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Australasia News

Macarthur takeover extended yet again

By: Esmarie Iannucci     20th October 2011 The proposed takeover of ASX-listed Macarthur Coal by a joint venture (JV) vehicle between US-based Peabody Energy and steel producer ArcelorMittal has yet again been extended as the takeover offer struggled to gain traction. This was the third extension to the takeover’s closing date since the... 

Could Cameco team up with Rio to jointly buy Hathor?

By: Matthew Hill     20th October 2011 Cameco CEO Tim Gitzel took a chance in trying to bag uranium junior Hathor for a song in August, only for Rio Tinto to spoil the party on Wednesday when it came in with an 11% higher C$578-million bid. The show, however, is not over yet, with the possibility that the two companies – giants in... 

Endeavour buys second silver-gold mine in Chile

By: Reuters     20th October 2011 Endeavour Silver said on Wednesday that it has acquired a second Chilean silver-gold project, as the Canadian miner looks to build up its footprint outside of Mexico. Endeavour has optioned the Lomas Bayas silver-gold project, located some 800 kilometers (500 miles) north of Santiago, in the... 

$7.1bn coal project pipeline to drive Mozambique mining growth

By: Brindaveni Naidoo     19th October 2011 Mozambique is poised to become a significant coking coal producer within the next three to five years, with its coal sector accounting for 61% of the total value of the project pipeline, Frost & Sullivan research associate Christy Tawii said on Wednesday. In a teleconference to mining investors,... 

Rio Tinto swoops on Hathor, outbids Cameco

By: Matthew Hill     19th October 2011 It is "highly likely" that Cameco will return with a higher bid for Hathor Exploration, after the uranium junior agreed to a friendly C$578-million takeover deal with diversified miner Rio Tinto, Versant Partners analyst Rob Chang said on Wednesday. "They probably will put something higher up,"... 

Apogee eyes up to 7Moz/y from Bolivian silver mine

By: Matthew Hill     19th October 2011 Silver prices could hit $50/oz in the next 12 months, Apogee Silver CEO Neil Ringdahl said in an interview on Tuesday. The company is reopening the second-biggest silver mine in Bolivian history at its Pulacayo deposit, and aims to produce five- to seven-million ounces of the precious metal in... 

Mining Weekly launches international edition for iPad 

19th October 2011 South Africa-based print and online publisher Creamer Media has launched a new international edition of Mining Weekly for the iPad. Creamer Media CEO Kenneth Creamer says the international edition consists of a weekly roundup of the most newsworthy articles published on miningweekly.com. 

Sallies achieves 86% plant recoveries at Witkop

By: Brindaveni Naidoo     19th October 2011 JSE-listed Sallies, which London-listed Fluormin is buying, achieved 86% plant recoveries at its Witkop mine in the first quarter of its 2012 financial year, the South African fluorspar miner said on Wednesday. This represented a historical performance and reflected continued efforts by... 

Gold Fields sees higher Sept quarter output

By: Brindaveni Naidoo     19th October 2011 outh Africa-based miner Gold Fields expects production for the third quarter to be about 900 000 gold equivalent ounces despite the impact of industrial action during the period. The output is 3% higher than the previous quarter’s 872 000 oz.  

Coking coal prices to fall as world demand softens

By: Creamer Media Reporter      19th October 2011 Coking coal prices could fall to below $240/t by the fourth quarter of next year, as demand softened and supply recovered from flood-hit basins in Australia, a Wood Mackenzie analyst said on Wednesday. However, the price for the steelmaking ingredient would remain above the marginal cost of... 

Oz Minerals to achieve FY copper, gold targets

By: Esmarie Iannucci     19th October 2011 Copper miner Oz Minerals on Wednesday said that it was on track to reach its production target of between 100 000 t and 110 000 t for the 2011 calendar year. Oz Minerals produced some 27 217 t of copper during the quarter ended September, which was 6% lower than the 29 017 t produced in the June... 

BHP Billiton reports strong iron-ore production growth

By: Esmarie Iannucci     19th October 2011 Mining giant BHP Billiton’s iron-ore production climbed 24% to 39.57-million tons in the September quarter, with shipments from its Western Australian operations hitting a record annualised rate. The miner, which is spending billions on capacity expansions in Pilbara, said its Western Australian... 

CoAL resumes full Vele operations on water licence approval

By: Brindaveni Naidoo     19th October 2011 ASX-, JSE- and Aim-listed Coal of Africa Limited (CoAL) has been given the go-ahead to resume full operations at its controversial Vele colliery, after Water and Environmental Affairs Minister Edna Molewa lifted a suspension of an integrated water use licence. The lifting of the suspension would... 

Beadell secures financing for Tucano start

By: Esmarie Iannucci     19th October 2011 ASX-listed Beadell Resources has locked in $90-million in a project finance facility to complete the construction and start operations at its Tucano gold project, in Brazil. Beadell said on Wednesday that credit approval has now been received from Macquarie Bank for an $80-million project... 

Mincor increases output and grade in Sept quarter

By: Esmarie Iannucci     19th October 2011 Nickel miner Mincor has reported a 28% increase in nickel production for the quarter ended September, compared with the previous reporting period. Nickel grades for the quarter were also up by 39% on the June quarter. 

Terramin launches $10m capital raising

By: Esmarie Iannucci     19th October 2011 ASX-listed Terramin Australia would look to raise more than A$10-million through a two tranche capital raising, aimed at funding its exploration expenditure. MD Nic Clift said in a statement that the capital raising was aimed at putting Terramin on a stronger financial footing to continue to... 

First Chinese approval for Gold One investment

By: Esmarie Iannucci     19th October 2011 ASX- and JSE-listed Gold One’s A$0.55 a share transaction with a Chinese consortium wishing to take a majority share in the gold produce has received the nod from China’s National Development and Reform Commission (NDRC). This was one of the key Chinese government approvals required by the... 

Kagara gets greenlight for Einasleigh acquisition

By: Esmarie Iannucci     19th October 2011 Base metals miner Kagara would move to complete the proposed acquisition of the Einasleigh copper project, in Queensland, after fellow listed Copper Strike’s shareholders approved the transaction. In July this year, Kagara entered into a definitive agreement to purchase the Einasleigh project... 

Gujarat NRE Coke receives approvals for $122m Australian investment

By: Ajoy K Das     19th October 2011 India’s largest independent producer of low ash metallurgical coke, Gujarat NRE Coke Limited (GNCL) has secured approvals from the New South Wales Planning Assessment Commission (PAC) for a $122-million upgrade of existing infrastructure of its NRE 1 mine, formerly known as the South Bulli... 

South African stocks fall on miners

By: Reuters     19th October 2011 South African stocks ended slightly lower on Tuesday with miners among the worst performers as growth worries in China hit industrial metal prices. But industrial firm Kap International surged on news that furniture group Steinhoff plans to swap several industrial assets for a greater stake in... 

Taseko advertises economic benefits for contentious BC mine

By: Matthew Hill     19th October 2011 Canada’s Taseko Mine’s slapped the prefix “New” to its controversial Prosperity Mine in British Columbia, added $300-million to its development cost to make it more environmentally acceptable, and is now playing the economics card in trying to get the project approved. The TSX-listed miner said... 

Off to the main board for New Millennium and Prophecy

By: Matthew Hill     19th October 2011 Two mining juniors are quitting kindergarten for big school on Wednesday, with iron-ore developer New Millennium Iron Corp. and Prophecy Coal, which has assets in Mongolia, both announcing approval to graduate to the TSX main board. Both had been listed on the TSX Venture exchange, which is a... 

Primero sets ball rolling seeking Mexican tax changes

By: Matthew Hill     19th October 2011 Primero Mining, which abandoned a merger with Toronto- and New-York-listed peer Northgate Minerals in August after AuRico bid more for the company, said on Tuesday it started formal proceedings seeking a more favourable tax rate for its Mexican San Dimas mine. UBS said in a research note a... 

Forbes Coal says export sales exceed domestic sales

By: Creamer Media Reporter      18th October 2011 TSX- and JSE-listed Forbes & Manhattan Coal Corporation’s (Forbes Coal’s) second-quarter revenue surged 80% to C$35.2-million on the back of strong growth in export sales, the South Africa-focused junior reported on Tuesday. Export sales for the three months ended August doubled to 192 400 t,... 

Pebble owners to challenge constitutionality of newest development obstacle

By: Matthew Hill     18th October 2011 Shares in Northern Dynasty, the Canadian joint owner of the controversial Pebble Project in Alaska, gained on Tuesday after the company said it would challenge a new effort to block development of the project. Voters in the state’s Lake and Peninsula borough supported a measure that could block... 

Rio Tinto approves another $1.3bn for Simandou

By: Brindaveni Naidoo     18th October 2011 Diversified miner Rio Tinto has approved another $1.328-billion for its Simandou iron-ore project in Guinea, bringing the total commitment to the project to $3-billion. The miner said on Tuesday it was accelerating the development of the project, and that the additional funding would enable it to... 

Xstrata coal output rises, prices better-than-expected

By: Henry Lazenby     18th October 2011 Diversified miner Xstrata on Tuesday reported record third-quarter thermal coal production and higher overall coal output, while its copper production slipped 4% year-on-year. Overall coal production increased to 23.6-million tons in the quarter ended September, from 21.9-million tons a year... 

Chi-X Australia gets green light to launch

By: Esmarie Iannucci     18th October 2011 The Australian Securities and Investment Commission (ASIC) has given the green light for Chi-X Australia to launch as an exchange market. Last year, the Australian government announced its support for competition between exchange markets for trading in listed products and its in-principle... 

India’s NMDC to use Legacy as its Australian acquisition entity

By: Esmarie Iannucci     18th October 2011 India’s largest iron-ore miner, National Mineral Development Corporation (NMDC), has cemented a deal to buy a 50% stake in Legacy Iron, which it plans to use as its exclusive Australian acquisition entity. NMDC, which has earmarked $500-million for foreign acquisitions, would acquire 50% of... 

Matilda clears final hurdle for Keysbrook project

By: Esmarie Iannucci     18th October 2011 ASX-listed Matilda Zircon has secured local government approval to develop the Keysbrook zircon/leucoxene project, in Western Australia. The approvals followed a previously granted environmental approval from the West Australian Minister for Environment. 

Mount Gibson settles dispute with Chinese customer

By: Esmarie Iannucci     18th October 2011 Iron-ore miner Mount Gibson Iron has settled a dispute with Chinese customer Rizhao Steel Holding Group in relation to two arbitral awards delivered in Mount Gibson’s favour in August last year. Rizhao was ordered to pay damages of $114-million plus interest of 6% to Mount Gibson and its... 

Mundo announces closure of Brazil underground gold mine

By: Esmarie Iannucci     18th October 2011 ASX-listed Mundo Minerals on Tuesday cut its production target for 2012, after announcing it would close the Engenho underground gold mine, in Brazil. CEO Ashley Pattison said a limited economic resource defined by recent drilling, declining production and delays in securing the final approvals... 

Randalls gives up gold for Integra

By: Esmarie Iannucci     18th October 2011 ASX-listed Integra Mining has reported an increased gold production for the three months to September, following its process facility upgrade. The gold miner produced some 22 463 oz of gold from its Randalls gold project during the three months to September, compared with the 21 582 oz in the... 

Resolute ups output as Syama performs

By: Esmarie Iannucci     18th October 2011 Gold miner Resolute Mining has reported an increased output for the three months to September as its Syama project, in Mali, continued to make headway. Total gold production for the quarter reached 89 404 oz, compared with the 85 421 oz reported in the previous quarter. Syama gold production... 

Pan Asia more than doubles TCM resource

By: Esmarie Iannucci     18th October 2011 ASX-listed Pan Asia Corporation has reported a 115% increase in its Joint Ore Reserves Committee (Jorc) resource for its flagship TCM coal project, in Indonesia. The Jorc resource has now increased from around 53-million tons to 114.6-million tons, with 35.6-million of this resource falling in... 

Smokey Hills workers go on strike

By: Esmarie Iannucci     18th October 2011 ASX-listed Platinum Australia’s embattled Smokey Hills operation has once again been thrust into the limelight as disgruntled contract workers started a protected industrial action on Monday. The strike, which affects all of mining contractor JIC Mining Services’ operations, including the Smokey... 

Eldorado further ties dividend to gold price

By: Matthew Hill     17th October 2011 Canadian junior Eldorado Gold has followed Newmont Mining in further beefing up its gold price-linked dividend, with bigger payouts the higher the precious metal goes. Unlike Newmont, Vancouver-based Eldorado, which mines gold in China, Turkey, Brazil and Greece, pays shareholders according to... 

Wesizwe appoints nonexec directors

By: Brindaveni Naidoo     17th October 2011 Platinum exploration and development company Wesizwe said on Monday it appointed Professor Wiseman Nkuhlu and Robert Garnett as independent nonexecutive directors. Nkuhlu, the previous president of the International Organisation of Employers, is a director at AngloGold Ashanti, Datatec and... 

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