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Megan Oliver
September 2, 2014 12:00:15 PM
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Tiger Resources has entered into an agreement to acquire the remaining 40% in Societe d'Exploitation de Kipoi (SEK), owner of the Kipoi copper project in the Democratic Republic of Congo for US$111 million.

The Tiger Group currently holds 60% of the shares in SEK. Upon completion of the agreement, which remains subject to the satisfaction of certain conditions precedent, Tiger will acquire the remaining 40% interest, resulting in SEK becoming a wholly-owned subsidiary of Tiger.

The 40% interest will be acquired together with all associated shareholder and contractual rights, other than a 2.5% gross turnover royalty payable by SEK, which will be retained by the vendor.

The agreed purchase price is US$111 million, of which a deposit of US$6.5 million has been paid and a completion payment of US$104.5 million is due by 10 November 2014.

Post completion of the transaction Tiger intends to cede a 5% interest in SEK to the DRC Government to bring the mining title into alignment with the current mining law and regulations in the DRC.....
The Mining Hub
September 2, 2014 8:20:07 AM
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New Talisman Gold Mines (ASX:NTL) plans to undertake an offer of up to 204,219,035 new shares from the shortfall of its pro rata 1 for 2 renounceable rights offer priced at $0.008 each that closed on 6 June 2014.

The rights offer was made to initiate production at the Talisman Mine in New Zealand and fund general working capital.

This had raised $634,069 from the issue of 78,722,716 shares.

NTL had recently increased its total gold resources by 25% to just under 250,000 ounces after estimating an Inferred and Indicated Resource of almost 2.4 million tonnes at 0.54 grams per tonne, or 41,591 ounces of contained gold at its Rahu exploration permit.

Talisman is located on the Coromandel Peninsula and had previously produced 1 million ounces of gold and 3 million ounces of silver.....
The Mining Hub
September 2, 2014 7:58:18 AM
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(Reuters) - In the high-stakes poker game being played between the Indonesian government and mining companies, it has come as a bit of a surprise that Jakarta appears to be playing the winning hand.

So far the Indonesian government has successfully stared down two U.S. mining giants, imposed a ban on exporting some raw metal ores and is deaf to the squeals of the beleaguered coal industry as it tightens rules on what had been a cowboy sector.

When the government started down the path of changing the laws and regulations in order to ensure a greater share of the Southeast Asian nation's mineral wealth stayed at home, it was widely assumed that it would lack the resolve and the ability to stand up to the powerful mining industry.

Previous attempts had resulted in compromises that favored miners and the government was widely viewed as inefficient, inconsistent and largely ineffectual. But in recent weeks the government has been shown to be holding a stronger hand than its opponents, and it has been willing to call their bluffs......
The Mining Hub
September 2, 2014 7:53:11 AM
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BHP Billiton chief executive Andrew Mackenzie has for the first time hinted that Nickel West's reliance on third-party ore feed was one of the key reasons the Goldfields division was being jettisoned and will not find a home in its NewCo spin-off.

Much of the speculation surrounding Nickel West's surprise exclusion from the NewCo set-up a fortnight ago had focused on environmental liabilities that are tipped to exceed $1 billion.

But Mr Mackenzie yesterday spoke of a "complex business . . . very integrated with a number of other nickel operations in WA", and hinted Nickel West's "lifetime", based on its and third-party nickel reserves, meant it failed to meet the threshold for inclusion in NewCo.....
The Mining Hub
Nickel West
September 2, 2014 7:45:32 AM
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PERTH (miningweekly.com) – Australia’s gold production increased by 9%, or 24 t, during 2013/14, compared with the previous year, to 282 000 t, mining consultants Surbiton Associates revealed this week.

At the current spot price, Australia’s gold production was worth an estimated A$12.5-billion.

Gold production for the three months to June also improved, with 71 t, or 2.3-million ounces, produced during the quarter, compared with the 68 t produced in the previous quarter, and the 67 t produced in the previous corresponding period.

However, Surbiton director Dr Sandra Close warned that observers should not be fooled by the higher gold output.

“While some new operations have opened, others have closed, so the majority of the rise is due to an overall increase in ore grades, as the industry responds to harder times,” Close said....
The Mining Hub
September 2, 2014 7:44:05 AM
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PERTH (miningweekly.com) – The Queensland government has opened the expansion of New Hope Coal’s New Acland project to public scrutiny.

The state government on Monday invited members of the public to have their say on the environmental impact of the proposed mine expansion, which was expected to create 260 construction along with a number of operational jobs.

The New Acland project is the proposed third stage of the New Acland coal mine.

Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney said the independent Coordinator-General’s new request for final comment on the project’s environmental impact was an important step in the assessment of the mine expansion proposal.

“The Queensland government is committed to growing the state’s four pillar economy and ensuring successful co-existence between the agricultural and resource sectors,” Seeney said.....
The Mining Hub
New Acland
September 2, 2014 7:39:09 AM
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VANCOUVER — Aggressive drilling has paid off for producer Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF) at its Macassa and South Mine complex (SMC) in Ontario's Southern Abitibi gold belt. On Aug. 26 the company announced that it had expanded mineralization associated with the SMC on both its South and HM claims.

Kirkland Lake is hopeful that its ongoing exploration program – funded via a $7.5-million flow-through financing completed in early July – will add viable ounces to its resource and reserve base. Total proven and probable reserves at Macassa are pegged at 1.4 million tonnes grading 18.5 g/t Au for 813,000 contained oz, with measured and indicated resources tacking on roughly 1.4 million tonnes averaging 23.7 g/t Au for 1 million contained oz....
The Mining Hub
Macassa & South Mine Complex
September 2, 2014 7:31:37 AM
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Peabody Energy’s Burton coking coal mine is soon to lose 100 workers, who were alerted to their redundancy by text message on Thursday night.

The use of text message to fire workers employed by Thiess appeared to be a mistake, as a spokesperson for the contractor admitted their error but refused to elaborate further on how they could have bungled such a sensitive communication.

However, in a written statement released to employees, Thiess specified that the decision to fire workers by text message was an “error in judgement”.

“Crews were advised during recent presentations we would bulk SMS and phone call to communicate progress, however it was an error in judgement to use the SMS option as a means of notifying impacted mining operators of redundancy,” Thiess said.....
The Mining Hub
September 2, 2014 7:28:29 AM
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