Gold miner Evolution Mining has reported a solid quarter of production, and remains on track to reach its full-year production target of between 400 000 oz and 450 000 oz of gold.

During the March quarter, Evolution delivered 101 408 oz of gold equivalent, which was slightly below the 107 201 oz produced in the previous quarter.

For the year-to-date, Evolution has produced 315 804 oz.

“In a challenging environment, I am delighted that Evolution continues to live up to our mantra of 'we say, we do, we deliver'. Once again, we are pleased to be able to highlight the clear benefits of having a portfolio of five similar-sized Australian mines, which continue to deliver operational predictability and stability,” Evolution chairperson Jake Klein said in a conference call on Thursday.

“I have long maintained that having a portfolio of mines allows you to deliver to investor expectations on a far more consistent basis than single mine companies. The only caveat to this is our belief that the portfolio should be smaller, in our view no more than seven mines, to be able to capture an entrepreneurial culture of innovation excellence, that Evolution is embracing.”......
http://www.miningweekly.com/article/evolution-on-track-to-meet-fy-guidance-may-consider-edna-may-divestment-2014-04-17

Evolution on track to meet FY guidance, may consider Edna May divestment

PERTH (miningweekly.com) – Gold miner Evolution Mining has reported a solid quarter of production, and remains on track to reach its full-year production target of between 400 000 oz and 450 000 oz of gold.

During the March quarter, Evolution delivered 101 408 oz of gold equivalent, which was slightly below the 107 201 oz produced in the previous quarter.

For the year-to-date, Evolution has produced 315 804 oz.

“In a challenging environment, I am delighted that Evolution continues to live up to our mantra of 'we say, we do, we deliver'. Once again, we are pleased to be able to highlight the clear benefits of having a portfolio of five similar-sized Australian mines, which continue to deliver operational predictability and stability,” Evolution chairperson Jake Klein said in a conference call on Thursday....

The Mining Hub
Edna May
April 18, 2014 10:08:30 AM
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Embattled nickel miner Mirabela Nickel has warned that it would impose forced leave on around 350 staff at its Santa Rita mine, in Brazil, as it looked for funding to support ongoing operations at the mine.

Mirabela, which went into voluntary administration in February, told shareholders that the group of note holders, which had previously provided the company with a recapitalisation proposal, was now reviewing its commitment to provide further funding to support operations at Santa Rita.

The consortium of holders, which currently hold Mirabela’s $395-million senior unsecured notes, due in April 2018, had previously agreed to a $45-million interim financing facility.

Mirabela told its shareholders that the administrators and the note holders were continuing their discussions to progress the proposed recapitalisation proposal, while the administrators would also investigate other proposals....
http://www.miningweekly.com/article/350-santa-rita-workers-on-forced-leave-mirabela-2014-04-17

350 Santa Rita workers on forced leave – Mirabela

PERTH (miningweekly.com) – Embattled nickel miner Mirabela Nickel has warned that it would impose forced leave on around 350 staff at its Santa Rita mine, in Brazil, as it looked for funding to support ongoing operations at the mine.

Mirabela, which went into voluntary administration in February, told shareholders that the group of note holders, which had previously provided the company with a recapitalisation proposal, was now reviewing its commitment to provide further funding to support operations at Santa Rita....

The Mining Hub
Santa Rita
April 18, 2014 9:50:53 AM
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Whitehaven Coal said the Department of Environment has cleared it of any wrongdoing amid claims the company’s Maules Creek biodiversity offsets package was based on false and misleading information.

Two independent reviews conducted on behalf of activist group Lock the Gate found the land purchased by the mining company to compensate for the removal of box gum trees does not provide 'like for like' habitat and were said to be completely different ecosystems.

The most recent review by ecologist, John Hunter, said only one of 53 sites surveyed “was likely to fulfil the criteria of the critically endangered ecological community determination".

Those against the development of the mine said the reports showed the development of the mine should not be allowed go ahead....
http://www.miningaustralia.com.au/news/maules-creek-mine-offsets-package-given-green-ligh

Maules Creek mine offsets package given green light

Whitehaven Coal said the Department of Environment has cleared it of any wrongdoing amid claims the company’s Maules Creek biodiversity offsets package was based on false and misleading information.

Two independent reviews conducted on behalf of activist group Lock the Gate found the land purchased by the mining company to compensate for the removal of box gum trees does not provide 'like for like' habitat and were said to be completely different ecosystems.

The most recent review by ecologist, John Hunter, said only one of 53 sites surveyed “was likely to fulfil the criteria of the critically endangered ecological community determination"....

The Mining Hub
Maules Creek
April 18, 2014 9:48:02 AM
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Finnish engineering firm Metso Corporation has rejected Scottish rival Weir Group's (LON:WEIR) US$5.5bn proposal to merge, claiming the deal isn't in the best interests of its shareholders and that it remains confident of its growth prospects as a stand-alone firm.

Weir revealed earlier this month it had proposed an all-share merger to Metso that would create a group with a combined market capitalization of US$14 billion (£8.5bn).

Under the terms of the proposed deal Metso shareholders would receive 0.84 Weir shares per Metso share held, which would see the Finish firm’s shareholders owning around 37% of the combined company.

The merged entity would be listed on both the London and Helsinki Stock Exchanges.

In response to Metso’s rejection Weir said it continues to believe in the strategic rational for bringing the two companies together. However, it added that there was no certainty it would revise the terms of its original offer....
http://www.mining.com/metso-rejects-weirs-5-5-billion-merger-approach-82141/

Metso rejects Weir’s $5.5 billion merger approach

Metso's HQs in Finland.

Finnish engineering firm Metso Corporation has rejected Scottish rival Weir Group's (LON:WEIR) US$5.5bn proposal to merge, claiming the deal isn't in the best interests of its shareholders and that it remains confident of its growth prospects as a stand-alone firm.

Weir revealed earlier this month it had proposed an all-share merger to Metso that would create a group with a combined market capitalization of US$14 billion (£8.5bn).

Under the terms of the proposed deal Metso shareholders would receive 0.84 Weir shares per Metso share held, which would see the Finish firm’s shareholders owning around 37% of the combined company....

The Mining Hub
April 18, 2014 9:44:05 AM
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The government of Guinean President Alpha Condé has approved last week’s recommendation of revoking iron ore mining licences for BSG Resources (BSGR) and its joint venture partner, Brazil's Vale (NYSE:VALE) in the mineral-rich Simandou mountains.

According to a Guinean official quoted by Reuters, the West African nation will withdraw the mining permit held by VBG, a company run by BSGR and Vale, and will also cancel its Zogota mining concession.

BSG Resources, the mining arm of Israeli tycoon Beny Steinmetz’s family conglomerate, sold a 51% stake in its Guinean assets to Vale in 2010 in a $2.5bn deal, under which $500 million was paid upfront by the Rio de Janeiro-based company.

Since then, the venture has been thwarted by logistical obstacles and later accusations that BSGR used bribes to acquire the mining rights it now shares with Vale, and that both are about to lose....
http://www.mining.com/guinea-government-to-strip-vale-bsgr-of-all-simandou-rights-97066/

Guinea government to strip Vale, BSGR of all Simandou rights

Though it is far from ports, roads and rail, the iron ore deposits studded in Simandou's hills, among the richest in the world, are easily extractable.

The government of Guinean President Alpha Condé has approved last week’s recommendation of revoking iron ore mining licences for BSG Resources (BSGR) and its joint venture partner, Brazil's Vale (NYSE:VALE) in the mineral-rich Simandou mountains.

According to a Guinean official quoted by Reuters, the West African nation will withdraw the mining permit held by VBG, a company run by BSGR and Vale, and will also cancel its Zogota mining concession....

The Mining Hub
Simandou
April 18, 2014 9:31:41 AM
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Central Asia Metals plc (CAM) has rewarded shareholders with a bumper dividend representing almost a quarter of its revenue in 2013 as it continues to charm investors and stand out as one of the best-loved AIM mining stocks.

The copper producer, after completing only its first full year of production at its Kounrad operation in Kazakhstan, said it would return £0.05/share (US$0.08/share) as a final dividend, adding up to £0.09/share for 2013, eclipsing the £0.07 it returned in 2012 and mooted that further returns could be on the cards.

“We have returned a total of US$12.6 million in the year, which represents 23% of attributable revenue. In addition, our shareholders will benefit from further growth in value as we assess opportunities to grow the business both in the Central Asian region and globally,” CEO Nick Clarke said.

The company’s earnings before interest, taxes, depreciation and amortisation came in at US$32.4 million in 2013, up 102% from 2012’s US$16 million, while operating profit hit US$27.9 million, an 86% rise on the US$15 million it recorded a year earlier. It had US$44.5 million of cash on hand at the end of the year and no debt....
http://www.mining-journal.com/emea/the-future-is-bright

The future is bright

Visit the links below to read profiles, see stock information and read all news on companies mentioned in this article.

Click here to access all our premium content in just a few minutes....

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Kounrad
April 18, 2014 9:26:31 AM
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Miners from the Nifty underground copper operation in the east Pilbara are threatening to take legal action against owner Aditya Birla Minerals following a cave-in that has forced 400 workers offsite.

Shares in the company - part of US$40 billion ($42.7 billion) Indian conglomerate Aditya Birla Group - have been suspended from trading, having last changed hands at 29.5�, since the "underground subsidence" late last month.

Aditya Birla is the latest in a string of owners of Nifty, which is near Newcrest's Telfer gold mine.

Workers have been forced to take their annual leave while those without leave entitlements are on indefinite unpaid leave...
https://au.news.yahoo.com/thewest/business/wa/a/22700951/workers-up-in-arms-over-nifty-layoffs/

Workers up in arms over Nifty layoffs

Miners from the Nifty underground copper operation in the east Pilbara are threatening to take legal action against owner Aditya Birla Minerals following a cave-in that has forced 400 workers offsite.

Shares in the company - part of US$40 billion ($42.7 billion) Indian conglomerate Aditya Birla Group - have been suspended from trading, having last changed hands at 29.5�, since the "underground subsidence" late last month.

Aditya Birla is the latest in a string of owners of Nifty, which is near Newcrest's Telfer gold mine....

The Mining Hub
Nifty
April 17, 2014 7:40:26 AM
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Diversified major BHP Billiton has reported record production for four of its commodities, at ten operations, during the nine months ended March, and increased its full-year iron-ore and metallurgical coal production expectations.

“Our productivity agenda continues to deliver outstanding results, underpinning a 10% increase in production so far this year,” said BHP CEO Andrew Mackenzie.

“Having achieved record iron-ore and metallurgical coal production during the first nine months of the year, we have raised full-year guidance for both commodities.”

The miner told shareholders on Wednesday that iron-ore production for the year-to-date had increased by 21%, to 147.3-million tonnes, while production for the three months to March was up 23% on the previous corresponding period, to 49.5-million tonnes.

The Australian operations achieved record production for the nine months under review, underpinned by strong operating performances and the continued ramp-up of the Jimblebar mine...
http://www.miningweekly.com/article/bhp-hikes-iron-ore-met-coal-production-forecasts-2014-04-16

BHP hikes iron-ore, met coal production forecasts

PERTH (miningweekly.com) – Diversified major BHP Billiton has reported record production for four of its commodities, at ten operations, during the nine months ended March, and increased its full-year iron-ore and metallurgical coal production expectations.

“Our productivity agenda continues to deliver outstanding results, underpinning a 10% increase in production so far this year,” said BHP CEO Andrew Mackenzie.

“Having achieved record iron-ore and metallurgical coal production during the first nine months of the year, we have raised full-year guidance for both commodities.”...

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Caval Ridge
April 17, 2014 7:33:59 AM
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Gold miner Silver Lake Resources has reported lower gold production for the three months to March as its Mount Monger and Murchison operations were affected by heavy rainfall.

During the quarter under review, ASX-listed Silver Lake produced 44 574 oz of gold, compared with the 55 079 oz produced in the previous quarter, resulting from lower ore mined during the period.

During the quarter, 706 178 t of ore was milled, at a grade of 2.3 g/t gold to deliver 49 289 oz of gold. This was also less than the 61 152 oz produced in the previous quarter.

Silver Lake placed the Murchison operation on care and maintenance in February, as the fall in the gold price during 2013 resulted in the deferment of capital spend required to access higher-grade, underground reserves at Murchison, and a focus on production from lower-grade openpit reserves.

As a result of the mine being placed on care and maintenance, some 42 employees and 85 contractors would be made redundant...
http://www.miningweekly.com/article/silver-lakes-quarterly-output-affected-by-heavy-rain-2014-04-16

Silver Lake’s quarterly output affected by heavy rain

PERTH (miningweekly.com) – Gold miner Silver Lake Resources has reported lower gold production for the three months to March as its Mount Monger and Murchison operations were affected by heavy rainfall.

During the quarter under review, ASX-listed Silver Lake produced 44 574 oz of gold, compared with the 55 079 oz produced in the previous quarter, resulting from lower ore mined during the period.

During the quarter, 706 178 t of ore was milled, at a grade of 2.3 g/t gold to deliver 49 289 oz of gold. This was also less than the 61 152 oz produced in the previous quarter....

The Mining Hub
Mount Monger
April 17, 2014 7:18:00 AM
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ASX-listed Yancoal Australia has halted production at its Austar coal mine, in New South Wales, following the death of two employees.

The miner reported on Wednesday that a team of employees had been working at the underground operation when a wall collapsed.

A recovery operation was initiated at the site, and local emergency services and the New South Wales Department of Trade and Investment were immediately notified of the incident.

The Austar mine started production in 2005, employs about 400 staff and produces about three-million tonnes a year of coking coal.
http://www.miningweekly.com/article/fatalaties-reported-at-yancoal-mine-2014-04-16

Fatalities reported at Yancoal mine

PERTH (miningweekly.com) – ASX-listed Yancoal Australia has halted production at its Austar coal mine, in New South Wales, following the death of two employees.

The miner reported on Wednesday that a team of employees had been working at the underground operation when a wall collapsed.

A recovery operation was initiated at the site, and local emergency services and the New South Wales Department of Trade and Investment were immediately notified of the incident.

The Austar mine started production in 2005, employs about 400 staff and produces about three-million tonnes a year of coking coal....

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Austar
April 17, 2014 7:15:08 AM
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QCG Resources will buy MMG’s idle Tasmanian Avebury nickel mine for $40 million and is looking to restart production in a quick timeframe, leading to 200 new jobs.

The mine, located 8kms west of Zeehan on Tasmania’s west coast, has been in care and maintenance since February but new owners say they are confident current nickel prices could lead the restart of production.

QCG is a privately owned exploration company and chairman Doug Daws said the mine could be up and running shortly.

“The diligence to which the care and maintenance program has been conducted means that mining could recommence within a short time frame once we are able to make necessary modifications to the milling circuit,” Daws said...
http://www.miningaustralia.com.au/news/nickel-mine-sale-could-lead-to-200-new-jobs

Nickel mine sale could lead to 200 new jobs

QCG Resources will buy MMG’s idle Tasmanian Avebury nickel mine for $40 million and is looking to restart production in a quick timeframe, leading to 200 new jobs.

The mine, located 8kms west of Zeehan on Tasmania’s west coast, has been in care and maintenance since February but new owners say they are confident current nickel prices could lead the restart of production.

QCG is a privately owned exploration company and chairman Doug Daws said the mine could be up and running shortly.

“The diligence to which the care and maintenance program has been conducted means that mining could recommence within a short time frame once we are able to make necessary modifications to the milling circuit,” Daws said....

The Mining Hub
Avebury
April 17, 2014 7:11:50 AM
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Yara Pilbara chief executive Mark Loquan has called for industry standardised safety training for mine site workers in Western Australia.

Mr Loquan raised the idea at the Chamber of Minerals and Energy health and safety conference in Perth on Monday morning.

He told delegates that the onshore sector is lagging behind the offshore industry in achieving across-industry minimum safety standards for contractors.

“I am in no way questioning the commitment to safety across the sector and by the contractors, but I am concerned there are no agreed minimum standards that apply across the onshore processing industry,” Loquan said.

“Currently it’s somewhat fragmented, with individual companies having their own systems and requirements but the industry has a highly mobile workforce. This can yield unpredictable outcomes in the industry.”...
http://www.miningaustralia.com.au/news/yara-pilbara-chief-calls-for-industry-wide-safety

Yara Pilbara chief calls for industry-wide safety training

Yara Pilbara chief executive Mark Loquan has called for industry  standardised safety training for mine site workers in Western Australia.

Mr Loquan raised the idea at the Chamber of Minerals and Energy health and safety conference in Perth on Monday morning.

He told delegates that the onshore sector is lagging behind the offshore industry in achieving across-industry minimum safety standards for contractors.

“I am in no way questioning the commitment to safety across the sector and by the contractors, but I am concerned there are no agreed minimum standards that apply across the onshore processing industry,” Loquan said....

The Mining Hub
April 17, 2014 7:10:12 AM
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Canadian gold miners Agnico Eagle Mines (TSX:AEM). and Yamana Gold (TSX:YRI) have teamed up to buy Osisko Mining Corp. (TSX:OSK) in a friendly acquisition deal worth $3.9-billion.

The cash-and-stock bid, said the companies in a statement, values Osisko at $8.15 a share, which is 11% more than what they’d get if accept the recent $3.6bn hostile offer from Goldcorp Inc (TSX:G) (NYSE:GG).

The world's second most valuable gold miner after Barrick Gold (TSX:ABX), is seeking to take control of Osisko's low-cost Malartic gold mine in Quebec.

Osisko shareholders will get $1bn in cash, $2.33bn of Agnico and Yamana shares, and shares of a new spin-off company valued at roughly $575 million, which will have a royalty on the Malartic mine....
http://www.mining.com/yamana-agnico-eagle-offer-3-9bn-for-osisko-22815/

Yamana, Agnico Eagle offer $3.9bn for Osisko

Aerial view of Osisko's Malartic mine.

Canadian gold miners Agnico Eagle Mines (TSX:AEM). and Yamana Gold (TSX:YRI) have teamed up to buy Osisko Mining Corp. (TSX:OSK) in a friendly acquisition deal worth $3.9-billion.

The cash-and-stock bid, said the companies in a statement, values Osisko at $8.15 a share, which is 11% more than what they’d get if accept the recent $3.6bn hostile offer from Goldcorp Inc (TSX:G) (NYSE:GG).

The world's second most valuable gold miner after Barrick Gold (TSX:ABX), is seeking to take control of Osisko's low-cost Malartic gold mine in Quebec....

The Mining Hub
Malartic
April 17, 2014 7:07:06 AM
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Australia’s uranium sector will get a much needed lift as a key deal with the United Arab Emirates, which could see Aussie miners exporting up to 800 tonnes of yellow cake a year to the Middle East, enters into force.

The agreement, signed in 2012, is expected to open up new uranium sales opportunities over the next decade as it is the first time Australia will supply the nuclear material to Middle East, Trade Minister Andrew Robb was quoted as saying by AAP.

The deal establishes that Australia will supply uranium to be used only in UAE’s civil nuclear power program, and that it will co-operate in nuclear-related activities, such as nuclear safeguards, security, safety, and nuclear science....
http://www.mining.com/australia-to-begin-exporting-uranium-to-the-middle-east-43661/

Australia to begin exporting uranium to the Middle East

Australia’s uranium sector will get a much needed lift as a key deal with the United Arab Emirates, which could see Aussie miners exporting up to 800 tonnes of yellow cake a year to the Middle East, enters into force.

The agreement, signed in 2012, is expected to open up new uranium sales opportunities over the next decade as it is the first time Australia will supply the nuclear material to Middle East, Trade Minister Andrew Robb was quoted as saying by AAP.

The deal establishes that Australia will supply uranium to be used only in UAE’s civil nuclear power program, and that it will co-operate in nuclear-related activities, such as nuclear safeguards, security, safety, and nuclear science....

The Mining Hub
April 17, 2014 7:05:50 AM
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Mining giant Rio Tinto has again set a new production benchmark at its iron-ore operations in the Pilbara, as it ramped up towards capacity of 290-million tonnes a year.

“Rio Tinto has started the year with a series of performance records as we continue to drive productivity gains across our operations,” said CEO Sam Walsh on Tuesday.

“Our Pilbara iron-ore business has again set new benchmarks for production, shipments and rail volumes for the first quarter, and we are well on track to reach nameplate capacity of 290-million tonnes a year by the first half of 2014.”

During the three months ended March, Rio’s iron-ore production increased to 66.4-million tonnes, up 8% on the previous corresponding period. This was a record first-quarter production for the company.

Iron-ore shipments for the period was also up by 16% on the previous corresponding period to 66.7-million tonnes.

However, first-quarter iron-ore production was below fourth-quarter levels, owing to disruption caused by seasonal weather patterns. Tropical cyclone Christine closed Rio’s Pilbara ports and coastal rail operations in late December. Heavy rainfall associated with the cyclone and other adverse weather conditions in January and February impacted across mine, rail and port operations...
http://www.miningweekly.com/article/rio-tinto-posts-strong-q1-results-ramping-up-pilbara-output-to-290mty-2014-04-15

Rio Tinto posts strong Q1 results, ramping up Pilbara output to 290Mt/y

PERTH (miningweekly.com) – Mining giant Rio Tinto has again set a new production benchmark at its iron-ore operations in the Pilbara, as it ramped up towards capacity of 290-million tonnes a year.

“Rio Tinto has started the year with a series of performance records as we continue to drive productivity gains across our operations,” said CEO Sam Walsh on Tuesday.

“Our Pilbara iron-ore business has again set new benchmarks for production, shipments and rail volumes for the first quarter, and we are well on track to reach nameplate capacity of 290-million tonnes a year by the first half of 2014.”...

The Mining Hub
April 16, 2014 6:43:20 AM
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Hong Kong-listed MMG on Tuesday signed a sales agreement with exploration and mining development company QCG Resources (QCG) to sell its Avebury nickel mine, in Tasmania, for A$40-million.

The Avebury mine has been on care and maintenance since February 2009, and MMG initially launched an expression of interest in the asset in 2011. The project is capable of producing some 7 000 t/y of nickel concentrate and is the subject of a supply agreement with a Chinese nickel refining company for all the nickel it can ship.

Under the terms of the QCG offer, the unlisted junior would provide a A$1.75-million deposit, payable within 15 business days of signing, A further A$33.25-million would be payable on closing the transaction, while A$2.5-million would be payable on production of the first 10 000 t of nickel in concentrate.

A further milestone payment of A$2.5-million was payable on production of the second 10 000 t of nickel in concentrate.

MMG said on Tuesday that the sale of the Avebury mine offered the best opportunity to restart the mine...
http://www.miningweekly.com/article/mmg-sells-avebury-mine-2014-04-15

MMG sells Avebury mine

PERTH (miningweekly.com) – Hong Kong-listed MMG on Tuesday signed a sales agreement with exploration and mining development company QCG Resources (QCG) to sell its Avebury nickel mine, in Tasmania, for A$40-million.

The Avebury mine has been on care and maintenance since February 2009, and MMG initially launched an expression of interest in the asset in 2011. The project is capable of producing some 7 000 t/y of nickel concentrate and is the subject of a supply agreement with a Chinese nickel refining company for all the nickel it can ship....

The Mining Hub
Avebury
April 16, 2014 6:42:10 AM
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JOHANNESBURG (miningweekly.com) – Private sector demand for gold in China is poised to increase by 25% from the current level of 1 100 t/y to at least 1 350 t/y by 2017, the World Gold Council (WGC) said on Tuesday.

Last year saw China become the world’s largest gold market and, although 2014 Chinese gold demand is set for consolidation, the succeeding years are expected to see ongoing strong growth, driven by rising real incomes, a deepening pool of private savings and rapid urbanisation across China.

In mining, China has gone from being a minor producer to the world’s largest source of mined gold, with production doubling from 217 t to 437 t in the past ten year.

In its report entitled 'China's gold market: progress and prospects', the WGC examines the factors that have taken the country to the number-one gold position, both in production and consumption, in the wake of the liberalisation of China’s gold market in the late 1990s and the subsequent offering of gold bullion products by the country’s commercial banks from 2004.

The report also analyses why the market will continue to expand, irrespective of short-term blips in the economy, and calculates that the next six years will see China’s middle class grow by 200-million people to 500-million people, compared with the population of the US of 319-million people....
http://www.miningweekly.com/article/gold-hungry-china-lifting-demand-to-record-heights-world-gold-council-2014-04-15

Strong demand from gold-hungry China in next 4 years – World Gold Council

JOHANNESBURG (miningweekly.com) – Private sector demand for gold in China is poised to increase by 25% from the current level of 1 100 t/y to at least 1 350 t/y by 2017, the World Gold Council (WGC) said on Tuesday.

Last year saw China become the world’s largest gold market and, although 2014 Chinese gold demand is set for consolidation, the succeeding years are expected to see ongoing strong growth, driven by rising real incomes, a deepening pool of private savings and rapid urbanisation across China....

The Mining Hub
April 16, 2014 6:37:02 AM
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A supplementary study for ASX-listed Aquila Resources’ Washpool hard coking coal project, in Queensland, has introduced a new mining plan for the operation that would increase output.

The supplementary study to the definitive feasibility study (DFS) was undertaken to investigate the blending of Washpool coal with a lower-ash semi-hard coking coal, as well to revise the mine plan, surface infrastructure, capital costs and operating costs.

The original 2011 DFS estimated that capital expenditure (capex) of about A$335-million would be required to deliver an opencut operation producing seven-million tonnes a year run-of-mine (RoM) coal, to produce 2.6-million tonnes a year of hard coking coal, over a 16-year mine life.

At the time, the project was expected to have an operating cost of around A$125/t free-on-board (FoB).

Aquila reported on Tuesday that the supplementary study proposed the production of 7.2-million tonnes RoM coal, to produce 2.9-million tonnes hard coking coal, over a 15-year mine life.....
http://www.miningweekly.com/article/new-mining-plan-to-boost-washpool-output-aquila-2014-04-15

New mining plan to boost Washpool output – Aquila

PERTH (miningweekly.com) – A supplementary study for ASX-listed Aquila Resources’ Washpool hard coking coal project, in Queensland, has introduced a new mining plan for the operation that would increase output.

The supplementary study to the definitive feasibility study (DFS) was undertaken to investigate the blending of Washpool coal with a lower-ash semi-hard coking coal, as well to revise the mine plan, surface infrastructure, capital costs and operating costs.

The original 2011 DFS estimated that capital expenditure (capex) of about A$335-million would be required to deliver an opencut operation producing seven-million tonnes a year run-of-mine (RoM) coal, to produce 2.6-million tonnes a year of hard coking coal, over a 16-year mine life....

The Mining Hub
Washpool
April 16, 2014 6:21:41 AM
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Minerals Council of Australia CEO Brendan Pearson will today insist that the government keep diesel tax breaks for companies operating in remote locations.

Pearson will appear before a senate committee today to defend the fuel credits scheme that provides tax breaks for the use of diesel in off-road capacities.

He will also reject arguments that miners already receive significant subsidies, and say that any call to scrap the tax break is part of a “thinly disguised anti-mining agenda”.

Diesel is widely used in all segments of the mining industry to fuel generators, heavy machinery and light vehicles, especially in remote locations.

Tax paid on the diesel used in such situations is currently refunded to companies, a scheme that has been in place for about sixty years for industries such as agriculture, manufacturing, health services, construction, as well as arts and recreation....
http://www.miningaustralia.com.au/news/minerals-council-calls-foul-on-anti-mining-diesel

Minerals Council calls foul on "anti-mining" diesel tax

Minerals Council of Australia CEO Brendan Pearson will today insist that the government keep diesel tax breaks for companies operating in remote locations.

Pearson will appear before a senate committee today to defend the fuel credits scheme that provides tax breaks for the use of diesel in off-road capacities.

He will also reject arguments that miners already receive significant subsidies, and say that any call to scrap the tax break is part of a “thinly disguised anti-mining agenda”.

Diesel is widely used in all segments of the mining industry to fuel generators, heavy machinery and light vehicles, especially in remote locations....

The Mining Hub
April 16, 2014 6:16:10 AM
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Engenco has won a $4 million contract with Gina Rinehart’s Roy Hill iron ore mine that will see it provide rail workers to build the project’s new 330km rail line.

The company announced it will supply the workers for Leighton subsidiary John Holland and signed the contract with the firm leading the contracting work at the Roy Hill site, Samsung C&T.

It says work will begin in May with the contract expected to last 18 months.

This is the third contract Engenco has won at the Roy Hill project.

Its specialist training business, Centre for Excellence in Rail Training (CERT) has been awarded two contracts as a preferred supplier of rail training to both Samsung C & T and John Holland at Roy Hill....
http://www.miningaustralia.com.au/news/rail-workers-for-roy-hill-mine-to-be-supplied-by-e

Rail workers for Roy Hill mine to be supplied by Engenco

Engenco has won a $4 million contract with Gina Rinehart’s Roy Hill iron ore mine that will see it provide rail workers to build the project’s new 330km rail line.

The company announced it will supply the workers for Leighton subsidiary John Holland and signed the contract with the firm leading the contracting work at the Roy Hill site, Samsung C&T.

It says work will begin in May with the contract expected to last 18 months.

This is the third contract Engenco has won at the Roy Hill project.

 Its specialist training business, Centre for Excellence in Rail Training (CERT) has been awarded two contracts as a preferred supplier of rail training to both Samsung C & T and John Holland at Roy Hill....

The Mining Hub
Roy Hill
April 16, 2014 6:13:13 AM
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Shares in Turquoise Hill Resources (TSE:TRQ) dropped 4% on Tuesday after the company gave an update on production and financing for an underground expansion project at its massive Oyu Tolgoi mine in Mongolia.

By early afternoon Turquoise Hill stock had recouped some losses to change hands at $3.80, down 2.8%. The counter has lost a third of its value over the past year and is now worth $7.6 billion on the Toronto Stock Exchange.

The Vancouver-based company said potential lenders have extended a deadline to arrange financing for the $6 billion-plus project until the end of September after initial commitments expired at the end of last month.

Talks with the Mongolian government on the expansion of the $6.6 billion mine and the reworking of the initial Oyu Tolgoi deal signed in 2009 is also ongoing says Turquoise Hill.....
http://www.mining.com/turquoise-hill-buys-time-for-oyu-tolgoi-expansion-12120/

Turquoise Hill buys time for Oyu Tolgoi expansion

Shares in Turquoise Hill Resources (TSE:TRQ) dropped 4% on Tuesday after the company gave an update on production and financing for an underground expansion project at its massive Oyu Tolgoi mine in Mongolia.

By early afternoon Turquoise Hill stock had recouped some losses to change hands at $3.80, down 2.8%. The counter has lost a third of its value over the past year and is now worth $7.6 billion on the Toronto Stock Exchange.

The Vancouver-based company said potential lenders have extended a deadline to arrange financing for the $6 billion-plus project until the end of September after initial commitments expired at the end of last month....

The Mining Hub
Oyu Tolgoi
April 16, 2014 6:06:11 AM
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Vale SA (NYSE:VALE), the world's No.1 iron ore producer, received a $2.8 billion loan from the country’s national development bank BNDES for expansions at Carajas, the largest iron-ore complex in the world.

The loan, said the bank according to local newspaper Valor Economico (in Portuguese), will help the Rio de Janeiro-based giant miner improve its railway network and build a new mining and processing unit in Para state, with annual capacity of 90 million metric tons.

Last summer Vale received a licence from the Environmental Protection Agency of Brazil to build a $19.5 billion railway expansion its Serra Sul mine, in Carajas. The project is expected to start production in 2016 and reach full capacity of 90-million tonnes a year of iron-ore in 2018, or nearly a third of Vale's existing annual output.

Serra Sul will also be the world's first truck-less mine, using conveyor belts to automate production processes.

Over 115 million tons of iron ore were produced in Carajas last year. It holds 7.2 billion metric tons of iron ore in proven and probable reserves.
http://www.mining.com/brazils-vale-gets-2-8bn-for-iron-ore-expansions-15958/

Brazil’s Vale gets $2.8bn for iron ore expansions

Vale SA (NYSE:VALE), the world's No.1 iron ore producer, received a $2.8 billion loan from the country’s national development bank BNDES for expansions at Carajas, the largest iron-ore complex in the world.

The loan, said the bank according to local newspaper Valor Economico (in Portuguese), will help the Rio de Janeiro-based giant miner improve its railway network and build a new mining and processing unit in Para state, with annual capacity of 90 million metric tons.

Last summer Vale received a licence from the Environmental Protection Agency of Brazil to build a $19.5 billion railway expansion its Serra Sul mine, in Carajas. The project is expected to start production in 2016 and reach full capacity of 90-million tonnes a year of iron-ore in 2018, or nearly a third of Vale's existing annual output....

The Mining Hub
Carajas
April 16, 2014 6:04:57 AM
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Two miners remain trapped following a suspected roof collapse at Austar underground coal mine in Australia’s Hunter Valley.

According NSW Police a rescue operation was launched at about 9:15pm Tuesday, but the condition of the two men is unknown, Australia Network news reported.

Six ambulances, police and the NSW Fire and Rescue, as well as a helicopter, were at the scene.

The mine, run by Yancoal Australia, an Australian-Chinese partnership, employs over 400 staff. It operates to a depth of up to 530m with the coal-seams 1300m long and 220m wide....
http://www.mining.com/two-workers-trapped-after-collapse-at-australian-coal-mine-49020/

Two workers trapped after collapse at Australian coal mine

Two miners remain trapped following a suspected roof collapse at Austar underground coal mine in Australia’s Hunter Valley.

According NSW Police a rescue operation was launched at about 9:15pm Tuesday, but the condition of the two men is unknown, Australia Network news reported.

Six ambulances, police and the NSW Fire and Rescue, as well as a helicopter, were at the scene.

The mine, run by Yancoal Australia, an Australian-Chinese partnership, employs over 400 staff. It operates to a depth of up to 530m with the coal-seams 1300m long and 220m wide....

The Mining Hub
Austar
April 16, 2014 5:53:56 AM
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Shares in Potash Corp. of Saskatchewan (TSX, NYSE:POT) rose 1.36% in Toronto to $34.35 Tuesday morning after media reports hint at a potential bid from BHP Billiton (ASX, NYSE:BHP).

According to an article published by The Globe and Mail (subs. required), while there are no concrete signs a deal is under way, speculation is mounting as the landscape in the industry has shifted enough to make a buyout attractive.

BHP, in partnership with K+S AG, has been working on mine projects in Potash Corp's backyard, which could erode the Canadian exporting and marketing firm (Canpotex) market clout.

And while BHP has not yet given the full go-ahead to its touted $3.8 billion Jansen mine, the company recently committed to spending an additional $2.6 billion over the next few years, just to gain access to the deposit....
http://www.mining.com/bhp-going-after-potashcorp-again-report-26621/

BHP going after PotashCorp again: report

PotashCorp owns and operates this potash mine at Allan, Saskatchewan.

Shares in Potash Corp. of Saskatchewan (TSX, NYSE:POT) rose 1.36% in Toronto to $34.35 Tuesday morning after media reports hint at a potential bid from BHP Billiton (ASX, NYSE:BHP).

According to an article published by The Globe and Mail (subs. required), while there are no concrete signs a deal is under way, speculation is mounting as the landscape in the industry has shifted enough to make a buyout attractive.

BHP, in partnership with K+S AG, has been working on mine projects in Potash Corp's backyard, which could erode the Canadian exporting and marketing firm (Canpotex) market clout....

The Mining Hub
Jansen
April 16, 2014 5:50:28 AM
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World number two miner Rio Tinto's first quarter iron ore production came in slightly below expectations due to bad weather in the

Rio Tinto (LON:RIO) said global iron ore production of 66.4 million tonnes were up 8% year on year, below expectations of around 70 million tonnes and down 6% from the final quarter of 2013.

The Anglo-Australian giant maintained its full year forecast for iron ore production of 295 million tonnes compared to 26 million in 2013.

The Pilbara mines, including from the joint venture with Gina Reinhart's Hancock Prospecting, produced 63.4 million tonnes down 4.6%, with the reduced volumes blamed on cyclones and heavy rains.

Rio's mined copper production cam in at better than expected 156,500 tonnes, up 17% year on year. The company expects to produce 570,000 tonnes in 2014.....
http://www.mining.com/rio-tinto-iron-ore-output-falls-short-50900/

Rio Tinto iron ore output falls short

World number two miner Rio Tinto's first quarter iron ore production came in slightly below expectations due to bad weather in the

Rio Tinto (LON:RIO) said global iron ore production of 66.4 million tonnes were up 8% year on year, below expectations of around 70 million tonnes and down 6% from the final quarter of 2013.

The Anglo-Australian giant maintained its full year forecast for iron ore production of 295 million tonnes compared to 26 million in 2013.

The Pilbara mines, including from the joint venture with Gina Reinhart's Hancock Prospecting, produced 63.4 million tonnes down 4.6%, with the reduced volumes blamed on cyclones and heavy rains....

The Mining Hub
Kestrel
April 16, 2014 5:46:10 AM
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The price of gold built on recent gains on Monday as safe-haven buyers returned to the market on growing fears of a ratcheting up of violence in Ukraine and the threat of a European "gas war".

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery in late afternoon trade exchanged hands for $1,327.50 an ounce, up $8.50 from Friday's close.

Gold is now the highest in almost four weeks and is up nearly 11% since the start of the year.

Gold was supported by investors seeking the relative safety of gold as a hard asset after news of renewed clashes between security forces and pro-Russian activists in the east of the country.

The government in Kiev on Monday called for the deployment of United Nations peacekeeping troops as part of its "anti-terrorist" actions in ten cities where official buildings have been occupied by protestors demanding greater regional autonomy.

Russia has demanded that Ukraine does nothing to inflame tensions and stepped up its propaganda war, although many in the West suspect that Moscow's strategy is to weaken Ukraine’s new government to prevent the country from integrating with the EU.

Russia is a major supplier of gas to Europe – 40% of it in the case of Germany – with a significant portion of it via pipelines that run through Ukraine. Last week Russia warned it may start cutting off supplies to Ukraine over unpaid bills of some $2 billion....
http://www.mining.com/ukraine-escalation-lifts-gold-price-to-3-week-high-88218/

Ukraine escalation lifts gold price to 3-week high

The price of gold built on recent gains on Monday as safe-haven buyers returned to the market on growing fears of a ratcheting up of violence in Ukraine and the threat of a European "gas war".

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery in late afternoon trade exchanged hands for $1,327.50 an ounce, up $8.50 from Friday's close.

Gold is now the highest in almost four weeks and is up nearly 11% since the start of the year.

Gold was supported by investors seeking the relative safety of gold as a hard asset after news of renewed clashes between security forces and pro-Russian activists in the east of the country....

The Mining Hub
April 15, 2014 6:59:33 AM
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Fortuna Silver Mines Inc (TSE:FVI) shot up more than 7% on Monday after releasing record production numbers from its silver-gold-zinc mines.

In early afternoon dealings the Vancouver-based company was changing hands for $4.39, slipping back from a day high of $4.47 in morning trade on the Toronto Stock Exchange.

Around 430,000 shares in the $550 million counter were traded by 2:45EST. Fortuna shares are up more than 40% since the start of the year.

Fortuna reported first quarter consolidated production of 1.5 million ounces of silver (2.5 million ounces of silver-equivalent) from its San Jose silver-gold mine in Mexico and the Caylloma polymetallic mine in Peru.

The San Jose mine produces 997,000oz of silver plus 7,600 oz of gold, beating expectations on the back of higher grades....
http://www.mining.com/fortuna-silver-14115/

Fortuna Silver jumps after breaking production records

Fortuna Silver Mines Inc (TSE:FVI) shot up more than 7% on Monday after releasing record production numbers from its silver-gold-zinc mines.

In early afternoon dealings the Vancouver-based company was changing hands for $4.39, slipping back from a day high of $4.47 in morning trade on the Toronto Stock Exchange.

Around 430,000 shares in the $550 million counter were traded by 2:45EST. Fortuna shares are up more than 40% since the start of the year.

Fortuna reported first quarter consolidated production of 1.5 million ounces of silver (2.5 million ounces of silver-equivalent) from its San Jose silver-gold mine in Mexico and the Caylloma polymetallic mine in Peru....

The Mining Hub
San Jose (Fortuna)
April 15, 2014 6:47:24 AM
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Padbury Mining has promised to reveal the mystery Australian backer of its $6 billion Oakajee rail and port project after a request from the ASX.

Last week the junior miner made a market announcement that the Western Australian project would go ahead after receiving massive financial funding.

Padbury said the $6 billion needed to build the port and rail infrastructure in the mid-west region had come from Australian private equity partners that want to remain anonymous.

It said a new private company called Midwest Infrastructure (MWI) will become a subsidiary of Padbury Mining and develop the rail and port project....
http://www.miningaustralia.com.au/news/mystery-australian-oakajee-port-and-rail-investor

Mystery Australian Oakajee port and rail investor to be revealed

Padbury Mining has promised to reveal the mystery Australian backer of its $6 billion Oakajee rail and port project after a request from the ASX.

Last week the junior miner made a market announcement that the Western Australian project would go ahead after receiving massive financial funding.

Padbury said the $6 billion needed to build the port and rail infrastructure in the mid-west region had come from Australian private equity partners that want to remain anonymous.

It said a new private company called Midwest Infrastructure (MWI) will become a subsidiary of Padbury Mining and develop the rail and port project....

The Mining Hub
April 15, 2014 6:43:20 AM
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PERTH (miningweekly.com) – Diversified miner GlencoreXstrata has sold its Las Bambas copper project, in Peru, to a consortium of investors, including Hong Kong-listed MMG, for $5.85-billion.

The consortium would be responsible for all capital expenditure (capex) and costs incurred in developing Las Bambas between January this year, and the closing of the offer. At the end of March, since the beginning of the year, the project had incurred capex of about $400-million.

The Las Bambas project is one of the world’s largest copper projects under construction and has a 10.5-million-tonne mineral resource, and a 6.9-million-tonne ore reserve.

The project was expected to operate for about 20 years and would produce at a rate of two-million tonnes a year of copper in concentrate during the first five years of operation.

MMG CEO Andrew Michelmore said on Monday that the acquisition of Las Bambas was a transformational one for MMG.

“We are pleased to lead this joint venture and establish a strong platform in one of the world’s most prospective mineral precincts. Our investment in this project of national importance is the first step in what we see as a long-term relationship with Peru.”....
http://www.miningweekly.com/article/glencorexstrata-sells-peru-copper-mine-for-585bn-2014-04-14

GlencoreXstrata sells Peru copper mine for $5.85bn

PERTH (miningweekly.com) – Diversified miner GlencoreXstrata has sold its Las Bambas copper project, in Peru, to a consortium of investors, including Hong Kong-listed MMG, for $5.85-billion.

The consortium would be responsible for all capital expenditure (capex) and costs incurred in developing Las Bambas between January this year, and the closing of the offer. At the end of March, since the beginning of the year, the project had incurred capex of about $400-million.

The Las Bambas project is one of the world’s largest copper projects under construction and has a 10.5-million-tonne mineral resource, and a 6.9-million-tonne ore reserve....

The Mining Hub
Las Bambas
April 15, 2014 6:40:54 AM
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PERTH (miningweekly.com) – An independent study into ASX-listed Broken Hill Prospecting’s New South Wales cobalt deposits has identified another commercial opportunity that could deliver revenues of up to A$381.5-million a year, over a 20-year period.

Broken Hill announced on Monday that a detailed business model had identified the possibility of a standalone sulphuric acid project near the Broken Hill deposits, delivering about two-million tonnes a year of sulphuric acid by roasting cobalt-pyrite from the Thackaringa resource.

The sulphuric acid project would require a capital investment of A$768.5-million.

Broken Hill said on Monday that in addition to the revenues generated from the sulphuric acid, the project’s cobalt value would also be considerable given the cobalt contained in the ore.

Based on a cobalt price of $27 450/t, the model estimated that an additional value of between $822-million and $1.3-billion could be ascribed to the contained cobalt within the deposits....
http://www.miningweekly.com/article/broken-hill-identifies-new-opportunity-for-cobalt-projects-2014-04-14

Broken Hill identifies new opportunity for cobalt projects

PERTH (miningweekly.com) – An independent study into ASX-listed Broken Hill Prospecting’s New South Wales cobalt deposits has identified another commercial opportunity that could deliver revenues of up to A$381.5-million a year, over a 20-year period.

Broken Hill announced on Monday that a detailed business model had identified the possibility of a standalone sulphuric acid project near the Broken Hill deposits, delivering about two-million tonnes a year of sulphuric acid by roasting cobalt-pyrite from the Thackaringa resource....

The Mining Hub
Broken Hill
April 15, 2014 6:38:59 AM
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