9/01/09
Alcoa battens down the hatches
DRASTIC cost cutting and deep job losses at Alcoa Inc may not be enough to weather the current economic climate, according to a leading analyst. Full story...Rusoro continues bid for Gold Reserve
RUSSIAN-backed Rusoro Mining Ltd will continue its bid for Gold Reserve Inc despite the latter’s resistance to the takeover. Full story...Miners push on in Guinea
MINING companies operating in Guineah ave confirmed operations are continuing as normal, despite political upheaval in the country in December following the death of President Lansana Conte. Full story...Randgold is FTSE 100’s best-performing stock
WEST African-focused gold producer Randgold Resources Ltd was the top performer in the London Stock Exchange’s FTSE 100 index in 2008. Full story...Fortescue chief shares the wealth
AUSTRALIAN mining billionaire Andrew Forrest has gifted 30 million Fortescue Metals Group Ltd shares to undisclosed recipients, with charities reportedly receiving the bulk. Full story...Mining stock rally wasn’t sustainable
THE new year rally in mining and exploration stocks, which brought a wave of optimism to the battered sector, faltered towards the end of the first full week of trading. The setback added weight to some analysts’ views that the recovery was technical and temporary. Full story...Esperance port clear to export nickel
The port of Esperance in Western Australia, the site of a lead pollution scandal involving Ivernia Inc in 2007, has been cleared to handle nickel sulphide concentrate exports despite residents’ concerns that nickel dust levels will exceed safe limits. Full story...
Production and Markets
LME trading surges to record on market volatility
The London Metal Exchange (LME) said trading rose 22% in 2008, for a fourth consecutive year against the backdrop of “exceptional market turmoil”. More than 113 million futures and options were traded, up from the 93 million traded in 2007, which was an increase of 7% on 2006, the LME said. Full story...NMDC iron-ore sales drop as Indian demand slows
NMDC Ltd, India’s top iron-ore producer, has warned that sales in December fell for the third straight month as the global recession continues to crimp demand for raw materials. Full story...Kinross bolsters gold output
Toronto-based Kinross Gold Corp, Canada’s third-largest gold producer, hopes to increase output by as much as 39% this year owing to an expansion of the Paracatu mine in Brazil and additional production from the Kupol deposit in Russia and Buckhorn in the US. Full story...Coal output down at Brule, Wolverine
Vancouver-based Western Canadian Coal Corp (WCC) said on Tuesday it would cut production at its Brule and Wolverine coal mines, in British Columbia, in response to rising inventory levels connected to the deferral of shipments by some customers and the uncertainty of the coal markets beyond April. Full story...Miners push on in Guinea
MINING companies operating in Guineah ave confirmed operations are continuing as normal, despite political upheaval in the country in December following the death of President Lansana Conte. Full story...More trouble at Lumwana
Canada-based Equinox Minerals Ltd could be without power at the Lumwana copper mine in Zambia at the end of the month if a quarrel over charges is not resolved quickly. Full story...Limited business for minor metals
The first half of December saw only limited business in the minor metals, and almost nothing at all after about December 20 due to the Christmas and New Year holidays. Full story...Coal output down at Brule, Wolverine
Vancouver-based Western Canadian Coal Corp (WCC) said on Tuesday it would cut production at its Brule and Wolverine coal mines, in British Columbia, in response to rising inventory levels connected to the deferral of shipments by some customers and the uncertainty of the coal markets beyond April. Full story...Doe Run curbs output
The Doe Run Co said it plans to reduce its mine output to 5Mt/y of lead from 6Mt/y because of falling market prices. Full story...La Mancha boost
Canada-based La Mancha Resources Inc has received an update to the measured and indicated resource at its 45.9%-owned Ity gold mine in Cote d’Ivoire with a more than 50% increase from December 2007. Full story...Stellite stalls
Chromex Mining plc has cut production at the Stellite mine in South Africa to 10,000t/mth of ore. Full story...Newcastle coal boost
Australia’s Newcastle port may lift exports by 3.4% in 2009, as it expands capacity to meet energy demand in Asia. Full story...Zambia mine takeover looms
Zambia may take control of copper mines that have closed down in response to the global financial crisis, President Rupiah Banda said. Full story...Mt Gordon closes
Aditya Birla Minerals Ltd has placed its Mt Gordon copper mine in Queensland on care and maintenance because of low copper prices. Full story...China to cut import tax
China will allow tax-free imports of copper, nickel and cobalt concentrate from February 1, as long as the finished products are re-exported, according to the Ministry of Commerce. Full story...Rio Tinto cuts Kestrel
Rio Tinto said it would reduce output from its Kestrel coal mine in Australia by 15% owing to weak demand. Full story...Cerro de Pasco slows
Volcan Cia Minera, Peru’s largest zinc producer, partially shut open-pit operations at its Cerro de Pasco mine in the central highlands on falling prices, a union official said. Full story...Esperance port clear to export nickel
The port of Esperance in Western Australia, the site of a lead pollution scandal involving Ivernia Inc in 2007, has been cleared to handle nickel sulphide concentrate exports despite residents’ concerns that nickel dust levels will exceed safe limits. Full story...Philippines investment
The Philippines is looking to attract US$1 billion in investments into its mining sector this year after missing that same target in 2008, according to a senior official. Full story...Exploration & Development
Moto’s DRC negotiations reach conclusion, scope reduced
Moto Goldmines Ltd has finalised terms for its namesake gold project with the authorities in the Democratic Republic of the Congo. Full story...Marathon finalises feasibility
Marathon PGM Corp’s namesake polymetallic project in Ontario could produce 19,000t of copper, 200,000oz of platinum group metals (PGM) + gold, and 310,000oz of silver annually, according to a feasibility study completed at the end of last year. Full story...Agbaou receives positive results from feasibility study
Etruscan Resources Inc has announced that is has received a positive feasibility study for its Agabou gold project in Côte d’Ivoire, and that the project is anticipated to produce 82,000oz/y of gold. Full story...First copper at Carmen and Carlota
Atlas Consolidated Mining and Development Corp has shipped the first concentrate from its redevelopment of the Carmen copper mine in Toledo City, Philippines, this week, while Quadra Mining Ltd has also produced the first copper from its Carlota project in Arizona. Full story...Herencia’s Paguanta project needs higher price
A scoping study for development of Herencia Resources plc’s Paguanta zinc project in Chile has found that the project would require a zinc price of double the current level to achieve a positive net present value. Full story...Tobermalug drilling
Minco plc has reported drilling results from its 23.6%-owned Pallas Green nickel-lead project in County Limerick, Ireland (a joint venture with Xstrata plc). Drilling has targeted the Tobermalug deposit. Drilling results included: Full story...Mining stock rally wasn’t sustainable
THE new year rally in mining and exploration stocks, which brought a wave of optimism to the battered sector, faltered towards the end of the first full week of trading. The setback added weight to some analysts’ views that the recovery was technical and temporary. Full story...Fjordland results
Fjordland Exploration Inc has reported drilling results from its Woodjam copper-gold-molybdenum project in British Columbia. Full story...Pardoo discovery
Atlas Iron Ltd has announced the discovery of a new deposit of direct shipping ore iron ore at its Pardoo project in Western Australia Full story...Thunder extensions
Magma Metals Ltd has reported further drilling results from the Current Lake and Beaver Lake deposits at its Thunder Bay North polymetallic project in Ontario, Canada. Full story...Nachingwea assays
Continental Nickel Ltd has announced additional assay results from its 70%-owned Nachingwea nickel sulphide project in Tanzania. Full story...Pitt drilling
Normabec Mining Resources Ltd has announced drilling results from its Pitt gold project in Quebec. The drilling programme has targeted extensions of known mineralisation zones at the property. Drilling results included: Full story...Windimurra delays project and seeks funds
Windimurra Vanadium Ltd has further delayed start-up at its namesake vanadium project in the mid-west region of Western Australia. Full story...Petra cuts exploration spending by 80%
Petra Diamonds Ltd has announced that it will cut exploration spending by at least US$20 million this year, from US$25 million to US$5 million, by withdrawing from some projects, and substantially reducing exploration activity and spending at other projects. Full story...Sundance signs agreement with Cameroon government
Sundance Resources Ltd has signed a framework agreement with the government of Cameroon, for the development of Sundance’s Mbalam iron-ore project, tabled to be the country’s first major iron-ore development. Full story...Finance
Alcoa battens down the hatches
DRASTIC cost cutting and deep job losses at Alcoa Inc may not be enough to weather the current economic climate, according to a leading analyst. Full story...New year, new funds for mining companies
KATANGA Mining Ltd has secured underwriting for a US$265 million loan, as a number of resources companies were buoyed by successful capital raisings in recent weeks. Full story...Rusoro continues bid for Gold Reserve
RUSSIAN-backed Rusoro Mining Ltd will continue its bid for Gold Reserve Inc despite the latter’s resistance to the takeover. Full story...Volatile shares stabilise in December
SHARE prices of Western Australian companies stabilised in December, following three months of decline. Full story...ConsMin unhappy with OM Holdings’ proposed changes
OM HOLDINGS Ltd (OMH) will attempt to change its by-laws to ensure greater protection against takeover attempts, which has drawn the ire of its largest shareholder, Ukrainian-owned Consolidated Minerals Ltd (ConsMin). Full story...Court ruling goes against Alhambra appeal
CANADA-based gold producer Alhambra Resources Ltd has suffered a setback in its bid to retain control of its wholly-owned operating subsidiary Saga Creek Gold Co. Full story...OZ Minerals secures temporary debt reprieve
STRUGGLING OZ Minerals Ltd has staved off insolvency by negotiating a two-month extension to its deadline to refinance US$560 million of debt. Full story...ROYALTY AGREEMENT
Breakwater Resources Ltd has entered into a royalty agreement with Red Mile Resources No. Full story...OFFER DECREASED
KazakhGold Group Ltd has reached an agreement with OJSC Polyus Gold on the revised terms of the offer to acquire 50.1% of KazakhGold. Full story...Cambrian merger
Cambrian Mining plc has entered into a conditional agreement with Western Canadian Coal Corp whereby Western will make available a loan facility on a secured basis of up to US$36 million to Cambrian. Full story...Apex Silver faces delisting
SILVER producer and explorer Apex Silver Mines Ltd will not appeal a move to delist its stock from the NYSE Alternext exchange. Full story...OREZONE INVESTMENT
Iamgold Corp has completed the previously announced purchase on a private placement basis of Orezone Resources Inc shares for C$20 million (US$17 million). Full story...WEATHERLY LOAN
UK-based Namibian copper producer Weatherly International plc has secured a loan facility of US$11.3 million from Chelopech Mining EAD, a subsidiary of Dundee Precious Metals Inc, and Louis Dreyfus Commodities Metal Suisse SA. Weatherly’s unit, Namibian Custom Smelters, will borrow US$7 million; the company has a separate agreement with Louis Dreyfus for US$4.3 million. Full story...RIO TINTO SALE
Rio Tinto executives said the company had agreed to sell its half in a Chinese aluminium smelting joint venture to its partner Qingtongxia Aluminium and the deal is expected to be completed soon. Full story...FRESNILLO BUY-BACK
Fresnillo plc, the world’s largest silver company, has begun a share buy-back that will last from January 2 to February 23. Full story...Randgold is FTSE 100’s best-performing stock
WEST African-focused gold producer Randgold Resources Ltd was the top performer in the London Stock Exchange’s FTSE 100 index in 2008. Full story...Fortescue chief shares the wealth
AUSTRALIAN mining billionaire Andrew Forrest has gifted 30 million Fortescue Metals Group Ltd shares to undisclosed recipients, with charities reportedly receiving the bulk. Full story...Fifth Column
Innocents abroad?
Are they very brave – or just foolhardy? That’s the question being asked about Gerard Holden and Brad Mills because they have joined the board of OAO Norilsk Nickel as independent directors. Norilsk is Russia’s biggest mining company and the world’s major producer of nickel and palladium. Full story...Focus
PDAC 2009 - Challenges lie ahead
Join the more than 20,100 attendees from over 100 countries who conduct business at the most important exploration and development convention in the world, says Joe Hinzer Full story...Bolivia poised for progress or peril
It may be South America’s poorest country, but Bolivia is sitting on a wealth of tin and zinc – with miners waiting anxiously to see whether the president will open up or nationalise the resources sector Full story...Fund Fundamentals: European expertise
Earth Resource Investment Group (ERIG) was launched just over two years ago by Joachim Berlenbach, initially to focus on small- to mid-cap stocks. Full story...Reports
Fund Fundamentals: European expertise
Mining Journal presents the fifth in a series of interviews with professional investors in resource stocks. This installment: Earth Resource Investment Group Full story...People and Appointments
THREE FNX APPOINTMENTS
FNX Mining Co Inc has announced the appointments of Bill Shaver as chief operating officer, Gord Morrison as senior vice-president, exploration and Catharine Farrow as senior vice-president, corporate development and technical services. Full story...POTASH ONE APPOINTMENT
Potash One Inc welcomed William Harris to its board of directors. He is a partner of Solo Management Group LLC, an investment and management consulting partnership. Full story...TAKEOVER CHANGES
Waratah Coal Inc announced that Shaun Maskerine, Nicholas Mather, Howard Stack and Andrew Wilson have resigned from the board of directors. Full story...IVERNIA DOWNSIZE
Ivernia Inc has closed its office in Sydney, as part of its cost reduction efforts. As a result, executive vice-president and chief operating officer Patrick Scott has resigned. Full story...RESIGNATIONS AT NUINSCO
Nuinsco Resources Ltd said Frank Crothers and Peter Thomson have resigned from the board of directors. Full story...NORILSK WITHDRAWALS
Two candidates, Heinz Schimmelbusch and Guy de Sellier, withdrew their written consents to stand for election to the board of directors of OAO Norilsk Nickel at the extraordinary general meeting of shareholders held on December 26, 2008. Full story...DIRECTOR DEPARTURE
Pierre Lebel has left the board of directors of Jinshan Gold Mines Inc. Mr Lebel tendered his resignation to devote more time to personal and other business interests. Full story...NICKEL EXPERTISE
Talisman Mining Ltd has appointed former Jubilee Mines executive Gary Lethridge as managing director. Full story...Barrick top job
Barrick Gold corp, the world's largest producer of the metal, named former Falconbridge Ltd president Aaron Regent as its new chief executive, ending a nine-month search to replace Greg Wilkins. Full story...VALE MOVEMENTS
Tito Martins has been appointed as president and chief executive of Vale Inco Ltd, a subsidiary of Cia Vale do Rio Doce (Vale). Mr Martins will retain the position of executive director of non-ferrous minerals of Vale. Full story...Issue: 9/01/09
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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