AROUND THE
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AuRico Pours First Gold at Young-Davidson
AuRico Gold poured the first gold at its Young-Davidson mine in the Abitibi gold belt of northern Ontario April 30, 2012. Open-pit mining rates averaged about 24,000 mt/d of ore and waste during April, and AuRico is targeting 35,000 mt/d by the end of the second quarter. Commercial production will be declared once the mill averages a minimum throughput of 5,100 mt/d over a 30-day period and the open-pit averages 29,750 mt/d over a 30-day period. AuRico expects to achieve these operating rates early in the third quarter.... read
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Iamgold Acquiring Trelawney and Its Côté Lake Deposit
Iamgold and Trelawney Mining and Exploration announced an agreement in late April 2012 whereby Iamgold will acquire Trelawney in a transaction valued at about C$505 million. Trelawney is a Canadian junior company focused on the development of the Côté Lake deposit located adjacent to the Swayze greenstone belt in northern Ontario, about 200 km by road northwest of Sudbury and 120 km by road southwest of Timmins. The transaction is expected to close by the end of June. In February 2012, Trelawney announced an updated mineral resource estimate for Côté Lake, comprising.... read more
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Trevali Buys Caribou Mine and Mill in New Brunswick
Trevali Mining announced an agreement in mid-May 2012 to acquire Maple Minerals Corp., a private company that owns the currently inactive, 3,000-mt/d Caribou mine and mill in the Bathurst mining camp of northern New Brunswick. The milling operation includes a metallurgical and geochemical laboratory and a permitted tailings treatment facility. Trevali paid for the purchase with Trevali shares valued at about C$23.8 million The Caribou mine and mill operated for approximately 13 months prior to going into receivership in 2008 due to depressed commodity prices. Trevali will use the mill to process ore.... read
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AROUND THE
WORLD - Latin America |
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Codelco's Chairman Steps Down Unexpectedly
Chile’s Corporacion del Cobre Nacional (Codelco) announced that its highly respected Chairman, Diego Hernandez, tendered his resignation effective June 1. He cited personal reasons as the reason for his decision. Some analysts are now speculating on Codelco’s ability to achieve its ambitious copper growth initiatives. Codelco has appointed Thomas Keller Lippold, current vice president of administration and finance, as the new CEO. Thomas Keller, 55, is a commercial engineer from Adolfo Ibañez University (Universidad Adolfo Ibáñez) and has an MBA from Chicago University. He participated…… read
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Inmet Starting Construction at Cobre Panama
Inmet Mining announced in early May 2012 that basic engineering for the Cobre Panama project in Panama is complete. Later in the month, the company reported the closing of an offering of $1.5-billion aggregate principal amount of 8.75% senior unsecured notes maturing in 2020, the net proceeds of which will be used to fund development of the project. With this closing, Inmet’s board granted its approval to start construction of Cobre Panama. The Cobre Panama project is located in the Donoso district of Panama and is owned 80% by…. read more
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AROUND THE
WORLD - Australasia |
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Sandfire Completes First Shipment from DeGrussa
Sandfire Resources has completed the first shipment of Direct Shipping Ore (DSO) from its flagship DeGrussa copper-gold roject, located 900 km north of Perth in Western Australia. The 6,600 dry metric tons (mt) of DSO grading approximately 30% copper departed from Geraldton on the Flinterland for China. The shipment has an estimated value at the current spot copper price of approximately A$13 million. The highgrade DSO mined from the open-pit will be sold under two sales contracts, with MRI Trading AG and Yunnan Copper Corp. Ltd…. read
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Vista Advancing Feasibility Work at Mt. Todd As part of an ongoing feasibility study, Vista Gold has reported the initial results of a sampling and metallurgical testing program on the existing heap leach pad as well as additional results from its drilling program at its Mt. Todd gold project in Northern Territory, Australia. Regarding the existing heap leach pad, Vista President and CEO Fred Earnest said, "The drilling and subsequent bottle roll test results from the existing Mt. Todd heap leach pad are causing us to consider some new aspects of the Mt. Todd gold project. The potential to convert what we had …. read
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Kinross Starts Construction at Dvoinoye
Kinross Gold has started construction at its Dvoinoye underground gold mine project, located about 100 km north of its Kupol gold operations in the Chukotka region of far-east Russia. The Dvoinoye mine is expected to produce 1,000 mt/d of ore to be shipped to the Kupol mill, which will be expanded to process approximately 4,500 mt/d. Gold equivalent production from Dvoinoye ore for the first three full years of operation is expected to average between 215,000 and 250,000 oz/y, providing total expected production from Kupol of 650,000 to 700,000 oz/y. Dvoinoye is scheduled….
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Tongling Signs Purchase Agreement for Nautilus
China’s Tongling Nonferrous Metals Group has signed an agreement to purchase 1.1 million mt/y, subject to a plus or minus 20% variation, of material mined by Nautilus Minerals at its Solwara 1 seafloor mining project in the Bismarck Sea, Papua New Guinea. Tongling will process the material into a copper concentrate at facilities in the city of Tongling, alongside the Yangtze river, and then smelt the concentrate at its smelting facilities. The purchase price to be paid by Tongling will be based on the quality of the copper concentrate produced. The agreement covers a period of three years, beginning with the first delivery of product from Solwara 1, targeted for the fourth quarter of 2013…. read
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Anglo American Platinum Pioneering Fuel Cell Locomotive Anglo American Platinum unveiled a prototype platinum-based fuel-cell-powered mine locomotive in South Africa in mid-May 2012. Surface testing of the locomotive is planned to take place during the third quarter. The industry-leading project was delivered in collaboration with Vehicle Projects, Trident South Africa and Battery Electric. After the initial testing period, the partnership will construct five fuel-cell locomotives for underground use at one of Anglo American Platinum’s mines…. read more
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African Barrick Adding New Circuit at Bulyanhulu
African Barrick Gold is adding a new 2.4-million-mt/y carbon-in-leach circuit at its Bulyanhulu processing plan in northwest Tanzania. The new circuit will provide for hydraulic reclamation of the current tailings storage facility and simultaneous treatment of all current flotation tailings through a purposebuilt plant. An existing 300,000-mt/y plant will be decommissioned following the start-up of the new plant. Feed for the new plant for the first six years will be made up of the historical material reclaimed from the tailings storage facility and from cleaner and rougher tailings generated……
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Alliance CEO Offers a Positive Perspective
Alliance Resource Partners President and CEO Joseph Craft III, whose Tulsa, Okla.- based company is the third-largest coal producer in the Eastern United States, predicts domestic coal consumption will reach a low point this year before starting back up the recovery slope in 2013. That may help explain why Alliance continues to develop and open new mines in the Illinois Basin and Northern Appalachia while many producers are pulling back in the teeth of a triple whammy for the coal industry: Decade-low natural gas prices coupled with tougher federal Environmental Protection Agency rules that are causing some electric utilities to retire older coal…. read more
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Peabody Mines Approve New Labor Contracts Peabody Energy announced that workers at its Wambo and Wilpinjong mines in New South Wales have recently approved new labor agreements. Together, the new agreements cover more than twothirds of the company’s high-value thermal coal exports from Australia. "These new agreements were approved by an average of 80%, indicating a clear show of support from workers at our operations in Australia," said Peabody President-Australia Eric Ford. "They follow the overwhelming approval of the new three-year North Goonyella enterprise agreement in Queensland last month…. read more
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Xstrata, JX Nippon Initiate Prefeasibility Study in BC
The British Columbian Premier, Christy Clark, joined Xstrata Coal and JX Nippon Oil & Energy Corp. recently to announce the joint venture’s investment of $35 million in British Columbia to conduct a prefeasibility study of the Suska coal project, located between Tumbler Ridge and Chetwynd. The announcement was made in Tokyo as part of Premier Clark’s trade mission, which included stops in Japan, Korea and the Philippines. "Through Canada Starts Here: the BC Jobs Plan, our government is working to grow our economy and this recent investment confirms that we are on the right track," said Premier Christy Clark. "Our industry partners can feel confident about their investments because of British Columbia’s low taxes, skilled workforce, and a transportation…. read
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