LIMA (REUTERS) - Peruvian miner Buenaventura has scaled back plans for its Chucapaca gold project since taking control of the deposit from Gold Fields earlier this year, the company told Reuters on Monday.

Buenaventura will invest $700 million in the project, instead of an earlier estimate of $2 billion, and expects annual output of 200,000 to 300,000 ounces of gold per year, down from an earlier projection of some 500,000 ounces, chief executive Roque Benavides said.

Buenaventura bought former partner Gold Fields' 51 percent stake in Chucapaca in August, and is planning to develop it as an underground mine instead of open pit.

"As an underground mine the project is perfectly feasible," Benavides said in an interview. "It is going to produce less but will be much more profitable."...
The Mining Hub
Chucapaca
October 22, 2014 6:50:47 AM
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SYDNEY (REUTERS) - Anglo American has been refused a license to extend the life of its Drayton coal mine in eastern Australia, reversing an earlier approval by government regulators in the latest blow to Australia's coal sector.

Anglo American had argued the extension was essential to protecting 500 jobs at the 5-million-tonnes-per-year thermal coal mine, which is nearing the end of its operating life.

More than 4,000 jobs have been lost at Australian coal mines in the last two years, many in the collieries that pepper the Hunter region 150 kilometres (90 miles) north of Sydney, according to Stephen Galilee, chief executive of the New South Wales Minerals Council lobby group....
The Mining Hub
Drayton
October 22, 2014 6:49:58 AM
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Joint venture partners TVI Pacific and Mindoro Resources advise that shipping of high-iron/low-nickel direct shipping ore (DSO) material has commenced at the Agata project in northern Mindanao.

Loading of 55,000 wet metric tonnes (WMT) of material, grading minimum 48% iron and 0.6% nickel, commenced on October 12 and is expected to take 10 to 12 days to complete. It is anticipated that future shipments of 55,000 WMT high-iron/low nickel DSO will continue approximately every three to four weeks with shipping rates expected to accelerate to 2.5 million WMT per year in 2015.

An initial offtake agreement was signed in June 2014 by Agata Mining Ventures, a JV company held by Mindoro’s Philippine subsidiary, MRL Nickel Phils, and partner TVI Resource Development Phils (TVIRD), with Tewoo Hoperay (Singapore) Pte Ltd, a subsidiary of Tianjin Hoperay Mineral Limited Company, a major Chinese state-owned enterprise, to sell 1 million WMT of high-iron/low nickel DSO. A second agreement was signed in August 2014 to sell 500,000 WMT....
The Mining Hub
Agata
October 22, 2014 6:48:29 AM
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(Reuters) - The shine may soon come off Chile's decade-long copper boom as technical and regulatory problems in getting new mines into production highlight just how hard it will be to keep ratcheting up the supply.

Chile is expected to produce a record 5.83 million tonnes of copper this year, rising to 6.23 million next year, state copper commission Cochilco forecast on Friday. Many in the industry are confident new mines will keep boosting supply, and are worried more by falling demand in the key buyer, China.

But the optimism over output may be misplaced. Already, the official estimate for production in 2014 has been downgraded twice, cut from 6.07 million tonnes - a drop equivalent to the output of a medium-sized mine - after teething problems at three new projects and falling output at older ones....
The Mining Hub
October 22, 2014 6:47:12 AM
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Mining giant BHP Billiton has lifted production nine per cent, driven by increasing iron ore, coal and petroleum output.

Chief executive Andrew Mackenzie said the company was on track to reach its target of 16 per cent production growth over the two years to the end of the 2015 financial year.

The company's West Australian Iron Ore joint venture lifted production 15 per cent in the three months to September, compared to a year ago, to a quarterly record of 62 million tonnes.

The group's total iron ore output was up 17 per cent from the same time the previous year, and one per cent compared to the June quarter.

Metallurgical coal production rose to 12.8 million tonnes, up 25 per cent from a year ago and four per cent on the June quarter....
The Mining Hub
October 22, 2014 6:45:57 AM
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Two of Kambalda's heaviest hitters are headed for the Supreme Court, with South Africa's Gold Fields launching legal action against BHP Billiton over the supply of water to its St Ives operation.

Gold Fields lodged a writ in Perth last week seeking the court's intervention in a running dispute over whether BHP's Nickel West has an ongoing obligation to supply St Ives with water from Kambalda.

The dispute has its roots in the break up of Western Mining Corporation's assets more than a decade ago. Both St Ives and Nickel West were once owned by WMC.

A water supply agreement with the gold miner remained in place after the Water Corporation took over WMC's water and waste water treatment facilities in 2005, and it is understood the dispute between the two relates to that agreement.
The Mining Hub
St Ives Project
October 22, 2014 6:44:42 AM
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NEWFOUNDLAND – Vancouver-based Canadian Zinc Corp. has spent the summer drilling its Long Lake copper-lead-zinc-silver-gold volcanogenic massive sulphide project in the central part of the province with promising results. The drilling program successfully extended the massive sulphide mineralization both up- and down-dip and along strike.

Eleven holes or 2,712 metres were completed at the Long Lake Main zone. Hole LL14-50 intersected 25.50% Zn, 5.90% Pb, 1.29% Cu, 198.7 g/t Ag and 1.98 g/t Au over 1.20 metres less than 45 metres below surface. Hole LL14-51 returned 10.81 Zn, 1.99% Pb, 1.59% Cu, 86.95 g/t Ag and 1.39 g/t Au over 2.25 metres about 175 metres below surface. Hole LL14-52 intersected 19.56% Zn, 6.59% Pb, 1.29% Cu, 131.42 g/t Ag and 1.85 g/t Au over 1.10 metres about 75 metres down-dip from hole 51....
The Mining Hub
Long Lake
October 22, 2014 6:31:16 AM
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PERTH (miningweekly.com) – Gold production from the Andy Well operation, in Western Australia, has remained steady during the three months to September, with the project operating to expectations, owner Doray Minerals reported on Tuesday.

During the first quarter under review, gold production at Andy Well reached 18 265 oz, which was slightly below the 18 767 oz produced in the previous quarter.

A record total of 73 835 t of ore was milled during the quarter, with a head grade of 7.82 g/t gold.

“Doray continues to meet both its production and cost forecasts and is pleased the quarter also produced record mill throughput,” said MD Allan Kelly, adding that production for the 2014/15 financial year was expected to reach between 77 000 oz and 85 000 oz, with forecast operating cost estimated at between A$700/oz and A$800/oz....
The Mining Hub
Andy Well
October 22, 2014 6:28:45 AM
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PERTH (miningweekly.com) – A planned two-week maintenance period at the Leonora operation, in Western Australia, has resulted in ASX-listed St Barbara reporting a significant decline in gold production during the September quarter.

During the three months under review, group gold production reached 68 823 oz, compared with the 91 565 oz reported in the previous quarter.

The Leonora project produced 56 184 oz of gold during the quarter, compared with the 78 810 oz produced in the June quarter, while Gwalia produced 45 391 oz, compared with the 59 389 oz produced in the previous quarter....
The Mining Hub
Gwalia (Leonora)
October 22, 2014 6:27:30 AM
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