AROUND THE
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Goldcorp Buys Kaminak for its Coffee Gold Project
Goldcorp and Kaminak Gold announced a deal in May, in which Goldcorp will acquire all of the outstanding shares of Kaminak in an all-share transaction valued at approximately C$520 million. Closing of the transaction is expected to occur no later than August 15. Kaminak’s key asset is its 100% owned Coffee gold project approximately 130 km south of Dawson City, Yukon Territory, Canada. The project is based on a structurally .... read
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Hecla to Purchase Mines Management
Hecla Mining has announced a friendly agreement to acquire Mines Management Inc. in an all-share transaction that values the latter company at about $37 million. Mines Management’s key asset is its Montanore silver-copper project in northwest Montana, which hosts in-situ mineralization estimated at more than 230 million oz of silver and nearly 2 billion lb of copper, not considering dilution or subeconomic mineralized zones. The transaction is expected to close in the third quarter of 20 .... read more
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New Power Agreement Keeps Alcoa’s Intalco Smelter Open
Alcoa announced in early May a new agreement with the Bonneville Power Administration (BPA) that will improve the competitiveness of Alcoa’s Intalco primary aluminum smelter in Ferndale, Washington, and allow the plant to remain open. The amendment to the power contract is effective July 1 through February 14, 2018, and provides for additional access to market power during this period. "This short-term amendment with BPA, combined with the state of Washington’s $3 million budget proviso for workforce training, are key factors in .... read
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AROUND THE
WORLD - Latin America |
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Anglo American Sells Brazil Niobium and Phosphates Businesses
Anglo American announced in late April that it has agreed to sell its Brazil-based niobium and phosphates businesses to China Molybdenum for $1.5 billion in cash, payable at closing. The wholly owned businesses are located in the Brazilian states of Goiás and São Paulo. The transaction is expected to close in the second half of 2016. Anglo American’s niobium business includes .… read
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Endeavour Silver Acquires El Compas Project in Mexico
Endeavour Silver has entered into a definitive agreement with Canarc Resource Corp. to acquire a 100% interest in Oro Silver Resources, a wholly owned subsidiary of Canarc. Oro Silver owns the El Compas gold-silver development property and has a fi ve-year renewable lease on the 500-metric-ton-per-day (mt/d) La Plata ore processing plant in Zacatecas, Mexico. Consideration for the transaction is C$10.5 million in Endeavour shares. Endeavour will assume Canarc’s obligation to ....
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AROUND THE
WORLD - Australasia |
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OZ Study Raises Carrapateena Mine Output to 4 Million t/y
OZ Minerals has increased the scope of an ongoing prefeasibility study of its Carrapateena underground copper-gold project in South Australia to include mine production of 4 million metric tons per year (mt/y), up from a previously considered 2.8 million mt/y. The study is also evaluating construction of a concentrate treatment plant at the port of Whyalla on the Spencer Gulf, about 200 km south of the Carrapateena project site …. read
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Study Maps Future Path for Frieda River Project
PanAust Ltd. has reported the results of a new feasibility study of the Frieda River copper-gold project in Papua New Guinea that contemplates initial development of a large open-pit operation based on approximately one-quarter of the project’s resources. Plant feed to a conventional processing plant would average about 40 million mt/y to produce averages of 175,000 mt/y of copper and 250,000 oz/y of gold in concentrate over a mine life of 17 years. The project would have life-of-mine average cash costs of $0.69/lb copper …. read
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Rusal, Guinea Sign Bauxite/Alumina Production Agreements
Russian aluminum producer Rusal and the Republic of Guinea have signed agreements that will allow Rusal to restart currently suspended production at the Friguia bauxite/alumina complex and initiate mining of the Dian-Dian bauxite deposit in Guinea. The Friguia complex includes a bauxite mine, an alumina refi nery and a 160-km-long railway, as well as other infrastructure. Production was suspended in April 2012. Nameplate capacity totals 2.1 million metric tons .….
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Simfer Joint Venture Submits Feasibility Studies to Government
Rio Tinto reported in mid-May that the Simfer joint venture has submitted mine and infrastructure bankable feasibility studies for the Simandou South iron ore project to the government of Guinea. The project is based on one of the world’s largest untapped, high-grade iron ore resources, totaling more than 2 billion mt. Simfer is a joint-venture company ultimately owned by the government of Guinea (7.5%); Rio Tinto (46.6%); Chalco Iron Ore Holdings, a consortium of Chinese state-owned enterprises led …. read
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Eldorado Sells its Chinese Gold Mines
On April 26 and May 16, Eldorado Gold reported agreements to sell all of its gold mining operations and assets in China. The April 26 announcement reported sale of Eldorado’s 82% interest in the Jinfeng underground mine in Guizhou province, south China, to a wholly-owned subsidiary of China National Gold Group for $300 million in cash. The mine is based on a Carlin-type deposit and has an expected mine life of 14 years based on current proven and probable reserves. In 2016, the Jinfeng plant …. read more
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Alacer Advances Çöpler Sulphide Gold Project
Alacer Gold’s board of directors has approved construction of the Çöpler sulphide project at its 80% owned Çöpler gold mine in the Erzincan province, eastern Turkey. The Çöpler mine has been processing oxide ore via an open-pit, heap-leach process since late 2010. A definitive feasibility study of sulphide ore processing via whole ore pressure oxidation was completed in June 2014. Alacer is forecasting 2016 production from Çöpler’s oxide operations at between 150,000 and 170,000 oz at all-in sustaining costs ….
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Anglo Delivers First Coal From Grosvenor
Anglo American recently commissioned its Grosvenor metallurgical coal operation in the Bowen Basin of Queensland, Australia. The Grosvenor project, which was approved for development at the end of 2011, delivered its fi rst coal from its longwall seven months ahead of schedule and more than $100 million below budget. Anglo American expects Grosvenor to produce 3.2 million saleable metric tons (mt) in 2016 …. read more
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Hatfield Found Dead; 3 Arrested in Homicide
U.S. coal executive Bennett "Ben" Hatfield, 59, was found dead May 23 at a southern West Virginia cemetery, the victim of a failed robbery attempt. Hatfield, who was appointed to the board of directors for Foresight Energy, had most recently served as president and CEO of Patriot Coal. He stepped down last year, about a month in advance of the company’s Chapter 11 bankruptcy filing. According to local media reports, Hatfield had been visiting the gravesites of his late wife and other family members …. read more
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Peabody Receives Approval for DIP Financing, Sells Interest in Prairie State
Peabody Energy received final approval from the U.S. Bankruptcy Court for the Eastern District of Missouri for its $800 million Debtor-in-Possession (DIP) financing facility. The approval, provides Peabody with access to capital to ensure the company can continue operating its business during the Chapter 11 process. The financing by a lender group, includes a $500 million term loan, a $200 million bonding accommodation facility, and a cash-collateralized $100 million letter of credit facility …. read
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