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Australasia News

DMC to delist as Cape Lambert takes full ownership

By: Esmarie Iannucci     23rd August 2010 ASX-listed iron-ore producer Cape Lambert on Monday took full ownership of DMC Mining after completing the compulsory acquisition of outstanding shares. DMC Mining would now be removed from the ASX in the near future, Cape Lambert said in a statement. 

Lihir shareholders approve merger with Newcrest

By: Esmarie Iannucci     23rd August 2010 Shareholders of gold-miner Lihir on Monday voted overwhelmingly in favour of a merger with gold major Newcrest Mining. The resolution was passed by 99,86% of the total number of votes cast, and exceeded the 75% required majority as ordered by the Papua New Guinea Court. 

Independent experts to advise on uranium mining in WA

By: Esmarie Iannucci     23rd August 2010 Western Australia’s Department of Mines and Petroleum (DMP) has employed ten independent experts to advise it on a regulatory framework for uranium mining in the state. Mines and Petroleum Minister Norman Moore said the tender was awarded to the Australian Centre for Geomechanics, a joint... 

New Australian government should support mining – CME

By: Esmarie Iannucci     23rd August 2010 The Chamber of Minerals and Energy (CME) of Western Australia has urged the parties ultimately forming the new Australian government to deliver stability to the country’s resources sector. CME CEO Reg Howard-Smith said over the weekend that the industry had suffered in recent months owing to the... 

Cortona plans to open NSW gold mine in late 2011

By: Esmarie Iannucci     23rd August 2010 ASX-listed explorer Cortona Resources plans to complete a definitive feasibility study for its 50 000-oz/y Dargues Reef gold project, in New South Wales, by November, it reported on Monday. The Dargues Reef project would be a compact underground mine, where production would start late next year. 

MoUs signed with customers for 45Mt/y Oakajee port, rail project

By: Esmarie Iannucci     23rd August 2010 Oakajee Port and Rail (OPR) has signed a memorandum of understanding (MoU) with three potential foundation customers for its planned 45-million ton a year port and rail infrastructure project. China’s Sinosteel Midwest Corporation, Gindalbie Metals subsidiary Karara Mining and Crosslands... 

Coal resource at Middelmount up 22% – Macarthur

By: Esmarie Iannucci     23rd August 2010 The Joint Ore Reserves Committee (Jorc-)-compliant resource estimate for the Middlemount joint venture (JV) has increased by 22% to 122,6-million tons. This was an increase on the previously estimated Jorc resource of 100,1-million tons, Macarthur Coal, which owns the Queensland project in a JV... 

Union unhappy with BHP offer, wants public hearing

By: Liezel Hill     21st August 2010 The United Steelworkers Union (USW), which represents most of Potash Corporation of Saskatchewan's production workers, has expressed "concern" about BHP's offer for the company, and said it did not see a net benefit to Canada. The Investment Canada Act requires the government to review large... 

BHP studied bid since May, reiterates plan to exit potash cartel

By: Liezel Hill     20th August 2010 BHP Billiton started studying a potential combination with Potash Corp in May this year, according to a regulatory filing. The firm has gone hostile with a $130 a share offer ($40-billion on a fully diluted basis) for the Saskatchewan fertiliser company, after Potash Corp refused to talk about a... 

Potash Corp will review BHP offer, clock starts ticking for rivals

By: Liezel Hill     20th August 2010 BHP Billiton has officially launched its $130 a share offer for Potash Corp, the world's biggest mining company said on Friday. The Canadian company's directors will “review” the offer, but urged its shareholders not to take any action until the board has made a recommendation on the bid. 

Rio Zimbabwe unit lifts H1 diamond output 28% 

By: Reuters     20th August 2010 Rio Tinto's Zimbabwe unit increased its diamond output by 28% in the first half of this year, although it lost money partly due to an export ban, the local minority shareholder in the venture said on Friday. RioZim Limited said diamond production at the Murowa mine in southern Zimbabwe, which... 

BFS confirms viability of Barbrook gold mine in SA – Vantage

By: Esmarie Iannucci     20th August 2010 Africa-focused Vantage Goldfields on Friday said that a bankable feasibility study (BFS) has proven the economic viability of mining the predeveloped mineral resource at its Barbrook gold project, in South Africa. The BFS found that stage one of the proposed shallow underground mine would be... 

Heemskirk extends A$84m offer for NQM

By: Esmarie Iannucci     20th August 2010 ASX-listed Heemskirk on Friday extended its offer for fellow listed North Queensland Metals (NQM) by two weeks. The offer has now been extended to September 10, from the previous deadline of August 27.  

Norton Gold Fields to widen FY loss to A$33m

By: Esmarie Iannucci     20th August 2010 ASX-listed Norton Gold Fields expects its gross profit for the 2010 financial year to fall by 43% to A$21-million, from A$37-million reported in the previous financial year, it warned shareholders on Friday. There would also be a widening of the net loss after tax to A$33-million, compared with... 

Uramet to raise A$900 000 for South America exploration

By: Esmarie Iannucci     20th August 2010 ASX-listed explorer Uramet Minerals would proceed with a share purchase plan (SPP) to raise A$900 000, which it would use to fund exploration in South America, it reported on Friday. Uramet would issue a maximum of 18-million shares, at 5c a share, to raise the funds. Under the terms of the SPP,... 

A$86m rail contract awarded for Karara iron-ore project

By: Esmarie Iannucci     20th August 2010 Iron-ore-miner Gindalbie Metals on Friday awarded a A$86-million contract to project house Macmahon for the construction of a railway line at the Karara iron-ore project, in Western Australia. The contract covered the construction of the spur line connecting Karara to the Tilley Siding, near... 

Norseman says OK decline remains closed after fatality

By: Esmarie Iannucci     20th August 2010 ASX-listed Norseman Gold has reported that its OK decline, at the Norseman project in Western Australia, would remain closed until investigations into a fatality were completed. The miner reported a fatality at its OK decline on August 5, and since that time, underground operations at the... 

Rio Tinto shrugs off doubts about BHP iron-ore JV

By: Esmarie Iannucci     20th August 2010 Diversified mining group Rio Tinto CEO Tom Albanese on Friday refuted claims that its iron-ore joint venture (JV) with fellow-miner BHP Billiton was “dead in the water”. “I don’t even know where that came from,” Albanese told newswire Dow Jones. 

Aquarius to pay Moolmans R87m in Marikana settlement

By: Loni Prinsloo     19th August 2010 Midtier miner Aquarius Platinum said on Thursday that it had settled a dispute with Grinaker-LTA and its contract mining division Moolman Mining regarding damages claims first initiated in 2005. The settlement would see the platinum miner paying Moolman and its MD, Brian Wilmot, a total of... 

Yarri Mining takes Mulga Rock fight to High Court

By: Esmarie Iannucci     19th August 2010 ASX-listed Energy and Minerals Australia (EMA) said on Thursday that a fight over the ownership of the Mulga Rock project, in Western Australia, would head to the High Court. The company advised its shareholders that Yarri Mining has lodged an application with the Australian High Court for a... 

OGL signs coal supply deal with Chinese power utility

By: Esmarie Iannucci     19th August 2010 ASX-listed coal developer Overseas & General Limited (OGL) has entered into a heads of agreement with a Chinese power utility to supply up to 50 000 t/m of coal from its Jongkang project, in Indonesia. OGL said in a statement on Thursday that the supply contract would take effect in September,... 

Heemskirk to declare NQM unconditional on 65% acceptance

By: Esmarie Iannucci     19th August 2010 ASX-listed Heemskirk on Thursday said that it would declare its offer for fellow-listed North Queensland Metals (NQM) unconditional, once it reached a 65% aggregate acceptance. Heemskirk’s A$84-million offer had previously been conditional upon a 90% acceptance. 

Mincor back in the black, posts A$28m profit

By: Esmarie Iannucci     19th August 2010 Nickel producer Mincor Resources has returned to profitability after the end of the global financial crisis, reporting a net profit of A$28,1-million for the year ended June. MD David Moore said that the return to profit laid the foundations for the next phase of the company’s growth. 

Queensland’s Bligh welcomes A$3,5bn Arrow takeover

By: Esmarie Iannucci     19th August 2010 Queensland Premier Anna Bligh on Thursday welcomed the successful completion of the acquisition of Australian coal seam gas company, Arrow Energy by energy major Shell. A joint venture (JV) between Shell and a subsidiary of PetroChina in March agreed to buy Arrow in a cash deal worth... 

Vale acquires option over Avanco iron-ore property

By: Esmarie Iannucci     19th August 2010 ASX-listed explorer Avanco Resources could potentially earn $40-million in a deal with Brazilian iron-ore-miner Vale, which agreed to an option to buy a stake in the Trindade North property, in Brazil. Vale would pay Avanco a nonrefundable fee of $350 000 on signing and receipt of a regulatory... 

White Canyon declares 1,16Mlb resource at US uranium deposit

By: Esmarie Iannucci     19th August 2010 ASX- and TSX-listed uranium explorer White Canyon has reported a maiden resource of 1,16-million pounds for its Daneros deposit, in the US. The Joint Ore Reserves Committee- (Jorc-) compliant resource consists of 219 021 short tons, grading 2 656 parts per million uranium oxide. 

Scotgold to appeal refusal of Scottish gold/silver mine 

By: Esmarie Iannucci     19th August 2010 ASX- and Aim-listed Scotgold on would likely appeal a decision by the National Parks Board, which refused an underground gold and silver mine at its Cononish project, in Scotland. The National Parks Board voted against the project, after being advised by the Loch Lomond and Trossachs National Park. 

BHP's Kloppers tight-lipped on how far he'll go to get Potash Corp

By: Liezel Hill     18th August 2010 The CEO of BHP Billiton, South African Marius Kloppers, does not view competing bids for acquisition target Potash Corporation of Saskatchewan as likely, and reminded investors on Wednesday that his $130 a share bid is “the only offer on the table”. Shares in Potash Corp jumped 28% on Tuesday,... 

BHP would honour Canpotex pacts, prefers to market own output

By: Liezel Hill     18th August 2010 BHP Billiton would prefer to market its own production, but the company will honour agreements already in place with partners in potash marketing group Canpotex, if it is successful in acquiring Canada's Potash Corporation of Saskatchewan, CEO Marius Kloppers indicated on Wednesday. Canpotex is... 

Tawana agrees to sell ‘noncore' Kareevlei Wes project

By: Mariaan Webb     18th August 2010 Exploration company Tawana Resources has signed a binding agreement to sell its Kareevlei Wes diamond project, in South Africa, for R25-million to Rolatseng Mining, it said on Wednesday. Kareevlei Wes was not considered a core asset, Tawana said in a statement. 

BHP goes hostile with $40bn Potash Corp offer

By: Liezel Hill     18th August 2010 BHP Billiton will make all-cash offer directly to Potash Corp shareholders at $130 a share, after the Canadian firm's board rejected the advances of the world's biggest mining company. The decision, announced on Wednesday, will surprise some analysts and investors, as BHP had been expected to... 

BHP switches advisers as bankers line up for fee bonanza

By: Reuters     18th August 2010 With up to $190-million in potential fees up for grabs, BHP Billiton's bid for Canada's Potash Corp is the deal investment bankers globally had been hoping for. However, there was a notable change in the mining giant's line up of advisers since its failed 2008 bid for rival Rio Tinto.  

CuDeco doubles Rocklands copper resource

By: Esmarie Iannucci     18th August 2010 ASX-listed explorer CuDeco has doubled the resource estimate for its Rocklands copper project, in Queensland, it reported on Wednesday. In a letter to shareholders, chairperson Wayne McCrae said that the new resource update lifted CuDeco to a “whole new category”, with a major project introduced... 

Avalon appoints Munckton as MD

By: Esmarie Iannucci     18th August 2010 Diversified junior has appointed senior executive Andrew Munckton as the MD of the company. Munckton joined Avalon in February this year, and has played a key role in leading the resource drill-out of the D zone, as well as the expanded prefeasibility study of the flagship Viscaria copper/iron... 

Navigator boosts Bronzewing gold reserve 25%

By: Esmarie Iannucci     18th August 2010 Emerging gold producer Navigator Resources has increased its ore reserve at the Bronzewing gold project, in Western Australia, by 25%. An initial probable ore reserve of 1,54-million tons, at 1,7 g/t gold, for 82 300 oz of contained gold, has now been estimated for the Corboys gold deposit. 

Cape Lambert wraps up Leichhardt copper acquisition

By: Esmarie Iannucci     18th August 2010 ASX-listed Cape Lambert on Wednesday completed the acquisition of the Leichhardt copper project, in Queensland, from fellow-listed Matrix Metals. Cape Lambert has completed the payment of A$6,75-million, in addition to a A$1-million deposit paid in November last year. 

Woodside profit jumps 40% on stronger prices, sales gain

By: Esmarie Iannucci     18th August 2010 Oil and gas producer Woodside has reported a 40% increase in its profits for the first half of the 2010 financial year. Net profit after tax increased to A$901-million, mainly owing to stronger commodity prices and the sales gain from the Otway assets. 

Coalspur seeks dual listing on TSX

By: Esmarie Iannucci     18th August 2010 ASX-listed coal developer Coalspur on Wednesday reported that it would seek a dual listing on the TSX during the current quarter. The explorer, which owns the Vista coal project in Canada’s Alberta province, said it believed that listing on the TSX was a “natural progression”, and that it would... 

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