Mining Journal: 16 May 2008
Headlines
Companies challenge Venezuelan suspension
CRYSTALLEX International Corp has filed a legal rebuttal against the Director General of Permits at Venezuela’s Ministry of the Environment and Natural Resources after the permit for its Las Cristinas gold project was denied on April 30. Full story...China slams foreign investment
CHINA’S state-run television has lashed out at foreign mining firms operating in the country and suggested that restrictions on investors in the sector may be tightened. Full story...Tussle for Tampakan
XSTRATA plc has launched A$426 million (US$398 million) bid for Australian-based Indophil Resources NL in an attempt to wrest full control of the large Tampakan copper-gold deposit in the Philippines. Full story...Chinese quake hits zinc output
A MAJOR earthquake in China this week devastated large areas of the country killing many thousands of people. The catastrophe also hit metals production affecting 12% of zinc output. Full story...DRC confirms China deal
THE Democratic Republic of the Congo has confirmed a US$9 billion infrastructure deal with China in exchange for mining concessions in the central African country. Full story...Rio Tinto, BHP Billiton in spat over growth potential
RIO Tinto refused to be drawn into a mud-slinging match after BHP Billiton chief executive Marius Kloppers criticised the rival miner’s operations this week at a conference in the US. Full story...First Nation in C$550bn claim
MEMBERS of the First Nation in Ontario have filed a lawsuit against the government claiming C$550 billion (US$550 billion) in damages from loss of native lands. Full story...Production and Markets
Record shipping costs
The Baltic Exchange’s ‘Capesize’ freight index reached a record high this Wednesday on increased global coal trade and soaring demand for iron-ore transportation to China. Full story...Morila not for sale
AngloGold Ashanti Ltd has decided not to sell its Morila mine in Mali. Full story...Skorpion strike
A strike over pay stopped production this week at the Skorpion zinc mine in Namibia. Full story...Peru strike suspended
A nationwide strike due to be held on Monday by miners in Peru was suspended for 15 days to allow government more time to pass legislation giving workers a greater share of corporate profits. Full story...Positive viability for Orosi
TORONTO -BASED Central Sun Mining Inc has announced a ‘positive’ feasibility study for the company’s Orosi gold project in Nicaragua. Full story...Market Update Figures
We are proud to announce a brand new feature of the Mining Journal Website - weekly downloadable market update figures. In response to feedback from our online readers we will now reproduce all the tables published the Production & Markets section of your weekly Mining Journal. Full story...Assistance agreed for Saudi Jazan smelter
THE partners in the 1Mt/y aluminiumsmelter project at Jazan city in Saudi Arabia signed an agreement this week with the Saudi Arabian General Investment Authority (GIA) for financial assistance. Full story...Further Gibraltar expansion
TASEKO Mines Ltd has approved another expansion of its whollyowned Gibraltar operation in southcentral British Columbia. Under the plan approved by directors this week Gibraltar’s processing capacity will expand by 30 000t/d at a cost of C$350 million (US$348 million). Full story...Compromise on SA royalties
SOUTH Africa’s National Treasury has agreed to reconsider the way that it will calculate the country’s controversial new mining royalties. The South African mining industry had complained that the originally-proposed measures would deter investment. Full story...Nickel smelter plan in Sulawesi
PT ANEKA Tambang (Antam) and Jindal Stainless Ltd have signed a joint-venture agreement to develop a nickel-smelting and stainless-steel facility in North Konawe southeast Sulawesi. Full story...schMidtsdrift stone
Lonrho Mining Ltd (formerly known as Nare Diamonds) owned 23% by Lonrho plc has discovered a 61.3ct ‘fancy’ yellow diamond at its 80%-owned Schmidtsdrift mine in South Africa. Full story...Codelco legal backing
Chile’s Supreme Court has ruled that state-owned copper producer Codelco does not have to incorporate subcontracted workers into its own staff. Full story...Vale blockade ends
A one-day blockade of an iron-ore railroad in Brazil operated by Cia Vale do Rio Doce caused a trading loss of some US$22 million according to the company. Full story...chaMbishi Maintenance
Cobalt production of 6t/d has been suspended at the Chambishi plant in Zambia because of routine maintenance of a furnace (the work started on April 30). Full story...Continued delay at Kumtor
THE Supreme Court of the Kyrgyz Republic has ruled that the government may not conclude any agreements with Centerra Gold Inc relating to the Kumtor mine. Full story...Taishet progress
MoscoW-based uc rusal is to spend us$700 million this year on its taishet aluminium smelter in the irkutsk region of eastern siberia. Full story...Monkland restart
The Queensland Department of Mines and Energy has given clearance for Buka Gold Ltd’s Monkland mine at Gympie to restart. Full story...kinseVere cost increase
Montreal-based Anvil Mining Ltd has reported an increase in the cost of its stage II development at the Kinsevere operation in the Democratic Republic of the Congo Full story...Rio Tinto, BP shelve energy plans
RIO Tinto and BP have cancelled a plan to build an environmentally-friendly coal-fired power plant at Kwinana in Australia one year after first announcing the scheme. Full story...Exploration & Development
COPPER REEF DRILLING
Copper Reef Mining Corp had released drilling results from the drilling programme on the Copper Reef sulphide deposit at its Mink Narrows project in Manitoba. Full story...NORTH LANUT RESULTS
Avocet Mining plc has announced further drilling results from the resource-definition programme at the Riska open pit at its 80%-owned North Lanut gold mine in North Sulawesi Indonesia (PT Lebong Tandai owns the remaining 20%). Full story...VULCAN ASSAYS
Vulcan Resources Ltd has reported drilling results from the Hietaharju nickel deposit at its Kuhmo nickel project Finland. Full story...PETAQUILLA DRILLING
Petaquilla Copper Ltd has announced drilling results from the El Real corridor at the Petaquilla copper project in Panama Full story...CHINA FIND
The Shanghai Securities News has reported that China has discovered coal deposits with a potential 3 300Mt of coal reserves citing the national administration of coal geology. Full story...RAMBLER RESULTS
Rambler Metals and Mining plc has released drilling results from the underground drilling exploration programme at its Ming gold-copper mine in Newfoundland Canada. Full story...INMET SUSPENSION
Inmet Mining Corp has announced that the Spanish water authority has suspended authorisation for the dewatering and re-injection system for its Las Cruces project. Full story...Scotgold first resources
SCOTGOLD Resources Ltd has received the first resource estimate for its Cononish gold-silver project in the Grampian Highlands of Scotland from consultant Snowden. Full story...BHPB exits Alto Cuilo, Luangue
BHP Billiton has decided not to continue with the neighbouring Alto Cuilo and Luangue diamond joint ventures it shares with Petra Diamonds Ltd in Angola and has agreed to transfer its ownerships in the properties to Petra. BHPB had been working on the Alto Cuilo project since the joint venture was formed in November 2004 but Petra’s technical director Jim Davidson said the exploration model used was inappropriate for the location. Full story...Haquira scoping ‘positive’ for Antares
ANTARES Minerals Inc says a scoping study for development of the Haquira copper project in Peru confirmed its potential and the company has begun prefeasibility studies. Full story...Increased reserve at Pirquitas
VANCOUVER-based Silver Standard Resources Inc has reported a 43% increase in proven and probable silver reserves to 195.1Moz at the Pirquitas deposit in Argentina. Full story...More delays at Gahcho Kué
DE BEERS the partner of Mountain Province Diamond Inc (MPD) in the Gahcho Kué diamond project in Canada’s Northwest Territories has told MPD that it will not meet previously-advised deadlines regarding the joint venture. Full story...First gold pours at Frog’s Leg and Peñasquito
LA MANCHA Resources Inc has reported the first gold pour of ore mined from its Frog’s Leg underground gold mine in Kalgoorlie Western Australia. Full story...Chirundu study outlines viable uranium mine
AFRICAN Energy Resources Ltd Albidon Ltd’s partner in the Chirundu uranium joint venture in Zambia has completed a prefeasibility study for its development outlining a five-year open-pit heap-leaching operation. Full story...EXCO RESULTS
Exco Resources Ltd had released drilling results from the E1 North deposit part of its Cloncurry copper project in northwest Queensland. Full story...FIRST NICKEL INTERCEPTS
First Nickel Inc has reported drilling results from its Lockerby polymetallic mine in northern Ontario. Full story...OceanaGold raises Didipio costs
OCEANAGOLD Corp’s Didipio goldcopper project in the Philippines will cost US$320 million according to a recent estimate resulting from a review of the proposed mine. Full story...Study supports Kodu
FRONTIER Resources Ltd said an independent initial environmental assessment (IEA) for its Kodu project in Papua New Guinea (PNG) supported development of the project and stated that it would have a minimal effect on the historical Kokoda Track. Full story...RUSSIAN BIDDING
Russia’s National Resources Ministry has extended the bidding process for the Udokan copper deposit in Siberia to June 11 to allow bidders more time to prepare documents Reuters has reported. Full story...Boost for Kalahari Platinum project’s resources
PLATINUM Australia Ltd has announced an updated mineral resource for three of the seven deposits on the Kalahari Platinum project (Kalplats) in South Africa. Full story...Vale and JOGMEC sign African MoU
CIA Vale do Rio Doce (Vale) and Japan Oil Gas and Metals National Co-operation (JOGMEC) have entered into a strategic partnership focusing on technology development for exploration in Africa. Full story...Finance
BHPB takes control of Anglo Potash
BHP Billiton (BHPB) will assume control of the remaining 25% of the Saskatchewan Potash Joint Venture that it does not already own by taking over partner Anglo Potash Ltd for C$284 million (US$282 million). Full story...Abra warms to proposal from HNC
DIRECTORS of Perth-based explorer Abra Mining Ltd have welcomed a takeover proposal form Hunan Nonferrous Metals Corp Ltd (HNC) Full story...Cameco sees Q1 earnings hike
CAMECO Corp the world’s leading uranium producer reported Marchquarter net earnings of C$133 million; 125% higher than the corresponding quarter of 2007. The company said the results had been lifted by stronger performance at its gold and uranium operations as earnings per share came in at C$0.39 up from C$0.17. Full story...MDM Engineering floats on AIM
MINERALS processing and project management company MDM Engineering Group Ltd floated on AIM this week with project contracts valued at US$400 million. Full story...kghm polska mIE dz up
Europe’s leading mineral producer KGHM Polska Miedz SA reported that first-quarter profits increased 11% on the back of increased sales. Full story...coeur d’alene decrease
US silver group Coeur d’Alene Mines Corp reported a fall in net income to US$4.7 million in the first quarter compared with US$14 million a year earlier as lower production figures cut profits. Full story...baobab sells holding
Sierra Leone’s largest landholder African Minerals Ltd has acquired a strategic interest in fellow AIM-listed explorer Baobab Resources plc. Full story...osisko gets financing
Canadian gold interest Osisko Exploration Ltd has secured C$20 million (US$19.9 million) debt financing. The funds from Solidarity Capital QFL carry 9.5% interest and have a seven-year term. Full story...thomps on sells shares
Canadian molybdenum miner Thompson Creek Metals Company Inc will decrease its leverage with the sale of shares valued at C$215 million (US$214 million). Full story...LONMIN moves pension
PGM producer Lonmin plc has become the first FTSE 100 company to transfer its pension fund. Lonmin has signed a deal with Paternoster to take over its pension liabilities. Full story...Kazakhmys rejects £7bn takeover bid from ENRC
Kazakhmys plc the world’s tenth-largest copper miner has rejected a £7.05 billion takeover bid from Eurasian Natural Resources Corp (ENRC) which subsequently withdrew its formal approach for the company. Full story...Vedanta scores highest-ever revenue on strong metals
FTSE 100 miner Vedanta Resources plc posted record revenues of US$8.2 billion for the year to 31 March. It said the performance a 26.2% rise over the previous 12 months was driven by higher volumes across all metals. Full story...maaden ipo puts up 50%
State-owned Saudi Arabian Mining Company (Maaden) will make 50% of its stock available to private investors in the Middle East’s biggest mining IPO. Full story...alumina issues bonds
Australian company Alumina Ltd plans to raise A$300 million (US$282 million) via a convertible bond issue in order to replace existing debts and also fund mining and refinery-expansion projects in Brazil. Full story...Khan makes move on Western Prospector
URANIUM explorer Khan Resources Inc has launched a bid for Western Prospector Group Ltd in a move that the group said would provide costsavings and synergies between the two companies’ projects in Mongolia. Full story...gemfields now trading
Gemfields Resources resumed trading on AIM this week. Shares had been frozen since a reverse-takeover announcement by Pallinghurst subsidiary Rox Ltd in December. Full story...Fifth Column
Making the list
VLADIMIR Kim who took control of a near-bankrupt Kazakhmys copper group after the collapse of the Soviet Union and turned it round has seen his wealth – on paper at least – dramatically increase because of the possible bid for his company by Eurasian Natural Resources Corporation. Full story...Kazakh trio training national champion
One of the people taking a keen interest in the bizarre situation that has seen Eurasian Natural Resources Corporation (ENRC) pitch an offer for Kazakhmys at well below the market price and then withdraw it two days later is Nursultan Nazarbayev president of Kazakhstan. Full story...Focus
Platinum: not only a supply story
SOUTH Africa continues to toil with power shortages and its power problem look unlikely to be resolved any time soon. Shocks to South African mine production (which accounts for nearly 75% of global mine production) intensified in late 2007. This development amplified the upward momentum in prices and platinum prices at current levels reflect these supply problems. Full story...Steel: Change may be ahead
LAST year was another record-setting one as global crude steel production rose 7.5% above the levels of 2006 albeit at a slower rate of growth than the 9% increase in 2006. In some instances steel prices have doubled during the past year adding to the concerns in the broader economy about higher inflationary expectations. Full story...People and Appointments
NEPTUNE REORGANISATION
A board reorganisation has been announced by Neptune Minerals plc. Founder Peter Vanderspuy has resigned and in the short term the role of chairman will be assumed by John Goodwin Neptune’s UK-based independent non-executive director. At the same time Neptune has announced the appointment of Richard Gorton to fill the vacancy for a non-executive director. Mr Gorton has 38 years of experience in the international mining industry including periods in South Africa Australia and North America. He holds an Full story...CAMEC APPOINTMENT
Central African Mining & Exploration Co has appointed Charlie Forster previously senior vice-president of Ivanhoe Mines Ltd as head of global exploration. CAMEC is a producer of cobalt in the Democratic Republic of the Congo. The London-based company achieved revenue of US$98 million in the quarter to end-April from copper and cobalt production at Mukondo Mountain and copper output at Disele. Full story...ALCOAN PRAISE
Alcoa’s board of directors has elected 50-year-old Klaus Kleinfeld as the company’s new chief executive officer. He succeeds 64-year-old Alain Belda who will continue as chairman. Commenting on the announcement Mr Belda said: “In the short amount of time that Klaus Kleinfeld has been an Alcoan he has made a significant difference for the company. Our election of him to the position of CEO reflects our confidence in him as a truly global leader capable of continuing to capture the growth opportunities ah Full story...EQUINOX ELECTION …
The Lusaka-based corporate relations manager of Equinox Minerals Ltd Nathan Chishimba has been elected as the new president of the Zambian Chamber of Mines for 2008/09. Mr Chishimba replaces Passmore Hamukoma. Equinox’s chief operating officer Harry Michael said: “We are extremely proud to see Nathan elected as the chamber’s president. This is a strategically important position and is the interface between industry and both government and non-government institutions.” Equinox recently secured the long-t Full story...… AND NEW DIRECTORS
Equinox Minerals has also appointed two additional independent directors: David McAusland (of Beaconsfield Québec) and Jim Pantelidis (of Toronto Ontario). This increases the number of directors from five to seven. Equinox describes Mr McAusland as a “highly experienced senior executive and lawyer” who from 1999 to February 2008 held the position of executive vice-president corporate development and chief legal officer of Alcan Inc. Mr Pantelidis is currently chairman of Parkland Income Fund and has se Full story...ARCELORMITTAL COMMITTEE CHANGES
ArcelorMittal has announced new appointments to its management committee. This follows last month’s changes to the group board. The new members of the committee are Robrecht Himpe (chief executive officer of flat products in Europe) and Arnaud Poupart- Lafarge (Africa and CIS). Two members of the current management committee André van den Bossche (global trade policy steel contact groups and mandates and associations) and Narendra Chaudhary (Africa and the CIS) will be retiring. Vijay Bhatnagar remains Full story...NEW BOSS AT DRDGOLD
Craig Barnes has been appointed chief financial officer of DRDGold Ltd. Mr Barnes was previously chief financial officer of the company’s 74%-owned DRDGold South African Operations Ltd. Meanwhile Kobus Dissel has resigned as an alternate director of the company but will continue to serve DRDGold as financial manager: corporate services. Full story...New CEO for Anglo Platinum
Neville Nicolau (pictured) has been appointed as the new chief executive officer of Anglo Platinum Ltd with effect from June 1. AngloPlat is the world’s largest producer of the metal with an output of 2.47Moz last year. The CEO of 76.5% shareholder Anglo American plc Cynthia Carroll said: “Neville Nicolau brings considerable hands-on deep-level mining experience to our platinum business gained over nearly 30 years in the mining industry.” Full story...Site Search
Log inIssue: Mining Journal: 16 May 2008
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