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Australasia News

BC Iron says production to start at Nullagine this week

By: Esmarie Iannucci     25th October 2010 ASX-listed BC Iron on Monday reported that the first mining at the Nullagine iron-ore joint venture (JV), in Western Australia, would start by the end of this week. The iron-ore developer told shareholders in a statement that it had now received the final mining approvals from the Department of... 

Sandfire upgrades DeGrussa plant’s targeted throughput to 1,5Mt/y

By: Esmarie Iannucci     25th October 2010 ASX-listed Sandfire Resources on Monday reported that it would increase the targeted design throughput rate for its DeGrussa copper/gold facility, in Western Australia, from one-million tons a year to 1,5-million tons a year, following a recent resource upgrade at the project. The project is now... 

Aspire raises A$20,1m from SouthGobi for Mongolia project

By: Esmarie Iannucci     25th October 2010 SouthGobi, which is listed in Toronto and Hong Kong, will take a 19,9% stake in Mongolia-focused explorer Aspire Mining and has agreed to a “strategic partnership” with the Australia-based junior. Aspire Mining’s shares rose 26% on the ASX on Monday, after it announced that had made a placement... 

Equinox makes A$1,25bn bid for Citadel

By: Esmarie Iannucci     25th October 2010 TSX- and ASX-listed Equinox Resources on Monday made a A$1,25-billion share-and-cash takeover offer for Australia-based Citadel Resources. The board of Citadel has unanimously recommended that shareholders accept the Equinox offer, in the absence of a superior proposal. Equinox, which owns the... 

WA rare-earths project valued at A$20m to A$30m – Navigator

By: Esmarie Iannucci     25th October 2010 Emerging gold producer Navigator Resources said that its Cummins Range rare-earths project, in Western Australia, has been valued at between A$20-million and A$30-million. An independent valuation of the project found that it compared favourably to peer projects, carrying market values of... 

Oz Minerals to redeem outstanding convertible bonds

By: Esmarie Iannucci     25th October 2010 ASX-listed Oz Minerals on Monday advised bondholders that it would redeem any outstanding convertible bonds by November 24. The company said that it had the option to redeem outstanding bonds as its share price had exceeded 130% of the conversion price for more than 20 out of 30 successive... 

Uranium-focused Impact to spin out Queensland gold assets

By: Esmarie Iannucci     25th October 2010 Botswana-focused uranium explorer Impact Minerals on Monday reported that it would spin out its Queensland gold projects in a newly formed company, known as Invictus Gold. Invictus Gold would list on the ASX by the end of 2010, and would aim to raise between A$3-million and A$4-million through... 

South Australian miners unhappy about ‘double tax’

By: Esmarie Iannucci     25th October 2010 The South Australian Chamber of Mines and Energy (Sacome) on Monday lashed out at the federal government, stating that its position not to credit state royalty increases against the proposed minerals resources rent tax (MRRT) was a “slap in the face” of the fledgling iron-ore and coal industry in... 

Kingsgate continues acquisition trail with A$22m bid for Laguna

By: Esmarie Iannucci     25th October 2010 Days after making a A$376-million takeover offer for rival gold-miner Dominion Mining, Kingsgate Consolidated has now also made a A$22-million takeover bid for Chile-focused Laguna Resources. Kingsgate and Laguna said on a joint statement on Monday that the two companies had signed a bid... 

Ex Harper adviser slams Saskatchewan 'self-interest' on Potash deal 

By: Matthew Hill     22nd October 2010 A former senior adviser to Canadian Prime Minister Stephen Harper, Tom Flanagan, said on Friday that Saskatchewan Premier Brad Wall's opposition to BHP Billiton's $39-billion bid for Potash Corp was "naked self-interest in the most narrowest sense", and that Harper would likely approve the deal.... 

Gindalbie starts search for new CFO to succeed Southam

By: Esmarie Iannucci     22nd October 2010 Iron-ore miner Gindalbie Metals on Friday advised shareholders that its CFO David Southam had tendered his resignation in order to pursue another opportunity in the resource sector. The iron-ore miner has now initiated a wide-ranging executive search process to identify a suitably qualified... 

Queensland approves gas projects worth A$30bn

By: Esmarie Iannucci     22nd October 2010 The Australian government on Friday approved two coal seam gas projects at Gladstone, in Queensland, with an estimated combined value of around A$30-billion. However, more than 300 conditions have been imposed on the two projects, being developed separately by Santos and the Queensland Gas... 

NQM cuts gold forecast after lower output at Pajingo

By: Esmarie Iannucci     22nd October 2010 ASX-listed North Queensland Metals (NQM) on Friday lowered its gold production forecast for the 2010/11 to 50 000 oz, from the previously advised 70 000 oz, on the back of a refocus at the Pajingo gold project, in Queensland. In its quarterly report, for the period ending September, NQM said... 

Northern Energy urges no action on New Hope offer

By: Esmarie Iannucci     22nd October 2010 ASX-listed Northern Energy on Friday again urged shareholders to take no action regarding a A$193-million takeover offer by rival miner New Hope. Northern Energy told shareholders that New Hope’s bidder’s statement, which was lodged on Friday, had offered no revision on the “inadequate” offer... 

Indonesian exploration to be accelerated following A$30m fundraising

By: Esmarie Iannucci     22nd October 2010 ASX-listed explorer Robust Resources has completed a A$30-million fundraising exercise to complete the acquisition of the remaining 25% interest in the polymetallic Romang Island project, in Indonesia, and to accelerate the current exploration programme. The company said on Friday that it had... 

Ram buys initial 51% in Greenland Resources

By: Esmarie Iannucci     22nd October 2010 ASX-listed Ram Resources said on Friday that it owned 51% of UK-based Greenland Resources (GRL), which holds the Motzfeldt multi-element project. Ram acquired the controlling stake through the issue of 150-million fully paid ordinary shares, at a deemed issue price of 3c a share, along with... 

Ian Gordon appointed as Ramelius MD

By: Esmarie Iannucci     22nd October 2010 Gold-miner Ramelius Resources has appointed Ian Gordon as its MD. Gordon joined Ramelius in 2007 as COO and was subsequently appointed to the board as an executive director. In 2009, he was appointed CEO when the company’s inaugural MD Joe Houldsworth retired as an executive. 

Terrain inks toll-treatment deal with Gold Fields

By: Esmarie Iannucci     22nd October 2010 Western Australia-focused minerals explorer Terrain Minerals has moved a step closer to becoming a producer after signing a toll-treatment agreement with Gold Fields. Under the terms of the agreement, Gold Fields’ Agnew gold mine would treat gold ore from Terrain’s Celtic Pit, in the Bundarra... 

Plan announced for rare-earths company listing in early 2011

By: Esmarie Iannucci     22nd October 2010 Emerging gold producer Navigator Resources has announced plans to unbundle its shareholding in a Western Australian rare-earths asset to create a dedicated Rare Earths Company, or RECO, which should be listed on the ASX in early 2011. Navigator currently holds 100% of the Cummins Range rare... 

Transit to spin out iron-ore assets into Radar Iron

By: Esmarie Iannucci     22nd October 2010 ASX-listed Transit Holdings on Friday announced that it would spin-out its central Yilgarn iron-ore assets, in Western Australia, into a separately listed iron-ore company. The newly created Radar Iron would have its own dedicated iron-ore management and exploration team.  

Orocobre mulls way forward at rich Argentina lithium/potash project

By: Liezel Hill     21st October 2010 TSX- and ASX-listed junior Orocobre plans to publish an initial inferred resource estimate and outline its thinking for development for the high-grade lithium/potassium Salar de Salinas Grandes project in the first quarter of 2011. Also in the first quarter, the company will complete a... 

CoAL continues talks with DEA to resume work at Vele

By: Esmarie Iannucci     21st October 2010 South Africa-focused Coal of Africa Limited (CoAL) said on Thursday that it was in “active” dialogue with the South African Department of Environmental Affairs (DEA) with the aim of restarting operations at its Vele colliery by the fourth quarter of this year. The DEA ordered operations at the... 

Resolute’s gold output remains steady

By: Esmarie Iannucci     21st October 2010 Gold-miner Resolute Mining on Thursday reported that its gold production remained steady in the three months to September. The Australia-based miner, which owns operations in Tanzania, Mali and Queensland, produced 80 819 oz of gold in the quarter, compared with the 80 990 oz in the previous... 

OMH says manganese output hits record

By: Esmarie Iannucci     21st October 2010 ASX-listed minerals group OM Holdings (OMH) on Thursday reported record manganese and alloy production for the quarter ended September. Manganese production from the Bootu Creek project, in the Northern Territory, increased by 16% during the September quarter, reaching 227 968 t, compared with... 

Sirius to buy 70% stake in Tropicana gold tenements

By: Esmarie Iannucci     21st October 2010 Base and precious metals explorer Sirius Resources on Thursday reported that it had reached an agreement with major shareholder Mark Creasy to acquire a 70% shareholding in a portfolio of highly prospective gold tenements in the Tropicana belt of Western Australia. An up-front consideration of... 

Ivanhoe Australia hikes Mount Elliot resource 20%

By: Esmarie Iannucci     21st October 2010 ASX-listed Ivanhoe Australia has reported a 20% increase in its mineral resource for the Mount Elliott copper/gold project, in Queensland. The project is now estimated to host a mineral resource of 570-million tons, CEO Peter Reeve said on Thursday. This was 95-million tons higher than the 2008... 

Lihir merger gives Newcrest output a boost

By: Esmarie Iannucci     21st October 2010 Australia’s largest gold producer, Newcrest Mining, increased its gold output in the September quarter by more than 140 000 oz with the introduction of production from the Lihir operations. Gold production jumped nearly 29% to 674 219 oz, compared with the June output of 526 131 oz. 

Uranium group meets NT Minister over Angela Pamela project 

By: Esmarie Iannucci     21st October 2010 The Australian Uranium Association (AUA) this week met with the Northern Territory Chief Minister Paul Henderson over the future of the Angela Pamela uranium project in the state. AUA CEO Micheal Angwin told Mining Weekly Online that discussions between the association and the Northern Territory... 

Iluka output jumps as mineral sands demand recovers

By: Esmarie Iannucci     21st October 2010 Mineral sands producer Iluka Resources on Thursday reported that zircon and rutile production for the quarter ended September had increased, compared with the previous quarters. Zircon production increased by 20,3% to 126 000 t, from 104 700 t in the previous quarter. 

Fortescue responds to Solomon project cost report

By: Esmarie Iannucci     21st October 2010 The board of Fortescue Metals would discuss the feasibility study for the Solomon stage-one project at a meeting next month, the iron-ore miner said on Thursday, responding to a media article stating that the project was almost $2-billion over budget. An article by the Australian Financial... 

BHP maintains 'net benefit' of Potash deal; Sask unconvinced

By: Liezel Hill     20th October 2010 The government of Saskatchewan continued to indicate on Wednesday that it will likely oppose BHP Billiton's offer for Potash Corp of Saskatchewan, despite assurances from the company that it will mitigate revenue loss to the province if the takeover is allowed. Saskatchewan Premier Brad Wall... 

Ramelius reports record gold production

By: Esmarie Iannucci     20th October 2010 Gold-miner Ramelius Resources on Wednesday announced record gold in ore production for the first quarter of 2010/11, with output increasing to 29 924 oz. This was compared to the 28 650 oz recorded in the June quarter. 

Universal Coal seeks to raise A$20m in Australia IPO

By: Esmarie Iannucci     20th October 2010 Emerging coal-miner Universal Coal on Wednesday opened its initial public offering (IPO) to raise up to A$20-million, before listing on the ASX. The coal developer, which owns projects in South Africa, said that it expected to issue up to 76,9-million shares, at 26c a share, before the IPO... 

PanAust approves $110m to raise output at Laos mine

By: Esmarie Iannucci     20th October 2010 The board of ASX-listed PanAust on Wednesday approved a $110-million investment to increase ore processing and metal recoveries at the Phu Kham copper/gold mine, in Laos. The miner said in a statement that the investment would deliver an increase in copper in concentrate production to between 65... 

Kingsgate to buy Dominion in A$376m deal

By: Esmarie Iannucci     20th October 2010 ASX-listed gold producer Kingsgate Consolidated has made a A$376-million offer for rival gold-miner Dominion Mining, it announced on Wednesday. Kingsgate, which owns a gold assets in Thailand, is offering 0,31 of its own shares for every Dominion share held, valuing Dominion at around A$3,63 a... 

BHP reports ‘strong start’ to financial year with upbeat production figures

By: Esmarie Iannucci     20th October 2010 Global diversified miner BHP Billiton on Wednesday reported that iron-ore production increased by 6% in the September quarter, compared with the previous corresponding period. Iron-ore production rose to 31,98-million tons in the three months, which was 2% higher than the 31,24-million tons... 

Hunnu Coal to raise A$40m to fast-track Mongolia coal projects

By: Esmarie Iannucci     20th October 2010 Exploration company Hunnu Coal on Wednesday said that it was looking to raise up to A$40-million to accelerate its Mongolian coking and thermal coal projects. The explorer would raise the funds through placing 50-million shares, at an issue price of 80c a share, to institutional and... 

Rio Tinto announces $3,1bn Pilbara iron-ore investment

By: Esmarie Iannucci     20th October 2010 Diversified miner Rio Tinto on Wednesday announced that a further $3,1-billion would be invested in expanding its iron-ore infrastructure in the Pilbara region of Western Australia. The latest investment would increase the infrastructure capacity to 283-million tons a year, by 2013. 

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