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Thompson Creek Metals Cuts Stripping Plans
Thompson Creek Metals has suspended stripping activity associated with the next phase of production, referred to as Phase 8, at its Thompson Creek molybdenum mine in central Idaho. Mining operations will continue as planned through 2014 in the current phase of production, referred to as Phase 7. As a result of this change, between now and 2014, the company expects to save approximately $100 million in operating costs and $8 million to...... read
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Stillwater Advancing Montana Development Projects
Stillwater Mining reported in early October 2012 that it is making progress on the Blitz and Graham Creek underground mine development projects on the J-M Reef near its existing underground platinum group metals (PGM) mines in south-central Montana. The Blitz project is located east of the Stillwater mine, and the Graham Creek project is located west of the Boulder Creek mine. At the Blitz project, a recently acquired tunnel-boring machine (TBM) is in place and operational. The project will be in development for about five more.... read more
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Comstock Mining Pours First Gold and Silver Doré
Comstock Mining brought production back to the historic Comstock mining district south of Virginia City, Nevada, at the end of September 2012 when it began smelting Merrill Crowe precipitate from its heap leaching operations. The first pour produced six doré bars containing 3,414 oz of silver and 329 oz of gold. Five doré bars were sold for more than $700,000, representing a gold price of $1,777.25/oz and a silver price of $34.61/oz, with one bar held in reserve to produce 1-oz commemorative bars celebrating.... read
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AROUND THE
WORLD - Latin America |
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Vale Idles Three Pellet Plants
Vale reported in early October 2012 that an additional portion of its iron ore production in Brazil will be allocated to increase the supply of sinter feed, consequently reducing the availability of pellet feed for its pelletizing operations. As a result, the company is temporarily suspending operations at its São Luís and Tubarão I and II pellet plants, located in the states of Maranhão and Espírito Santo, respectively. These plants produced 4.926 million mt of pellets during the first half of 2012, accounting for…… read
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Torex Advancing its Morelos Gold Project Torex Gold has received a final feasibility study from M3 Engineering & Technology for its Morelos gold project, located about 180 km southwest of Mexico City, and has initiated procedures for the implementation of the study’s recommendations to develop the project to commercial production. Capital expenditures to commercial production are estimated at $675 million. On October 23, 2012, Torex closed a bought deal for units of the company that raised C$380 million…. read more
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AROUND THE
WORLD - Australasia |
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Queensland Lifts Uranium Mining Ban
Queensland Premier Campbell Newman and Minister of Natural Resources and Mines Andrew Cripps in a joint statement announced October 22, 2012, that the state government will convene a threemember implementation committee to oversee the recommencement of uranium mining in the state. Uranium mining has been banned in Queensland since the 1980s; however, some uranium exploration companies have remained active, and good potential exists for future mine development…. read
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Xstrata Produces First Ore at Lady Loretta, Suspends Cosmos Xstrata reported on September 25, 2012, that ore production has started ahead of schedule at Xstrata Zinc’s A$303 million Lady Loretta mine 140 km northwest of Mount Isa in northwest Queensland. The following day, the company reported that Xstrata Nickel Australasia was suspending operations at its Cosmos nickel mine in central Western Australia in response to adverse market conditions …. read
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Sumitomo Will Develop New Orebody at Hishikari Gold Mine
Sumitomo Metal Mining has announced plans to develop a promising orebody recently confirmed to exist at its Hishikari mine in Kagoshima prefecture, Japan. The orebody is located under and is continuous with an orebody currently being mined. Based on the results of prospecting to date, the company expects development at this new site to generate an estimated 965,000 oz of gold. Sumitomo has drafted an investment plan for the project totaling approximately 3.2 billion yen ($40.8 million). Work is….
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Turquoise Hill Rejects Investment Agreement Renegotiations
Turquoise Hill Resources announced on October 15, 2012, that the company, together with Rio Tinto and Oyu Tolgoi LLC, has rejected a request from the government of Mongolia to renegotiate the Investment Agreement for the Oyu Tolgoi copper-gold-silver project in the South Gobi region of Mongolia. Turquoise Hill’s announcement followed receipt of a letter from Mongolia’s Minister of Mining requesting that the parties renegotiate the Investment Agreement that was signed in October 2009 and became…. read
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African Barrick Expands Bulyanhulu Upper East Project
African Barrick Gold has expanded the Upper East Project at its Bulyanhulu mine in Tanzania to include parallel mining of two reefs (Reef 1 and Reef 2) and add 90,000 oz/y to gold production from the Bulyanhulu property. Bulyanhulu is a highgrade underground mine with reserves of 10.6 million oz at a grade of 11.7 g/mt gold and total resources of 16.9 million oz at a grade of 9.7 g/mt gold. The existing mine produced 262,000 oz of gold in 2011. The Upper East Project is located at the eastern extension of the strike length of the…. read more
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Amara Announces PEA and Exploration Update for Sega
Amara Mining (formerly Cluff Gold) announced the results of a preliminary economic assessment (PEA) and an exploration update for its open-pit Sega gold project in Burkina Faso in mid-October 2012. The company, which is 78% owner and operator of the Kalsaka gold mine in north-central Burkina Faso, changed its name to Amara Mining effective October 1, 2012. The Sega PEA has confirmed the potential viability of mining oxide and transitional material at Sega and transporting it 20 km to Amara’s existing heap leach mining.……
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Rothschild Resigns from Bumi Board
Mining and energy financier Nathaniel Rothschild, one of the founders of Bumi plc, which owns 29% of Bumi Resources, resigned from the company’s board, saying he had lost confidence in the chairman and the board. Bumi Resources is Indonesia’s largest coal producer. Bumi plc has suffered several setbacks in the last year, which has led to an investigation into alleged irregularities. Rothschild’s move was spurred by a proposal from the Bakrie family, who offered $1.2 billion for Bumi’s Indonesian coal assets. Rothschild explained it …. read more
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Alliance Reports Record Production
Two underground mines—one new, the other newly acquired—helped drive Alliance Resource Partners to record coal production and sales in the third quarter, and the company’s president and CEO, Joe Craft, is forecasting coal market improvement for the U.S. in the second half of 2013. Output was up by almost 500,000 tons in the third quarter at the new Tunnel Ridge longwall mine in Pennsylvania, while Onton No. 9, in western Kentucky, also showed gains, Craft said in a conference call …. read more
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Palmer: Swan and Gillard Killing Mining Investment
Mining executive Professor Clive Palmer has slammed Prime Minister Julia Gillard and Treasurer Wayne Swan for imposing a mining tax that has failed to raise revenue and only managed to kill investment in Australia’s resources sector. Professor Palmer said the Minerals Resource Rent Tax (MRRT) has so far in 2012-13 not raised a cent highlighted the damage the government has caused to the nation’s economy for zero gain. "The MRRT has killed investment in Australian mining and it has also destroyed Australia’s role in mining…. read
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