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Australasia News

UraniumSA triples resource estimate for South Australia project

By: Esmarie Iannucci     23rd September 2010 ASX-listed UraniumSA has tripled its resource estimate for its flagship Mullaquana uranium project, in South Australia. The new Joint Ore Reserves Committee (Jorc) inferred mineral resource now comprises 38,7-million tons of mineralisation, estimated to contain 10 400 t of uranium oxide, at an... 

China Magnesium launches $12m IPO ahead of ASX listing

By: Creamer Media Reporter      22nd September 2010 China Magnesium Corporation (CMC), an Australian company with assets in China, on Wednesday launched a prospectus for a $12-million initial public offering (IPO), ahead of its planned ASX listing on October 29. The application price of the IPO was A$0,25 a share, with proceeds to be used to grow... 

Mineral sands developers to form Western Australia JV

By: Esmarie Iannucci     22nd September 2010 Mineral sands developers Image Resources and Diatreme Resources have signed a memorandum of understanding (MoU) to jointly develop the Cyclone and Cyclone Extended mineral deposits, in Western Australia. The parties have agreed to cooperate with the aim of entering into a joint venture (JV) to... 

Padbury frees FE Limited offer from electing certain directors

By: Esmarie Iannucci     22nd September 2010 ASX-listed iron-ore, gold and uranium explorer Padbury Mining on Wednesday again urged shareholders to disregard a takeover offer by FE Limited, after that company dropped one of its takeover requirements. FE Limited has dispatched a bidders statement to all Padbury shareholders freeing the... 

Sandfire says not aware of reason for share price rise

By: Esmarie Iannucci     22nd September 2010 Share prices of Sandfire Resources, which is developing the DeGrussa copper/gold project in Western Australia, unexpectedly jumped 20% on Wednesday, prompting the ASX to question the company on its activity. Sandfire’s share price jumped from A$6,25 a share at the close of Monday, to A$7,54 a... 

Coal FE starts production at Indonesia mine

By: Esmarie Iannucci     22nd September 2010 ASX-listed Coal FE Resources has started production at its Adabi coal project, in Indonesia, with a trial shipment of 50 000 t scheduled to be delivered by the third week in October. The miner said on Wednesday that once the trial shipment has been completed, a long-term supply agreement would... 

Bowen Energy shares surge on Indian steelmaker bid

By: shané swanepoel     22nd September 2010 India’s Bhushan Steel will make an on-market bid for ASX-listed coal explorer Bowen Energy, valuing the explorer at A$8,16-million, the steel company announced on Wednesday. Bowen Energy’s share price nearly doubled on the news of a 10c a share offer for the 32,97-million shares that Bhushan... 

Signature raises A$13,4m for Ghana gold project

By: Esmarie Iannucci     22nd September 2010 ASX-listed Signature Metals has raised up to A$13,4-million through a rights issue and placement to accelerate exploration at its Konongo gold project, in Ghana. Signature said in a statement that it had secured firm commitments from subscribers to participate in a placement to raise... 

Proto to explore for base metals and PGEs in WA

By: Esmarie Iannucci     22nd September 2010 Minerals explorer Proto Resources and Investment has acquired the right to earn an 80% interest the Clara Hill nickel/copper/platinum prospect, in Western Australia. The acquisition agreement also provided Proto with an option to purchase the remaining 20% interest in the project. 

Gindalbie awards A$120m Karara power line contract

By: Esmarie Iannucci     22nd September 2010 ASX-listed Gindalbie Metals has awarded a A$120-million contract for the construction of power transmission lines to the A$1,9-billion Karara iron-ore project, in Western Australia. The construction of the 180-km, 330-kV line has already started, with fellow ASX-listed Downer EDI completing the... 

Territory extends Frances Creek project’s life to 2013

By: Esmarie Iannucci     22nd September 2010 Australian iron-ore producer Territory Resources has extended the life of its Frances Creek project, in the Northern Territory, with a boost in ore reserves. The project now has a life-of-mine until at least the end of 2013, Territory reported on Wednesday. 

Citigold pays A$33 000 fine for disclosure failure

By: Esmarie Iannucci     22nd September 2010 The Australian Securities and Investment Commission (Asic) has fined ASX-listed Citigold A$33 000 for an alleged failure to inform the market of a revised production forecast for the Charter Towers gold project, in Queensland. Asic said on Wednesday that Citigold knew on December 11 already that... 

Northgate studies underground gold mine at Kemess in BC

By: Liezel Hill     21st September 2010 TSX- and Amex-listed Northgate Minerals is looking at the potential for an underground mine at its Kemess operation, in British Columbia. The Kemess South openpit mine, which Northgate has owned and operated since 2000, is scheduled to end production early in 2011, CEO Kenneth Stowe said in a... 

BHP's Kloppers argues his case in Canada

By: Liezel Hill     21st September 2010 Marius Kloppers, the CEO of BHP Billiton, met with the editorial boards of Canada's National Post and Globe & Mail newspapers, and also appeared in an interview on the Business News Network on Tuesday, answering questions on the company's hostile takeover offer for Potash Corp of Saskatchewan.... 

Major buyers increase LNG imports by 28% in H1 – EnergyQuest

By: Creamer Media Reporter      21st September 2010 Global imports of liquefied natural gas (LNG) by the world’s major buyers were 28% higher in the first half of 2010, compared with the first six months of 2009, energy economics group EnergyQuest revealed on Tuesday. The analysis covers LNG imports by North Asian countries, the EU and the US,... 

New Hope boosts FY coal production to 5,9Mt

By: Esmarie Iannucci     21st September 2010 Diversified energy company New Hope has reported record coal production of 5,9-million tons for the year ended July. This was 15,2% higher than the previous corresponding period. 

White Dam production 30% above target – Exco

By: Esmarie Iannucci     21st September 2010 The annualised production at White Dam gold project, in South Australia, where production started in April, is 30% above its target level of 50 000 oz/y, 75%-owner Exco Resources reported on Tuesday. Under the management of joint-venture (JV) partner Polymetals Group, the White Dam project has... 

Bow Energy and LNG end talks on Gladstone project

By: Esmarie Iannucci     21st September 2010 Oil and gas explorer Bow Energy has terminated discussions with Liquefied Natural Gas (LNG) regarding the Fisherman’s Landing project, in Gladstone, the ASX-listed company said on Tuesday. The two companies were exploring gas supply and strategic partner options in relation to LNG’s Fisherman’s... 

South Africa awards BHP Billiton petroleum exploration rights

By: Martin Creamer     21st September 2010 Mining giant BHP Billiton has been awarded petroleum exploration rights offshore of South Africa's West Coast. Petroleum Agency SA CEO Mthozami Xiphu told Mining Weekly Online on Tuesday that the agency had issued the long-awaited permit on September 14.  

Continental Coal says SA mine exceeding expectations

By: Esmarie Iannucci     21st September 2010 South Africa-focused Continental Coal on Tuesday reported that production at the Vlakvarkfontein coal mine had exceeded expectations during its second full month of operations. The project was producing more than 100 000 t/m of thermal coal, the ASX-listed company reported. 

Ironclad declares 10,2Mt iron resource at Wilcherry Hill

By: Esmarie Iannucci     21st September 2010 ASX-listed Ironclad Mining on Tuesday declared a Joint Ore Reserves Committee- (Jorc-) compliant indicated resource of 10,2-million tons for its Wilcherry Hill project, in South Australia. The high-grade resource is the crystalline magnetite targeted to be mined during the planned stage one... 

Australia approves $2,5bn Centennial Coal takeover

By: Esmarie Iannucci     21st September 2010 The Australian Foreign Investment Review Board has approved the A$2,5-billion takeover of ASX-listed Centennial Coal by Asian coal-miner Banpu. Banpu unveiled its A$6,20 a share offer in July, which represented a premium of 40% to the closing price of A$4,42 a share on July 2.  

Australia’s commodity exports could hit record A$215bn

By: Esmarie Iannucci     21st September 2010 Australia’s commodity export earnings could reach a record of A$215-billion in 2010/11, the Australian Bureau of Agriculture and Resource economics – Bureau of Rural Sciences (Abare-BRS) said on Tuesday. This would be 26% higher than the A$171-billion reported in 2009/10, and was also an upward... 

Cliffs will spend A$320m on W Australia infrastructure

By: Liezel Hill     21st September 2010 US-based Cliffs Natural Resources has approved a project that will allow the company to increase iron-ore production at its Koolyanobbing operations, in Western Australia, to about 11-million tons. Cliffs will spend A$320-million over the next two years to enhance existing rail infrastructure,... 

Perseus expects permits for Cote d'Ivoire mine next year

By: Liezel Hill     20th September 2010 Perseus Mining expects to receive permitting approval by mid-2011 for its second project – Tengrela, in the Côte d'Ivoire, MD Mark Calderwood said on Monday. Perseus started construction three months ago on its first mine, the Central Ashanti project in Ghana, and expects to start commissioning... 

Jabiru agrees A$14m silver financing to fund growth

By: Esmarie Iannucci     20th September 2010 Base- and precious metals developer Jabiru Metals on Monday completed a silver hedge financing to provide it with working capital and to fund its growth opportunities. The hedge financing structure, agreed to with BNP Paribas, would provide the company with A$14-million up-front cash payment, in... 

WA exploration applications double, approvals streamlined

By: Esmarie Iannucci     20th September 2010 The number of applications for mining exploration approvals in Western Australia has doubled over the past 12-months, the state’s Department of Mines and Petroleum (DMP) said on Monday. In the first quarter of 2009, the DMP received less than 300 applications, however, figures for the latest... 

1,5Mt/y Tanzania coal mine to cost $205m – Atomic

By: Esmarie Iannucci     20th September 2010 ASX-listed Atomic Resources has completed the bankable feasibility study on its Mbalawala coal project, in Tanzania, declaring a maiden Joint Ore Reserves Committee (Jorc) resource of 40-million tons. The project would support a production rate of around 1,5-million tons a year, for an average... 

Pike River Coal negotiating short-term funding

By: Esmarie Iannucci     20th September 2010 New Zealand-focused coal-miner Pike River Coal has reported that it was currently in negotiations with potential funders for a short-term working capital facility, in order to sustain the rate of underground development at its coal project. “During the current quarter, good progress has been... 

Resolute to close gold hedge, raises A$40m

By: Esmarie Iannucci     20th September 2010 Perth-based Resolute Mining on Monday reported that it had raised A$40-million which would primarily be used to close out its gold hedge book. The company, which owns gold mines in Tanzania, Mali and in Australia’s Queensland state, said in a statement that it had received approval from its... 

EPA approves Wiluna uranium scoping document – Toro

By: Esmarie Iannucci     20th September 2010 The Environmental Protection Authority (EPA) of Western Australia has given uranium developer Toro Energy the nod to proceed with an environmental review and management programme (ERMP) for its Wiluna project. The EPA has approved the environmental scoping document of the Wiluna project. The... 

Metallica says study shows ‘robust’ Queensland project

By: Esmarie Iannucci     20th September 2010 ASX-listed Metallica Minerals’ share price jumped by almost 15% on Monday after it announced that a scoping study had signalled an economically and technically “robust” nickel/cobalt/scandium mine, in Queensland. The Nirnico mine would cost A$132-million to develop. 

Market capitalisation of WA miners up on strong prices

By: Esmarie Iannucci     20th September 2010 Advisory firm Deloitte’s index of Western Australia-listed companies rose by A$3,6-billion in August, during a month when other world indices weakened. The market capitalisation of listed companies, comprising the WA Index, rose by 2,5% to close to A$152-billion last month on the back of strong... 

Queensland clears A$5bn QR float

By: Esmarie Iannucci     20th September 2010 The Queensland government has cleared the way for the A$5-billion Queensland Rail (QR) National float. State treasurer Andrew Fraser said over the weekend that Queenslanders would have a special opportunity to take part in the initial public offering by preregistering for the share offer. 

BHP signs jumbo $45bn Potash bid loan

By: Reuters     17th September 2010 The $45-billion loan backing BHP Billiton's $39-billion bid for Potash Corp signed on Friday, the bookrunners said in a statement. Syndication to BHP's relationship banks closed oversubscribed and all banks have a final hold level of $1,8-billion. 

Caledon shares advance on news of potential buyer

By: Chanel de Bruyn     17th September 2010 Dual-listed Caledon Resources has started preliminary discussions with a company that might make an offer to acquire or merge with the Australian coking coal producer. Caledon’s share price on the London bourse jumped 17,6% to 65p a share in early morning trade on Friday, when it confirmed that... 

Santos raises €650m for Gladstone LNG project

By: Esmarie Iannucci     17th September 2010 ASX-listed gas producer Santos on Friday reported that it had completed a €650-million hybrid issue, which would receive 100% equity credit from Standard & Poor’s, in order to fund its Gladstone liquefied natural gas (GLNG) project. Santos vice-president and CFO Peter Wasow said on Friday that... 

Atlas loads first ore at new Utah port

By: Esmarie Iannucci     17th September 2010 Iron-ore producer Atlas Iron on Friday uploaded its first ore from the Wodgina and Pardoo iron-ore mines, in Western Australia, at the new Utah port, as part of the port commissioning process. The Utah port is at the heart of Atlas’ scheduled increase in production to six-million tons a year, by... 

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