Mining Journal: 07 Dec 2007
Headlines
Xstrata buys, and plans production growth
SHARES in Australia’s Resource Pacific Holdings Ltd jumped by almost 30% this week after Xstrata plc made an all-cash A$960 million (US$837 million) takeover bid for the coking-coal producer. The bid is about 27% higher than a rival offer by Australian coal miner New Hope Corp. Full story...96 thought dead in China coal mine
AT LEAST 70 bodies have been retrieved from the Xinyao coal mine in northern China after a gas explosion further confirming the country’s reputation for having the world’s worst mining safety record. Full story...RSA reduces planned mining royalties
THE South African government has reduced the royalty rates that mining companies will be charged from May 2009 (the deadline for mining companies to convert their ‘old order’ private mineral rights to mining licences under the country’s new minerals legislation). Full story...Argentina increases export tax
ARGENTINA has increased export taxes for at least four mining companies operating in the country by an additional 10% it was announced this week. Full story...More deaths at Zasyadko
THE Zasyadko coal-mine in the Donetsk region of eastern Ukraine suffered a third explosion in two weeks killing five workers injuring 66. Ukraine’s President Victor Yushchenko demanded the suspension of operations in response. Full story...First Quantum lifts Equinox holding
FIRST Quantum Minerals Ltd has raised its holding in Zambia-focused Equinox Minerals Ltd to 17.27%. First Quantum said the purchase of an additional 7.31% stake in the company – or 41.3 million shares - was for investment purposes. Full story...Gabriel battens down to wait it out
Gabriel Resources Ltd chief executive Alan Hill said the company is “battening down” its Rosia Montana gold project in Romania to “wait out the period of injustice” as the company tries to have the suspension of its environmental impact assessment (EIA) overturned. Full story...LETTER TO THE EDITOR
I am deeply honoured by my Lifetime Achievement Award recently awarded to me by Mining Journal and sponsored by Standard Bank. Full story...Production and Markets
CHINESE COAL LIMITS
The Chinese government has released a policy document calling for a ban on new coal mines with an annual capacity of under 300 000 t. Full story...CHINESE ALUMINIUM
Exports of aluminium from China are expected to fall next year to their lowest since 2002. The expectation from analysts surveyed by Bloomberg was that net exports will be around 70 000 t compared with an expected 85 000 t this year and 548 000 t in 2006. Full story...Indonesian expectations
INDONESIA’S director-general of coal and mineral resources Simon Sembiring has told the country’s parliament that a 10% stake in Batu Hijau gold-copper mine must be sold to local interests by the end of this month. He is quoted by Bloomberg as saying there is “no need for negotiation”. Full story...KAZAKHSTAN TRANSFER
Moscow-based United Co Rusal is to transfer 50% of its Bogatyr and Severny coal projects in Kazakhstan to stateowned Samruk Holding. Full story...PT BUMI EXPANSION
Indonesia’s largest coal producer PT Bumi Resources plans to spend US$1.5 billion over the next four years to double coal output and expand its iron ore gold and copper mining. Full story...IFM back to capacity
INTERNATIONAL Ferro Metals Ltd (IFM) has restored full operating capacity at its integrated ferrochrome facility in South Africa where production is being ramped up to 267 000 t/y. The AIM-listed company has completed the replacement of pressure rings in its two furnaces one month ahead of schedule. Full story...SA mine strikers back to work
SOUTH African mines have resumed production after losing a full day of output as workers took part in a one-day strike. Full story...GRUPO MEXICO THREAT
Grupo Mexico SAB has warned it will close its three strike-affected mines unless the government acts to end the four-month walkout. Full story...Lisbon Valley begins shutdown
CONSTELLATION Copper Corp is to close its Lisbon Valley copper mine in Utah which had been persistently underproducing and haemorrhaging funds since operations began in 2005. Full story...Freeport-McMoRan to reopen Climax
FREEPORTMCMORAN Copper & Gold Inc has confirmed plans to reopen the Climax molybdenum mine. Shortly before being acquired by Freeport-McMoRan earlier this year Phelps Dodge announced plans to reopen the project that was shut in 1995. Full story...Oxiana expands Sepon copper mine
OXIANA Ltd has unveiled plans for a US$178 million expansion of its Sepon copper mine in Laos which is expected to boost the mine’s output by a third to 80 000 t/y of copper cathode by 2010. Full story...Nickel premium slides
THE premium for physical nickel has halved over the past two weeks in the face of a sharp slowdown in buying from stainlesssteel producers. On Wednesday Reuters quoted full-plate cathode as selling at US$300-400/t (CIF) in India compared with US$700-800/t in mid-November. Full story...Caledon orders Voest machine
AIM-listed Caledon Resources plc announced this week that a new Voest Alpine ABM25 continuous bolter/miner had been commissioned underground at the company’s wholly-owned Cook coal mine in Australia. Full story...Barrick faces union claim
THE Tanzanian union leading the strike action at Barrick Gold Corp’s Bulyanhulu gold mine has filed a court case against the company seeking compensation for staff dismissed after an illegal strike. Full story...Exploration & Development
Costs balloon for larger Peñasquito
THE Peñasquito gold project in Mexico is to be 30% bigger said owner Goldcorp Inc but the cost of building the mine will rise by nearly 70% to about US$1.5 billion. Full story...Tasiast expansion
RED Back Mining Inc is on track to achieve commercial production at its Tasiast gold project in Mauritania by January next year. Full story...Costs rise at Magistral for Inca Pacific
COSTS for development of Inca Pacific Resources Inc’s Magistral copper-molybdenum project in Peru have risen by 55% to US$402 million Full story...Midwest project go ahead
Areva and Denison Mines Corp have agreed to proceed with the joint venture Midwest uranium project in Saskatchewan it was announced this week. Full story...Talvivaara boosts resource estimate
TALVIVAARA Mining Co has completed a resource update at its Kuusilampi and Kolmisoppi nickel-zinc deposits in Sotkamo Finland. The new resource estimate represents a 26% increase in measured and indicated categories and a 23% increase in overall measured indicated and inferred resources Full story...Aurelian moving Fruta Del Norte forwards
AURELIAN Resources Inc said moving its Fruta Del Norte gold deposit in Ecuador towards production is one of the company’s main targets in the country as it released new drilling results for the project. Full story...New Guinea production begins
COMMERCIAL production has commenced at New Guinea Gold Corp’s (NGG) Sinivit gold mine in Papua New Guinea. Full story...HUNAN SIGNS ABRA LOI
Hunan Nonferrous Metals Holdings Group Ltd has signed a letter of intent (LoI) with Abra Mining Ltd (AML) concerning the latter’s namesake base-metals deposit in Western Australia. Full story...Tropicana resource announced
THE Tropicana gold project in Western Australia a joint venture between AngloGold Ashanti Ltd (70%) and Independence Group NL (30%) is estimated to contain indicated and inferred resources totalling 62.8 Mt according to the new estimate produced by AngloGold. Full story...Devon tungsten revival?
WOLF Minerals Ltd hopes to bring the historical Hemerdon tungsten and tin project in Devon England back into production. It said the project would “form an excellent platform for the company to become a major tungsten and tin producer”. Full story...Xstrata confirms Tampakan scale
XSTRATA plc has compiled a new resource estimate for the joint venture Tampakan copper-gold project in the Philippines Full story...Nkamouna study finds greater output, rocketing costs
CAPITAL and operating costs for Geovic Mining Corp’s 60%-owned Nkamouna cobalt-nickel project near Lomie in Cameroon have tripled to US$398 million according to a newly-completed feasibility study. Full story...Matagami team receive award
DONNER Metals Ltd reports the exploration team at the Matagami polymetallic discovery in Quebec has been named Prospector of the Year by the Quebec Mineral Exploration Association. Full story...GOANIKONTES INTERCEPTS
Bannerman Resources Ltd has intersected a wide interval of uranium mineralisation at its Goanikontes project in Namibia. Full story...ARIANA ASSAYS
Ariana Resource Ltd has received assay results from reverse-circulation drilling at its Kiziltepe gold prospect in Turkey. Full story...AFGHAN CLARIFICATION
In the article Mining to end Afghan dependency on aid (Mining Journal Nov 23) the statement “Afghanistan will receive a sliding royalty which starts at 19.5%” should read: “Afghanistan will receive a sliding royalty which is capped at 19.5%”. Full story...EMBA DERHO RESOURCE
Sunridge Gold Corp has received an independent resource estimate for the Emba Derho zinc-copper-gold deposit part of its Asmara project in Eritrea Full story...CIGAR LAKE EXTENDS LICENCE
Cameco Corp has been granted a two-year licence extension to continue overhauling its flooded Cigar Lake uranium mine in Saskatchewan. Full story...MOATIZE VENTURE CONFIRM
Riversdale Mining Ltd has confirmed a joint venture with Tata Steel Ltd to develop a coal mine in the Moatize region of Mozambique. Full story...CAMECO SIGNS PACT
Cameco Corp has signed an accord with state-owned Russian company OAO Atomredmetzoloto to form joint ventures to find and mine uranium. Russia intends to develop new reserves at home and abroad as it plans to build 26 reactors by 2020. Full story...AREVA ASSAYS
UEX Corp reports Areva has received further assay results from drilling at the joint-venture Shea Creek uranium project in the western Athabasca basin of northern Saskatchewan Canada. Full story...ANGLO-GEDEX ALLIANCE
Anglo American plc and Gedex Inc a privately-held Canadian company have signed an alliance to develop the next generation of Gedex’ airborne gravity gradiometer. Full story...CHURCHILL RECOVERIES
Stornoway Diamond Corp and Shear Minerals Ltd have completed processing of mini-bulk sampling from the Kahuna kimberlite at the Churchill diamond project in Nunavut Canada. Full story...OVERLAND DRILLING
Overland Resources Ltd has received further assay results from drilling at its Andrew base metals project in Canada. Full story...Finance
EMMERSON OVERSUBSCRIBED
Australia’s Emmerson Resources Ltd has closed its A$15 million (US$13.23 million) heavily oversubscribed IPO raising A$20 million. Full story...OAO Severstal in gold hunt
OAO Severstal is looking for more acquisitions in the gold sector the company said this week. In its results for the first nine months of 2007 Severstal – now finishing its takeover of Kazakhfocused gold miner Celtic Resources Holdings – said: Full story...Yunnan invests C$22 million in Ivernia
YUNNAN Metallurgical Group has agreed to invest C$22 million in Canada-based Ivernia Inc as part of a long-term deal. Full story...Mwana Africa posts loss as nickel slides
AFRICAN diamond and metals miner Mwana Africa plc posted a loss for the first half of the fiscal year owing to lower nickel prices inflation and the weakening of the Zimbabwean currency. Full story...Joint bid for Northern Peru
JIANXI Copper Co Ltd and China Minmetals Nonferrous Metals Co have made a C$455 million (US$445 million) friendly takeover bid for Canadian miner Northern Peru Copper Corp. Full story...Highland Gold sees shares hike
SHARES in London-listed Highland Gold Mining Ltd surged this week on news that Russia’s richest man Roman Abramovich had taken a 40% stake in the company for US$400 million. Full story...KIMBERLEY
Gem Diamonds Australia Pty Ltd has begun the process of delisting Kimberley Diamond Company NL shares from the Australian Stock Exchange and London’s Alternative Investment Market after it started the compulsory acquisition of Kimberley’s outstanding stock. Full story...SIMMERS’ LOSS WIDENS
South Africa’s Simmer & Jack Mines Ltd said its first-half loss was little changed from a year earlier as costs exceeded metal sales and the company invested to expand output. Full story...AIM FINANCING PLAN
Aim Resources Ltd has finalised the details of a revised A$25 million (US$22.6 million) convertible debenture offering which will pay interest of 9.75% half yearly and be convertible into ordinary Aim Resources shares at A$0.22/share Full story...SA Govt ponders flow-through
SOUTH Africa’s government could be about to announce a decision on whether to introduce a flow-through shares scheme on the Johannesburg Stock Exchange by February. Full story...BHPB challenges tax bill
BHP Billiton is to challenge a US$643 million tax bill linked to the failed Boodarie iron-ore plant in Western Australia’s Pilbara region. Full story...Midwest soars on takeover discussions
WESTERN Australia’s Midwest Corp has revealed that it is in talks with potential suitors after rejecting an A$954 million (US$893 million) bid from rival Australian iron-ore mining company Murchison Metals Ltd. Full story...Palmary Enterprises likely to win battle for Consolidated
PALMARY Enterprises looks set to clinch Australia’s Consolidated Minerals Ltd after a drawn-out takeover battle with Pallinghurst Resources Australia Ltd. Full story...Fifth Column
Russia goes gold
UNTIL recently the Russian oligarchs showed little interest in gold mining. But that seems to be changing. First Alexey Mordashov via his Severstal group the world’s third biggest steel producer made a successful £173 million (US$364 million) grab for Celtic Resources Holdings. Full story...A new face at African Minerals
ROY Pitchford had no qualms about joining African Minerals in July this year – even though he knew he would have to work with Frank Timis a very hands-on executive chairman. Full story...Focus
Other crops in Guatemala
Although best known for its coffee and bananas Guatemala also produces gold silver antimony and a number of other mineral products Full story...On the road
Eight of the corporate presenters at the recent Mines & Money conference in London extended their exposure to European investors with a seminar in Frankfurt Full story...Will synthetics outsparkle naturals?
As natural diamond sources dry up gem-quality synthetic diamonds are a growing industry – offering white near-colourless diamonds and fancy stones which are so hard to find in nature. Is the natural industry really under threat? Full story...People and Appointments
Abacus’ new chairman
Thomas McKeever has been made chairman of Abacus Mining and Exploration Corp Full story...Ferrexpo restructures team
FERREXPO plc has appointed Christopher Mawe (left) as chief financial officer and an executive director effective from January 7 Full story...New VP at Solex
Solex Resources Corp has made Deborah Thiel vice-president corporate development. Ms Thiel was previously a director corporate development with the company on a part-time basis and will now join Solex in a full-time capacity. Ms Thiel previously worked with Altius Minerals Corp and more recently with AuEx Ventures Inc. Solex is currently exploring uranium and base-metal properties in Peru. Full story...Verena strengthens team
Canadian explorer Verena Minerals Corp has appointed Adam Rochacewich as chief financial officer replacing Ed Badida who will remain with Verena on a consultancy basis Full story...Wind River’s new CFO
Wind River Resources Ltd has appointed Christopher Cherry as chief financial officer replacing Lorilee Kozuska who has resigned. Full story...Stillwater’s CFO to quit
Stephen Lang will resign as chief operating officer of Stillwater Mining Co on December 14. He has been with the company since September 2003. Full story...Gold Bullion appoints auditor
Bratt Star has joined Gold Bullion Development Corp as auditor replacing Amisano Hanson. Full story...Redstone’s new chairman
Australian explorer Redstone Resources Ltd has appointed lawyer Richard Homsany as chairman. He is presently a non-executive director of Convergent Minerals Ltd and was until recently a non-executive director of Redport Ltd. Anthony Ailakis temporarily filled the role of chairman and will remain on the board as an executive director. Full story...Site Search
Log inIssue: Mining Journal: 07 Dec 2007
PROFESSIONAL PLACEMENTS
Geologists- Senior and Junior Positions
Gryphon Minerals is aggressively growing its world class Banfora Gold Project in Burkina Faso, West Africa.
Mining and Metals Opportunities - Hatch
Mining and Metals Opportunities in London and Globally: Senior and junior roles.
Minerals Geoscientist Vacancy - Neftex
Do you want to help develop the world’s most detailed commercially-available 4D Earth Model to support the mining majors?
Opportunities for Senior & Principal Level Consultants - SRK
Professionals needed for central Moscow office.
Senior Hydrogeologist - Schlumberger
We need you in Australia or Canada
Mining Journal is looking to employ a full-time member of staff in British Columbia
SEARCH FOR NEWS BY COMPANY
Recently Created or Updated Company News Portals
READ IN-DEPTH REPORTS
SPECIAL FEATURES
RESOURCE NEWS