30/01/09
Xstrata raises cash to endure market mayhem
XSTRATA plc plans to raise £4.1 billion (US$5.9 billion) to reduce debt and has entered into an agreement to purchase Colombian coal operations from its 34% shareholder Glencore International AG. Full story...Uranium miners urged not to supply Iran
Western governments are urging uranium producers not to supply yellowcake to Iran as the country’s own supplies begin to dwindle, The Times newspaper reported. Full story...Lundin/HudBay merger in doubt despite vote
SHAREHOLDERS of Lundin Mining Corp have approved a takeover offer from HudBay Minerals Inc, but analysts are predicting the business combination will not happen. Full story...Newmont takes rest of Boddington
Newmont Mining Corp has agreed to pay about US$1.1 billion for AngloGold Ashanti Ltd’s 33.3% interest in the largest gold project in Australia, the Boddington mine redevelopment located 130km south of Perth in Western Australia. Full story...Vedanta profits plunge on writedowns
Vedanta Resources plc profits fell 98.5% in the third quarter owing to steep falls in metals prices, inventory writedowns and currency losses, the company said. Full story...MAC pleased with budget initiatives
REPRESENTATIVE group the Mining Association of Canada (MAC) has welcomed an extension of the 15% tax credit for investment in exploration companies, announced in the federal budget this week. Full story...Polyus delays full capacity at Natalka until 2022
OAO Polyus intends to reach full capacity at its Natalka deposit in far east Russia nine years later than planned following a lack of funds owing to the financial crisis, its chief executive said. Full story...Production and Markets
Lihir Gold eyes 1Moz target
Lihir Gold Ltd (LGL) posted an 87% rise in quarterly gold output on Wednesday and was optimistic about producing 1Moz of gold this year, despite a disruption to production at its namesake mine in Papua New Guinea. Full story...Peter Hambro bolsters gold output
Russia-based Peter Hambro Mining plc said gold production for the full year to December 31 rose by 36% to 393,600oz in line with the company’s previous guidance of 350,000oz to 400,000oz. Full story...Uranium miners urged not to supply Iran
Western governments are urging uranium producers not to supply yellowcake to Iran as the country’s own supplies begin to dwindle, The Times newspaper reported. Full story...Record ETC inflows as investors seek haven
ETF Securities said it experienced its largest inflow of money into exchange-traded commodities (ETCs) last week as investors turn to gold as a safe haven as the economic crisis worsens. Full story...Thompson Creek cuts moly output
Canada-based Thompson Creek Metals Co Inc said it plans to reduce molybdenum production in 2009 to 20-24Mlb, from a previous guidance of 31.5-34Mlb, and will halt mining activity for a month owing to “unfavourable market conditions” and reduced demand for molybdenum. Full story...Equinox power dispute continues
Equinox Minerals Ltd said the Protective Relief action that it sought to keep Zesco from cutting power to its Lumwana copper mine at the end of January was adjourned at the request of both the company and Zesco until February 17. Full story...Polyus delays full capacity at Natalka until 2022
OAO Polyus intends to reach full capacity at its Natalka deposit in far east Russia nine years later than planned following a lack of funds owing to the financial crisis, its chief executive said. Full story...Lonmin PGM drop
Lonmin plc posted a 14% drop in platinum production in the three months to December 31 and said its sales and cost guidance for 2008-09 was unchanged. Full story...Kazakhym's copper hike
Kazakhmys plc revealed a 7% rise in copper cathode output for the three months to December 31 from the previous quarter and warned it would cut spending and output in 2009. Full story...Gold Fields output
Gold Fields Ltd said gold production rose 5% to 839,000oz, compared with an October 29 forecast of 840,000oz. Production costs in dollar terms fell to US$487/oz from US$617, the company said. Full story...Barrick shuts Kainantu
Barrick Gold Corp has closed its Kainantu mine in Papua New Guinea, local media reported on Thursday. Full story...Superpit wins approval
Barrick Gold Corp and Newmont Mining Corp, joint owners of Australia’s second-largest gold mine, won environmental approval to expand the Super Pit site in Kalgoorlie, Western Australia. Full story...BHPB offers assistance
BHP Billiton said it would buy houses of employees it laid off last week in Western Australia. Full story...Damper shipments
Rio Tinto has restarted iron-ore loading operations as Port Dampier in Western Australia after a tropical cyclone with destructive wind passed through the remote west Australian coast on Monday, Full story...DRDgold restart
DRDGold Ltd said it restarted work at the Blyvooruitzicht mine Shaft 5 in South Africa on January 22 after a lightning strike shut off power and trapped 275 workers underground temporarily. Full story...ENRC extends cuts
Eurasian Natural Resources Corp (ENRC) will extend a 35% production cut into the first six months of 2009 as the global economic slowdown curbs demand for ferroalloys from steelmakers. Full story...Antam boosts spend
Indonesia’s PT Aneka Tambang TBK (Antam) said it plans to spend 3 trillion rupiah (US$265.4 million) this year, up three-fold on 2008, to take advantage of an eventual recovery in commodity prices. Full story...Newmont gold sales
Newmont Mining Corp said gold sales in 2008 accounted for about 5.2Moz, within its previously forecast range of 5.1-5.4Moz. Full story...Voisey’s Bay shipments stalled on Vale dispute
Cia Vale do Rio Doce (Vale) has halted shipments of nickel concentrate from its Voisey’s Bay mine in northern Labrador, Canada, until an agreement with the provincial government over a proposed processing plant is concluded. Full story...PGM production slows at Eastplats
Eastern Platinum Ltd (Eastplats) this week posted a 6% drop in quarterly output of platinum group metals (PGM) from the Crocodile River mine in South Africa because of an increase in the number of holidays during the fourth quarter. Full story...Sluggish start for minor metals
The minor metals’ markets were relatively quiet during January, with some works closing for even longer periods than usual over the festive season in order to reduce costs during the current world economic crisis. Full story...Macarthur lifts fourth-quarter coal sales
Macarthur Coal Ltd said coal sales rose 26% in the three months to December 31, compared with a year earlier, after port bottlenecks eased. The company said sales were 1.23Mt in the quarter, from 971,600t in the same period a year earlier. Full story...Sino Gold boost
Sino Gold Ltd said gold production at its Jinfeng mine in China’s Guizhou province increased by 21% to 46,290oz in the three months to December 31. Full story...Exploration & Development
Gualcamayo goes underground
Yamana Gold Inc has announced that it will proceed to develop the QDD Lower West underground deposit at its Gualcamayo gold project in Argentina, using front caving mining with pillar recovery. Full story...Gramalote resources rise 28%
B2Gold Corp has announced a 28% increase in the inferred resource estimate at its Gramalote gold project in Colombia. Full story...Extract overachieves at Rossing South
The Rossing South uranium deposit in Namibia has been confirmed as a significant resource for owner Extract Resources Ltd, a year after the discovery hole. Full story...Tropicana resource increased by 20%
AngloGold Ashanti Ltd has announced that the total resource for its 70%-owned Tropicana gold project in Western Australia (30% owned by Independence Group NL) has increased by 20%, with the new estimate containing resources in the measured category. Full story...Ironbark plan for Arctic Citronen mine
Results from a prefeasibility study for development of Ironbark Gold Ltd’s Citronen zinc-lead project in Greenland’s far north indicate it could produce up to 1.1Mt of zinc over the first six years. Full story...Fronteer Drilling
Fronteer Development Group Inc has announced drilling results from its 51%-owned Long Canyon gold project in Nevada (49%-owned by AuEx Ventures Inc). Full story...Divide results
Alix Resources Corp has released drilling results from its Divide gold project in Nome, Alaska. Full story...Weeli Wolli results
Iron Ore Holdings Ltd has announced further drilling results from its Weeli Wolli iron-ore project in Pilbara, Western Australia. Full story...Nachingwea progress
Continental Nickel Ltd said its drilling programme at the 70%-owned Nachingwea nickel sulphide property about 400km south of Dar es Salaam in Tanzania has intersected disseminated, net-textured and locally semi-massive sulphides. Full story...Table Mountain drilling
Hawthorne Gold Corp has announced drilling results from its Cassiar gold camp project in British Colombia. Full story...Jimblebar results
Warwick Resources Ltd has announced drilling results from two drill holes at its Jimblebar Ridge iron-ore project in Western Australia. Full story...Tenke Fungurume approaching completion
Freeport McMoRan Copper & Gold Ltd and Lundin Mining Corp, partners in the Tenke Fungurume copper project in the Democratic Republic of the Congo (DRC), expect commissioning at the major development to begin shortly. Full story...Sherritt’s Ambatovy warning
Sherritt International Corp will not go ahead with the joint venture Ambatovy nickel laterite project in Madagascar as originally planned. Full story...More work for Twangiza
Banro Corp has completed a feasibility study for its Twangiza gold project in the Democratic Republic of the Congo after more than ten years of involvement. Full story...BSG problems at Simandou
Rio Tinto, Simandou iron-ore concession in Guinea, BSG Resources Guinea Ltd, Beny Steinmetz Group Full story...Freegold drilling
Northern Freegold Resources Ltd has announced drilling results from the Nucleus zone at its Freegold Mountain copper-gold project in the Yukon. Full story...Bucko assays
Crowflight Minerals Inc has provided drilling results from the underground drilling programme at its Bucko Lake nickel project in Manitoba. Full story...Kempfield Silver
Argent Minerals Ltd has released assay results from the BJ zone at its Kempfield silver project in New South Wales. Full story...Results point to Öksüt potential
Stratex International plc has intersected further extended intervals of gold mineralisation at its Öksüt gold property in central Turkey. Full story...Osisko announces resource estimate
Osisko Mining Corp has announced the release of an inferred resource estimate for its South Barnat gold project in Quebec, Canada. Full story...Norsemont drilling
Norsemont Mining Inc has announced the results of a drilling programme at its Constancia copper-molybdenum-silver project in south-eastern Peru. Full story...Finance
Equity markets still open to producers and developers
IT IS still possible to raise capital in these unpleasant markets, as evidenced by a raft of resource companies accessing funds this week. Full story...World Wide Minerals action against alleged Kazakhstan uranium rip-off
COMMODITY trader World Wide Minerals Ltd (WWM) is continuing arbitration with Kazakhstan, relating to investment in the Eurasian country’s uranium industry more than a decade ago. Full story...Hedge fund offers gold denomination
A BERMUDA-registered hedge fund is offering clients the chance to have their investment denominated in gold, as a protection against economic uncertainties. Full story...Equity issue considered by Rio Tinto
RIO Tinto will consider issuing equity to partly cover US$10 billion of debt it is trying to repay by the end of the year. Full story...Xstrata raises cash to endure market mayhem
XSTRATA plc plans to raise £4.1 billion (US$5.9 billion) to reduce debt and has entered into an agreement to purchase Colombian coal operations from its 34% shareholder Glencore International AG. Full story...Rival merger bid for Central Sun
B2GOLD Corp has proposed a merger with Central Sun Mining Inc, trumping an offer from Linear Gold Corp made in December. Full story...Lundin/HudBay merger in doubt despite vote
SHAREHOLDERS of Lundin Mining Corp have approved a takeover offer from HudBay Minerals Inc, but analysts are predicting the business combination will not happen. Full story...Aurora not committed to Fronteer offer
GOLD and copper exploration company Fronteer Development Group Inc has made a bid, valued at C$93 million (US$75 million), to control all outstanding shares in uranium explorer Aurora Energy Resources Inc. Full story...Newmont takes rest of Boddington
Newmont Mining Corp has agreed to pay about US$1.1 billion for AngloGold Ashanti Ltd’s 33.3% interest in the largest gold project in Australia, the Boddington mine redevelopment located 130km south of Perth in Western Australia. Full story...Detour Lake interests propose tie-up
TSX-listed Detour Gold Corp has agreed to merge with its 42.3% shareholder PDX Resources Inc, to simplify corporate structure and ownership of the Detour Lake gold project in Ontario. Full story...Vedanta profits plunge on writedowns
Vedanta Resources plc profits fell 98.5% in the third quarter owing to steep falls in metals prices, inventory writedowns and currency losses, the company said. Full story...MAC pleased with budget initiatives
REPRESENTATIVE group the Mining Association of Canada (MAC) has welcomed an extension of the 15% tax credit for investment in exploration companies, announced in the federal budget this week. Full story...UK coal sale
UK Coal plc said its wholly-owned subsidiary, UK Coal Mining Ltd, has completed the disposal of its 50% interest in Coal4Energy Ltd to joint venture partner Hargreaves Services plc for £9 million (US$12.9 million). Full story...Peabody profit
Coal producer Peabody Energy Corp’s December quarter profit rose more than eight-fold, driven in part by higher contract prices from its Australian mines Full story...ZincOx payment
ZincOx Resources plc has received a deferred payment of US$15.7 million from the 2003 sale of its Shaimerden zinc deposit in Kazakhstan. Full story...Arian transaction
Arian Silver Corp has proposed a swap of shares worth C$1.4 million (US$1.16 million) with Grafton Resource Investments Ltd. Full story...Zambezi funding
Zambezi Resources Ltd has received an application from Astron Ltd for a share placement of 12.78% of the enlarged share capital of Zambezi, for A$580,000 (US$388,000). Full story...Mincorp suspension
Philippines exploration company Mincorp plc has been suspended from trading on AIM after failing to appoint a Nominated Adviser (Nomad). Full story...Compass halts
Struggling copper producer Compass Resources Ltd has gone into voluntary administration. Full story...UC Rusal proposal
Oleg Deripaska has reportedly asked the Kremlin for US$6 billion in return for a 15% stake in United Co Rusal, the aluminium producer he controls. Full story...Fifth Column
A challenging outlook
Jacynthe Côté takes over as chief executive of Rio Tinto Alcan, the world’s biggest aluminium group, on Sunday. She replaces industry veteran Dick Evans – a move that immediately prompts two questions. Full story...Focus
Raising finance in London
Initial public offerings are not the only way to raise money in London Full story...People and Appointments
Victoria vice-president
Victoria Gold Corp has appointed John McConnell to the position of executive vice-president. Full story...Fortescue restructures
Fortescue Metals Group Ltd has restructured its executive team with the addition of several appointments reflecting the company’s transition from a project developer to a larger-scale mining company. Full story...Threegold chief financial officer
Threegold Resources Inc has named Octavio Soares as its chief financial officer. He is a current member of the Ordre des Comptables Agréés du Québec. Full story...GRD Minproc coal group
GRD Minproc has appointed Brian Kennedy as manager of its newly-established Coal Group. Full story...Rod Baxter joins Murchison
Former Consolidated Minerals Ltd managing director Rod Baxter has joined Murchison Metals Ltd as a non-executive director. Full story...Journal Team Diary
More than just a game
It is not often that a mining-related story finds its way on to the sports pages of the London newspapers. Full story...Site Search
Log inIssue: 30/01/09
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