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MJ 17/06/11

Glencore responds to speculation

As Glencore International plc revealed its first set of quarterly results since the recent initial public offering, chief executive Ivan Glasenberg denied a takeover bid for troubled Kazakh copper producer Eurasian Natural Resources Corp (ENRC) was imminent

Rio Tinto quickens iron-ore expansion

Rio Tinto plans to spend US$676 million to accelerate its iron-ore expansion programme in the Pilbara region of Western Australia

Australian gold miners to create new company

Catalpa Mining Ltd and Conquest Resources Ltd plan to create a A$1.1 billion gold producer through a merger plus the acquisition of projects owned by Newcrest Mining Ltd

Itochu secures Colombian coal

Itochu Corp has committed an investment of US$1.5 billion to take a 20% stake in Drummond Co’s Colombian coal operations

Industrial action hits BMA coal

Strike action has taken place at BHP Billiton’s coking-coal operations in Queensland

Opinion

Red Signal

Speakers at this week’s Mines and Money Beijing conference queued up to explain China’s prodigious appetite for metals, and to signal that the demand will continue
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Production and Markets

Survey suggests carbon tax could close coal mines

The Australian Coal Association (ACA) said it expected that the country’s proposed carbon tax would put thousands of jobs at risk and push billions of investment dollars offshore

Barnett supports new rare-earth mines in WA

Western Australian premier Colin Barnett has welcomed partnerships between the state and Europe that would focus on the exploration and development of rare-earth element (REE) projects

Hecla settles environmental suit for US$263 million

Hecla Mining Co has agreed to pay US263.4 million plus interest towards the cost of cleaning up mining waste in the Coeur d’Alene Basin in Idaho

Industrial action hits BMA coal

Strike action has taken place at BHP Billiton’s coking-coal operations in Queensland
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Exploration & Development

Chinese private investment set to grow

Private Chinese investment in the global resource sector is set to grow, according to the China International Chamber for Commerce for the Private Sector

Central Eyre prefeasibility designs 12.4Mt/y first stage

A prefeasibility study for Iron Road Ltd’s Central Eyre iron project in South Australia’s Eyre Peninsula has outlined an open-pit operation capable of supporting production of 12.4Mt/y of concentrate

Vista grows for Coalspur

Overall coal resources at Coalspur Mines Ltd’s Vista thermal coal project, near Hinton in Alberta, have been estimated at 1,290Mt

Renard price rise

The average value per carat for diamonds from Stornoway Diamond Corp’s Renard project in Quebec has increased compared with the previous, 2009 estimate

Quebec Lithium confirmation

Canada Lithium Corp’s Quebec Lithium project would still support a mining operation, despite the recent downward revision of the resource upon which the project is based

Update revises Monterde plan for Kimber

An independent update of a preliminary assessment for Kimber Resources Inc’s Monterde gold-silver project in Mexico’s Sierra Madre has reduced capital costs and overall output

Benga off-take

Riversdale Mining Ltd, control of which recentlty passed to Rio Tinto following a takeover offer, has signed an off-take agreement with trading group Trafigura for thermal coal to be produced from the Benga project in Mozambique

Likuyu North update

Uranex NL’s continuing aircore drilling programme at the Mkuju uranium property in Tanzania has intersected further mineralisation at the recent Likuyu North discovery

Lexam assays

Drilling at Lexam VG Gold Inc’s Buffalo Ankerite property in Ontario has intersected gold mineralisation at the North and South zones

Judeira intercepts

Costs jump again at delayed Ambatovy

Sherritt International Corp has revealed that the 40%-owned Ambatovy lateritic nickel project in Madagascar will cost at least 16% more and take longer to reach production

Roper River boost

Sherwin Iron Ltd has updated the scoping study for its Roper River iron-ore project in Australia’s Northern Territory, focusing on alternative transportation of product
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Finance

Glencore responds to speculation

As Glencore International plc revealed its first set of quarterly results since the recent initial public offering, chief executive Ivan Glasenberg denied a takeover bid for troubled Kazakh copper producer Eurasian Natural Resources Corp (ENRC) was imminent

McEwen plans combination of US Gold and Minera Andes

Rob McEwen, the chairman, chief executive and largest shareholder of both US Gold Corp and Minera Andes Inc, has proposed the merger of the two companies

Sphere to fund Mauritania assets

Xstrata plc subsidiary Sphere Minerals Ltd is seeking to raise A$128.5 million (US$137.1 million) to fund its iron-ore projects in Mauritania

Orosur completes raising

Orosur Mining Inc has completed an £8.3 million (US$13.5 million) private placing it said it would use to acquire the Talca gold project in Chile

Ferraus reviews Wah Nam bid

Junior iron-ore company Ferraus Ltd is reconsidering a previously-rejected takeover offer made by Hong Kong’s Wah Nam International Holdings Ltd

Kazakhmys secures loan for Aktogay

Kazakhmys plc has signed a memorandum of understanding (MoU) with the China Development Bank (CDB) that would position it to retain 100% ownership of the Aktogay copper project in Kazakhstan

Australian mining tax favours big miners

Fortescue Metals Group Ltd’s latest attack on Australia’s Minerals Resources Rent Tax (MRRT) on iron-ore and coal companies has described the proposal as “economic vandalism” for the impact it said the MRRT would have on the industry

Noble raises Territory bid

Commodity trader Noble Group Ltd has made a A$0.50/share bid for iron-ore junior Territory Resources Ltd, nearly 9% higher than Exxaro Resources Ltd’s offer three weeks earlier

Wildhorse raising

Wildhorse Energy Ltd has entered into agreements with institutional and other investors for a raising worth A$7 million

Rio Tinto quickens iron-ore expansion

Rio Tinto plans to spend US$676 million to accelerate its iron-ore expansion programme in the Pilbara region of Western Australia

Exploration key, M&A alone not enough

Wang Jionghui, the assistant president at China Minmetals Corp, said his company recognises that mergers and acquisitions of mines are not enough to satisfy resource demand and that it strives to be an industry leader in exploration and innovation

Vallar takes interest in Batu Hijau

Vallar plc, the group started by Nat Rothschild, has announced a deal with PT Bumi Resources Tbk to buy control of the Indonesian group’s minerals business outside of coal, which includes an 18% interest in the Batu Hijau mine

Australian gold miners to create new company

Catalpa Mining Ltd and Conquest Resources Ltd plan to create a A$1.1 billion gold producer through a merger plus the acquisition of projects owned by Newcrest Mining Ltd

Itochu secures Colombian coal

Itochu Corp has committed an investment of US$1.5 billion to take a 20% stake in Drummond Co’s Colombian coal operations

Noble raises Territory bid

Kolar Gold joins AIM

Kolar Gold Ltd has taken up an AIM market listing in London in order to raise funds for its namesake project in India
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Reports

Japan: On land and under the sea

The earthquake that struck in March may have a lasting effect on Japan’s global investments
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People and Appointments

Brown to leave De Beers

Stuart Brown, De Beers Group’s chief financial officer and acting joint chief executive officer, has stepped down after nearly 20 years with the company

IFM appoints Jordaan

Christaan Jordaan will take over as chief executive officer of International Ferro Metals Ltd (IFM) from August

PMI new CFO

Michael Allen has been appointed chief financial officer of PMI Gold Corp

Fisher joins Horizonte

AIM-listed Horizonte Minerals plc has appointed Bill Fisher as a non-executive director

Talon hires Scholtz

Eddie Scholtz has been appointed president and chief executive officer of Talon Metals Corp

Ogryzlo interim CEO

Aura Minerals Inc has announced that Tom Ogryzlo, already an independent director of the company, will serve as interim chief executive

Candente appoints Thicke

Candente Copper Corp has hired Michael Thicke as president of recently-formed subsidiary, Cobriza Metals Corp
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MJ 17/06/11
Past issues
 
COMPANY PROFILES
Russian precious-metals company Polymetal International plc has made significant progress at the Semcha platinum-group metals (PGM) property in the past year as it moves the project towards a preliminary economic assessment
The Republic of Guinea intends to launch, pursuant to the mining Code, a competitive and transparent invitation to tender for three bauxite mining blocks located in the prefectures of Boffa, Boké and Télimélé.
Indochine Mining Limited is developing a high-grade gold project at Mt Kare in PNG by rapidly developing wide, high-grade gold zones
Sarama Resources is a West Africa-focused gold explorer with substantial landholdings in Burkina Faso, Liberia and Mali.
Midway Gold is an emerging, near-term gold producer on track to bring its first million-ounce project, the Pan mine, to production in 2014
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