AROUND THE
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Blackwater PEA Describes Major Mine for New Gold
New Gold Inc. has received a preliminary economic assessment (PEA) from AMEC Americas for its Blackwater gold project, located 160 km southwest of Prince George, British Columbia, and 450 km north of the company’s New Afton mine (E&MJ, September 2012, p. 52). The PEA considers a 60,000-mt/d, open-pit mining operation that would produce an average of 507,000 oz/y of gold and 2,039,000 oz/y of silver over an initial mine life of 15 years. Production is targeted to start in 2017.... read
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SEC Focuses on Payment Reporting by Extractive Industries, Canada Follows Suit
The U.S. Securities and Exchange Commission (SEC) on August 22, 2012, adopted rules mandated by the Dodd- Frank Wall Street Reform and Consumer Protection Act requiring resource extraction companies listed in the United States to disclose certain payments made to the U.S. or foreign governments. Subsequently, in Canada, on September 7, a new working group of national-level mining and exploration associations and transparency focused.... read more
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Midas Gold Reports PEA for Golden Meadows
Midas Gold Corp., a Canadian junior company headquartered in Vancouver, has announced the results of an independent, NI 43-101-compliant preliminary economic assessment (PEA) of its Golden Meadows project near the historic mining town of Stibnite in central Idaho. The Golden Meadows project, as currently envisioned, consists of three gold mineral resources, Yellow Pine, Hangar Flats and West End, with zones of antimony and silver mineralization. Conventional open-pit methods are recommended for mining the three deposits, which are located within 3 km of.... read
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AROUND THE
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Construction Nears Completion at Santander
Construction at Trevali Mining’s Santander zinc-lead-silver mine in west-central Peru was nearing completion in mid-September 2012, and commissioning is planned for the fourth quarter. At the 2,000-mt/d processing plant, the mills had been installed; the flotation building was in place, and the flotation cells had been installed; the crusher and zinc and lead thickener foundations were in place; new steel for mill and crusher buildings was on site and being erected, and the crushers were being installed; tailings dam sealing was ongoing; and mineral stockpile preparation was advanced…… read
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Endeavour Silver to Rebuild El Cubo
Endeavour Silver reported in early September 2012 that it plans to invest $67.1 million on capital projects at its underground El Cubo mine and plant in the Guanajuato mining district in Mexico over the next 18 months, including $32.4 million in 2012 and $34.7 million in 2013. Endeavour acquired El Cubo from AuRico Gold in a transaction that closed July 13, 2012. Endeavour’s planned investments include a complete rebuild of the El Tajo processing plant to 1,200-mt/d capacity, with room for future expansion, including installation of new crushing…. read more
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AROUND THE
WORLD - Australasia |
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Newcrest Reports Positive Prefeasibility for Golpu
Newcrest Mining reported in late August 2012 a very significant increase in the ore reserve estimate for the Golpu porphyry copper-gold deposit in Morobe province, Papua New Guinea, following completion of a technical prefeasibility study. The deposit forms part of the Wafi-Golpu project in which Newcrest and Harmony Gold each have a 50% interest. The Golpu prefeasibility study supports an updated ore reserve estimate containing 12.4 million oz of gold and 5.4 million mt of copper, an increase of 11 million oz of gold and 4.7 million mt of copper from the…. read
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Cameco Acquires Yeelirrie Uranium Project Cameco has reached an agreement with BHP Billiton to acquire the Yeelirrie uranium project in Western Australia for $430 million. Yeelirrie is one of Australia’s largest undeveloped uranium deposits and is located about 650 km northeast of Perth and about 750 km south of Cameco’s Kintyre exploration project. Uranium was discovered at Yeelirrie in 1972 by Western Mining Corp., which was acquired by BHP Billiton in 2005. Cameco expects the transaction to close by the end of 2012, subject to the receipt of approvals from the government of Western Australia and the Australian …. read
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Lynas Receives a Temporary License for Rare Earths Plant in Malaysia
Lynas Corp. reported in early September 2012 that the Malaysian Atomic Energy Licensing Board (AELB) issued a Temporary Operating Licence (TOL) for the Lynas Advanced Materials plant (LAMP) in Pahang, Malaysia. Subsequently, on September 25, Lynas reported that the Kuantan High Court had decided to hear on October 4, 2012, an application by parties associated with the Save Malaysia Stop Lynas group for an injunction in respect of the TOL. Parties….
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PanAust Commissions Plant Upgrade at Phu Kham
PanAust commissioned a plant upgrade project at its Phu Kham copper-gold operations in northern Laos in early September 2012. Circuit optimization and ramp-up to design capacity are expected to lift plant throughput from 12 million mt/y to 16 million mt/y by yearend 2012. Implementation of the upgrade was timed to coincide with a scheduled decline in copper head grade as greater quantities of primary ore are mined and processed. The project came in within its budget of $95 million and included installation of a second 12-MW ball mill and additional flotation capacity. Copper and gold recovery rates at Phu Kham are expected to…. read
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Wildcat Strikes Disrupt South African Mining A wave of wildcat strikes hit sectors of the South African mining industry in September, sparked at least in part by strike-fueled violence at Lonmin’s Marikana platinum mine during the first half of August, where 44 people were killed. Lonmin reached a wage agreement with its workers on September 18 and was getting back to work by the end of the month. However, at month’s end, strikes had shut down all of AngloGold Ashanti’s and Anglo Platinum’s mines, and two Gold Fields mines were out of operation. Additional strikes occurred at Coal of Africa’s Mooiplaats mine and at a Samancor chrome mine…. read more
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Banro Achieves Commercial Production at Twangiza
Banro Corp. declared commercial production at its Twangiza gold mine in South Kivu province, eastern Democratic Republic of the Congo (DRC), in late August 2012. The company anticipates that production initially will be about 8,000 oz/m. Planning is under way for a substantial increase in plant throughput to 2 million mt/y and gold production to above 10,000 oz/m. The plant expansion project will include installation of a larger mineral sizer/primary crusher to increase front-end capacity, a second elution circuit and gold room, and additional carbon-in-leach tanks to provide appropriate leach residence time at increased throughputs……
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Alpha Restructures, Closes Eight Mines
Alpha Natural Resources outlined plans to restructure, saving the company an additional $100 million and idling 16 million tons of capacity. Between now and early 2013 the company will reduce its workforce by 1,200 positions. It currently employs 13,100. Alpha will immediately idle eight mines in Virginia, West Virginia and Pennsylvania, eliminating 400 jobs. The company plans to focus on its metallurgical coal leadership position and establish a durable core of costcompetitive thermal coal assets through a rationalization program. "We’re taking decisive actions that set the table for Alpha to compete successfully as a leader in the global coal markets for…. read more
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Queensland Hikes Royalties Australian coal operators are crying foul down under. A worse than feared hike in coal royalties recently announced in Queensland’s state budget means more job losses, the risk of further mine closures, and the near certainty that numerous major new coal projects will not see the light of day, Queensland Resources Council Chief Executive Michael Roche said. "The Newman Government inherited from Labor the highest coal royalties in Australia but their own hike could see Queensland grab…. read more
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Xstrata Coal Scales Back
Responding to industry-wide pressures including low coal prices, high input costs and a strong Australian dollar, Xstrata Coal said it downsize by approximately 600. The reductions involve both contractors and permanent positions. The company did not offer a breakdown of the reductions by individual site and instead said the restructure is focused on scaling back high cost production at some of its mines and eliminating some positions at its corporate headquarters. The company’s approved growth projects, such as Ravensworth North, Ulan West and the expansion at Rolleston, are…. read
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