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Goldcorp Gets Government Clearance for Éléonore Construction
Goldcorp announced in mid-November 2011 that the Quebec Minister of Sustainable Development, Environment and Parks issued a certificate of authorization allowing full construction of Goldcorp’s Éléonore gold project in the James Bay region of northern Quebec. The Éléonore development plan calls for average plant throughput of 7,000 mt/d and average gold production of 600,000 oz/y at cash costs below $400/oz over an approximate 15-year...... read
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Rio Tinto Prevails in Bidding for Hathor
From late August through mid-November 2011, Rio Tinto and Cameco engaged in competitive bidding for Hathor Exploration, a Canadian uranium exploration company with uranium properties in the Athabasca Basin of northern Saskatchewan. Rio Tinto prevailed with an all-cash offer made on November 17 to acquire all outstanding Hathor common shares for C$4.70/share, valuing Hathor at about C$654 million. On November 28, Cameco announced announced it would not increase or extend its November 11 offer of C$4.50/Hathor share.... read more
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Royal Nickel Advancing Dumont Project
Royal Nickel is advancing its Dumont nickel project in western Quebec, about 60 km northeast of Rouyn-Noranda, based on the results of a positive prefeasibility study that demonstrates a robust project with a large, world-class resource and excellent project economics. The prefeasibility study was completed by Ausenco Ltd. and is based on staged project development, with initial production of 50,000 mt/d of ore and 29,000 mt/y of nickel in concentrates at an initial capital expenditure of $1.1 billion. By year five of operations, production would be.... read
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AROUND THE
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Anglo American and Codelco Clash over Anglo American Sur
Anglo American announced November 9 completion of the sale of a 24.5% interest in Anglo American Sur SA (AAS) to Mitsubishi for $5.39 billion. AAS assets include the Los Bronces and El Soldado copper mines and the Chagres copper smelter in Chile. The sale brought Anglo American into dispute with Chilean state copper producer Codelco, which had announced October 12 that it had secured financing of up to $6.75 billion from Mitsui for use in exercising an option to purchase 49% of AAS in January 2012…… read
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Guyana Goldfields Receives Mining License for Aurora Guyana Goldfields reported in mid- November 2011 it signed a mineral agreement with and received a mining license from the government of Guyana for its 100%-owned Aurora gold project, located about 170 km west of Georgetown, the capital of Guyana. The mining license is Guyana Goldfield’s permit to build and operate the project and is the first such license for a large-scale gold project to be issued in Guyana since 1991. The license is valid an initial 20-year term with provisions for extension on application by the company…. read more
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AROUND THE
WORLD - Australasia |
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Ivanhoe Australia Advances Two Queensland Projects
Ivanhoe Australia has announced the results of a preliminary economic study (PEA) of its Osborne copper-gold project and of a prefeasibility study of its Merlin molybdenum-rhenium project, both in northwestern Queensland. The two projects a separated by a distance of 53 km. Current planning calls for Merlin ore to be crushed at the mine site and trucked to a dedicated processing plant at the Osborne site. Following concentration…. read
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A Taxing Month for Australia’s Mining Industry November 2011 was a taxing month for Australia’s mining industry, with new taxes coming at the industry from three directions. A carbon tax was passed into law by the Australian parliament, a Mineral Resources Rent Tax (MRRT) passed the lower house of parliament but had not yet passed the upper house, and in Western Australia, the big iron ore producers agreed to an increase in the royalty to be paid on iron ore fines. In Western Australia, the state government reached agreements with BHP Billiton and Rio Tinto early in November to increase the royalty …. read
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Turkish Mining: Ready for Maturity
By Mungo Smith, E&MJ correspondent, Istanbul.
Turkey, located where geographic Asia meets Europe, has territory on both continents; and, although most of this land is on the Asian side, the country is considered Europe’s largest gold producer. Over the past decade, its base metal production also has been ramping up. A reformed mining law and imminent license auctions should now spur further drilling campaigns to unleash the country’s mineral potential. Most of Turkey’s mineral wealth still lies buried underground following years of underdevelopment. Only recently, lured by gold reserves and inspired by the price spikes of industrial commodity prices, have mining companies committed to bigger exploration programs.….
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Semafo Signs Mining Contractor for Mana Underground
Semafo reported November 7 the signing of a letter of intern (LoI) with Dumas Contracting for development of the Mana underground project at Semafo’s Mana operations in Burkina Faso. The LoI outlines the scope of work and responsibilities to be carried out by Dumas during an interim period leading to execution of a definitive agreement. The feasibility study for the Mana underground was completed in March 2011, and Semafo elected to proceed with the project in May. Gold production from the project is estimated at 942,600 oz over a nine-year…. read more
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Ghana 2012 Budget Calls for Mining Tax Hikes
"Highlights of the 2012 Budget" posted on the Ghana government website in mid- November include a statement that "Beginning in the fiscal year 2012, the following changes to the taxation of mining activities will apply: the corporate tax rate for mining companies will be increased from the current 25% to 35%; a windfall profit tax of 10% will be collected from all mining companies; and a uniform regime for capital allowance of 20% for five years for mining, as is the case in the oil and gas sector, is also established." Ghana, with gold production totaling about 3 million……
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Alpha Settles with DoJ on UBB Mine Explosion, MSHA Blames Massey Corporate Culture
The U.S. federal government made two major announcements during early December regarding the investigation into the Upper Big Branch (UBB) mine disaster. The U.S. Department of Justice (DoJ) announced it had reached a settlement with Alpha Natural Resources, which took responsibility for the UBB mine when it purchased and merged Massey Energy’s assets with its operations earlier this year. The U.S. Mine Safety and Health Administration (MSHA) subsequently released the final report on its investigation …. read more
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Anglo American Approves Grosvenor Met Coal Project in Australia
Anglo American will move forward with its $1.7 billion Grosvenor metallurgical coal project in the Bowen Basin of Queensland, Australia. The greenfield project is situated immediately to the south of the company’s Moranbah North metallurgical coal mine and is expected to produce 5 million metric tons per year (mt/y) from a longwall operation over a projected life of 26 years. "Grosvenor is the first of our next phase growth projects and will initiate our industry leading production growth of metallurgical coal from our Australian business over the next decade," said Cynthia Carroll, CEO, Anglo American …. read more
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