LIMA (REUTERS) -  Global miner Southern Copper said on Wednesday that it was revising down its forecast for its copper output next year by 9.8 percent to 758,000 tonnes.

"This number is still under review. We will have, I believe, a better plan when we start 2015," said Chief Financial Officer Raul Jacob in a conference call with investors following the company' release of third-quarter results.

The company, controlled by Grupo Mexico, will likely produce 658,000 tonnes of copper this year and 912,000 tonnes in 2016, Jacob said.

Southern Copper also said it expects to receive a key environmental permit for the $1.2 billion expansion of its Toquepala mine in Peru in mid-November....
The Mining Hub
Toquepala
October 31, 2014 8:20:37 AM
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MONGOLIA-focused resources company, Tian Poh Resources Ltd has lodged a prospectus with the Australian Securities & Investment Commission (ASIC) for the initial public offering (IPO) of its shares, ahead of a planned listing on the Australian Securities Exchange (ASX). A successful IPO will enable the company to fast-track development of the Huabei Kuangye Coal Project in southern Mongolia.

The prospectus was lodged on August 12, the offer was due to open on August 20 and the closing date of the offer is scheduled for September 15. Tian Poh expects the shares to be allotted on September 17 and the opening listing date to be September 24.

Tian Poh has an enviable land position with 10 projects spanning 125,000 hectares located in the same world-class minerals province that hosts two of the world’s top 10 largest mineral deposits, Oyu Tolgoi and Tavan Tolgoi...
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Huabei Kuangye
October 31, 2014 8:09:13 AM
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India may auction permits to mine iron ore, bauxite and some other minerals, mirroring a policy for coal after the nation’s top court ordered scrapping of arbitrary allocations, people familiar with the plan said.

A bill to amend the Mines and Minerals Development and Regulation Act of 1957 shall be placed in the next parliament session starting Nov. 24, said the two people, who asked not to be identified pending an announcement. Officials led by Mines and Steel Minister Narendra Singh Tomar are meeting state governments to seek support, they said.

“There are such suggestions,” Anup K. Pujari, secretary at the mines ministry, said today by phone in New Delhi, declining to elaborate....
The Mining Hub
October 31, 2014 8:06:35 AM
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The two leads of Klondike, Discovery’s miniseries about the 1890s Alaskan gold rush, are having a tough time. In just one episode, Bill (Richard Madden from Game of Thrones) and Byron (Augustus Prew) get creamed by an avalanche, thrown off a white-water raft, and chased by wolves. And that’s all before they encounter anti-Semitism and Sam Shepard’s crazy hair. The pair eventually finds some of those shiny nuggets, but, to paraphrase the Notorious B.I.G. 100 years later, the more money they come across, the more problems they see. It’s hard out there for an old-timey gold miner.

Klondike is the network’s first foray into scripted drama, and the three-part series’s premiere on Jan. 20 attracted 3.4 million viewers, the channel’s largest-ever Monday prime-time audience. Co-produced by director Ridley Scott, Klondike is a fictionalized companion to the network’s other gold mining hits, Gold Rush, Bering Sea Gold, and Jungle Gold, which feature real-life miners dredging their way through Alaska, South America, Africa, and the Pacific Ocean. (Jungle Gold’s second season was cut short after the cast and crew had to flee Ghana following an attack by an armed militia.)...
The Mining Hub
October 31, 2014 8:05:04 AM
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Struggling miner Pluton Resources is teetering on the edge of total disaster after its estranged business partner tried to remove the company as the manager of the jointly owned Cockatoo Island iron ore project.

The move could trigger Pluton's collapse, according to earlier disclosures by the troubled company because stand-still agreements with major creditors depend on it remaining in charge.

China's Wise Energy Group has demanded Pluton immediately halt mining on Cockatoo and stand down as manager with 30 days.

Pluton belatedly advised the market of its new crisis late yesterday, in response to _WestBusiness _queries about the termination notice. The Wise letter was sent to Pluton chairman Paul D'Sylva on Tuesday.

The move came after the two companies failed to finalise a $US21 million ($24 million) buyout of Wise's half share of the project by an October 13 deadline....
The Mining Hub
Cockatoo Island
October 31, 2014 7:51:53 AM
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NEWFOUNDLAND – Toronto-based Marathon Gold Corp. reports that the first three holes drilled in the newly discovered Marathon zone at the Valentine Lake property 55 km south of Buchans returned long and strong intersections.

Hole MA-14-003 intersected 1.71 g/t Au over 44.4 metres (true thickness). Other long intersections were 1.06 g/t over 24.8 metres and 1.03 g/t over 8.55 metres.

The highest grades were cut in narrow ore shoots, for example 65.29 g/t Au over 0.4 metres, 15.86 g/t over 0.40 metres and 14.32 g/t over 0.4 metres in MA-14-002. Hole 001 assayed 4.65 g/t over 1.6 metres, and hole 003 also returned 6.20 g/t over 0.45 metres and 5.07 g/t over 1.35 metres. All lengths are true thickness....
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Valentine Lake
October 31, 2014 7:36:23 AM
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PERTH (miningweekly.com) - The development of ASX-listed Australian Bauxite’s Bald Hill project, in Tasmania, was moving apace after no public objections were raised to the project development.

The junior bauxite developer said on Thursday that it had now concluded a 28-day public disclosure period for the Bald Hill project, during which time no formal complaint was received.

Australian Bauxite CEO Ian Levy said that this was another positive outcome for the company and the project stakeholders.

“In the last few weeks, Australian Bauxite has had its mining lease granted, concluded a funding and marketing agreement with Noble Group, and we are very grateful for this latest support for the project from the public.”

The final stages of project approval from the Environmental Protection Authority and the North Midlands Council could now continue, Levy said....
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Bald Hill
October 31, 2014 7:13:42 AM
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TORONTO (miningweekly.com) – Gold producer Newmont Mining has reported lower earnings for the three months ended September 30, as lower sales and metals prices weighed on the balance sheet.

However, the Denver, Colorado-based company’s financial results beat analyst forecasts, helped in part by lower costs.
Net income attributable to Newmont stockholders totalled $213-million, or $0.43 a share, compared with $398-million, or $0.80 a share for the third quarter of 2013.

The company reported that stockpile inventory adjustments, triggered by increased future costs as a result of the new memorandum of understanding with the Indonesia government at Batu Hijau, lower realised gold prices and the inability to export concentrate in Indonesia, was partially offset by a favourable deferred tax settlement in the current quarter...
The Mining Hub
Batu Hijau
October 31, 2014 7:10:25 AM
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Whitehaven Coal is set to rail first coal from its Maules Creek mine in January 2015, two months ahead of schedule.

The company said a strong performance by the company’s construction team and contractors working at the mine had led to the revised production timeline. Whitehaven’s chief Paul Flynn said everyone working on the construction of Maules Creek should be commended.

Flynn used the company’s annual general meeting last week to blast what he called FIFO protestors who have been working to stall the project’s development. “At some point they are going to have to accept the umpire’s decision and move on,” he told shareholders.

Whitehaven chairman Mark Vaile also took aim at activists, saying they did not represent local interests....
The Mining Hub
Maules Creek
October 31, 2014 7:06:25 AM
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