LONDON (REUTERS) - Britain offered up to $1 billion in loans and guarantees on Wednesday to support UK business deals with the world's biggest copper producer, Chile's state-owned Codelco.

The agreement is aimed at stimulating deals between UK companies and Codelco including building infrastructure such as railways, selling mining equipment or making financial investments.

"It strikes me that Chile is a natural partner for us in the UK," said David Godfrey, chief executive of the British government's UK Export Finance department.

He presented a letter outlining the $1 billion potential line of credit to Aurora Williams, Chile's minister of mines, at a presentation in London during London Metal Exchange Week, the biggest global gathering of the industrial metals sector...
The Mining Hub
October 24, 2014 6:59:21 AM
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LONDON (REUTERS) - Global mining group Anglo American lifted annual output targets for all its major commodities except platinum on Thursday, boosted by third-quarter production improvements in its most profitable segments including iron ore.

Platinum has long been the miner's Achilles' heel. Its output has been battered by crippling South African strikes this year, but Anglo said its subsidiary Anglo American Platinum was back at full production -- earlier than expected.

"It's a good performance. They lifted guidance across most commodities so it is a pretty solid result," said Investec analyst Marc Elliott.

Anglo, whose shares have underperformed the sector for years, has vowed to improve its performance with a turnaround plan it launched last year under chief executive Mark Cutifani. It has focused on technical improvements at its mines and will sell some underperforming assets....
The Mining Hub
October 24, 2014 6:58:12 AM
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African Barrick Gold Plc (ABG) said it sees the potential for a company-changing acquisition next year after turning around its struggling mines in Tanzania.

“Next year we will start to look around,” Chief Executive Officer Brad Gordon said today. “When and if we do a deal it will be a transformational deal, and it will be in Africa.”

When African Barrick listed in London in 2010, the company said it was keen to add new gold mines. Instead it was dogged by operational setbacks, rising costs and falling output after it was spun off from Toronto-based Barrick Gold Corp.

Gordon is seeking to expand production and cut costs at the company’s mines in Tanzania to turn around the business. He was appointed CEO in August 2013 after a 73 percent slump in the stock price under his predecessor. The company today raised it’s full-year gold production target for the second time this year and reported a fall in costs for the eighth straight quarter....
The Mining Hub
October 24, 2014 6:56:21 AM
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(Reuters) - (Clyde Russell is a Reuters columnist. The views expressed are his own.)

There is now no doubt that the big three global iron ore miners are producing record amounts in their bid to dominate the industry. The question remains, what will happen if they succeed?

Anglo-Australian giants Rio Tinto and BHP Billiton both reported record output in their latest quarterly reports, and affirmed they were on track to boost production even further.

Top producer, Brazil's Vale is also increasing output, with Brazilian trade figures showing iron ore exports rose 16.7 percent in September from August to 33 million tonnes.

These figures show that the output side of the plan to dominate global seaborne iron ore trade is going quite well for the big three....
The Mining Hub
October 24, 2014 6:54:30 AM
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Mining giant Rio Tinto has extended the tenure of its chief executive Sam Walsh.

The company's board has voted in favour of Mr Walsh and chief financial officer Chris Lynch continuing their roles, 18 months after taking up the positions.

"Since their appointments early last year, Sam and Chris have led a transformation of the business and established a track record of delivering on their promises," chairman Jan du Plessis said.

Rio, the world's second largest miner, made a $US5.1 billion underlying profit in the first half of 2014, after cutting $US3.2 billion in operating costs and lowering capital expenditure....
The Mining Hub
October 24, 2014 6:36:23 AM
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The damage wreaked by the falling iron ore price on Atlas Iron's margins has been laid bare, with the company declaring thin operating margins despite slashing operational costs and capital spending.

Atlas cash balance fell $60 million for the quarter as it continued spending on its expansion projects.

Atlas' quarterly production report shows its cash margins for the September quarter were wafer thin, falling to less than $2 a tonne.

According to the company its all-in sustaining cash costs for the quarter fell to $68.90 in the period, down from $75/t in the June quarter.

But that figure does not include interest payments on debt or capital spending for the quarter, meaning Atlas' cash position went backwards $60 million during the period....
The Mining Hub
October 24, 2014 6:34:08 AM
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BRITISH COLUMBIA – Imperial Metals Corp. has substantially completed the response and recovery phase of cleaning up the Aug. 4 tailings spill at its Mount Polley copper-gold mine 100 km northeast of Williams Lake. The initial work included securing the remaining tails within the impoundment, reducing the water level in Polley Lake, and cleaning up woody debris in Quesnel Lake.

To secure the remaining tails a rock berm was built upstream of the breach. Other berms were built that both improve stability and create sumps to collect water.

Tails and water that reached Polley Lake was trapped there when the outlet became plugged, and the water level rose 1.7 metres. Imperial installed eight pumps and piping to send the water into Hazeltine Creek. The lake level has been returned to the original level and pumping is now required only to maintain that level....
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Mount Polley
October 24, 2014 6:32:45 AM
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PERTH ( – ASX-listed Cape Lambert on Thursday announced that it had been granted a mining licence for its own Marampa iron-ore project, in Sierra Leone.

“I am delighted that the Ministry of Mineral Resources has finally approved the grant of Marampa’s mining licence so that we can get on with the process of negotiating the mine lease agreement, which will provide another level of confidence for potential investors or acquirers of the project,” said executive chairperson Tony Sage.

The project currently comprises two granted exploration licences covering some 66 km2 and the project is estimated to host a Joint Ore Reserves Committee-compliant resource of some 681-million tonnes, grading 28.2% iron, of which 262-million tonnes is indicated and 419-million tonnes inferred....
The Mining Hub
October 24, 2014 6:30:38 AM
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PERTH ( – First coal from the Maules Creek operation, in New South Wales, was expected to be railed in January next year, more than two months ahead of schedule, owner Whitehaven Coal reported on Thursday.

The ASX-listed miner said that the acceleration of the first coal railing was owing to the strong performance of the company’s construction team and the contractors working on the project.

Initial sales from the Maules Creek mine would be for by-pass thermal coal, which would exceed Newcastle benchmark specifications....
The Mining Hub
Maules Creek
October 24, 2014 6:29:14 AM
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