R/€ = 17.10 Change: 0.00
R/$ = 16.80 Change: 0.00
Au 1741.16 $/oz Change: -26.95
Pt 856.50 $/oz Change: -11.00

Project Management News

Northcliff Resources expects to enter tight market with NB project

By: Henry Lazenby     7th September 2012 New Brunswick project developer Northcliff Resources plans to enter an increasingly tight market within the next three years as it continues to advance towards completing a feasibility study and environmental-impact assessment (EIA) for its Sisson tungsten/molybdenum project by the end of the... 

Baja Mining’s shares spike on director resignations

By: Henry Lazenby     2nd August 2012 Embattled Mexican copper/cobalt/zinc project developer Baja Mining’s shares spiked by 45.45% on the TSX on Wednesday following the resignation of two of its directors. The company’s share price gained two-and-a-half Canadian cents after the company announced that directors Stephen Lehner and Ken... 

Mozambique-focused Noventa fails to gain equity financing

By: Natasha Odendaal     23rd July 2012 Toronto- and London-listed Noventa said on Monday that it was facing possible insolvency if it could not extend a current loan facility or secure longer-term additional financing. Difficult market conditions and limited interest from its investors have dissolved the viability of a $35-million... 

Moma expansion costs rise, project to be completed by year-end

By: Natasha Odendaal     20th July 2012 London-listed Kenmare announced on Friday that capital costs associated with its Moma titanium minerals mine expansion, in Mozambique, had been revised upwards to $350-million from an earlier estimate of $300-million. The revision arose as a result of dimensional inaccuracies in structural steel... 

Beleaguered project developer still on the prowl for funding

By: Henry Lazenby     13th July 2012 Financially struggling mine developer Baja Mining on Friday said it was still hopeful to find additional funding to complete its Boleo copper/cobalt/zinc project in Mexico. Spending at the Boleo project, which is 70% owned by Baja and the rest by a Korean consortium, is expected to be... 

Woulfe Mining obtains additional funding for Korean project

By: Henry Lazenby     12th July 2012 South Korea-focused junior Woulfe Mining on Thursday said financing for its Sangdong tungsten/molybdenum project was moving forward after it signed a memorandum of understanding (MoU) with the country’s Shinhan bank. 

People development at the forefront

By: Janice Healing     22nd June 2012 With 45 000 employees on six continents, the training and development of its employees forms an integral part of the success of EPCM and project management services company Fluor Corporation. 

Fluor targets dominance in African mining and metals

By: Janice Healing     22nd June 2012 With a history in South Africa spanning more than 50 years, global EPCM and project management services company Fluor is a dominant player in the African mining and metals market. The US-based firm became active in South Africa from 1960 when it became involved in Sasol’s solid-to-liquid... 

Gold producers, Indian cutters might fund Canada’s newest diamond mines

By: Matthew Hill     30th May 2012 With positive feasibility studies in hand, companies aim to start building at least three new diamond mines in Canada by the third-quarter of next year, at a combined cost of around $3.4-billion. First the hopefuls, including Mountain Province, Shore Gold and Stornoway, need to raise the finance... 

Sabina sees 300 000 oz/y low-cost mine at Nunavut project

By: Matthew Hill     30th May 2012 Sabina Gold & Silver, hoping to build the Back River gold project in Nunavut’s West Kitikmeot region, on Tuesday said the asset came out of a preliminary economic assessment with a pre-tax $1.1-billion net present value. The study outlined a potential 300 000 oz/y gold mine, costing $450-million... 

Alexis gets $45m loan, to change name to QMX Gold

By: Matthew Hill     30th May 2012 Canada’s Alexis Minerals, which on Tuesday sealed a $45-million loan from Credit Suisse, said it will ask shareholders to vote in June to change the TSX-listed firm’s name to QMX Gold Corporation. The company will also put a 20:1 share consolidation before shareholders to decide on. 

Selwyn massively downsizes flagship zinc project, hangs up for sale sign

By: Matthew Hill     28th May 2012 Canada’s Selwyn Resources said the 8 000 t/day mine plan it was using for a feasibility study at its namesake project in the Yukon would not work at prevailing metals prices, leading it to start a new study on a scaled-back 3 500 t/day operation that would focus on mining high-grade sections.... 

EPA report ‘pure hubris’, says Northern Dynasty CEO as shares capitulate

By: Matthew Hill     23rd May 2012 Shares in Northern Dynasty dropped like a stone on Tuesday, after a US government draft environmental report raised concerns about the contentious Pebble copper project in Alaska, which it owns half of. The Pebble project, which the Vancouver-based company jointly owns with Anglo American, is... 

Offtake funding negotiations ‘well-advanced’, says HudBay

By: Matthew Hill     22nd May 2012 HudBay Minerals, the Canadian base metals producer, is in “well-advanced” talks to secure around $400-million in project financing for its Peruvian project linked to offtake, a spokesperson said on Tuesday. The company late last week called off a notes offering of the same size, citing... 

HudBay cans $400m notes offering, cites market conditions

By: Matthew Hill     21st May 2012 Canada’s HudBay Minerals late on Friday said lousy market conditions caused it to call off the $400-million notes offering it had announced earlier in the week. Standard & Poor’s had given the proposed bonds a B rating, saying the TSX-listed base metals miner business risk profile was... 

Inmet boosts bond offering to $1.5bn

By: Matthew Hill     16th May 2012 Inmet Mining on Tuesday said it lifted the size of the bond financing to fund its Panamanian copper project to $1.5-billion. The senior unsecured notes carry an 8.75% coupon and mature in 2020. 

New industry association launched to advocate clean mining technology

By: Henry Lazenby     14th May 2012 Vancouver-based Clean Mining Alliance (CMA) launched on Monday, with the goal of supporting and advocating technological advancements to help make the mining industry cleaner and more environmentally responsible. Executive director Dallas Kachan said modern frameworks existed to increase social... 

Lucara to sell first Botswana gems in June

By: Matthew Hill     11th May 2012 Lucara Diamonds, which mines the gems in Botswana, will sell up to 40 000 ct at the first diamond auction from its newly commissioned Karowe mine in June, the Toronto- and Gaborone-listed company said on Thursday. Karowa, formerly called AK 6, will ramp up to full production capacity through the... 

HudBay Q1 profit dips 47% on impairments, tax charges

By: Matthew Hill     10th May 2012 Canadian base-metals producer HudBay Minerals generated an $8-million profit for the three months to March 31, 47% lower than the number for the same period in 2011, as one-time, noncash charges ate into earnings, the company said late on Wednesday. On a per-share basis, earnings came in at... 

More shuffling in Ivanhoe's boardroom

By: Matthew Hill     9th May 2012 Tuesday heralded a further shake-up to Rio Tinto-owned Ivanhoe Mines’ board, with four new directors appointed and three resigning. Jill Gardiner, Peter Gillin, Isabelle Hudon and David Klingner are joining the board, while Michael Gordon, David Huberman and Robert Holland are out. 

Elemental Minerals hikes Congo potash resources 265%

By: Matthew Hill     8th May 2012 Elemental Minerals, exploring for potash in the Republic of Congo, on Tuesday announced it grew measured and indicated resources at its Kola deposit to just under one-billion tons. CEO Iain Macpherson said the increased tonnage reinforced management’s confidence that the TSX- and ASX-listed... 

Thompson Creek unveils debt, equity funding, shares dip

By: Matthew Hill     7th May 2012 Shares in Thompson Creek Metals, the Denver, Colorado-based molybdenum producer, slid nearly 10% in early Toronto trade on Monday, after the company said it would sell $200-million in secured debt, as well as eight-million tangible equity units (tMeds). Chairperson and CEO Kevin Loughrey said on... 

Implats, Northern Shield formalise QC platinum JV

By: Matthew Hill     7th May 2012 Canadian junior Northern Shield on Friday said it firmed up a joint venture agreement with world number-two platinum producer Impala Platinum over the TSX-V-listed company’s Idefix property in northern Quebec. The partners had in January inked a letter of intent that would see the South African... 

Stornoway gets another $20m, this time in debt

By: Matthew Hill     4th May 2012 Stornoway Diamond Corp, wanting to build Quebec’s first diamond mine, has secured a $20-million loan from its biggest shareholder, Diaquem, and development capital fund Fonds de solidarité FTQ runs, the TSX-listed junior said on Friday. Stornoway, which in April raised a similar amount in a... 

Torex just misses 5Moz gold resource at Morales

By: Matthew Hill     4th May 2012 Though Toronto-based Torex Gold on Friday said it missed its five-million ounce resource goal “by a whisker” at its Mexican Morelos project, the 4.8-million in measured and indicated ounces the company unveiled are nothing to be sneezed at. CEO Fred Stanford said the information allowed the... 

Quarter horribilis for Thompson Creek as earnings dwindle to $1.1m

By: Matthew Hill     4th May 2012 If it has been a rough ride in recent months for Thompson Creek, the Denver-based molybdenum producer, 2012’s first quarter was a bus-sized pothole. A halving of sales to 4.9-million pounds, lower prices and soaring cash costs all conspired to whittle down earnings for the three months to March... 

First Quantum eager for power pact to avoid copper project delays

By: Matthew Hill     3rd May 2012 Base metals producer First Quantum Minerals is “optimistic” it will conclude negotiations “in a short timeframe” with Zambia over a power tariff agreement for the Sentinel copper project the Vancouver-based miner hopes to build in the country. The company had aimed to pull the trigger on... 

Lower output, prices knock First Quantum's Q1 profit

By: Matthew Hill     3rd May 2012 First Quantum, the Vancouver-based base metals producer, late on Wednesday reported a 42% drop in first-quarter adjusted profit to $119-million after copper production and prices fell from the levels seen in the same period in 2011. On a per share basis, the company made $0.25 in adjusted... 

Prefeas gives Sunridge's Ertirea project $555m NPV

By: Matthew Hill     2nd May 2012 TSX-V- and ASX-quoted Sunridge Gold’s Asmara project in Eritrea has the potential to produce 25 900 t of copper and 61 800 t of zinc yearly, in addition to silver and gold, the company said on Wednesday, announcing the results of a prefeasibility study. At a 10% discount rate, the project has a... 

Stillwater reports huge Q1 profit drop

By: Matthew Hill     26th April 2012 Billings, Montana-based Stillwater Mining said on Thursday first-quarter profit plunged 93% to $2.4-million, dragged down by exploration expenses on a copper property the palladium producer bought last year, as well as higher production costs. The TSX- and NYSE-listed company said revenues grew... 

Thompson Creek warns of loss, completes mill expansion

By: Henry Lazenby     20th April 2012 Molybdenum producer Thompson Creek Metals on Friday said it expected to post a first-quarter operating loss, mainly owing to rising costs and the start-up of a new 55 000 t/d mill at its Endako mine, in British Columbia (BC). First-quarter results were expected to reflect the effect the... 

Avalon may build $302m rare earths plant in southern US

By: Henry Lazenby     13th April 2012 TSX- and NYSE-listed Avalon Rare Metals is negotiating with landowners for two potential sites in the US for a rare-earth element separation plant to treat product from its flagship Nechalacho project, in Canada. CEO Don Bubar said that Avalon sees the Gulf Coast region of the US as an... 

Dippenaar out to win back confidence in Great Basin 

By: Matthew Hill     3rd April 2012 For Great Basin Gold, which owns gold mines in Nevada and South Africa, the last year has been gruelling. So gruelling in fact, that CEO Ferdi Dippenaar summed it up on Tuesday when he bluntly said: “2012 can never be as bad as 2011”. The TSX-, NYSE- and JSE-quoted company has suffered... 

Constancia to cost around $1.5bn to build, says HudBay

By: Matthew Hill     3rd April 2012 Hudbay Minerals, the Canadian base-metals miner, on Modnay hiked the capital cost estimated of its giant Constancia project in Peru by about 50% to $1.5-billion, citing both scope changes and inflation as reasons. A February 2011 feasibility study under the copper-gold project’s previous owners,... 

Mitsubishi buys 25% of Marathon PGM project

By: Matthew Hill     28th March 2012 Billings, Montana-based palladium and platinum producer Stillwater Mining has agreed to sell a 25% stake in its Marathon project in Ontario to Mitsubishi for $94.6-million, including a commitment from the Japanese firm to meet the venture’s $13.6-million first cash call. Mitsubishi will also... 

South African ferrochrome in meltdown, urgent intervention needed

By: Martin Creamer     16th March 2012 South Africa’s ferrochrome industry is speaking with one voice when it says that its in meltdown mode – but at least one trader is as vociferous that the proposed imposition of a temporary export tax will also cause economic hurt. It is the typical standoff between producer and trader that only... 

Mining contractor launches dedicated Australian coal division

By: Yolandi Booyens     16th March 2012 Redpath, one of the world’s major mining contractors, has launched a dedicated Australian coalmining division with the aim of becoming one of the country’s leading mining contractors. 

Company assists in development of 260 MW power station at Boikarabelo project

By: Yolandi Booyens     16th March 2012 Environmental and social solutions company Digby Wells Environmental has been involved in the Boikarabelo coal mine project since its exploration stages and has lately undertaken the environmental authorisation processes for a proposed 260 MW power station for the Limpopo-based project. 

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