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Australasia News

South African miner Universal Coal to list on ASX

By: Esmarie Iannucci     2nd September 2010 Emerging coal-miner Universal Coal, which owns projects in South Africa, would list on the ASX by the beginning of October, and would seek to raise some A$25-million through an initial public offering. Speaking at the African Downunder conference, in Perth, company chairperson Tony Harwood that... 

Rio Tinto opens 22Mt/y iron-ore mine in Pilbara

By: Esmarie Iannucci     2nd September 2010 Diversified miner Rio Tinto on Thursday officially opened its Brockman 4 iron-ore mine, in the Pilbara region of Western Australia. The $1,5-billion mine would initially produce 22-million tons a year of high-grade iron-ore, with the opportunity to double that capacity as Rio Tinto’s expansion... 

Chalice could start building Eritrea gold mine by year-end

By: Esmarie Iannucci     2nd September 2010 Eritrea-focused Chalice Gold could start construction at its Koka openpit mine by the end of the year, depending on the duration of the permitting process, it said on Thursday. The permitting process was under way, and was expected to go “fairly smoothly”, MD Doug Jones said at a conference. 

Govt-halted CoAL 'left no choice' but to lay off 596, unions march 

By: Martin Creamer     1st September 2010 The directive of the Department of Environmental Affairs (DEA) to halt mining at the Vele colliery has left Coal of Africa Limited (CoAL) "with no choice" but to reduce its workforce by 596 people, CoAL CEO John Wallington said on Wednesday. CoAL's plans involve mining and rehabilitation taking... 

Botswana plans to speed up mining licence applications

By: Esmarie Iannucci     1st September 2010 Botswana is hoping to revive its resources sector through the introduction of new legislative measures, an official from the Minerals, Energy and Water Resources Ministry said on Wednesday. Permanent secretary Gabaake Gabaake said in Perth that proposed changes to the legislation would be... 

Gryphon to start Banfora prefeasibility study in 2011

By: Esmarie Iannucci     1st September 2010 ASX-listed minerals explorer Gryphon Minerals would start a prefeasibility study on its Banfora gold project, in Burkina Faso, in 2011, the company's chief development officer told Mining Weekly Online. Speaking on the sidelines of the Africa Downunder conference, Matthew Bowles said that... 

South Africa to publish Mining Charter review this month

By: Esmarie Iannucci     1st September 2010 South Africa will release the results of its Mining Charter review, which started last year, in the next ten days, Mineral Resources Minister Susan Shabangu said on Wednesday. The review was completed in November, and has been referred to all the relevant stakeholders for comment. 

Namibian phosphate project scoping study expected by month end

1st September 2010 ASX-listed Minemakers on Wednesday reported that a scoping study on its marine phosphate mining operation, offshore of Namibia, would be completed by the end of this month. Minemakers GM for marine and African projects, Mike Woodborne, told the Africa Downunder conference in Perth that the... 

South Africa's DMR to present State miner plan to Cabinet

By: Esmarie Iannucci     1st September 2010 South Africa's Department of Mineral Resources (DMR) would present the business plan for a State-owned mining company to Cabinet next week, Mineral Resources Minister Susan Shabangu said on Wednesday. The business plan would include operational aspects as well as its future prospects, she told... 

Resolute sees stronger cash generation as Syama accesses main zone

1st September 2010 Perth-based Resolute Mining is anticipating significant cash generation over the next four years, as its flagship Syama gold mine, in Mali, accesses its main ore zone in the openpit in 12-months time. Resolute CEO Peter Sullivan said at the Africa Downunder conference that the enhanced Syama... 

Australia's investment in African resources tops A$20bn

By: Esmarie Iannucci     1st September 2010 The investment of Australian companies in Africa's resources sector has reached A$20-billion, a government official said on Wednesday. The Department of Foreign Affairs and Trade (DFAT) secretary Dennis Richardson said that over 170 Australian companies were involved in nearly 500 mines and... 

Mali tries to lure investors with new mining code

By: Esmarie Iannucci     1st September 2010 The Mali Parliament would vote on the introduction of a new mining code in October, the African country's Mines and Petroleum Minister said on Wednesday. Minister Abou Bakar Traore said that the latest version of the mining code was its firth reincarnation, and was aimed at luring investors to... 

Megamine spin-off ‘well advanced' – Gold One CEO

By: Esmarie Iannucci     1st September 2010 Gold One CEO Neal Froneman said on Wednesday said that the junior miner's spin-off plans for the Megamine project, in South Africa, were "well advanced". Speaking to Mining Weekly Online on the sidelines of the Africa Downunder conference, in Perth, Froneman said that the company was likely to... 

Potash Corp on the offensive over BHP 'cold calls' 

By: Liezel Hill     31st August 2010 Potash Corporation of Saskatchewan, which is fending off a hostile takeover bid from BHP Billiton, has slammed the bigger miner for alleged “cold calls” to Potash Corp's customers. In a letter to customers, filed with the SEC, Potash Corp sales president of PCS sales Stephen Dowdle said it was... 

Phoenix starts copper production at S Australia mine

By: Esmarie Iannucci     31st August 2010 ASX-listed Phoenix Copper has started first production at its Mountain of Light copper project, in South Australia, ahead of schedule, it reported on Tuesday. The initial output at the Mountain of Light project was the beginning of a ramp-up phase, scheduled for September and October, which is... 

Hillgrove delays Kanmantoo investment decision

By: Esmarie Iannucci     31st August 2010 Base- and precious-metals developer Hillgrove Resources on Tuesday postponed the final investment decision (FID) of its Kanmantoo copper/gold project, in South Australia, until the next quarter. Hillgrove initially planned to decide on Kanmantoo in June, but said in its quarterly report for the... 

New Hope saleable coal output at new record

By: Esmarie Iannucci     31st August 2010 ASX-listed coal-miner New Hope has set a new record for saleable production for the year ended July, by producing more than 5,9-million tons of coal. This was a 15% increase on the saleable coal production reported in the previous corresponding period. 

Medusa sets aside $21m for exploration to boost organic growth

By: Esmarie Iannucci     31st August 2010 The board of Philippine-focused gold-miner Medusa Mining has approved a $21-million exploration budget to give its organic growth strategy a boost. Medusa is aiming to grow into a midtier miner, producing between 300 000 oz/y and 400 000 oz/y, MD Geoff Davis outlined on Tuesday. 

Grange Resources posts 50% drop in FY profit

By: Esmarie Iannucci     31st August 2010 Australia’s largest magnetite producer, Grange Resources, reported full-year output of 2,4-million tons of iron-ore pellets, but lower prices hit the company’s profit. Grange, which produces pellets from an operation in Tasmania, on Tuesday reported a 50,4% drop in profit, slumping to... 

Minara swings to profit, keeps nickel output guidance

By: Esmarie Iannucci     31st August 2010 Base metals producer Minara Resources posted a net profit after tax of A$39,3-million for the six months ended June, compared with a loss of A$3,1-million in the previous corresponding period. Revenue from operations increased to A$233,7-million, from A$190,1-million in the first six months of... 

Centaurus boosts Passabem iron-ore resource to 39Mt

By: Esmarie Iannucci     31st August 2010 Iron-ore-miner Centaurus Metals on Tuesday reported a fifteenfold increase in the Joint Ore Reserves Committee resource at its Passabem iron-ore project. Centaurus said in a statement that the Brazilian project is now estimated to host 39-million tons, grading 31% iron. This was up from the... 

BFS shows Discovery could extend Boseto mine life

By: Esmarie Iannucci     31st August 2010 ASX-listed Discovery Metals Limited (DML) on Tuesday reported that a bankable feasibility study (BFS) of its Boseto copper project, in Botswana, has demonstrated the economic potential for the operations to continue beyond 15 years. The BFS evaluated all aspects of the development of an openpit... 

Gold One narrows loss as Modder East ramps up

By: Esmarie Iannucci     30th August 2010 South Africa-focused Gold One has narrowed its interim after tax loss to A$3,94-million, compared with the A$39,47-million loss reported in the first half of 2009, as its Modder East mine continued to increase production. Revenue for the six months ended June 30, increased to A$32,9-million,... 

Kingsgate more than doubles profit, output up

By: Esmarie Iannucci     30th August 2010 ASX-listed precious-metals-miner Kingsgate Consolidated more than doubled its full-year profit to A$73-million, compared with A$32,5-million in the previous financial year. The surging profit was gained on the back of the Chatree mine, in Thailand, operating for its first fiscal year of... 

Santos developing Halyard field to boost WA gas supply

By: Esmarie Iannucci     30th August 2010 Australian gas producer Santos on Monday reported that it was looking to develop a new Western Australian gas supply from its Halyard field, which it jointly owns with Apache Energy. The two companies would now complete and tieback the Halyard well, and subject to the outcome of the Spar 2... 

Uranex directors quit after pressure from IMX

By: Esmarie Iannucci     30th August 2010 ASX-listed Uranex on Monday informed shareholders that its directors Andrew Daley, Neil Cusworth and Richard Udovenya have resigned, following a call by major shareholder IMX Resources. IMX Resources on Friday lodged a request for a shareholder meeting of its 30,1% subsidiary Uranex, in order to... 

Renewed activity in Australia's gold sector

By: Creamer Media Reporter      30th August 2010 Australian miners are taking another look at old gold deposits as bullion prices remain strong, says industry consultant Surbiton Associates. “We are experiencing an extended period of high Australian gold prices which has led to old deposits being re-evaluated and re-developed,” said Surbiton... 

Resolute increases gold output by 16%, posts loss

By: Esmarie Iannucci     30th August 2010 Gold-miner Resolute Mining increased its gold production by 16% to 352 302 oz in the 2010 financial year, on the back of a ramp-up at the Syama operation, in Mali. The Syama production increased to 77 975 oz in the year ended June 30, compared with the 24 762 oz produced during the 2009... 

Newcrest takes over day-to-day running of Lihir Gold

By: Esmarie Iannucci     30th August 2010 Australia’s largest gold producer, Newcrest Mining, on Monday officially assumed the day-to-day management of Lihir Gold Limited (LGL), which it bought in a $9,5bn deal. The combined group is now the fourth-largest gold company in the world by market capitalisation and has ten operating mines,... 

Finders to raise A$20,95m for Indonesia project

By: shané swanepoel     30th August 2010 Emerging copper cathode company Finders Resources on Monday reported that would raise A$20,95-million under an investor share placement deal. The ASX-listed Finders said that it had received “firm commitments” from its investors for the 75-million new ordinary shares, which would be issued at... 

Uranium Equities, Cauldron form uranium exploration JV

By: Esmarie Iannucci     30th August 2010 ASX-listed Uranium Equities has concluded a farm-in agreement with fellow-listed Cauldron Energy, covering the 1 444-km2 West Lake Frome project, in South Australia. Uranium Equities would spend A$5-million over a five-year period to earn an 80% interest in the project. The explorer could... 

Straits and UXA to jointly explore for uranium in S Australia

By: Esmarie Iannucci     30th August 2010 Diversified resources company Straits Resources has signed a joint-venture (JV) agreement with Uranium Exploration Australia (UXA) to explore nine uranium tenements in South Australia. Straits would assume management of the exploration of the nine tenements on the Stuart Shelf, and had the right... 

Rio Tinto invests $1,6bn in new Pilbara iron-ore mine

By: Esmarie Iannucci     30th August 2010 Diversified mining giant Rio Tinto has approved the $1,6-billion to develop the Hope Downs 4 iron-ore project, in the Pilbara area of Western Australia, it announced on Monday. Rio Tinto and its joint-venture (JV) partner, Hope Downs Iron Ore, would now proceed with the development of a... 

IMX seeks to remove Uranex directors

By: Esmarie Iannucci     27th August 2010 Diversified junior IMX Resources on Friday lodged a request for a shareholder meeting of its 30,1% subsidiary Uranex, in order to remove that company’s board. IMX was looking to remove three Uranex directors and replace them with its own Johann Jacobs and Stephen Hunt, who are both current... 

Paladin narrows loss, sales reach 3,7Mlbs

By: Esmarie Iannucci     27th August 2010 ASX- and TSX-listed uranium-miner Paladin Energy on Friday reported record sales volumes of 3,73-million pounds of uranium oxide (U3O8) for the year ended June, a 84% increase on the sales levels achieved during the previous financial year.  

African Petroleum delists from ASX to remove ‘distractions’

By: Esmarie Iannucci     27th August 2010 Oil and gas explorer African Petroleum, led by Tony Sage, would delist from the ASX on September 3, and would now only trade on Australia’s NSX. The company it would delist to protect shareholder wealth and to remove the “distractions caused by the questions and queries raised by the ASX” to... 

Atlas Iron targets 6Mt/y output by year-end

By: Esmarie Iannucci     27th August 2010 Iron-ore junior Atlas Iron remains on track to produce six-million tons a year by the end of 2010, as production ramped up at the Pardoo and Wodgina mines, in Western Australia. “Atlas is now making the key transformation from a development company to a mining company, with rapidly growing... 

Troy to more than double gold output in FY2011

By: Esmarie Iannucci     27th August 2010 ASX- and TSX-listed gold-miner Troy Resources on Friday reported that it was looking to double its gold production during the 2011 financial year. CEO Paul Benson said that 2010 continued to be a year of transition for the company, as it moved its Sandstone project, in Western Australia, into... 

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