà State, Brazil. Full story...Argonaut drilling
Argonaut Resources NL has announced further drilling results from the resource definition drilling programme at its Kroombit copper-zinc project in central Queensland. Full story...Fronteer expansion
Fronteer Development Group Inc has announced the results of recent drilling at its Northumberland gold project in Nevada have extended known mineralisation both at depth and west of the deposit. Full story...RUSSIAN BOOST
Russia’s uranium resources and reserves have quadrupled in the past two years, whilst mine production has increased by 20% the Russian Federal Subsurface Resources Agency (Rosnedra) has announced. Full story...WILCO DRILLING
Rye Patch Gold Corp has releaseddrilling results from its Wilco goldproject in Nevada. Full story...Osisko results
Osisko Mining Corp has released new drilling results from the South Barnat mineralisation zone at its Canadian Malartic gold project in Quebec. Full story...BOUGAINVILLE COSTS
Bougainville Copper Ltd said that costs at its closed Bougainville copper mine in Papua New Guinea, the largest copper project in the world, would be high if it were able to restart development. Full story...EXTRACT RESULTS
Rossing South Full story...TECK LEAVES PETAQUILLA
Teck Cominco Ltd has agreed to sell its 26% interest in the Petaquilla copper project in Panama to Inmet Mining Corp. Full story...Australian MoUs aim to progress projects
IronClad Mining Ltd (a 50% subsidiary of Trafford Resources Ltd) and Minotaur Exploration Ltd have both signed memorandums of understanding (MoUs) this week, with the aim of boosting the development potential of projects in Australia. Full story...Sabodala reserves increased
Mineral Deposits Ltd has announced an increase in the reserve estimate for its Sabodala gold project in west Senegal, increasing the total reserves by 16% to 1.63Moz. Full story...OLLACHEA ASSAYS
Peruvian-focused Minera IRL Ltd has released the initial drilling results from its Ollachea gold project in the Puno district in southern Peru. Full story...Denison postpones Midwest
Denison Mines Corp announced the postponement of the Midwest uranium project in Canada, held by a joint-venture between Denison (25.17%), Areva (69.16%) and Japanese consortium Overseas Uranium Development Co Ltd (OURD – 5.67%). Full story...Finance
Merchant bank Jaguar objects to HudBay/Lundin merger
HUDBAY Minerals Inc and Lundin Mining Corp have proposed a merger, which met with a counter-takeover proposal from merchant bank Jaguar Financial Corp. Jaguar also wants to sack the HudBay board to halt any progress towards a combination with Lundin. Full story...
BHPB scraps Rio Tinto mega-merger
BHP Billiton has abandoned its hostile bid for Rio Tinto, blaming plunging commodity prices and the onset of a global recession for scuttling what would have been the second-largest takeover in corporate history. Full story...Gold volatility good for Sabodala developer
MINERALS Deposits Ltd (MDL) has seized an opportunity presented by recent volatility in the gold price and reduced its hedge book to realise US$60 million. Full story...All is apparently well at Norilsk board meetings
Norilsk Nickel, Vladimir Potanin, Oleg Deripaska, Rusal Full story...Merged company plans gold production in 2009
A MERGER between BMA Gold Ltd and Aflease Gold Ltd could form a new gold company, pouring its first gold by the end of next year. Full story...China uncertainty causes WA stock dive
THE value of Western Australian mining equity plummeted in October, largely due to uncertainty over China’s demand for resources. Full story...Palmer’s Hong Kong listing on hold
THE initial public offering of Australian mining entrepreneur Clive Palmer’s company Resource Development International Ltd (RDI) on the Hong Kong Stock Exchange has been put on hold, but a planned merger with iron-ore developer Australasian Resources Ltd is still on. Full story...HIGH RIVER BOOST
Russian steelmaker Severstal has provided Canada’s High River Gold Mines Ltd with a much needed cash injection, spending US$45 million to take a 50.1% controlling stake in the company. Full story...IMPLATS HOLDS CASH
Impala Platinum Holdings Ltd (Implats) has adopted a “cash preservation programme”, amid the current global financial crisis and lower prices for the precious metal. Full story...nHAMBRO DEBT
Peter Hambro Mining plc said its operating subsidiary, Pokrovskiy Rudnik, had received two loans from companies controlled by executive chairman Peter Hambro, deputy chairman Pavel Maslovskiy, and their business associates. Full story...GOLD/SILVER DEAL
Vancouver-based Sherwood Copper Corp has closed a US$37.5 million precious metal transaction with Silverstone Resources Corp. Silverstone will purchase all payable gold and silver from Sherwood’s Minto mine, 240km north of Whitehorse, Canada. Full story...London Mining calls off court action against African Minerals
LONDON Mining plc has dropped its application for court injunction against African Minerals Ltd (AML), after the companies had a dispute regarding exploration licence boundaries in Sierra Leone. Full story...No gold for struggling NovaGold
NORTH American gold company NovaGold Resources Inc is having cash problems with C$10 million (US$8.1 million) in the bank and a US$20 million loan due before the end of the year. Development of its Rock Creek project in Alaska has been put on hold. Full story...CHINALCO CASHED UP
Aluminum Corp of China (Chinalco) said it would see out economic turmoil with its Yu50-60 billion (US$7.3-8.8 billion) in the bank. Full story...BUY-BACK LAUNCHED
Fresnillo plc, the world’s largest primary silver mining company, is seeking shareholder approval to purchase up to 10% of company stock. Full story...BUY-BACK CANCELLED
Western Australian nickel producer Independence Group NL wants to take advantage of its weaker industry peers and has cancelled an on-market share buy-back to maintain its cash reserves. Full story...UNDER ADMINISTRATION
Queensland copper producer CopperCo Ltd has appointed administrators after a “proposed financial transaction” fell through. Full story...Focus
MINING UNEARTHED: Exploration trends and patterns
This is the fourth in a series of articles drawn from an important new book on the industry by Phillip Crowson, the former chief economist of Rio Tinto Full story...
Liberia: Full of potential
It is now five years since the UN peacekeeping force, United Mission in Liberia, arrived to ensure the security of this West African country. Liberia has now become an acceptable country in which to invest and the country has made great strides in reinstating its place in the international community. Full story...Golden Mali needs a boost
THE Republic of Mali in west Africa is mineral rich and under-explored. In addition to its gold industry, it has recently opened up its vast northern area in the Sahara Desert to international petroleum exploration companies. Full story...Côte d’Ivoire: mining in peace
As Côte d’Ivoire puts years of violence behind it, miners are moving in to capitalise on the country’s resources – with benefits for a nation impoverished by war Full story...Reports
Côte d’Ivoire: mining in peace
FOR more than a decade, Côte d’Ivoire has been in a state of civil war and violence. Last year offered the first real signs of hope that the war was ending when rebel soldiers started disarming and ‘peace’ was declared. Full story...
Liberia: Full of potential
It is now five years since the UN peacekeeping force, United Mission in Liberia, arrived to ensure the security of this West African country. Liberia has now become an acceptable country in which to invest and the country has made great strides in reinstating its place in the international community. Full story...Golden Mali needs a boost
THE Republic of Mali in west Africa is mineral rich and under-explored. In addition to its gold industry, it has recently opened up its vast northern area in the Sahara Desert to international petroleum exploration companies. Its highly-prospective western region is host to some of the country’s biggest gold deposits, in addition to resources of uranium, iron, bauxite, base metals, precious stones and industrial minerals. Full story...People and Appointments
HAWTHORNE MINING HIRE
Hawthorne Gold Corp will be joined by Michael Petrina as vice-president of mining Full story...PORT DEVELOPMENT DIRECTOR
Adriana Resources Inc has named Guilherme Moretzsohn de Andrade as the director of port development, Brazore Ltd. Full story...DIRECTOR APPOINTMENT
Northland Resources Inc has named Simon Jackson as a director. Mr Jackson has more than 20 years’ experience in the mining industry. Full story...GOVERNMENT EXPERIENCE
Kazakhmys plc has appointed Daulet Yergozhin to its board as a non-executive director. Mr Yergozhin became chairman of the tax committee of the Ministry of Finance in October 2008 and has been vice-minister of finance of the Republic of Kazakhstan since January 2007. Full story...VP CORPORATE DEVELOPMENT
Ventana Gold Corp appointed Randy Smallwood to the company’s board of directors. Full story...WESTERN COPPER EXPERTISE
Western Copper Corp has named Paul West-Sells as executive vice-president, corporate development. Full story...MARIANA DEPARTURES
Mariana Resources Ltd announced the departure of executive director Grahame Hamilton. Full story...AUGUSTA APPOINTMENTS
Augusta Resource Corp announced the appointment of Raghunath Reddy to the position of chief financial officer. Full story...GREENLAND ADDITION
Australian based resources company Greenland Minerals and Energy Ltd has made another appointment, with Michael Hutchinson joining the board as non-executive chairman. Full story...INVESTMENT AND BOARD CHANGES
The board of Maghreb Minerals plc has been in discussions with the company’s principal shareholders, Firebird Global Master fund Ltd and Firebird Global Master fund II LLP, which own 24.06% of the share capital, regarding the future development of its business. Full story...TECK DEPARTURE
Teck Cominco Ltd said executive vice-president and chief operating officer, Peter Kukielski, will be leaving to pursue a new opportunity. Full story...CHAIRMAN DROPPED
Two major shareholders of Atlas Iron Ltd have ousted the company’s chairman, David Nixon. Full story...GOLDBROOK RE-ELECTION
Shareholders of Goldbrook Ventures Inc have voted in favour of re-electing David Baker, Brian Grant, J Earl Terris, Walter Peredery, and Martin Auyeung as company directors for the coming year. Full story...NEW ASSOCIATION HEAD
The Queensland Resources Council, the state’s industry body for the resources sector, has a new president – Nicole Hollows, current chief executive and managing director of Macarthur Coal Ltd. Full story...INCA CHIEF
Inca Pacific Resources Inc will be joined by James Rothwell, as the company’s new president and chief executive. Full story...Journal Team Diary
New Mining Journal website debuts
To coincide with Mines and Money London 2008, a version of the website will be available to anyone with an internet connection from December 1. Full story...Site Search
Log inIssue: 28/11/08
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