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Stillwater Agrees to Acquire Marathon PGM
Stillwater Mining and Marathon PGM Corp. have entered into a definitive agreement whereby Stillwater will acquire all of Marathon’s outstanding shares. Marathon’s primary asset is its PGM-copper project located near the north shore of Lake Superior about 10 km north of the town of Marathon, Ontario. Stillwater plans to develop an open-pit mine and concentrator at the project, and will produce 200,000 oz/y of platinum and palladium..... read
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Detour Lake Prepares for 2013 Startup
Detour Gold has entered into an agreement with Toromont Industries, a Caterpillar dealer in Ontario, for the life-of-mine requirement of up to 36 350-ton class Caterpillar 795F AC haulage trucks for its 100%- owned open-pit Detour Lake gold project in northeastern Ontario. The agreement calls for delivery of the first six trucks in the fourth quarter of 2011, followed by delivery of 12 trucks during the second half of 2012. The agreement also includes purchase of mine support equipment, with an initial order.... read more
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Copper Mountain Targeting 2011 Production Start
Copper Mountain Mining reported in late August 2010 its Copper Mountain project near Princeton, British Columbia, remains on track to reach full production by June 2011. The first of two Komatsu PC8000 hydraulic shovels was scheduled to be on site by mid-September and to be fully assembled and operational by mid- October, allowing preproduction mining activities to begin. The second half of the mining fleet, including a second PC8000, is scheduled to be on site by April 2011.... read
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WORLD - Latin America |
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Goldcorp to Aquire Andean Resources
Goldcorp and Andean Resources announced an agreement in early September 2010 whereby Goldcorp will acquire Andean for approximately C$3.6 billion in cash and Goldcorp shares. The transaction was approved by the boards of both companies and will be subject to, among other things, the favorable vote of 75% of the issued and outstanding Andean shares present and voting in person or represented by proxy at a meeting to consider and approve the arrangement and the affirmative vote…… read
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Vale Funds Shipbuilding, Loses Paranapanema Bid
Vale announced on September 10 it entered into agreements with The Export- Import Bank of China and the Bank of China Ltd. for financing to build 12 very large, 400,000-dwt ore carriers (Chinamax vessels) at the Rongsheng shipyard in China. The two Chinese financial institutions will provide a credit line of up to $1.229 billion, about 80% of the amount required to fund construction of the vessels…. read more
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| AROUND THE
WORLD - Australasia |
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Vista Reports Positive PFS for Mt. Todd
Vista Gold has reported positive results for a preliminary feasibility study (PFS) of its project to reactivate mining at its Mt. Todd gold property in Australia’s Northern Territory. At the same time, Vista reported an increase in the proven and probable reserves to 2 million oz at the Batman deposit on the property. The Mt. Todd project is located 230 km southeast of Darwin and 56 km by road north-northeast of the regional center of Katherine. Pegasus Gold developed and operated…. read
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Cliffs Investing in Koolyanobbing Infrastructure
Cliffs Natural Resources is proceeding with an A$320-million capital project at its Koolyanobbing iron ore complex in Western Australia that will allow production to increase to about 11 million mt/y. The improvements will consist of enhancements to the existing rail infrastructure, an increase in rolling stock, and upgrades to various other existing operational constraints. Cliffs anticipates the capital for the project will be spent over the next two years …. read
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Ivanhoe Targets Late-2012 Startup at Oyu Tolgoi
Ivanhoe Mines reported in early September 2010 construction at the company’s Oyu Tolgoi copper-gold complex in Mongolia is proceeding on schedule and that first ore is expected to be processed during the fourth quarter of 2012. Maintaining the current pace of construction will ensure commissioning of major production systems within about two years, when initial ore from the new open-pit is expected to be running through the primary crusher and….
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Gold Fields Signs Option for Philippines Project
Gold Fields Ltd. has entered into option agreements with Lepanto Consolidated Mining Co. and Liberty Express Assets, a private holding company, to acquire a 60% interest in the undeveloped Far Southeast gold-copper deposit on Luzon Island in the Philippines. The agreements provide Gold Fields with an 18-month option on Far Southeast, during which time the company will conduct a major drilling program as part of a feasibility study. Gold Fields is required to pay $10 million in option.…. read
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Kinross Outlines Plans for Tasiast
AKinross Gold reported on September 17 it completed its acquisition of Redback Mining, initially announced on August 2, 2010 (E&MJ, Sept. 2010, p. 6). The transaction was valued at about $7.1 billion. Earlier in September, Redback announced measured and indicated gold resources at its Tasiast mine in Mauritania had increased to 9.25 million oz, up 42% (2.74 million oz) from the end of 2009. Tasiast’s inferred resource increased by 630,000 oz to 1.93 million oz …. read more
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Vale and ARM Start Construction at Konkola North
Vale and African Rainbow Minerals (ARM) initiated construction of their Konkola North underground copper project on the Zambian Copperbelt in August 2010. The companies are 50:50 joint-venture owners of Konnoco Zambia, the operating company developing the project. Design throughput is 2.5 million mt/y of ore at an average mill head grade of 2.3% copper, yielding 45,000 mt/y of copper contained in concentrate to be toll smelted in Zambia……
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Boyce Calls for Global Energy Access by 2050 as a Human Right
Peabody Energy Chairman and CEO Gregory H. Boyce delivered the keynote address on "The Future of Fossil Fuels" at the Global Energy Future Symposium at Washington University in St. Louis, Missouri, calling on the assembled international academic and governmental leaders to "put people first" by supporting policies that prioritize eliminating global energy poverty by 2050 …. read more
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Record Coal Exports Through Australia’s Abbot Point
Coal exports out of Abbot Point set a monthly record in August with 1,884,359 metric tons (mt) loaded in 24 ships. "This is a good indicator of what is yet to come at Abbot Point and a sign of continued growth within the industry," said Brad Fish, CEO, North Queensland Bulk Ports (NQBP). "The previous record was set in December 2009 with 1,748,883 mt loaded in 22 ships." …. read more
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CONSOL Idles Utah Emery Mine and Closes Mine 84
CONSOL Energy has issued notice under the Worker Adjustment and Retraining Notification Act (WARN) that it will idle its Emery mine near Price, Utah, and close its Mine 84 near Washington, Pennsylvania. Both mine are room-andpillar operations and the comapny attributed the decisions to high mining costs. "It is unfortunate that we need to take this action, since the employees at Emery mine have worked safely for more than …. read
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