Read more...
Read more... is the new weekly Mining Journal print feature in which we inform you of valuable additional content to complement the latest print edition. Visit www.mining-journal.com/read-more each friday to find the best of the mining web.
This Week: 20/08/2010
The Mining Journal website this week includes a recently-published report by Sydney-based Ophir Partners on Mining Company Boards.
Mining Boards |
Last Week: 13/08/2010
The Mining Journal website includes a salaries guide for the resources sector in Western Australia from Ambit Engineering Recruitment (AER).
Ambit Engineering Recruitment Salary & Contract Index The survey shows pay rises of up to one-third in the past quarter for some categories and, with demand increasing, AER predicts further increases in remuneration for resource-sector employees. AER's survey tracks the remuneration for some 80 job categories in the mining and oil and gas sectors. For example, senior contracts managers in the mining sector now enjoy an average salary of A$228,800 (US$210,000). AER's chief executive Peter Acheson commented "WA's resources sector will need some 38,000 additional employees for the estimated A$170 billion of projects currently scheduled". |
06/08/2010
The Mining Journal website includes the second interim report from Australia's Select Committee on Fuel and Energy on the mooted new mining tax.
Select Committee on Fuel and Energy mining tax report The Select Committee notes that the government "sought to impose its so-called Resource Super Profits Tax without having engaged in any meaningful dialogue with industry or state governments". The government then announced its new Minerals Resource Rent Tax and expanded Petroleum Resource Rent Tax, again without adequate discussion. The Select Committee concludes "this new tax on mining is still bad for the Australian economy and it is still bad for jobs", and recommends that "the new tax on mining be scrapped immediately". |
30/07/2010
The Mining Journal website this week includes the latest Gold Investment Digest (GID) from the World Gold Council (WGC).
Gold Investment Digest GID notes that the quarter to end-June saw “significant net inflows into various gold-backed investment vehicles as investors sought to harness gold’s investment benefits at a time of weakness and pronounced volatility in other asset classes”. According to WGC, gold “retained its lustre” as a protector of wealth because of “mixed economic news around the world, concerns over a double-dip recession and significant fiat currency weakness”. With regard to jewellery demand, GID suggests that China has remained resilient. |
23/07/2010
The Mining Journal website this week includes an 848-page PDF version of the Dodd-Frank Wall Street Reform and Consumer Protection Act that was signed into law by President Obama on Wednesday.
US Finance Act The Act represents the biggest overhaul of American financial regulations in decades, and enabling regulations will now be implemented within 270 days. Three of the 533 new regulations relate directly to mining, and have nothing to do with reform of Wall Street and little to do with consumer protection (indeed they are filed at the end under 'Miscellaneous'; see page 838). |
16/07/2010
The Mining Journal website this week includes the recently published summary by the International Council on Mining & Metals (ICMM) of its Good Practice Guidance on Health Impact Assessment.
ICMM Good Practice Guidance on Health Impact Assessment IICMM notes that the traditional focus on mining and metal sites has been on employee health and well-being. However there has been increasing concern about the impacts, both positive and negative, on neighbouring communities. |
09/07/2010
The Mining Journal website this week includes a special 70-page report on gold from Erste Group.
Special Gold Report The Mining Journal website this week includes a special 70-page report on gold from Erste Group. In what is its fourth annual report on the sector, the Vienna-based group describes last year as “an exciting and lucrative year for gold investors”. Erste notes that its “first target price, of US$1,300/oz, was almost reached”, but adds that its new target is US$2,300/oz. Erste’s report notes that the gold price increased by 24% year-on-year, and broke the US$1,000/oz mark “on a sustainable basis”. This year, “and beyond”, according to Erste, “should turn out even more interesting for gold”. Visit: www.mining-journal.com/readmore
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02/07/2010
The Mining Journal website this week includes the latest Silver Book, from Virtual Metals Research and Consulting (VM) in a joint venture with Fortis Bank Nederland.
The 2010 Ernst & Young business risk report - Business risks facing mining and metals The Mining Journal website this week includes the 2010 Ernst & Young Business Risk report on mining and metals. In this report, E&Y names (after consulting widely) the top ten global strategic risks in the mining and metals sector. The professional services group concludes that, properly approached, the process of risk management can add value even if the feared events never happen. In working through scenarios and impact analysis, E&Y says that companies can make themselves more agile and able to operate more effectively, in whatever market conditions that may arise. |
25/06/2010
The Mining Journal website this week includes the latest Silver Book, from Virtual Metals Research and Consulting (VM) in a joint venture with Fortis Bank Nederland.
June 2010 Silver bookThe Mining Journal website this week includes the latest Silver Book, from Virtual Metals Research and Consulting (VM) in a joint venture with Fortis Bank Nederland.
Read more |
18/06/2010
The International Accounting Standards Board (IASB) has produced a discussion paper setting out its proposals for the extractive industries.
Accounting for extractive industriesThe aim is to produce a common standard of accounting for extractive industries with the intention that the standard will harmonise accounting across the mineral extraction and oil and gas sectors. The Mining Journal website this week includes a response to the discussion paper by PKF, which has written a document to inform interested parties and to gather their views. The IASB has asked ten specific questions in its paper and PKF has added a further four.
Read more |
11/06/2010
The Mining Journal website this week includes the Australian Bureau of Agricultural and Resource Economics’ (ABARE) Australian mineral statistics report for the March quarter.
ABARE March quarter reportThe report notes that Australian production has dropped in around 70% of the major commodities and exports are down compared with the previous quarter. ABARE examines the reasons behind the fall in production and also covers the financial side of the country’s exports during this period throughout the mining industry. Read more |
04/06/2010
The Mining Journal website this week includes PricewaterhouseCoopers' timely report on mining companies and taxation – 'Total tax contribution'.
PricewaterhouseCoopers' Total Tax Contribution report.The report, the second in the series, finds that the mining industry makes a significant contribution to the world economy, noting that their payments form an important element in the creation of prosperity and stability of the countries in which they operate... Read more |
28/05/2010
The Mining Journal website this week includes PricewaterhouseCoopers’ seventh annual review of global trends in the mining industry – Mine, Back to the Boom.
Mine, Back to the Boom... Review of global trends in the mining industry - 2010, PWCThe report notes that although 2009 saw overall revenues decline, a drop in net profit and a decrease in cash flow in the industry, none of the industry’s leading 40 companies were subject to bankruptcy or voluntary administration. Indeed, by the end of 2009 the market capitalisation of the top 40 companies had returned to the heights of 2007.. Read more |
21/05/2010
The Mining Journal website this week includes a Deloitte report, commissioned by the Minerals Council of Australia (MCA), into the long-term economic effects of mining.
Deloitte two speed economy paperThe report concluded that concerns about Australia’s so-called “two-speed” economy are “misplaced and overstated”. Moreover, the Deloitte paper described the proposed 40% ‘super tax’ on Australia’s minerals industry as “highly undesirable”. The paper shows there is nothing unusual about regional growth disparities in Australia. MCA chief executive Mitch Hooke said the government was trying to fix a problem that doesn’t exist. Read more |
14/05/2010
This week, Denver-based Mincom, a provider of software and services to the mining industry, published the findings of a poll of more than 100 leading North American mining companies.
Mincom Annual Study: Mining Executive Insights | North America | 2010Conducted in January 2010, the study revealed that maintaining workplace safety was the highest-ranked priority. The poll also disclosed a significant disconnect between companies’ top business objectives and the processes and technologies required to support them. Some 79% of executives said they intend to integrate their financial planning with all departments and control systems, yet only 26% possess an integrated software system to compile production information across multiple mines and processing facilities. Read more |
05/05/2010
The Mining Journal website this week includes the latest Gold Mine Cost Report, published by Fortis Bank Nederland, VM Group and Haliburton Mineral Services.
Gold mine cost reportThe report analyses the costs at 232 gold mines which produced a total of 11.6Moz. The average cash cost for the three months to end-December 2009 was US$516/oz (the average mine producing 49,963oz), with a median cash cost of US$495/oz (the median mine produced just 32,000oz). Read more |
30/04/2010
The Washington-based Industrial Minerals Association (IMA) this week announced the companies and mining operations that will receive its safety-recognition awards for last year. The programme is run in co-operation with the US Department of Labor’s Mine Safety and Health Administration. The MSHA/IMA have honoured 11 companies and 19 individual mining operations.
Recognition program for excellence in work safetyThe Safety Achievement Award, which recognises the best reportable-injury rate for an individual IMA member company (by size category), was won by OCI Wyoming LP (in the large category), Bentonite Performance Minerals LLC (medium) and PW Gillibrand Co (small category). Read more |
23/04/2010
The Mining Journal website this week includes a discussion paper from the Responsible Jewellery Council (RJC). The paper reviews the issues and options relating to chain-of-custody (CoC) in the diamond and gold jewellery supply chain. The RJC launched a certification system in December 2009 that is based on independent, third-party, auditing against an internationally-applicable code of practice. The RJC is now investigating the feasibility of extending this standard to a CoC system. This would comprise a set of technologies, procedures and documents to provide relevant information through each step of the jewellery supply chain.
Chain of custody in the diamond and gold jewellery supply chain – issues and options - Discussion Paper – 19 April 2010 |
16/04/2010
The Mining Journal website this week includes a consultation document on the alignment of minerals reporting in Russia with codes elsewhere. This draft handbook has been published by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) and the Russian Federal Government State Commission on Mineral Reserves
Guidelines on Alignment of Russian minerals reportingThe handbook contains guidelines on alignment of Russian minerals reporting standards and the CRIRSCO template, which incorporates the standards from JORC (Australasia), SAMREC (South Africa), CIM (Canada), SME (US), Comisión Minera (Chile) and the Pan-European Reserves and Resources Reporting Committee. Read more |
09/04/2010
Almost at the same time as the Massey Co coal mine accident reported on the front page of this week’s Mining Journal, the ICMM launched a new guidance on managing fatal risk in mining operations.
ICMM Managing fatal risk guidanceThe new guidance aims to provide mine managers with a tool to help reduce fatal events by identifying potential gaps in safety management systems. Read more |
01/04/2010
On the Mining Journal website this week is a link to the World Gold Council’s report, entitled ‘Gold in the Year of the Tiger’.
Gold in the Year of the Tiger |
26/03/2010
The Mining Journal website this week includes the Statement of Issues released by the Australian Competition and Consumer Commission (ACCC) on the proposed joint venture of BHP Billiton and Rio Tinto’s iron-ore assets in Western Australia.
Australian Competition and Consumer Commission Statement of Issues |
19/03/2010
This week's Mining Journal (see p8) includes a report on the recent Prospectors and Developers Association of Canada convention.
Mining & Metals Scenarios to 2030 |
12/03/2010
The Mining Journal website this week includes a summary of miners that feature in Forbes Rich List, and an eight-page summary of Metals Economics Group’s latest World Exploration Trends report.
Metals Economics Group’s World Exploration Trends reportIn a survey of 1,846 companies, MEG identified a nonferrous exploration budget of US$7.32 billion in 2009. This contrasts with the record US$12.6 billion in 2008, and marks the largest one-year decline in 20 years. MEG estimates that the budgets included in the study (using a US$100,000 cut-off) accounted for more than 95% of worldwide commercially-oriented nonferrous expenditure. Including the remaining 5%, planned expenditure for commercial nonferrous-metals exploration probably reached US$7.7 billion last year. Read more |
05/03/2010
The Mining Journal website this week includes the latest Mining Eye from Ernst & Young. The accounting firm notes that its Mining Eye index, which monitors the performance of AIM mining companies, gained 13% in the three months to end-December.
This week's Mining Journal includes a special investigation on kidnapping, and the website has an additional diagram from Salamanca Risk Management explaining the anatomy of a traditional kidnap.
Ernst & Young Mining EyeIn its report, E&Y identifies four key themes that emerged during the quarter: the revival of equity fundraising, the sale of strategic assets, ongoing sector consolidation and the emergence of China as a key player in the financing of the junior-mining sector. Read more |
26/02/2010
The Mining Journal website this week includes two important reports from the International Council on Mining & Metals – 'Mining: Partnerships for Development', as referred to in this week's Comment, and 'Working Together'. The latter examines how large-scale mining can engage with artisanal and small-scale miners.
The website also includes the metals review from Natixis that is referred to on p4. In its first quarter review, Natixis says that it expects base metals to have a strong year on the back of demand from developing countries such as China and India.
ICMM - Mining: Partnerships for DevelopmentAll ICMM member companies commit to implement and measure their performance against a set of 10 sustainable development principles. Where members have sought greater clarity on some of the key challenges facing the industry, ICMM has developed supporting position statements. Read more |
ICMM - Working TogetherThe relationship between large-scale mining (LSM) companies and the artisanal and small-scale mining (ASM) sector is often poorly understood and has been troubled by a general mismatch of expectations, which has led to mistrust and conflict in some cases. In the absence of effective engagement, LSM companies can find themselves facing delays in project development or impacts on production as they respond to ASM concerns or actions. Read more |
19/02/2010
The Mining Journal website this week includes the third in a three-part series of metal-price models. Provided by London-based Bloomsbury Minerals Economics (BME), these models provide an introduction to price modelling.Having covered Aluminium and Nickel, we conclude the series with Copper.BME's models incorporate the hybrid physical and investment markets for metals, and help explain the influence of investor flows into, and out of, commodities. The PowerPoint slides and associated Word document provide an insight into price prospects and risk and, crucially, asset valuations.
Copper market case study: BMEIn the third part of our Market Study series for Read more... we provide an explanation of Bloomsbury Minerals Economics Ltd's model for copper. Read more |
12/02/2010
On the Mining Journal website this week we highlight an attack by the Catholic Agency for Overseas Development (CAFOD) on Anglogold Ashanti over its Mongbwalu project in the Democratic Republic of the Congo. The NGO’s report provides an insight into alternative perceptions of corporate mining, and the industry needs to be aware of the criticisms it faces.CAFOD highlights issues around community consent and displacement, but fails to address the role of government and damage already being caused by artisanal mining.
We also feature the second in our three-part series of metal-price models; this week on Nickel.
CAFOD's new report questions the benefit of AngloGold Ashanti mine project to DRC communities.
As protracted negotiations over mining contract awards draw to a close in the Democratic Republic of Congo, a new joint report by UK development agency CAFOD, South African CSR monitors Bench Marks Foundation, and DRC civil society organisation Cadre de Concertation reveals the potential environmental and social impacts of a new mine on local communities.
The report into proposals by multi-million dollar mining giant AngloGold Ashanti to develop a goldmine in the Ituri district of DRC, questions the benefit of the mine for local people. Ituri sits on one of the richest goldfields in Africa. The report highlights issues of conflict, community consent, displacement and corporate accountability that the mining company must address in order to ensure their project has a net positive impact on the area and its communities. READ THE FULL REPORT NOW
Nickel market case study: BMEIn the second part of our Market Study series for Read more... we provide an explanation of Bloomsbury Minerals Economics Ltd's model for nickel. Read more |
03/02/2010
Metals-price modelling: Aluminium (Part 1 of 4)
The mathematical modelling of metals prices is a useful tool for the mining and investment communities by helping to explain market performance. As a service to Mining Journal readers, we provide here an explanation of Bloomsbury Minerals Economics Ltd's model for aluminium. Similar explanations will follow for the company's copper and nickel models
London-based BME models metals prices with reference to three 'fundamental' forces: stocks of the metal, economic growth (or specific metal demand) and performance of the US dollar.
The models have progressed from dealing with commodities as industrial raw materials to dealing with them as a hybrid physical-investment market. BME is this year introducing the influence of investment/disinvestment on the market, and on ways of better understanding investor flows.
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