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Rio Tinto Investing $469 Million in Kennecott Eagle Mine and Mill
Kennecott Eagle Minerals Co. reported in mid-June its parent company, Rio Tinto, will invest $469 million to construct the Eagle nickel and copper project on Michigan’s Upper Peninsula about 40 km west of the city of Marquette. The project includes development of a new underground mine, associated surface facilities for servicing the mine, rehabilitation of the existing Humboldt mill..... read
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Thompson Creek Agrees to Acquire Terrane Metals
Thompson Creek Metals and Terrane Metals entered into a definitive agreement in mid-July 2010 pursuant to which Thompson Creek will acquire all of the issued and outstanding equity of Terrane in exchange for cash and Thompson Creek shares valued at about $605 million. Goldcorp, which holds 58% of the voting equity of Terrane, agreed to vote in favor of the transaction, completion of which remained subject to a favorable vote of two thirds of Terrane.... read more
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Xstrata Approves Construction of Antapaccay Copper Project
The board of Xstrata plc has approved investment of $1.47 billion to develop Xstrata Copper’s Antapaccay open-pit copper project in the Yauri district of Espinar province, southern Peru. Antapaccay is located about 10 km from Xstrata Copper’s existing Tintaya open-pit copper operations and is scheduled to come into production in 2012, coinciding with the end of mine life at Tintaya…… read
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Goldcorp Completes Peñasquito’s Line 2
Goldcorp reported in late June Line 2 at its Peñasquito mine in Zacatecas, Mexico, had achieved mechanical completion and was ramping up to design capacity of 50,000 mt/d. Peñasquito’s Line 1, which produced its first concentrates in October 2009, has been operating regularly at designed throughput of 50,000 mt/d. Mining rates have continued in excess of 500,000 mt/d, and concentrate grades and quality remain…. read more
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Nautilus Releases Details for Proposed Offshore Mining System
Nautilus Minerals has released the results of an independent definition and cost study by SRK (Australia) of the proposed offshore production system to be deployed at Nautilus’ Solwara 1 project in the territorial waters of Papua New Guinea. The system is based on various technologies utilized in the oil and gas, mining and dredging industries but modified for the offshore production system. The principal operations of the system include seafloor cutting…. read
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Chalco Steps Away from Aurukun Bauxite Project
Aluminum Corp. of China (Chalco) announced on July 1, 2010, it had agreed with the Queensland state government to terminate a development agreement dating from March 2007 for development of the Aurukun bauxite deposits on the Cape York peninsula and an alumina refinery near Bowen, Queensland. The agreement was allowed to terminate automatically after its June 30, 2010, expiration date. Chalco cited adverse changes in the aluminum industry since the signing …. read
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Cameco Signs Uranium Supply Agreements with China
Cameco, which accounts for about 16% of world uranium production from mines in Canada and the United States, has signed long-term supply agreements with stateowned Chinese energy utilities, including China Nuclear Energy Industry Corp. (CNEIC), which is a subsidiary of China National Nuclear Corp. (CNNC), and China Guangdong Nuclear Power Holding Co. The agreement with CNCC calls for Cameco to supply approximately 23 million lb of uranium concentrate under a long-term agreement through 2020….
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Kingsgate Building New Plant at Its Thai Operations
Kingsgate Consolidated has received approval from Thailand’s Board of Investment for a Zone 3 investment promotion package for Kingsgate’s planned Chatree North processing plant at its openpit gold operations in central Thailand. Based on this approval, engineering and construction contracts are being finalized, and construction has begun. The Zone 3 fiscal incentive includes an eight-year tax-free period from first production, followed by a further five years at half the 30% .…. read
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Aquarius Platinum Resumes Production at Everest
Aquarius Platinum began shipping concentrate from its Everest mine on the eastern limb of the Bushveld Complex in South Africa following restart of operations in mid-May 2010. Everest was shut down in December 2008 after a subsidence incidence blocked decline access to underground mining operations. Everest production is expected to total 120,000 PGM oz (platinum, palladium, rhodium and gold) during …. read more
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Mineral Deposits Completes Grande Côte Study
Mineral Deposits Ltd. has released the results of a definitive feasibility study (DFS) of the Grande Côte mineral sands project on the Atlantic coast of Senegal. Compiled by AMC Consultants, the DFS has established a mine dredge path for the first 14 years of operation to mine proven and probable reserves totaling 751 million mt of 1.8% heavy mineral sands. The orebody characteristics— free flowing sands, a consistent grain size, no overburden, minor vegetation, minimal slimes……
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Cliffs to Acquire INR Energy
Cliffs Natural Resources has entered into a definitive agreement to acquire all of the coal operations of privately owned INR Energy for $757 million. INR produces high-volatile metallurgical and thermal coal. The transaction is expected to close by the beginning of September. "When combined with our current coal production in West Virginia, Alabama and Queensland, Australia, Cliffs estimates 2011 global equity production capacity of approximately 9 million tons at a split …. read more
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Centennial Considers Banpu Takeover
Banpu, Southeast Asia’s largest coal producer, is preparing to take over Australia’s Centennial Coal in a deal worth A$2 billion, one of the largest coal deals for a Thai company. With 11 coal mines in New South Wales, Centennial is the largest independent coal company in Australia, producing 15 million metric tons (mt) per year. It has a nearly 420 million mt in reserves …. read more
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Inspector General Criticizes MSHA's POV Decision
The Office of Inspector General (IG) found serious problems with how the U.S. Mine Safety and Health Administration (MSHA) identifies the nation’s most dangerous mines for tighter scrutiny. In an initial Alert Memo to Joe Main, assistant secretary of labor for mine safety and health, Elliot Lewis, assistant inspector general for audit, informed MSHA past implementation of its Pattern of Violations (POV) authority requires immediate corrective action …. read
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Australia Counts on Mining's Quest for Value, Innovation to Sell its Technology
