Mining Journal: 23 Mar 2007
Headlines
European Goldfields turns to profit
AFTER exceeding its 2006 production target at the Stratoni zinc-lead-silver operation in northern Greece European Goldfi elds has turned around its financial fortunes and reported a maiden profit. Full story...China’s Monterrico takeover in doubt?
MONTERRICO Metals plc largest shareholder Greater Europe Fund Ltd has rejected an off er by Zijin Consortium a group of Chinese companies to buy the UK miner saying the bid may be at least 2.5 times below “fair value”. Full story...Uranium set to hit US$100/lb
SOARING demand and supply shortfalls have propelled spot uranium prices even higher to US$91/lb with the price widely expected to break through US$100/lb within weeks Full story...British geologist mine victim
WHITE Young Green project offi cer Ian Robertson (right) 55 was among the 108 killed in the Ulyanovskaya explosion. Full story...Investigators begin probe into Siberian mine disaster
Union’s ‘exemplary relationship’ with management Full story...First Quantum: DRC’s copper block a ‘temporary problem’
A PERMANENT ban on raw ore leaving the mineral-rich province of Katanga presents a “temporary problem” for First Quantum Minerals Ltd according to Clive Newall company president. Full story...South Africa extends claims deadline
SOUTH Africa’s government has postponed until 2009 a crucial deadline for mining companies to fi le claims against the state’s award of mine rights. Full story...LME keeps metal delivery terms
THE London Metal Exchange (LME) has dropped a proposal to change its standard contract terms for metal delivery from an “in warehouse” basis to a “free on truck” (FOT) basis. Full story...Mining giants up pressure over new Indonesia laws
MAJOR mining companies in Indonesia are lobbying for the government to retain the Contract of Work (CoW) system under proposed changes to the mining law claiming that its abolition would a major barrier to new investment ( MJ March 2 p3). Full story...NGOs want ‘relationships’ not ‘partnerships’
RELATIONSHIPS not partnerships are the key to successful collaborations between NGOs and the extractive industries according to Roger Hammond development director of Living Earth Foundation (LEF). Full story...Production and Markets
Alumina prices increase 8%
ALUMINUM Corp of China Ltd (Chalco) has raised the alumina spot price for the second time in the past two months in response to higher overseas prices. Full story...Copper, tin inch higher as nickel falls
THREE-MONTH copper futures reached their highest levels since mid- December as London Metal Exchange (LME)-registered warehouse stocks declined 4 400 t to stand at 187 775 t on March 21. Full story...Coke coal price down 15%
FORDING Canadian Coal Trust’s (FCCT) 60%-owned Elk Valley Coal Partnership (EVCP) has completed around 90% of its annual coking-coal contract talks for the year starting April 1. Full story...Dapingzhang resources surge
HONG Kong-listed Regent Pacifi c Group Ltd has increased the resource for the Dapingzhang gold mine in southwest Yunnan Province China by 70% following a six-month drilling programme. Full story...Chinese curb smelter investment
CHINA has introduced new measures to curb small-scale investment in copper zinc and lead smelting. Full story...Resources at Mulatos rise
TSX-LISTED Alamos Gold Inc has increased the resource estimate for its Mulatos gold mine in Sonora State Mexico as at end-2006. Full story...Russian Kid resource estimate
CANADIAN mining junior Rocmec Mining Inc has released a resource estimate for its Russian Kid mine in Quebec. The estimates complied with Canadian reporting standards. Full story...Ivernia options
TORONTO-BASED Ivernia Inc owner of the Magellan lead mine in Western Australia is looking for a new port to ship its lead concentrate. Full story...Indian iron-ore duty sends ‘wrong signal’
INDIA’S decision to impose a R300/t (US$6.77/t) iron-ore export tax has concerned the country’s iron-ore producers which fear it will give a “wrong signal” to the international markets. Full story...Canada ends oil-sands break
CANADA’S minority Conservative government will phase out about C$300 million (US$258 million) of oil-sands tax incentives as part of its federal budget environmental measures. Full story...URASIA SALES DEAL
Vancouver-based UrAsia Energy Ltd has entered into a fi ve-year agreement with Exelon Generation Co LLC of the US to supply 2.5 Mlb of U 3 O 8 for delivery between 2009 and 2013. Full story...BRG MILL BOOST
Reno-based Bullion River Gold Corp (BRG) will boost mill throughput capacity at its French Gulch gold mine in California by 13.6% to 250 t/d of ore by mid-April. Full story...MINOR METALS DELAY
The London Metal Exchange (LME) will not start discussions with industrial participants on its planned minor metals contracts until the end of this year. Full story...MMK-ENRC SUPPLY DEAL
Kazakh-based Eurasian Natural Resources Corp (ENRC) has signed a ten-year iron-ore supply deal with Magnitogorsk Iron and Steel Works (MMK) of Russia. Under the deal’s terms ENRC will supply iron ore from its Sokolov-Sarbai mine in Kazakhstan. Full story...Exploration & Development
RUSSIA TARGETS URANIUM
Russian Deputy Prime Minister Sergei Ivanov said the country planned to invest US$26 billion in its nuclear industry over the next eight years. Full story...LA JARA MESA RESULTS
Laramide Resources Ltd completed a drilling programme at La Jara Mesa uranium property in New Mexico. Full story...CONDOR ASSAYS
Goldmarca Ltd’s drilling programme at its Condor gold-silver-zinc property in Ecuador has intersected further mineralisation at several prospects. Full story...DACHANG RESOURCE PLAN
Inter-Citic Minerals Inc has completed a resource estimate for its Dachang gold deposit in Qinghai Province China using data from its 2006 drilling project ( MJ September September 29 2006 p10). Full story...CHINA-KGHM PACT
Polish copper producer KGHM Polska Miedz and China Minmetals Corp have formed an exploration partnership for copper projects. Full story...SWEDISH URANIUM RESULTS
Mawson Resources Ltd has completed the fi rst drill-holes at its Kronotorpet uranium/rare-earth prospect part of its Tåsjö property in Sweden. Full story...Ajax West estimate for Abacus Mining
ABACUS Mining and Exploration Corp has received an independent resource estimate for its Ajax West copper-gold deposit part of its Afton property in central British Columbia. Full story...Perilya begins mining at Beltana
PERILYA Ltd has started mining at the Beltana zinc mine in South Australia ahead of schedule and under budget. Full story...Rosemont estimate
AUGUSTA Resource Corp has received a new resource estimate for its Rosemont copper-molybdenum-silver deposit in Arizona US. Full story...Zheng Guang resource rises 43%
LEYSHON Resources Ltd has received a new resource estimate for its 70%- owned Zheng Guang gold-silver-zinc project in Heilongjiang China from Hellman and Schofield. Full story...M’PHATLELE RESULTS
Platmin Ltd has completed the fi rst phase of drilling at its 54.29%-owned M’Phatlele platinum group metals (PGM) project on the eastern limb of the Bushveld Igneous Complex in South Africa adjacent to Lonmin plc’s Limpopo operations. Full story...BARSELE ASSAYS
Northland Resources Inc’s drilling programme at its Barsele gold property in Sweden has intersected both gold and base-metals mineralisation. Full story...INLICE INTERCEPTS
Stratex International Inc has intersected the “highest grades to date” from drilling at its Inlice gold property in Turkey. Full story...KOMANA WEST INTERCEPTS
Glencar Mining plc’s has intersected more mineralisation during continued drilling at the 95%-owned Komana West gold property in southern Mali. Full story...Cyanide ban hits Calcatreu project
AQUILINE Resources Inc has received a feasibility study to develop its Calcatreu gold-silver project in Rio Negro province Argentina which last year banned the use of cyanide ( MJ Januar y 12 p16). Full story...Shougang gains Pilbara toehold with Balmoral South
AUSTRALASIAN Resources Ltd (ARL) has signed project fi nancing and development agreements worth $2.1 billion with Chinese steel producer Shougang Corp and its associates for the Balmoral South iron-ore project in Western Australia’s Pilbara region. Full story...Cigar Lake’s output pushed on to 2010
THE flooding of Cameco Corp’s 50%-owned Cigar Lake underground uranium project in Saskatchewan has pushed back the timetable for initial production to 2010. Full story...NGO scores Kensington gold win
US APPEALS Court ruled this week that permits for Coeur d’Alene Mines Corp’s Kensington gold project in Alaska would be revoked. Full story...Approval delays over for Terramin
SOUTH Australia’s government has approved Terramin Australia Ltd’s Angas zinc-lead project with regulatory red tape delaying production by nearly a year . Full story...Caledon starts Cook production
CALEDON Resources plc has begun commercial production from its Cook coal mine in Queensland producing coking and thermal coal. Full story...Crescent pours first Laverton gold
CRESCENT Gold Ltd has poured the first gold bar from its Laverton project in Western Australia ( MJ Oc tober 13 2006 p16). Full story...Finance
Constellation down
CONSTELLATION Copper Corp report ed a net loss of C$49.6 million (US$42.8 million) in 2006 compared with C$3.5 million in 2005. Full story...Tantalum producer raises £8m
TANTALUM producer Noventa Ltd has raised £8 million after placing 4.6 million shares at £1.75/share in a listing on London’s AIM. Full story...Mwana in SouthernEra bid
MWANA Africa plc has made a share exchange takeover bid to acquire all of SouthernEra Inc’s outstanding common shares. Full story...Seoul looks south
THE South Korean Government is planning to create a US$212 million fund to invest in a nickel-mining project in Ambatovy Madagascar. Full story...Blue Note seeks finance
MONTREAL-BASED Blue Note Mining Inc is looking to raise C$30 million (US$25.9 million) from a private share placement. Full story...New Guinea Gold IPO spin-off for PNG projects
JUNIOR Australian miner New Guinea Gold Corporation plans to spin off a series of gold exploration projects in Papua New Guinea in two separate Initial Public Off erings for Toronto and Australian stock exchanges Full story...FIRST QUANTUM IN LSM
First Quantum Minerals Ltd has applied for admission to the main board of London Stock Market Full story...APEX HALTS 2006 RESULTS
Apex Silver Mines Ltd has reported a further delay in the release of its 2006 year-end results. Full story...CLEVELAND-CLIFFS DELAY
Cleveland-Cliff s Inc the largest producer of iron-ore pellets in North America has extended the delay in the fi ling of its annual report to allow for time for an accounting review of derivative contracts in sales agreements. Full story...Hochschild profi ts up but mine deaths spark safety sackings
PERUVIAN gold and silver miner Hochschild Mining plc reported that its 2006 aftertax profi t has risen nearly 90% to US$46.6 million. Full story...Jinchuan buys into Oz tin
CHINESE metallurgy and mining conglomerate Jinchuan Group Ltd will buy a 13% stake in Metals X Ltd Australia’s largest tin producer Full story...World Bank invests US$20m in Aricom Russia projects
THE World Bank’s private-sector arm will invest US$20 million in Aricom plc which currently operates three projects in far east Russia’s Amur region and the adjoining Jewish autonomous region. Full story...New mining hedge fund formed
INVESTEC Bank (UK) Limited and Blackfi sh Capital Management Limited have launched a hedge fund for the mining and resources industry focusing on investing in near-term mining assets. Full story...Iamgold asset sale
TORONTO-BASED Iamgold Corp has closed the sale of its interests in Guyanan miner Omai Bauxite Mining Inc and Omai Services Inc to Bosai Minerals Group Ltd. Full story...Wolfden approves Zinifex US$306m takeover
CANADA’S Wolfden Resources Inc has approved a takeover bid from the world’s second-largest zinc producer Australia-based Zinifex Ltd Full story...GLADSTONE EXCHANGE
AIM-listed Gladstone Pacifi c Nickel Ltd is looking to raise US$40 million from the sale of warrants through a syndicate led by Research Capital Corp. Full story...AZTECA FUND RAISING
TSX Venture-listed Azteca Gold Corp is to raise C$1.76 million through a non-brokered private placing of 4.88 million shares and half share purchase warrants at C$0.36/unit for general working capital and possible acquisitions. Full story...GUANLU DISPOSAL PLAN
China Minmetals Corp is reported to be considering acquiring a controlling stake in Shanxi Guanlu Co (SGC) from Shanxi Guanlu Group. Full story...WEGA MAJORITY IN MERIT
Norwegian-based Wega Mining ASA will invest up to C$21 million (US$17.9 million) in Merit Mining Corp to take a 53.5% stake in the TSX-Venture Exchange-listed exploration company which has projects in the Canadian province of British Columbia and Greenworld Gold project. Full story...ACADIAN RAISES OPTIONS
Acadian Gold Corp based in Halifax Novia Scotia has increased its overallotment option to boost its total private placement fi nancing off ering from 17.15 million units to 19.05 million units. Full story...FRONTEER FINALISES DEAL
Fronteer Development Group Inc has completed an underwriting agreement with a syndicate of Canadian underwriters to sell 4.1 million common shares at a price of C$14.75 per share to raise C$60.5 million (US$52.2 million). Full story...URANIUM HOLDING
Uranium Participation Corp (UPC) is selling 5.83 million shares through a syndicate of underwriters led by Sprott Securities Inc to raise C$85 million (US$73.4 million). Full story...ALUMINIUM REFINANCING
OAO Rusal the world’s third-largest aluminium producer is seeking a US$2 billion loan to replace existing debt. Full story...FELIX TRANSFER
American Metals and Coal International Inc has acquired a 19.2% stake in Australian coal producer Felix Resources Ltd for A$188 million (US$150.6 million). Full story...STORNOWAY REPAYMENT
Vancouver-based Stornoway Diamond Corp has repaid its C$23.9 million bridging loan. Full story...CASH FOR MONGOLIA
Vancouver-based junior Consolid ated Gulfside Resources Ltd has arranged a private placement of 4 million units at a price of US$0.50/ unit to further explore the company’s three main properties in northern Mongolia at Erdenet 1 Erdenet 2 and the Khentil. Full story...CASTILLIAN IN C$10M DEAL
TSX Venture Exchange-listed Cast ill ian Resources Corp has a C$10 million deal for a private placement to fi nance increased exploration in Argentina Tanzania and Brazil. Full story...URAMIN FUNDING
UraMin Inc has completed its private placement of 52.0 million shares to raise US$226 million. Full story...Fifth Column
Digging deep at ACR
“ACR is also at the centre of a dispute over a discovery that provoked the biggest and wildest diamond rush seen in Zimbabwe for 100 years” Full story...Xstrata: Dishing out the winnings
BIG, big bonus time again at Xstrata plc as seven executives collect more than £26 million between them as they cash in shares acquired under the group’s long-term incentive plan and its annual bonus plan Full story...Focus
Listings: Three exchanges go head to head
With the high commodity prices of the past few years the global resources market is buzzing with activity Full story...Changes across the board
This article aims to summarise some changes and developments that have either occurred or are pending in different aspects of the legal framework for mining of some countries. Full story...Site Search
Log inIssue: Mining Journal: 23 Mar 2007
PROFESSIONAL PLACEMENTS
Geologists- Senior and Junior Positions
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