Canadian Zinc Metals (CVE:CZX) shares picked up on Wednesday after the company reported results from the first two diamond holes of its 2014 program on the Cardiac Creek deposit at its Akie property in northeastern British Columbia.

Of the highlights, the company returned 34.75 metres of 4.8% zinc, 0.78% lead and 9.80 grams per tonne (g/t) silver, including 8.93% zinc, 1.25% lead and 10.54 g/t silver over 9.44 metres.  anadian Zinc said the hole showed "excellent" thickness and grade continuity across the up-dip segment of the high grade core of the deposit.

It also hit 5.97% zinc, 0.94% lead and 8.02 g/t silver over 7.87 metres in the second hole, which the company says effectively extended the zone at relatively shallow depth in an underexplored portion of the deposit.
So far, the company has completed eight drill holes which were focused on the up-dip, northwest and southeast areas of the deposit to expand the boundaries of the deposit.

“We are pleased with the initial results received from the 2014 drill program on the Cardiac Creek deposit," said president and chief executive officer, Peeyush Varshney. “Future drilling will involve infill targets in this area to improve the drill density." Shares were up almost 5 percent within minutes of the closing bell on Wednesday, at 32 Canadian cents.
The Mining Hub
August 21, 2014 9:42:18 AM
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Here are a few quotes to prompt some thoughts or responses.
• What are your thoughts on infidelity? 
• Has infidelity been a ‘done to you’ or are you the one who has ‘done to the other person’? 
• What has been the impact on yourself, your relationship, your family, your life?
Ray Midwood
August 21, 2014 9:38:45 AM
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(Reuters) - Commodities group Glencore (GLEN.L) became the first of the large miners to honor promises to return cash to shareholders, announcing a share buyback program of up to $1 billion as it reported forecast-beating first-half profit. Diversified mining companies have vowed to control their spending and reward shareholders more after being criticized for years of squandering money on risky projects that resulted in multibillion-dollar writedowns as metals prices started to fall.

However, rival BHP Billiton (BHP.AX)(BLT.L) failed to deliver when it held fire on an expected buyback announcement on Tuesday, while Rio Tinto (RIO.L)(RIO.AX) signaled a share buyback could come when it reports full-year results in February. Expectation of Glencore making good on its promise was heightened with this month's completion of the sale of Glencore's Peruvian copper project Las Bambas to a Chinese consortium for $6.5 billion after tax, either through a buyback or special dividend.

Glencore, which completed a record-breaking acquisition of rival Xstrata a little more than a year ago, is the world's largest producer of zinc, used to galvanize steel, and one of the top miners and traders of copper and nickel....
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Las Bambas
August 21, 2014 9:38:00 AM
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Fortescue Metals chief executive Nev Power has criticised politician and businessman Clive Palmer for his anti-China tirade on television. The Queensland MP is embroiled in a legal battle with a Chinese company and sparked controversy on Tuesday when he described the Chinese government as "bastards" and "mongrels" who shoot their own people.

A senator in his party, Jacqui Lambie, then said Australia should double its military capacity to counter a communist Chinese invasion. Mr Power said the comments did not help Australia's business relationship with China. Fortescue is the world's third largest iron ore miner and derives most of its earnings from Chinese customers.

"Clearly they're not helpful comments, it sounded like a bit of ranting and raving," Mr Power told reporters while releasing the company's record annual profit on Wednesday.

"I'm sure the Chinese will dismiss them for what they are but they don't do a lot to continue to build the strong relationship we already have." He said it was pleasing to see both government and opposition members distance themselves from Mr Palmer's comments.

He said Fortescue had strong relationships in China beyond iron ore, including buying mining equipment, supporting educational institutions there and company founder Andrew Forrest's role in setting up the China Australia Senior Business Leaders Forum.
The Mining Hub
August 21, 2014 9:36:12 AM
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WA will have to find another 300,000 workers over the next decade and they will need to have farming, teaching or nursing skills, a report suggests.

Compiled by Bankwest Curtin Economics Centre and to be released today, the report into the State's changing workforce also argued more resources had to go into the childcare sector so parents could claim a job.

Almost 1.4 million people are in full and part-time work in WA, a jump over the past decade. According to centre director Alan Duncan, another 300,000 workers will be needed by 2025, with most likely to be homegrown West Australians rather than interstate or international migrants.

The report comes as the State's peak business lobby announces its own blueprint for the future of the WA economy, which it wants to double in size in the next two decades.

The Chamber of Commerce and Industry will today unveil ambitious targets to double the size of the economy to $570 billion, find jobs for an extra 740,000 people and homes for one million people in 20 years. It will require research and development spending to increase sixfold and more than half a million extra people to have a tertiary qualification....
The Mining Hub
August 21, 2014 9:33:59 AM
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BHP Billiton delivered two big surprises in yesterday's annual financial results, leaving Nickel West out of a proposed asset spin-off and quietly adding another 20 million tonnes a year to its Pilbara iron ore expansion.

The revised 290mtpa production target was overshadowed by BHP's shock decision to continue the hunt for a trade sale of Nickel West. But yesterday's results again underscored the impact of its most profitable division, showing cost-cutting and productivity measures dropped the company's average iron ore cash costs by almost $US2 to $US27.53 a tonne last financial year.

BHP's Pilbara iron ore operations were again the biggest contributor to its $US13.4 billion ($14.3 billion) underlying profit. WA iron ore booked before-tax profits of $US11.55 billion, $US900 million ahead of the previous year's result. But boss Andrew Mackenzie delivered less welcome news to other parts of the State's workforce, with Nickel West's 1800 WA employees facing an uncertain future after the division was left out in the cold.

A spin-off company, to be led by BHP chief financial officer Graham Kerr, will be based in Perth and will include the Worsley alumina operation as one of its core assets, along with Queensland's Cannington base metals mine, manganese operations and coal in South Africa and NSW. But while the Cerro Matoso nickel mine in Colombia is included in the new company, Mr Mackenzie said Nickel West was not wanted by either BHP or its spin-off....
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Nickel West
August 21, 2014 9:30:43 AM
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PERTH ( – Iron-ore major Fortescue Metals has reported a 56% increase in profit for the year ended June, as revenue surged on the back of increased production.

Fortescue reported a record net profit of $2.73-billion, up from the $1.7-billion reported in the previous financial year. Revenue for the financial year was also up by 45%, from $8.12-billion reported in 2013 to $11.75-billion. The increased revenue was achieved as a result of record operational performances, with Fortescue shipping some 124.2-million tonnes of ore during the 12 months, a 54% increase on the previous financial year.

“Fortescue’s record net profit reflects an outstanding performance across all areas of our operation,” said CEO Nev Power on Wednesday. “The accelerated ramp-up to 155-million tonnes a year in March and the sharp reduction in costs over 2014 are a tribute to everyone at Fortescue.”

Earnings before interest, tax, depreciation and amortisation increased by 58% year-on-year to $3.5-billion....
The Mining Hub
August 21, 2014 9:28:37 AM
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PERTH ( – Mineral sands miner Mineral Deposits Limited (MDL) has suspended operations at its Grande Cote mine, in Senegal, following the failure of successive impellors within the main dredge pump.

The miner said on Wednesday that the operation would remain suspended until a site investigation early next week. It was anticipated that mining would resume on a reduced basis.

During its first full quarter of production, Grande Cote produced 11 436 t of ilmenite, following the completion of construction in the March quarter. Mining at the project started late in March, and processing through the mineral separation plant started in June.

“Given the significant progress that has been made with the ramp-up at Grande Cote, the impellor failures are obviously a disappointing setback. We are confident, however, that the underlying problem will be identified and resolved,” said MDL MD Rick Sharp.

He pointed out that the last of the current available spare impellors were also showing signs of failure, adding that extensive work was being undertaken in conjunction with the supplier to determine the cause of the failures and to manage the lifespan of the present impellor in order to sustain mining operations.

However, it was unlikely that the current impellor would last until early October, when the first of a number of pre-ordered replacement impellers were expected on site.

Grande Cote was anticipated to produce, on average, about 85 000 t/y of zircon and 575 000 t/y of ilmenite when in full production, making it the largest new mineral sands project currently under construction. The project would have an initial mine life of 20 years.
The Mining Hub
Grande Cote
August 21, 2014 7:24:40 AM
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Ukraine's next crisis will be a devastatingly economic one, as violent conflict destroys critical infrastructure in the east and brings key industry to a halt, furthering weakening the energy sector by crippling coal-based electricity production.

The Ukrainian military's showdown with separatists in the industrial east has forced coal mines to severely cut production or close down entirely. This has led to an electricity crisis that can only be staunched by cutting domestic production along with exports to Europe, Crimea, and Belarus -- or worse, getting more imports from Russia.

In the coal centers of Ukraine's industrial east—Luhansk and Donetsk—fighting has forced the full closure of an estimated 50 percent of coal mines, while overall coal production has fallen 22 percent over the same period last year.

Key industry sources say they will potentially run out of coal in less than three weeks.

For Ukraine, the second largest producer of coal in Europe, this will have a devastating impact on the energy sector, which is in a state of emergency, unable to get coal to thermal power plants that provide some 40 percent of the entire country's electricity....
The Mining Hub
August 21, 2014 7:20:57 AM
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