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Mitsubishi Joins Copper Mountain in Similco Redevelopment Project
- Copper Mountain Mining Corp. reported in late July 2009 that Mitsubishi Materials has signed definitive agreements whereby Mitsubishi will acquire a 25% interest in Copper Mountain’s Similco mine redevelopment project near Princeton, British Columbia, for $28.7 million. In addition, Mitsubishi will try to arrange a $250 million project loan and will purchase all of the copper concentrate produced by the mine. The Copper Mountain property is a past producer that extracted ore from an underground mine..... read
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Fortune Minerals to Build Hydromet Plant
- Fortune Minerals Ltd. has decided to locate the hydrometallurgical section of the process plant that will treat concentrates produced from its NICO gold-cobalt-bismuth- copper development in Canada’s Northwest Territories at a site in southern Canada. This change in the NICO project, according to the company, will favorably impact both capital and operating costs for the development and will also help mitigate future exposure to increasing energy costs, accelerate the construction schedule, reduce environmental impacts and speed the permitting process.... read more
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Young-Davidson Advancing to Feasibility Study
- Northgate Minerals announced on July 14, 2009, that it had received positive results from a pre-feasibility study of its Young-Davidson gold project in Matachewan, Ontario, and AMEC Americas, which completed the pre-feasibility study, has been commissioned to complete a feasibility study on the project by year-end 2009. The studies are based on proven and probable reserves of 2.8 million oz of contained gold. Mine life is projected at 15 years at a mill throughput of 6,000 mt/d. Commissioning is currently targeted for late 2011, with full production in early 2012. Life-of-mine production is projected to average 170,000 oz/y of gold at a net cash cost of $333/oz.... read
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Mirabela Starting Up at Santa Rita - Mirabela Nickel Ltd., an Australian company headquartered in Perth, Western Australia, announced in early August 2009 that it had begun owner-operated mining at its 100%-owned Santa Rita open-cut nickel sulphide mine in Bahia state, Brazil. Concentrator construction was nearing completion, and commissioning was expected to begin in late September. Pre-stripping of the Santa Rita open cut was completed by contract miners, who stockpiled about 170,000 mt of run-of-mine ore as part of their work. Santa Rita is starting up at a mine production rate of 4.6 million mt/y of ore, increasing to about 6.4 million mt/y by…… read
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Sierra Gorda Scoping Study Outlines Major Project - Quadra Mining reported on July 23, 2009, that the scoping study for its 100%-owned Sierra Gorda copper-molybdenum project in northern Chile has outlined a $1.7-billion open-pit and concentrator operation that would process 111,000 mt/d of mill feed and produce between 250 million and 400 million lb/y of copper in concentrates over a 25-year mine life. Life-of-mine copper production costs, including by-product credits, would average $0.79/lb. Metal price assumptions for the study were $2/lb for copper, $12/lb for molybdenum, and $800/oz for gold…. read more
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Flinders Greenlights Pilbara Iron Ore Pre-Feasibility Study - A pre-feasibility study into development of a 500-million-mt iron ore project in Pilbara, Western Australia, has been given the goahead by project owner Flinders Mines. The company said work would begin immediately on an additional resource definition drilling campaign on the Blacksmith tenement, which together with the Anvil tenement comprises the company’s Pilbara iron ore interest. Flinders Mines’ Chairman, Robert Kennedy, said the decision to move to the next evaluation stage for the project followed the release of the new scoping study…. read
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Feasibility Study Started at Tropicana Gold Project- Joint-venture partners AngloGold Ashanti (70% owner and operator) and Independence Group (30%) have completed a prefeasibility study and initiated a bankable feasibility study of their Tropicana deposit 330 km northeast of Kalgoorlie, Western Australia. The feasibility study will focus on optimizing capital and operating costs and will assess in detail owner and contract mining options at a processing rate of 6 million mt/y. The study is expected to take approximately 12 months to complete. Measured, indicated, and inferred mineral resources for the Tropicana deposit currently total 75.3 million…. read
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Citadel Strikes Share, Copper Offtake Agreements with Transamine - Citadel Resource Group announced that it has entered into a A$25 million share subscription agreement and copper concentrate off-take arrangement with Transamine SA, a global non-ferrous trading house, for the sale of 50,000 dry mt/y of copper concentrate from the Jabal Sayid mine at market terms for five years from 2011. These arrangements, according to Melbourne, Australia-based Citadel, represent an important milestone, underpinning the company’s share price at a premium to current market….
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Detained Rio Tinto Employees Formally Arrested in China - Rio Tinto reported on August 12, 2009, that Chinese authorities had announced the grounds for the arrest of four Rio Tinto employees, who had been held since July 6 pending arrest. No formal charges were laid, but the arrest will allow the authorities to continue the detention of the employees during further investigations. Rio Tinto’s understanding was that the grounds for arrest related to allegations of obtaining Chinese steel-industry .…. read
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Aquarius Acquires Ridge Mining - Aquarius Platinum announced on July 30, 2009, that it had completed its acquisition of Ridge Mining in an agreed transaction initially announced in February 2009. Key assets involved in the acquisition were Ridge’s Blue Ridge platinum group metals (PGMs) mine on the eastern limb of South Africa’s Bushveld complex, which shipped its first concentrates in April 2009, and its nearby Sheba’s Ridge development project. The Blue Ridge mine, which was 50%-owned and operated by Ridge, is ramping up to full capacity of 125,000 combined oz/y of platinum, palladium, rhodium, and gold in concentrate. Mineral resources total 5.34 million oz of pgm plus gold. Imbani Platinum holds the remaining 50% of the mine …. read more
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Study Confirms Rossing South Potential
- Australian-based Extract Resources has released a preliminary capital and operating cost study for its Rossing South project in Namibia that supports the company’s contention that the project has the potential to become one of the world’s largest uranium mines. The report indicates that Rossing South can support an open-pit mining operation and agitated tank sulphuric acid leach processing plant having throughput capacity of 15 million mt/y and an annual production rate of 14.8 million lb of U3O8. Head grade is estimated at 487 ppm U3O8……
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