The Mines and Geosciences Bureau (MGB) has suspended the nickel mining operations of four mining firms in Central Luzon because of what it terms ‘unsystematic methods’. Suspended are Zambales Diversified Metals Corporation, Benguet Corporation Nickel Mines, Eramen Minerals and LNL Archipelago Minerals.

The MGB says residents of Santa Cruz, Zambales have been complaining of nickel contamination of shores and rice fields as a result of ‘uncontained’ metal. MGB director Leo Jasareno said unsystematic strip mining leads to “inefficient recovery of minerals and adverse environmental impacts like siltation and dust generation”.

The companies were ordered to remove all stand-by stockpiles in open cut areas and store these in designated stockpile areas equipped with proper drainage systems. The firms were also ordered to implement maintenance measures for the duration of their suspension. Compliance reports shall be sent to the MGB regional office....
The Mining Hub
July 31, 2014 7:02:35 AM
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The wind down of the mining investment boom is hurting Western Australia's commercial property market, with growing vacancies in office space.

Confidence is weak among all sectors of Australia's commercial property market except for CBD hotels, figures from National Australia Bank on Wednesday show.

Conditions in the office, retail (shops) and industrial (factories) property markets were weaker in the June quarter, according to the NAB Commercial Property index.

The overall index was down six points but in Western Australia, it was down 20 points, said NAB chief economist Alan Oster.

"It's very obvious that Western Australia is very negative at present, there's some pretty big slowdown effects there," Mr Oster said.

"What we're seeing in WA is yes, you're still getting very strong growth in gross domestic product, because exports are really strong, but domestic demand is actually negative in WA because not as much investment is going on....
The Mining Hub
July 31, 2014 6:57:11 AM
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One-time market darling Regis Resources is facing a $280 million hit as the gold miner conducts a review of its assets in the Northern Goldfields and NSW.

The Nick Giorgetta-chaired company says a pre-tax impairment charge in the range of $230 to $280 million is likely to be announced at its financial results in September.

Regis says the charge is consistent with its previous 2015 full year guidance issued in May.

The impairment charge relates to open pit pre-strip mining, deferred waste mining and pre-production costs at its Garden Well and Rosemont assets near Laverton amid falls in the gold price.

"Whilst no final decision has been made, the board believes it is likely that an impairment charge in the range of $230 to $280 million will result," Regis said in a statement....
The Mining Hub
Garden Well - Erlistoun
July 31, 2014 6:54:13 AM
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Gold miner Ramelius Resources has reduced its cash costs and produced more than 25,000 ounces of gold in the June quarter.

The Perth-based company produced 25,422 fine ounces of gold at a cash cost of $1013 per ounce in the June quarter, down from $1213 in the previous quarter.

In the September quarter Ramelius expects to produce 18,000 to 19,000 ounces of gold at its Mount Magnet operations and 3000 to 4000 ounces at its Burbanks operations.

The company reported gold sales for the June 2014 quarter of $35.8 million at an average price of $1376 per ounce.

During the quarter mining engineer and chief operating officer Mark Zeptner took over from Ian Gordon as the company's chief executive.
The Mining Hub
Western Queen South
July 31, 2014 6:51:25 AM
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Turkey-focused gold producer Alacer Gold on Tuesday reported a 57% year-on-year drop in headline earnings for the three months ended June 30, as lower grades at its 80%-owned Çöpler mine resulted in lower sales.

Excluding special items, Toronto-based Alacer reported adjusted net profit of $9.4-million, or $0.03 a share, which mainly reflected the impacts of lower gold sales volumes and prices and higher per‐ounce unit costs compared with the $22-million in the same quarter a year earlier.

Gold sales of $63.7-million were 29% lower over the same period last year, reflecting a 25% decline in sales volume to 39 564 oz, driven by a 27% decline in attributable gold output to 39 836 oz and a 5% decline in the realised sale price from $1 356/oz to $1 288/oz.....
The Mining Hub
Çöpler
July 31, 2014 6:48:15 AM
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ASX-listed Panoramic Resources has signed a consolidation agreement with the Canadian exploration arm of mining major Rio Tinto over platinum group metal (PGM) assets, in Ontario, Canada.

The consolidation would include Panoramic’s Thunder Bay North project, and Rio’s Escape Lake project, which is surrounded on all sides by the Thunder Bay project.

Under the terms of the consolidation agreement, Rio would have the option to spend up to C$20.25-million over the next five-and-a-half years to acquire a 70% interest in the Thunder Bay North project. If the diversified miner took up the spending, Panoramic would acquire a 30% stake in Escape Lake.

The expenditure would be conducted in three phases, with Rio expected to spend its first C$250 000 to generate exploration targets. The two companies would jointly carry out a detailed review of all existing data to develop exploration targets on the consolidated property, while sharing exploration expertise and techniques...
The Mining Hub
Thunder Bay North
July 31, 2014 6:45:55 AM
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Mining industry is witnessing mixed trend with recovery seen in the Pipeline Activity Index (PAI) in May after an all time low in April but dropping slightly again in June.

SNL Metals and Mining said in an industry review that the May uptrend was mainly due to several new mines coming onstream. Companies focussed on later-stage assets at the expense of earlier-stage assets.

With gold price steadying at $1300 per ounce, the stage is set for recovery in exploration sector.

"However, the historical slowdown during northern summer months means the December quarter is likely the earliest that we will see any significant upward movement in the PAI."

The number and value of positive milestone announcements increased significantly in May-June from the lows seen in the first four months of 2014. The in-situ value of advancing gold announcements was considerably higher than in the March-April period, including production starting at several mines. Base metals announcements also increased over March-April; however, the number of advancing base metals project remained well below historical averages...
The Mining Hub
July 31, 2014 6:42:38 AM
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Toronto's Avanti Mining has arranged to borrow US$612 million for development of the Kitsault molybdenum mine 140 km northeast of Prince Rupert. The funds will be provided by a syndicate of lenders including BNP Paribas, Caterpillar Financial Services, Export Development Canada, Korea Development Bank, Mizuho Bank, and UniCredit Bank. Final approval of the deal is expected in September 2014.

The facility set out in the term sheet is comprised of US$500 million senior debt for a term of 10.5 years, US$42 million in equipment finance for a term of five years and $70 million in the form of standby cost overrun facilities for a term of eight years. The interest rate is London interbank offered rate (LIBOR) based, loan repayments are semi-annual or quarterly (for equipment finance) and there are mandatory prepayment provisions of a portion of excess free cash flow.....
The Mining Hub
Kitsault
July 31, 2014 6:39:55 AM
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The mining tax has generated $600 000 for the June quarter, falling welling short of the $150 million originally forecast.

The revenue generated in the latest instalment represents “just one half of one per cent” of this proposed figure, according to Federal treasurer Joe Hockey.

His comments come on the back off the Abbott Government’s continued push to abolish the Mineral Resources Rent Tax, after its failure to pass the senate earlier this year.

The Liberal party election promise to repeal both the MRRT and the Carbon tax is proving difficult to keep, with the risk of a double dissolution election looming if the senate doesn’t pass the repeal legislation a second time.

The second reading of the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 in March showed strong opposition to the repeal from the Labor Party and the Greens....
The Mining Hub
July 31, 2014 6:37:22 AM
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Caterpillar has announced it will carry out an enormous $2.5 billion stock buyback this year.

It comes after the mining machinery manufacturer signalled a buyback of approximately $1.7 billion during the first quarter of this year.

Now Cat has entered into a definitive agreement with Societe Generale to purchase a total of $2.5 billion of its own common stock under accelerated stock repurchase transactions, an official news release stated.

“Repurchasing an additional$2.5 billion of Caterpillar stock in the third quarter of 2014 will bring our total 2014 stock repurchases to$4.2 billion,”Caterpillar CEO Doug Oberhelman said....
The Mining Hub
July 31, 2014 6:35:59 AM
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