Mining Journal: 19 Oct 2007
Headlines
Yamana grows
YAMANA Gold Inc said it would increase the size of seven of its mines and dig six new ones to reach production of 2.2 Moz/y by 2012, after buying Meridian Gold Inc and Northern Orion Resources Inc Full story...Xstrata concern over CO2 ‘test case’
A FAILED legal attempt by an environmental group in Australia to make Xstrata Coal account for how its mine emissions were contributing to climate change was being “closely watched” by the sector, the mining giant said Full story...ConsMin battle heading to court
THE bitter stoush for control of Australian diversified miner Consolidated Minerals Ltd could be heading to court, after Palmary Enterprises Ltd questioned the legality of a top-up payment included in a rival competing bid Full story...Zambia starts tax renegotiations
THE Zambian government is due to begin renegotiating existing tax and royalty agreements with mining companies this month as it attempts to increase royalties fivefold from 0.6% to 3.0% Full story...FerrAus in Native Title stoush
A 300-STRONG Aboriginal community from Western Australia’s Pilbara’s region has demanded an upfront payment of A$2 million (US$1.8 million) from iron ore junior FerrAus Ltd, to approve a mining licence for its flagship Robertson Range iron ore project Full story...Credit crunch hits mining
The sub-prime market crisis has restricted the mining sector’s access to finance, City bankers and analysts say Full story...Xstrata’s approves $3.8bn Koniambo
Xstrata plc has approved the Koniambo lateritic nickel project in New Caledonia, but at a higher cost of US$3.8 billion, compared with the 2004 estimate of US$2.2 billion Full story...Alrosa warns on factories
ALROSA Co Ltd president Sergey Vybornov has warned countries against establishing diamondpolishing factories to complement mines, calling them a “poor instrument” for boosting state revenues Full story...Africo signs DRC social contract
CANADA’s Africo Resources has signed a “social development” contract with the Democratic Republic of the Congo, the first miner to do so in the Katanga province Full story...Mining the media
THIS week a Canadian mining company called to dispute a particularly sensitive quote the Mining Journal had recently published attributed to its former chairman. “He says he never said it ” the company spokesman claimed. A quick check revealed that not only was the quote accurate but having been made during a company conference call was still published on its website. Full story...Tax talks delay Pascua Lama
BARRICK Gold Corp says tax negotiations with Argentine authorities have delayed construction at its US$2.4 billion Pascua Lama gold project, which had been due to begin in September Full story...Production and Markets
Codelco and Nippon expand Biosigma
CHILEAN state copper miner Codelco plans to expand its bio-mining technology to its low-grade ore division at Salvador Full story...Disappointing quarter for Rio
STOCK markets marked Rio Tinto’s share price 3% lower after a mixed production report for the three months to end- September Full story...Uranium price increases
UX CONSULTING and TradeTech’s spot uranium price rose to US$78/lb uranium, up US$3 after 16 weeks of flat or falling prices Full story...LionOre purchase lifts Norilsk copper output sky-high
NORILSK Nickel’s mid-year purchase of LionOre Mining International Ltd boosted 2007 copper production by 11,000 t to between 415,000 t and 420,000 t, the company said Full story...CVRD announces record spend
BRAZIL’S CVRD says funding its five-year, US$59 billion investment plan will not be a problem, but is concerned about rising costs and transportation issues in Brazil Full story...Exploration & Development
Larger Nkamouna?
TSX-LISTED Geovic Mining Corp said it expected the final feasibility study for its 60%-owned Nkamouna cobalt-nickel-manganese project in Cameroon to outline a 33% larger operation, but costs would be “significantly higher” Full story...Delayed Jinfeng reaches commercial production
HIGH rainfall and cracks in processing equipment delayed commercial product ion at Sino Gold Mining Ltd ’s 82%-owned Jinfeng gold mine in Guizhou Province, China, until last month Full story...New plan for oriel’s Shevchenko
ORIEL Resources plc has scrapped a plan to produce ferronickel at its Shevchenko lateritic nickel project in Kazakh stan Full story...Perseus boosts Ayanfuri estimate
PERSEUS Mining ltd ’s ayanfuri project in Ghana contains an estimated 2.6 Moz of gold, after a new deposit was defined Full story...Mt Milligan scoping indicates ‘positive impact’
DEVELOPMENT of Terrane Metals Corp’s Mt Milligan copper-gold project in British Columbia would a have a “positive impact” on the economy and community, according to the company’s president and chief executive, Rob Pease Full story...Arafura approves more Nolans work
THE board of directors of Arafura Resources Ltd has approved a pilot plant study to develop the Nolans rare-earthsphosphate- uranium project in Australia’s Northern Territory, after a prefeasibility study outlined a 20-year operation Full story...Noront discovery fuels James Bay staking rush
NORONT Resources Ltd ’s nickel-copperplatinum group metals discovery has caused a flurry of staking in the James Bay region of Ontario area Full story...Study outlines Gurvanbulag
WESTERN Prospector Group Ltd has received a scoping study for development of its Gurvanbulag uranium project, part of its Saddle Hills property in Mongolia Full story...Kamoto six months ahead
PRODUCTION at Katanga Mining Ltd’s US$424 million Kamoto joint venture in the Democratic Republic of the Congo could hit capacity six months earlier than expected, according to chief executive Arthur Ditto Full story...Finance
‘Vulnerable’ mining stocks lose shine
THE shine is rapidly coming off mining stocks, with major broking houses lowering their recommended weightings of resource shares in investment portfolios Full story...Gold Fields offloads gold assets
THE world’s fourth-biggest gold miner, South Africa’s Gold Fields Ltd, has offloaded more than US$730 million in assets, selling its Venezuelan holdings and its 60% stake in the Essakane project which it claims is Burkina Faso’s biggest gold deposit Full story...Nyrstar to raise ‘less than expected’
UP TO €1.6 billion (US$2.3 billion) could be raised in the float of the world’s biggest zinc metal producer, Nyrstar NV Full story...Uranium One stock sale
URANIUM One Inc’s share price has fallen sharply in the last two weeks, after investors fled the stock in droves amid news the company cancelled an analyst trip and a conference presentation, and rumours of problems at its Dominion mine in South Africa Full story...Diamond futures expectations high despite poor sales
PROMINENT diamond trader and Rapaport Group chairman Martin Rapaport says he is confident that a futures market for high-grade diamonds can be developed, despite lacklustre sales at his company’s first certified diamond auction Full story...Polyus posts loss
FALLING output, higher costs and management stock options have driven Russia’s biggest gold producer, OJSC Polyus Gold, to a first-half loss of US$93 million Full story...Production losses at Elandsrand
HARMONY Gold Mining Co’s Elandsrand mine in South Africa will lose 32,150 oz in gold production after its closure on October 3 Full story...Fifth Column
Lassonde supports end of Newmont Capital
PIERRE Lassonde, who brought the merchant banking business to Newmont Mining, has endorsed Mr O’Brien’s decision to increase Newmont’s gold leverage rather than continue with Newmont Capital Full story...Newmont CEO brews golden revolution
THERE’S a revolution going on at Newmont Mining Corp as new chief executive Richard O’Brien takes steps to rebuild the group’s credibility Full story...Focus
Steady moly set for a good year
WHILE many metals have been affected by price fluctuations, strikes and supply deficit, molybdenum has had a fairly steady year Full story...SPECIAL REPORT: DRC - What’s mine is yours
An estimated 150,000 illegal artisanal miners working in Katanga pose one of the largest dilemmas for foreign companies now developing assets in the copper-rich province of the Democratic Republic of the Congo THE life of 33-year-old artisanal miner Tshezeka Nweze has been transformed since a foreign mining company gave him a job – not at a mine, but on a farm Full story...People and Appointments
Polyus Gold re-instatements
BILLIONAIRE Mikhail Prokhorov has been re-elected as chairman of the board at gold miner Polyus Gold this week and re-instated his former chief executive, in a move analysts said could signal a resolution to an asset split with his partner Full story...Meridian CEO steps down
Meridian Gold Inc chief executive Edward Dowling (left) will step down following Yamana Gold Inc’s takeover of rival company, Meridian, according to Canadian newspaper, Globe and Mail Full story...Moly mines’ new appointments
Terry Stott has joined Moly Mines Ltd as project construction manager Full story...New VP for Endeavour
Junior miner, Endeavour Silver Corp has appointed David Howe vice president, Mexico operations Full story...ALTUS Strategies gets new chairman
Mining engineer David Netherway joined Altus Strategies Ltd as chairman Full story...New CFO for Minco
Minco Silver Corp has appointed Garnet Clark as chief financial officer Full story...New CEO for Nevoro
Canadian precious-metals explorer, Nevoro Inc has appointed William Schara as president and chief executive Full story...East Asia revamps management
Darren Pylot has stepped down as interim chief executive of Asian-based Canadian explorer, East Asia Minerals Corp Full story...Bays water Uranium ’s board change
James Stewart has joined the board of directors at Bayswater Uranium Corp Full story...Rio Tinto appointments
Rio Tinto has appointed Bill Champion as managing director of Rio Tinto’s diamonds business unit Full story...BHP Chip Goodyear paid more
BHP Billiton Ltd paid former chief executive Charles Goodyear a further 20% after the company posted a record full-year profit Full story...Starfield new VP
Starfield Resources Inc has appointed Fred Mason as vice president of operations Full story...Anglo Platinum board changes
The Anglo Platinum Ltd board has reduced its number of executive directors Full story...Alcoa ’s new Chairman
Kevin M Anton, vice president of Alcoa Inc and president of Alcoa materials management, has been elected chairman of the Aluminum Association Full story...Goldex Resources ’ new president
Charles Ross has been appointed president of Goldex Resources Corp Full story...El nino new directors and CEO
Jean Luc Roy has been appointed chief executive and director of El Nino Ventures Inc Full story...Site Search
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