March 6 2009
Quebec rules Fraser survey again
The Canadian province of Quebec has come top in the Fraser Institute’s annual survey of exploration jurisdictions for the third year running. Full story...Miners get back to work in Ecuador
Ecuador has announced that it will allow foreign mining companies to restart development of their projects, almost a year after suspending all mining in the country. Full story...Barrick Gold’s boss speaks out
Peter Munk, founder and chairman of Barrick Gold Corp, was outspoken at his company’s presentation in London this week: “I have never seen or lived through times like these; the world is sick, the economy is shaking. Country after country is fighting a crisis that has not been seen before.” Full story...Looking for warmth at PDAC
Neither the global downturn nor the cold weather in Toronto this week deterred 18,000 delegates from attending the Prospectors and Developers Association of Canada (PDAC) convention. Full story...Barrick considers all the options
Barrick Gold Corp’s strength was that it is not dependent on acquisitions, but the company is looking at mines that are complementary to its portfolio, according to Aaron Regent, the recently appointed chief executive. Full story...Rio Tinto gains support for Chinalco deal
Rio Tinto looked this week to dispel potential grievances of its shareholders about a proposed tie-up with Chinalco, amid reports major investors were still “deeply unhappy” with the deal. Full story...China tipped to commit more funds to mining in 2009
The year of 2008 was one of boom and bust for mining mergers and acquisitions (M&A), according to a report from PricewaterhouseCoopers (PwC). Full story...
Production and Markets
Vale cuts 900 jobs at global nickel operations
Cia Vale do Rio Doce’s (Vale) Inco unit plans to axe about 900 jobs in its nickel business worldwide after prices for the metal plunged. The group said reductions were focused on corporate, management and business-support functions Full story...More mines submerged by Pilbara floods
Iron-ore producers continued to battle rising floodwaters in the Pilbara region of Western Australia this week, as heavy rains derailed more production. Full story...Kazakhmys cancels dividend, earnings drop
Kazakhmys plc, Kazakhstan’s largest copper producer, said earnings fell 30% last year on slumping metal prices and revealed it would not pay a final dividend in order to conserve cash Full story...Gold hedging slows on soaring prices
The global gold hedge book now accounts for 15.5Moz, down from a peak of 102.8Moz in the third quarter of 2001 as gold companies look to take advantage of high gold prices. Full story...Pike River placement
New Zealand-based Pike River Coal Ltd is looking to raise NZ$45 million (US$22 million) through an issue of new shares and a placement to an investor, to lift coal production and boost sales. Full story...New Gold eyes Mesquite to bolster gold output
Canada-based New Gold Inc has agreed to buy Western Goldfields Inc for about C$314.6 million (US$243.9 million) to add production from the Mesquite mine in California to output from its Cerro San Pedro mine in Mexico and the Peak Mines operation in Australia Full story...Lithium prices under pressure
Stagnating demand for lithium in 2009 is likely to put downward pressure on lithium carbonate prices, while competition between producers could increase, according to a report by Roskill Information Services Full story...Anglo Coal cuts 650 Australian jobs
Anglo Coal Australia Ltd said on Tuesday it would cut 650 jobs in response to the global economic slump. The coal unit, owned by Anglo American plc said the job losses would include 120 involuntary redundancies, 60 voluntary redundancies and a reduction of 470 contractor positions Full story...Minor metals remain quiet
HAVING experienced a very quiet January, there were hopes that the minor metals might pick up in February after the Chinese New Year celebrations, but nothing much happened. The world economic crisis continues to dampen demand, particularly on forward deliveries and although there was some activity in most of the metals, there was very little movement in price, except perhaps in cobalt. Full story...Rio Tinto gains support for Chinalco deal
Rio Tinto looked this week to dispel potential grievances of its shareholders about a proposed tie-up with Chinalco, amid reports major investors were still “deeply unhappy” with the deal. Full story...Australia anticipates boost to iron-ore sales in 2010
THE latest figures from the Australian Bureau of Agriculture Resource Economics (ABARE) suggest the economic downturn may only temporarily affect China’s appetite for Australia’s raw materials. Full story...Indian exports drop
India’s iron-ore exports in March are expected to fall as China cuts buying after stockpiles rose, according to Rahul Baldota, president of the Federation of Indian Mineral Industries. Full story...New gold eyes Mesquite
New Gold Inc has agreed to buy Western Goldfields Inc for C$314.6 million (US$243.9 million) to add output from the Mesquite mine in California to output from its Cerro San Pedro mine in Mexico and the Peak Mines operation in Australia. Full story...LME delays contracts
The London Metal Exchange (LME) said on Wednesday the launch of its cobalt and molybdenum contracts could be delayed until early 2010. Full story...Norilsk protects jobs
Russia’s OAO Norilsk Nickel, the world’s largest nickel producer, said it does not intend to make any job cuts in Russia, despite dwindling prices for the metal. Full story...Japanese copper cuts
Pan Pacific Copper Co, Japan’s largest copper smelter, will continue curbing output of the metal by 10% from April. Full story...Ferrochrome restart
Merafe Resources Ltd may restart some of its 17 suspended furnaces if market conditions improve in the third quarter, chief executive Steve Phiri said. Full story...Indonesian coal slows
Indonesia, the world’s biggest exporter of thermal coal, expects production of between 250Mt and 260Mt in 2009, according to Jeffrey Mulyono, the chairman of the country’s coal-mining association. Full story...Mining camp mudslide
A mudslide at a remote mining camp in Peru’s southern province of Puno has killed 13 people and more than 20 are reported missing. Full story...Uranium slump
The spot price of uranium fell 9% last week after supply exceeded demand for the first time this year. Full story...Gold hedges slow on soaring prices
THE global gold hedge book now accounts for 15.5Moz, down from a peak of 102.8Moz in the third quarter of 2001 as gold companies look to take advantage of high gold prices. Full story...Anglo Coal cuts 650 Australian jobs
ANGLO Coal Australia Ltd said on Tuesday it would cut 650 jobs in response to the global economic slump. Full story...Kamoto deaths
Katanga Mining Ltd said two miners died in separate accidents at its Kamoto underground mine in the Democratic Republic of the Congo. Full story...Ferrexpo output stalls
Ukraine-based iron-ore producer Ferrexpo plc said output of iron-ore pellets dropped 18% in February to 600,700t compared with a year earlier. Full story...Australian gold boost
Australia will lift gold production by 17% during the next four years on increased investment in the precious metal amid the economic turmoil, according to Australian Bureau of Agricultural and Resource Economics. Full story...Exploration & Development
Quebec rules Fraser survey again
The Canadian province of Quebec has come top in the Fraser Institute’s annual survey of exploration jurisdictions for the third year running. Full story...Moto enhances project plan with underground development
MOTO Goldmines Ltd plans to optimise its namesake gold project in the Democratic Republic of the Congo by adding a new large-scale underground mine. Full story...Miners get back to work in Ecuador
Ecuador has announced that it will allow foreign mining companies to restart development of their projects, almost a year after suspending all mining in the country. Full story...Independent resource update released for Juanicipio
MAG Silver Corp has announced an independent resource estimate for the Juanicipio silver project in Zacatecas State, Mexico. The project, a joint venture between MAG Silver (44%) and Fresnillo plc (56%), has been the centre of a hostile takeover bid for MAG Silver by Fresnillo. Full story...Tournigan doubles Kuriskova indicated resource
Tournigan Energy Ltd has updated the resource estimate for its Kuriskova uranium project in Slovakia, more than doubling the indicated resource and increasing the grade by 28%. Full story...Japanese buy into Mega Uranium project
Mega Uranium Ltd has signed a deal with a Japanese consortium to sell a 35% stake in its Lake Maitland project in Western Australia (WA) for US$49 million. Full story...Looking for warmth at PDAC
Neither the global downturn nor the cold weather in Toronto this week deterred 18,000 delegates from attending the Prospectors and Developers Association of Canada (PDAC) convention. Full story...Livengood drilling
International Tower Hill Mines Ltd has released the first drilling results from its 2009 programme at its Livengood project in Alaska. Full story...Minco results
Minco Gold Corp has announced the final assay results from the 2008 drilling programme at its Changkeng project in Guangdong Province, China. Full story...Ivanhoe welcomes Oyu Tolgoi endorsement
Ivanhoe Mines Ltd has welcomed an endorsement for its Oyu Tolgoi copper-gold project in Mongolia by the country’s cabinet, which may be a precursor to the completion of an investment agreement for the project. Full story...Zazu results
Zazu Metals Corp has announced drilling results from its Lik zinc-lead-silver project in Alaska. Full story...Jabal Sayid given go-ahead
Citadel Resource Group Ltd has completed a feasibility study for its Jabal Sayid copper-gold project in Saudi Arabia, and plans to get the first stage of the project into production by the March quarter next year. Full story...Hathor drilling
Hathor Exploration Ltd has announced drilling results from the Roughrider zone at its 90%-owned Midwest NorthEast uranium project in Saskatchewan. Full story...Toro doubles uranium resource
Toro Energy Ltd has more than doubled the inferred resource estimate for its Napperby uranium project in Australia’s Northern Territory. Full story...Redhawk outlines Copper Creek plan
Redhawk Resources Inc will begin mining at its Copper Creek project in Arizona at a rate of 2,260t/d, increasing to 9,000t/d when it adds production from its porphyry deposits, it said in a scoping study for the project. Full story...South American Silver outlines Malku Khota plan
South American Silver Corp has completed a scoping study for its Malku Khota silver-indium-gold project in central Bolivia, indicating that the project could produce a total of 153Moz of silver and 974t of indium over a 36-year mine-life. Full story...Oromin increases resource by 60%
Oromin Exploration Ltd has increased the inferred resource estimate for its Sabodala gold project in Senegal by more than 60%, with the project now estimated to include 2.26Moz of contained gold. Full story...Shore diamonds
Shore Gold Inc has announced the latest results from bulk sampling of the Orion South kimberlite at its Fort a la Corne diamond project in Saskatchewan. Full story...Plutus drilling
Discovery Metals Ltd has announced further drilling results from the Plutus prospect, part of its Boseto copper project in Botswana. Full story...Aranzazu assays
Aura Minerals Inc has reported drilling results from its Aranzazu copper project in Zacatecas State, Mexico. Full story...SMP results
Helio Resource Corp has reported the final drilling results from the 2008 drilling programme at its SMP gold project in Tanzania. Full story...Lucara samples
Lucara Diamond Corp has announced further bulk-sampling results from its Mothae diamond project in Lesotho. Full story...Looking for warmth at PDAC
Neither the global downturn nor the cold weather in Toronto this week deterred 18,000 delegates from attending the Prospectors and Developers of Canada (PDAC) convention. Full story...Finance
Jinchuan controls the future for Albidon
Failed nickel producer Albidon Ltd’s future is now in the hands of its offtake partner, and 18.4% shareholder, Jinchuan Group Ltd. Full story...Lihir cashes up for upgrades and expansion
Papua New Guinea-focused Lihir Gold Ltd has launched an institutional share placement to raise up to US$325 million. Full story...Lynas Corp receives court summons
Rare-earths mine developer Lynas Corp Ltd has received a summons from the Supreme Court of New South Wales, brought about by a creditor claiming repayment of the US$15 million principal of its bonds plus interest and costs. Full story...Barrick Gold’s boss speaks out
Peter Munk, founder and chairman of Barrick Gold Corp, was outspoken at his company’s presentation in London this week: “I have never seen or lived through times like these; the world is sick, the economy is shaking. Country after country is fighting a crisis that has not been seen before.” Full story...Santa Rita finally underwritten
Mirabela Nickel Ltd has pulled off a seemingly impossible task and secured a loan for its Santa Rita project in Brazil. Full story...Noble Group trying to foil Gloucester merger
Commodities trader Noble Group Ltd has applied for Australia’s Takeovers Panel to ban the proposed merger of New South Wales coal companies Gloucester Coal Ltd and Whitehaven Coal Ltd. Full story...Centamin profit down on Canadian dollar
Centamin Egypt Ltd, developer of the Sukari gold project near the country’s Red Sea coast, suffered a US$25.3 million currency loss in the six months up to December 31, 2008. Full story...T1 protection
TanzaniteOne Ltd (T1) will hold a special general meeting on March 27 to seek shareholder approval to amend the company’s bye-laws to incorporate shareholder protection mechanisms which regulate any proposed takeover of the company and to provide it with a mechanism for purchasing its own shares and holding them in treasury. Full story...Sinosteel ups stake
Chinese steelmaker Sinosteel Corp has increased its shareholding in Murchison Metals Ltd to 5.85%. Full story...EMED raising
Directors of EMED Mining Public Ltd have proposed a US$8.5 million convertible secured loan facility that will, if approved, provide working capital that will be targeted mainly at the Detva gold project in Slovakia and the Rio Tinto mine in Spain. Full story...Stirling cash
Western Australian resources developer, Stirling Resources Ltd, has expanded its scope with a A$4.8 million (US$3.1 million) investment in northern Australia in mineral-sands assets previously owned by Matilda Minerals Ltd. Full story...Fronteer closing in
Fronteer Development Group Inc said it controlled about 92.1% of Aurora Energy Resources Inc when the takeover offer closed this week. Full story...Barrick considers all the options
Barrick Gold Corp’s strength was that it is not dependent on acquisitions, but the company is looking at mines that are complementary to its portfolio, according to Aaron Regent, the recently appointed chief executive. Full story...Talvivaara in strong cash position
Talvivaara Mining Co plc has secured a €50 million (US$63 million) financing facility, which it plans to use as a safety net, while ramping-up at its Sotkamo nickel project in Finland. Full story...China tipped to commit more funds to mining in 2009
The year of 2008 was one of boom and bust for mining mergers and acquisitions (M&A), according to a report from PricewaterhouseCoopers (PwC). Full story...Catalpa almost there with Edna May
Catalpa Resources Ltd has secured a majority of the A$92 million (US$59 million) financing it needs to develop the Edna May gold project in Western Australia. Full story...Pangea raising
Pangea DiamondFields plc has received funds of US$12 million through a previously announced open offer Full story...Norseman debt
Norseman Gold plc has reached agreement with the current holder of its convertible notes to purchase all issued notes with a face value of A$15 million (US$9.6 million) at a price of A$10 million including accrued interest. Full story...RMA funding
RMA Energy Ltd said it would start formal negotiations with Chinese conglomerate China Rail & Engineering Corp (CREC) regarding the joint development of its Queensland assets, following completion of a share placement with CREC. Full story...Fifth Column
Manic months for Mechel boss
It has been a hectic few weeks for Igor Zyuzin, controlling shareholder and managing director of OAO Mechel, the Russian mining and steel group. Full story...Focus
Year to survive
This year is “one to survive, and look back on”. Although the words were spoken by Calum Baker, research manager in CRU Group’s steel team, the sentiment was shared by all five of the other speakers at the recent ‘Iron Ore Day’ in London. Full story...Planning in uncertain times: Creating the conditions for innovation
Metals Economics Group chief executive Michael Chender looks at ways in which exploration and mining companies can respond to the downturn and position themselves for a rebound Full story...People and Appointments
MEGASTAR TECHNICAL ADVISER
Megastar Development Corp advised that Martin Bourgoin has joined the company’s advisory board as technical adviser. Mr Bourgoin brings to Megastar more than 24 years of mining, exploration and corporate development experience. Full story...KOBEX DIRECTORSHIP
Kobex Resources Ltd has appointed Anthonie Luteijn as a director. He is a mining consultant with more than 40 years’ experience as a mining engineer with expertise in evaluation, engineering, construction, start-up and operation of mines internationally. Full story...BUSINESS DEVELOPMENT ROLE
Australian Zircon NL said Marty Adams has accepted appointment to the role of general manager business development. Full story...TRUE NORTH GREENLAND ROLES
True North Gems Inc said Rejane Amaral has agreed to assume the responsibility of project manager and Iain Groves has agreed to act as senior exploration geologist for the company’s Fiskenaesset ruby project. Full story...RIMFIRE DIRECTORS
Rimfire Minerals Corp announced the appointment of William Schur and Mark Selby to its board of directors. Lawyer Mr Schur currently has a practice in Chicago and has developed a network of clients that range from Fortune 500 companies to individuals. Full story...ANDINA APPOINTMENTS
Andina Minerals Inc has appointed Keith McKay and Alejandro Labbe to key development positions as part of its shift from a solely exploration focused company to one that will now place greater emphasis on the development of its Volcan gold project, in Region III, Chile. Full story...METALLOINVEST MOVEMENTS
Metalloinvest has named Andrey Varichev, currently first deputy general director of Metalloinvest Management Co, as general director of Metalloinvest Management Co. Maxim Gubiev stands down as general director but remains a member of Metalloinvest Management Co board of directors. Full story...Journal Team Diary
Window to the past dies in Durham at the age of 35
Pip, one of the UK’s last surviving pit ponies, has died after 23 years of service at Beamish Museum, where he was one of the stars of the Colliery Village. Full story...An arty alternative
As the credit crunch continues to bite the mining industry, one Uruguayan company has come up with an unusual approach to making money. Full story...PDAC thaw
As the PDAC conference and exhibition progressed this week, so the temperature eased – both inside and outside the Metro Toronto Convention Centre. Full story...Randgold clarifies stance on West Africa
Randgold Resources chief executive Mark Bristow (right) likes to shoot from the hip, so to speak. Full story...Issue: March 6 2009
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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