AROUND THE
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Rainy River Gold Production Forecast at 325,000 oz/y During Early Years
New Gold released the results of the feasibility study for its Rainy River gold project in western Ontario in mid- January. Highlights of the study include average annual gold production of 325,000 oz/y at total cash costs of $613/oz and all-in sustaining costs of $736/oz during the first nine years of production. Mill head grade over that time frame will average 1.44 g/mt gold. Life-of-mine production is projected at 3.4 million oz of gold and 6 million oz of silver at total cash costs of $663/oz and all-in sustaining costs of $765/oz...... read
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Pre-feasibility Study Supports Argonaut’s Magino Gold Project
Argonaut Gold has reported the results of a pre-feasibility study (PFS) for its Magino open-pit gold project 40 km northeast of Wawa, Ontario. The study is based on a December 2013 probable reserve estimate of 60.2 million metric tons (mt) grading 0.90 g/mt and containing 1.75 million oz of gold. Project life is planned at 13 years, producing an average of 127,000 oz/y; however, production is planned to be substantially higher during the first seven years of operation, averaging 185,000 oz/y during that period.... read more
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Excelsior Advances its Gunnison In-Situ Copper Project in Arizona
Excelsior Mining has announced positive results for a pre-feasibility study of its Gunnison in-situ copper mining project 65 miles southeast of Tucson, Arizona. The focus of the project is the North Star deposit, which currently hosts total measured and indicated mineral resources of 3.91 billion lb of copper in 683 million st grading 0.29% copper and inferred resources of 1.40 billion lb of copper in 338 million st grading 0.21% copper. Probable mineral reserves stand at 3.61 billion lb of copper in 632 million st grading 0.29% copper.... read
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AROUND THE
WORLD - Latin America |
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Tahoe’s Escobal Mine Starts Commercial Production
Tahoe Resources announced on January 14 that its newly developed Escobal silver mine had reached commercial production 70 km southeast of Guatemala City, Guatemala. Operations began in late September 2013, and production has been ramping up toward a targeted 3,500-metric-ton-per-day (mt/d) mill throughput since that time. Mill throughput averaged 2,895 mt/d during the period January 1 to 12, and as of January 14, the mill had produced 5,970 mt of silver-bearing concentrates with an estimated net value of approximately $54.3 million. The concentrates are bagged and placed in containers for shipment to smelters…… read
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Iamgold Building Solar Power Project in Suriname
Iamgold and its subsidiary, Rosebel Gold Mines N.V., are funding the development and operation of a solar power project with an installed capacity of 5 MW in Suriname. In developing the project, Iamgold is delivering on a prior commitment to the government of Suriname in connection with an agreement that significantly lowered the company’s cost of power. The cost to build the solar project is expected to be in the range of $12 million to $14 million, including work necessary to prepare and provide access to the site. Iamgold plans to have the project operational at the start of the third quarter of 2014. The project will be managed and operated by…. read more
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AROUND THE
WORLD - Australasia |
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Northern Star Expanding Through Mine Acquisitions
Northern Star Resources has agreed to purchase Barrick Gold’s Plutonic gold mine, its 51% interest in the East Kundana joint venture (EKJV), and its Kanowna Belle gold mine, all in Western Australia. The acquisitions will lift Northern Star’s annual gold production to more than 350,000 oz/y. Prior to the acquisitions, Northern Star was a one-mine company, owning and operating the Paulsens underground gold mine in Western Australia. In Northern Star’s fiscal year ended June 30, 2013, Paulsens produced 88,614 oz of gold…. read
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BHP Billiton to Replace Shiploaders at Nelson Point, Shut Perseverance Mine BHP Billiton is investing $301 million to replace two shiploaders at its Nelson Point port operations in Port Hedland, Western Australia. The new shiploaders will replace two shiploaders that are more than 40 years old and that currently load iron ore at a rate of approximately 10,000 metric tons per hours (mt/h). Each of the new shiploaders will have a loading capacity of 12,500 mt/hr. The investment will increase the reliability of BHP Billiton’s inner harbor port facilities and will create additional port capacity that can be utilized as a series of…. read
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Polyus Slows Natalka Gold Project Development
Polyus Gold International announced in late December 2013 that it is re-sequencing the development of its Natalka gold project in Russia’s Far East and delaying the launch of the plant to summer 2015 from the previously announced target of the summer of 2014. The Natalka project is located about 400 km inland from the port of Magadan and is based on one of the world’s largest undeveloped gold deposits. Proven and probable gold reserves stand at 31.6 million oz, and measured, indicated and inferred gold resources stand at 59.7 million oz….
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TVI Pacific Shuts Down at Canatuan
TVI Pacific stopped milling operations in mid-January 2014 at its Canatuan copper and zinc mine in Zamboanga del Norte province on the island of Mindanao in the Philippines after having exhausted its remaining stockpile. The Canatuan processing plant will be cleaned, but equipment will not be dismantled while TVI Pacific continues to assess mine-life extension and expansion opportunities, including possible processing of mineralized waste-dump material, possible new discoveries from exploration…. read
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Paladin Sells 25% Interest in Langer Heinrich to CNNC
Paladin Energy signed an agreement on January 18 to sell a 25% joint-venture equity stake in its flagship Langer Heinrich uranium mining operation in Namibia to China Uranium Corp., a wholly owned subsidiary of China National Nuclear Corp. (CNNC), the leading Chinese nuclear utility, for consideration of $190 million. An off-take component of the agreement will allow CNNC to purchase its pro-rata share of Langer Heinrich production at the prevailing market spot price. Paladin may…. read more
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Strikes Hit South Africa’s Top 3 Platinum Producers
The Association of Mineworkers and Construction Union (AMCU) initiated strikes at the mines of Anglo American Platinum, Impala Platinum and Lonmin in South Africa on January 23. Estimates of the number of miners on strike ranged upward from 70,000. Government-mediated negotiations between the two sides were held briefly on January 24 and then scheduled to resume the following week. However, both sides remained insistent that they would not accept demands that were being made by their opposite numbers.……
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BHP Reports Record 2013 Half-year Performance
The world’s top diversified miner, BHP Billiton, reported strong half-year performances ending in December 2013, with records across 10 operations. In particular, Queensland coal hit peak production. "Our productivity continues to improve and this was most clearly demonstrated by our Queensland Coal business which ran at a rate of 68 million metric tons per year (mt/y) in the December 2013 quarter," said BHP CEO Andrew Mackenzie. "Our productivity agenda is in full swing and we expect to carry strong momentum into the second half of the financial year." The operations in Queensland posted …. read more
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EIA Sees Short-term Rebound for U.S. Coal Miners in 2014
The U.S. coal mining sector will witness a modest, brief rebound this year, boosted by greater production in Western states following two years of declines, according to a report released this week by the Energy Information Administration (EIA). Short-term impacts are expected heaviest in terms of volume in the Powder River Basin of Wyoming and Montana, which accounts for 40% of U.S.-produced coal. In all, the government agency predicts a 36-million-ton increase in production for 2014 to 1.04 billion tons, up 3.6% from 2013 …. read more
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BMX to Begin Production Soon
CONSOL Energy Inc. reported 2013 growth with "distinction" during a major asset sale, said CEO J. Brett Harvey, citing annual production at 28.5 million tons, an increase over 2012’s total production of 27.2 million tons. Altogether, CONSOL produced 7.1 million coal tons in Q4 2013, including 1.2 million tons of low-volume coking coal from the Buchanan mine—an increase over 6.6 million tons and 700,000 tons from Buchanan, year-on-year. All coal tons, added CONSOL officials, were restated to reflect the sale of five mines in Q4…. read
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