• MACHINERY SALES: Massive mining machine to be auctioned

    A Demag HD800 crawler bucket-wheel excavator, one of the world's largest mining and earthmoving machines, will be sold to the highest bidder at an unreserved public auction in Fort Worth, Texas, in December.

    The machine is taller than a six-storey building and is capable of moving almost 6000 cubic yards of coal and dirt an hour, enough to fill 44 Olympic swimming pools in one day.

  • MONGOLIA - Entree expands Lookout Hill coal exploration

    Entrée Gold has increased the exploration budget for its portion of the Lookout Hill property in Mongolia by $2 million to further evaluate the coal discovery at Nomkhon Bohr.

    The Nomkhon Bohr target is hosted by a moderate to steeply dipping folded sequence of continental Permian sediments known to host other coal deposits in Mongolia, such as QGX’s Baruun Naran, South Gobi Energy Resources’ Ovoot Tolgoi and Energy Resources’ Tavan Tolgoi deposits.

  • PHILIPPINES – Joint venture for Archangel Project

    Mindoro Resources and Avocet Mining intend forming a joint venture to advance Mindoro’s Archangel Project in Batangas Province, the Philippines.

    Archangel includes the Kay Tanda epithermal gold-silver resource and several other porphyry copper-gold prospects.

  • UZBEKISTAN – Plan to quadruple production at Amantaytau Goldfields

    Oxus Gold plans to quadruple gold production at the Amantaytau Goldfields (AGF) joint venture in Uzbekistan over the new 2-3 years to more than 300,000 ounces per annum.

    The company also plans to produce gold at a significantly lower average total cost per ounce than at present.

  • INDIA – New steel plant for Chhattisgarh

    ArcelorMittal plans to establish a 6 million tonne per annum integrated steel plant in the Indian state of Chhattisgarh and has also bid to mine iron ore resources in the state.

    The new plant will add to the company’s investments in this region of India as it is also setting up two integrated steel plants in adjoining mineral rich states of Jharkhand and Orissa, with a combined capacity of around 24 million tonnes per annum.

  • INDONESIA – Drilling begins at Barisan II Project

    A 3000 metre diamond drilling program has started at East Asia Minerals’ highly prospective Barisan II Project, in Aceh, Indonesia.

    The first hole at Upper Tengkereng is well advanced and has been drilling in altered and copper mineralized porphyry from surface. Quartz vein density and associated disseminated sulphides are increasing down hole. The hole has reached a depth of more than 200 metres.

  • Kazkhstan – Varvarinskoye reaches 80% capacity

    Mining operations at Orsu Metals’ Varvarinskoye copper-gold mine in Kazakhstan have reached 80% of capacity as the ramp-up to full production continues.

    The Varvarinskoye mine is 130km southwest of Kostanai in northern Kazakhstan and mine produces for sale copper-gold concentrate and gold doré.

  • PHILIPPINES - IFC investment will boost Surigao exploration

    Mindoro Resources will use the proceeds of a potential $1.14 million investment from the International Finance Corporation (IFC) to advance exploration programs in the Surigao region of northern Mindanao in the Philippines

    The investment by IFC, a member of the World Bank Group, is subject to documentation, approval of the board of directors of IFC and regulatory approval.

  • COPPER - Resource upgrade for Redbank

    Completion of about 1600 metres of RC and diamond in-fill drilling has enabled Redbank Mines to provide an updated copper mineral resource estimate at its Redband Copper Project in the Northern Territory.

    The new JORC estimate provided by independent consultants SRK Consulting is 5.208 million tonnes at a grade of 1.44% copper per tonne containing 75,000 tonnes of copper.

    A key objective of the in-fill drill program was achieved in that a significant amount of tonnes previously in the inferred category have been reclassified to indicated resources, thus enhancing the confidence level of the project’s oxide resource base.

  • IRON ORE – Increase in resources at Ridley project

    Indicated resources at Atlas Iron’s Ridley Magnetite Project, which is part of the Pardoo Project in the Pilbara region of Western Australia, have increased by more than 100% to 756 million tonnes at 36.7% iron.

  • INDONESIA – Pungkut arrangements unchanged

    Despite reports saying that PT Antam Tbk is in talks with Oropa Limited to increase its interest in the Pungkut gold project in North Sumatra, Oropa says that no such offer has been received at this time.

  • TECHNOLOGY – Ecological solutions to support future of mining

    Rio Tinto and General Electric are working together on two key technology projects, Rio Tinto's 'Mine of the Future' and GE's 'Ecomagination', to develop the most energy efficient and ecologically friendly solutions to support the future of mining.

    Combining GE's expertise in environmental technologies with Rio Tinto's deep mining knowledge creates a world-class platform to help forge solutions required for the future of mining and in doing so should deliver significant value to all stakeholders.

  • INDIA - Surda pricing not affected by commodities slump

    India Resources suffered a steep fall in its share price on Friday, together with a large increase in volume of shares being transacted.

    In a statement released yesterday, the company says this is largely related to the recent falls in the copper commodity price to below $US4000 per tonne.

  • CONFERENCES – Forum will showcase Mongolia’s potential

    With outstanding and largely untapped mineral resources Mongolia remains one of the most attractive destinations for investors around the world and the Discover Mongolia-2008 mining investors forum aims to showcase this potential.

    The sixth annual forum will take place in Ulaanbaatar from November 6-8 and will be attended by geological and mining companies, equipment producers, banking and financial institutions, academics and the media.

  • CONFERENCES – IMME 2008 a window to Indian mining

    India will need major investment in its mining industry in the 5-10 years to support and sustain its high economic growth and the International Mining and Machinery Exhibition (IMME) in Kolkata from November 5-8 will be an ideal forum to investigate this potential.

  • CONFERENCES – Financial crisis hot topic at China Mining

    The impact of the global financial crisis on the mining industry will be a major discussion topic at China Mining in Beijing from November 11-13.

    There will be more than 200 speakers representing world-class mining companies, mining equipment suppliers and mining support services in attendance at the Beijing International Exhibition Centre for the 10th annual China Mining congress and expo.

    Also in attendance will be more than 300 exhibitors along with about 4000 delegates from nearly 50 countries. The event is hosted by the Ministry of Land & Resources, China.

  • CONFERENCES – Saudi Arabia’s first strategic mining forum

    With Saudi Arabia having excellent prospects for mining exploration, development and processing it is appropriate that the Middle Eastern country is about to host its first minerals and mining strategic forum.

    MENA-EX will be held in Jeddah, Saudi Arabia, from January 18-20 and includes a strategic forum as well as an international exhibition.

  • CONFERENCES – Gender and sustainable livelihoods in mining

    A two-day workshop in Canberra on November 6 and 7 will examine the issue of women’s empowerment and sustainable livelihoods in the mining industry.

    The workshop will attempt to answer a number of questions: Can women’s empowerment lead to more sustainable development outcomes for mine-affected communities? What is the evidence for and against integrating gender in the concerns of the large-scale extractive industries? What is the case for gender mainstreaming in the mining sector? What changes in policy or practice have arisen from the growing international interest in gender equity within the industry?

  • INDONESIA - Thiess Indonesia wins US$26 million contract for Martabe

    Thiess Indonesia has been awarded a US$26 million contract for site preparation and early construction work for OZ Minerals’ Martabe Project in North Sumatra.

    The contract was awarded by PT Agincourt Resources, a subsidiary of OZ Minerals, and will be OZ Minerals’ first mine in Indonesia.

    Thiess Indonesia president Roy Olsen says: “We have been delivering construction services to the resource industry for more than 20 years in Indonesia so our operations are well integrated with local suppliers, contractors and labour. This also aligns with OZ Minerals sustainable development focus for the project.

  • CHINA – Outstanding Zhao Gao intersection

    Assay results from Dragon Mountain Gold’s Zhao Gou deposit at its Lixian Project in central China include an outstanding intersection of 172 metres @ 3.06grams/tonne gold, including 68 metres at 6.19 grams/tonne.

    The results from extensive resource definition drilling reinforce the potential to upgrade the current inferred mineral resource which covers only part of the known strike extent of the Zhao Gou deposit and remains open at depth and along strike.

  • TONGA - Four high-grade copper-gold-zinc SMS systems found

    Teck Cominco has discovered four new high-grade Seafloor Massive Sulphide (SMS) systems on the prospecting licences of Nautilus Minerals in the Exclusive Economic Zone of the Kingdom of Tonga.

    Teck Cominco, the exploration partner of Nautilus, says laboratory testing of 17 massive sulphide samples, across the four newly discovered SMS systems, returned an average grade of 16.4 grams/tonne gold, 8.2% copper, 12.3% zinc and 184 grams/tonne silver.

  • PNG – New high-grade seafloor massive sulphide systems identified

    Hand-held X-ray florescence (XRF) tests by Nautilus Minerals have confirmed the presence of two new, high-grade, seafloor massive sulphide (SMS) systems in the territorial waters of Papua New Guinea.

    The new Solwara 9a and Solwara 9b SMS systems are within 1.5 km of the company’s Solwara 1 system, which Nautilus plans to be the world's first SMS resource project.

  • THAILAND – Significant copper-gold mineralization at Puthep

    Drilling at PanAust’s Puthep Copper Project in northern Thailand has confirmed the presence of further broad near surface zones of copper-gold mineralization.

    The zones include intercepts of more than 200 metres and significant peak intercepts grading between 0.5% and 2.0% copper.

  • PHILIPPINES – Rusina acquires Barlo copper-gold tenement

    Rusina Mining has completed the acquisition of the Barlo copper and gold exploration tenement from the administrators of Fire Resources.

    The Barlo Project is about 30km north of Rusina’s Acoje Nickel Project near the town of Dasol on the island of Luzon, the Philippines.

  • IRON ORE – Jupiter secures off-take arrangement with Haoning Group

    Jupiter Mines intends to enter an off-take agreement with Chinese iron ore and metallurgical company the Haoning Group covering up to 40% of direct shipping ore (DSO) production from its existing iron projects in Western Australia.

    Jupiter has signed a Heads of Agreement with LSG Resources, an Australian company which is part of the Haoning Group, encompassing the sale of future production of DSO-grade iron ore to LSG in the event that Jupiter identifies an economic resource within its tenements and begins iron ore production.

  • IRON ORE - Potential 30-50 million tonne target at Duck Creek

    Surface sampling at Brockman Resources’ Duck Creek iron ore project in Western Australia’s Pilbara region has highlighted exploration targets with a potential for 30-50 million tonnes of direct shipping ore (DSO) grading 56-59% iron.

    The helicopter-supported surface rock-chip sampling identified the Channel Iron Deposit mineralization at Duck Creek, which is about 115km from Paraburdoo in the West Pilbara.

  • NICKEL - New intersection expands Lounge Lizard potential

    Another important intersection of massive, matrix and disseminated nickel sulphides has further expanded the potential of Kagara’s Lounge Lizard prospect in the Forrestania region of Western Australia.

  • VIEWPOINT – Mindoro response to the world economic crisis

    The world financial markets are undergoing one of their most turbulent times in history and a whole new generation of entrepreneurs are reeling from the effects of “what has been and what may come next”.

  • VIETNAM – JORC resource expected at Quang Bin

    Despite the downturn in commodities prices and resulting lack of support for mining stocks, Axiom Mining is maintaining the pace of its resource definition drilling in Vietnam and Australia

    Axiom’s flagship Vietnamese project Quang Bin has an independently estimated resource of 1.8 million ounces of gold and a JORC resource is also expected soon.

  • PHILIPPINES – Daguma drilling off to a positive start

    The first hole drilled at Dwyka Resources’ Daguma Coal Project in the Philippines has intersected more than 10 metres of coal.

    It represents a positive start to the drilling program being carried out by Dwyka and its local Philippine partner MANA Resources Development Corporation (MRDC).

    The first hole was drilled to a depth of 75.8 metres and intersected 3 coal seams with 10.35 metres of coal intersected in discrete robust seam. The top of the main seam was intersected at a depth of 36.6 metres. The hole is about 550 metres from the outcrop position of the main seam.

  • INDONESIA – Significant gold intercepts at Miwah

    Trench sampling at East Asia Minerals’ Miwah Project in Aceh Province, North Sumatra, Indonesia, continues to encounter significant gold intercepts.

    The latest results, including 22 metres @ 3.86 grams/tonne gold and 18 metres of 2.86 grams/tonne gold, are from the eastern half of the Miwah Bluff area.
    Rock saw channel sampling returned consistently strong gold mineralization, hosted specifically in vuggy silica altered breccias and volcanic rock.

  • KAZAKHSTAN –Commercial discovery status for three prospects

    The Kazakh Government has granted commercial discovery status to three prospects owned by Central Asia Resources in Kazakhstan.

    The government has acknowledged that the Altyntas, Kepken and Kengir prospects are of commercial significance and have issued commercial discovery status and mining licences to Altyn-Tas LLP, which is 95% held by Central Asia Resources.

    Another prospect, Uenke Bulak, was awarded commercial discovery status in January, 2008.

  • PHILIPPINES - Alpha mining permits renewed

    The Philippine government has renewed two of the Small Scale Mine Operating (SSMO) permits related to MBMI Resources’ Alpha nickel property in Palawan, Philippines.

    The renewal of the SSMO permits will allow the company's Philippine partners to continue the extraction and sale of up to 50,000 metric tonnes of raw nickel material, per permit, per year for a further two years through to September 2010.

  • CHINA - TFC arranges funding for zinc producer

    With zinc prices tumbling Trade Finance Corporation has managed to close out an eight figure US dollar funding deal for Chinese zinc miner and producer, Xiangfen Non Ferrous Metals Group, based in Shanxi.

  • INDONESIA – Drilling increases Mandul Island coal potential

    Initial drilling at Kalimantan Gold Corporation’s Mandul Island coal prospect in East Kalimantan has confirmed the quality of the coal and provides further evidence of significant coal prospects.

    An initial seven widely spaced drill holes have been completed.

    Coal outcrops up to 2.4 metres thick had been mapped before the drilling which intersected up to three coal seams, with a maximum thickness of 3.7 metres.

  • INDONESIA – Drilling extends Bulan mineralization

    Drilling at East Asia Minerals’ Abong project in Indonesia has extended the main Bulan gold mineralization to the west where it still remains open.

    The overall Abong mineralized system also remains open in both strike directions.

    Recent infill and step-out drilling at the Bulan Gold Zone continues to demonstrate the continuity of the near-surface, flat-lying, gold-bearing jasperoid horizon with strong gold intercepts of 11.00 metres of 5.68 grams/tonne gold and 10.0 metres of 2.50 grams/tonne gold.

  • INDONESIA – Lower-grade mineralization extended

    A drill hole at the Montong Botek target of Southern Arc Minerals’ Selodong porphyry copper-gold prospect on west Lombok Island, Indonesia, has extended a halo of breccia-hosted lower-grade mineralization surrounding high-grade mineralization.

    The hole was designed to test possible southward extensions and limits of higher grade copper-gold mineralization defined in previous holes drilled into the target.

  • PHOSPHATE - Mineralization identified over 20km

    High-grade phosphate results have been received from sampling undertaken at Uramet Resources’ Barr Creek Phosphate Project, 120km north of Mt Isa in Queensland.

    The Barr Creek Project area comprises northern and eastern extensions of the third-party-owned Lady Jane phosphate deposit discovered in the late 1960s. Historic exploration undertaken by Broken Hill South during the 1960s within Uramet’s tenement area included surface sampling and reconnaissance drilling.

  • ZINC – Production to be cut in favour of copper

    Falling zinc prices have prompted OZ Minerals, the world’s second largest zinc miner, to reduce zinc production in favour of copper in 2009 at its Golden Grove mine in Western Australia.

    OZ Minerals intends to reschedule mine production to reduce production of zinc in concentrate by about 50,000 tonnes, which is equivalent to a reduction of between 35% and 40% of current 2008 zinc production guidance of 130,000–135,000 tonnes. Expected zinc in concentrate production from Golden Grove for 2009 is in the range of 80,000–85,000 tonnes.

  • INDONESIA - East Kutai coal resource hits 1.4 billion tonnes

    Churchill Mining has now defined 1.412 billion tonnes of JORC compliant resource in various categories at the East Kutai Coal Project in East Kalimantan, Indonesia.

    The resource has exceeded the company’s initial 2008 target of 500 million tonnes of thermal coal by 140%.

    The update was derived from a total drilling program of 19,662 metres, including 6874 metres open hole and 12,788 metres coring in 131 drill hole locations.

  • COMPANY & PRODUCT NEWS - SWiPS increasingly used for coal bed methane projects

    Standard Wireline Packer Systems (SWiPS) designed and manufactured by Inflatable Packers International (IPI) are increasingly being used for coal bed methane projects.

    One of the new recent SWiPS purchasers is Boart Longyear Drilling Services ( New Zealand ), which recently took delivery of a HQ model.

  • PNG – New seafloor massive sulphide system identified

    Nautilus Minerals has discovered a new high-grade seafloor massive sulphide (SMS) system in the territorial waters of Papua New Guinea .

    The Solwara 10 prospect is on Manus Spreading Centre within a Nautilus exploration licence, about 24km south-west of the company’s Solwara 2 prospect.

    Sulphide mineralization at Solwara 10 was mapped visually and confirmed by grab sampling. The SMS system outlined is about 680 metres long, by an across strike outcrop width of 30 to 270 metres and averaging 110 metres. It lies on the seafloor about 2240 metres below sea level, on the south flank of a small rise. The SMS outcrop is surrounded by unconsolidated sediment and volcanic outcrops.

  • CHINA – Carbon capture and storage project initiated

    EESTECH and Tianjin DaGang Huashi Power Generation have agreed to establish a carbon capture and storage (CCS) project in China using EESTECH’s carbon management and storage technology.

    Dagang will use one of its two 330MW power units to demonstrate the capture of CO2 from its flue gas stream and then transport the CO2 for geosequestration and enhanced oil recovery.

    The project will show the development of a ‘CO2 Capture Project’ that can be profiled internationally as a sustainable climate change project that will greatly benefit China .

  • LAOS - Drilling extends Phu Kham mineralization

    Scout drilling has intercepted wide intervals of copper-gold mineralization at PanAust’s Phu Kham copper-gold deposit in Laos , which increases the potential to expand production levels and extend mine life.

    The intervals have been intersected over a strike length of 800 metres from the currently defined northern limit of the Phu Kham deposit.

    Best intersections were 40 metres @ 0.4% copper and 0.5 grams/tonne gold from a depth of 10 metres, and 30 metres @ 0.6% copper and 0.2 grams/tonne gold from 152 metres.

  • PHILIPPINES – Correction: Runruno operated by Metals Exploration

    An article on page 66 of the Volume 5, Fourth Quarter edition of The ASIA Miner, headed ‘A clear plan to revitalize mining’ states that among the mining projects in the advanced exploration stage in the Philippines is Metex Minerals’ Runruno gold project.

    This is incorrect as the Runruno gold project is owned by Metals Exploration.

  • PHILIPPINES – Gold Fields to farm-in on three Mindoro Batangas projects

    Mindoro Resources and Gold Fields have signed an agreement which provides for Gold Fields to earn up to a 75% interest in three Mindoro copper-gold projects in the Batangas Province of southern Luzon , the Philippines .

    The agreement provides for Gold Fields to earn the interest in each of the El Paso , Lobo and Talahib porphyry copper-gold projects by sole funding exploration and a feasibility study on each project.

  • INDONESIA – Significant gold intersections at Old Camp Area

    First pass drilling at the Old Camp Area of Oropa Resources’ Pungkut Gold Project in North Sumatra, Indonesia, has returned thick intersections of gold mineralization.

    The Old Camp Area is to the east of the Sihayo 1 North prospect where an inferred resource of 12.1 million tonnes @ 2.4 grams/tonne gold for 910,000 ounces of gold has been estimated. Combined with the nearby Sambung resource estimation, the total inferred resources for the project are more than 1 million ounces of gold.

  • CHINA – Loan boosts capital funding for White Mountain

    The China Construction Bank has provided Sino Gold Mining with a US$34 million loan which will enable it to continue advancing the White Mountain Gold Mine in Jilin Province , China , to commercial production in 2009.

    White Mountain is being developed into Sino Gold's second mine and is 230km south-southeast of Changchun , the capital city of Jilin Province in northeast China . Sino Gold owns 95% of the project and the surrounding 128sqkm exploration licences. The project is 7km from the prefecture level city of Baishan , a coal and iron ore mining centre.

  • CHINA – Bridge loan to support CSH gold mine expansion

    A US$19.1 million bridge loan will enable Jinshan Gold Mines to support operations at the CSH gold mine in Inner Mongolia , China during installation of crushers and Phase II construction.

    Jinshan’s China subsidiary Ningxia Pacific Mining has obtained approval for the bridge loan with the Industrial and Commercial Bank of China , the largest commercial bank in China . The loan has been guaranteed by Jinshan’s controlling shareholder, China National Gold Corporation.

    Jinshan continues to make operational improvements at the CSH mine as reflected in steadily increasing production. Gold production in June was 4810 ounces, in July 5234 ounces and in August 6415 ounces, which was a record month.

  • CHINA - Gold Mountain pre-feasibility study extended

    A pre-feasibility study of Tianshan Goldfields’ Gold Mountain Project in north-west China has been extended until early 2009 to ensure that all development parameters are fully examined to underpin any decision to progress to a full feasibility study in 2009.

    The extension will also enable the company to meet its internal investment criteria, and provide sufficient time to complete an extensive metallurgical test work program.

    Gold Mountain comprises measured, indicated and inferred resources totalling 94.8 million tonnes at 0.9 grams/tonne gold for 2.64 million contained ounces.

  • GOLD - $1000 price not justified from supply side

    In the October issue of Goldletter International, the international independent information and advice bulletin for gold and related investment, editor Marino G. Pieterse discusses ‘Gold doesn’t run its own course’ and ‘Is a $1000 gold price justified from the supply side?’ In this week’s The ASIA Miner electronic news, we present an extract from his October report.

  • IRON ORE – Mining about to start at Pardoo

    The contract mining team has been mobilized to the site of Atlas Iron’s Pardoo Iron Ore Project in the Pilbara region of Western Australia to begin mining this month.

    Construction contractors are also on site at Pardoo, 75km from Port Hedland, to begin their work this month.

    CDE Capital, a majority indigenous owned and operated mining contractor, has fully mobilized the mining fleet. CDE’s management and operating personnel are being inducted to the site;

    Castle Equipment, the project’s interim crushing and screening plant operator, is preparing to commence operations, while Gould Transport has a fleet of quad configuration road-trains of nominal 105 tonnes capacity each in Port Hedland and is ready to begin haulage upon start of stockpile construction on site.

  • NICKEL – Record intersection at Lounge Lizard

    A record intersection of 76.5 metres of massive, semi-massive and disseminated sulphides has been recovered at Kagara’s Lounge Lizard Nickel Project in the Forrestania region of Western Australia .

    The intersection comprises three zones of massive sulphides with an aggregate drilled width of 33.46 metres.

  • LINATEX provides total product solutions to the mining industry

    Rubber product manufacturer Linatex has added value to its global operations by providing total product solutions for mining industry clients.

    In this interview The ASIA Miner deputy editor John Miller chats to Linatex business director, Australia and Asia , Tony Boucher about the shift from traditional rubber supplier to total product provider. 

    To access Tony Boucher's live interview click here

  • CONFERENCES – Important forum for Asia Pacific region

    The Asia Pacific Mining Conference and Exhibition will be held in Manila next week, from October 14-16. The ASIA Miner, a media partner to this event, will be present with editor Yolanda Torrisi looking forward to hearing the presentations and meeting with delegates looking at this important region of mining development.

    As the US economic crisis deepens emerging economic powerhouses like China and India will play bigger roles in determining global demand for metals that are shrinking in supply.

  • MONGOLIA - Leighton Asia awarded coal contract

    Leighton Asia has secured its first project in Mongolia after being awarded a contract for mine start-up and box cut at the Ukhaakhudag coal mine project.

    Leighton established its office in the capital Ulaanbaatar in August 2007 and has developed a working relationship with Energy Resources LLC, the owner of the Ukhaakhudag coal deposit.

    This deposit is adjacent to the world-class Tavan Tolgoi deposit in the South Gobi region of Mongolia , 200km from the China border and 540km from Ulaanbaatar .

  • CAMBODIA - Substantial gold intersections at Kratie

    ONGOING exploration by Southern Gold at the Kratie Gold Project in Cambodia ’s northeast has returned the company’s first substantial results since it began exploring in the South East Asian country more than two years ago.

    As well as returning significant intersections from Kratie, Southern Gold has increased its interests in Cambodia by doubling its tenement holding to more than 1500sqkm.

  • INDIA – Funds will help in Surda copper ramp up

    India Resources has secured $1.5 million to provide working capital as it focuses on the ramp up to sustainable production levels at the Surda copper mine in India .

    The working capital debt facility was obtained from the Hong Kong based global supply chain manager, Noble Group.

    The debt facility can be drawn down in instalments as required and is repayable within 18 months, with repayments being funded from forecast cash operating surpluses generated from the Surda mine.

    Production rates at Surda continue to increase in line with forecasts and the project is on target to reach full production levels this quarter. This will signify a major milestone for the company with Surda expected to achieve a cash operating surplus before capital requirements.

  • INDONESIA – Shipping company plans another coal purchase

    Shipping company Mercator Lines plans to acquire a 50 million tonne coal mine in Indonesia and expects to invest $50-75 million for the acquisition.

    Mercator is possibly the only domestic shipping company to foray into the coal mining business.

    The company is evaluating acquisition options, in terms of quality of coal, coupled with the necessary infrastructure needed to transport the product. Mercator has leveraged its Singapore-based subsidiary Mercator Lines Singapore for its coal mining activities.

  • KYRGYZSTAN - More high grade Savoyardy intercepts

    A diamond drilling program at Kentor Gold’s Savoyardy gold project in the Kyrgyz Republic continues to encounter high grade gold intersections.

    The latest assay results include 1.0 metre @ 21.4 grams/tonne gold and 7.0 metres @ 6.3 grams/tonne gold.

    The latter intersection terminated in mineralization as the limitation of the drill rig was reached at 102.4 metres.

    These results are from recent surface drilling completed to the south of the main Savoyardy mineralization. The intersections are up to 250 metres from the mineralization identified in the underground adit developed during the 1970s.

  • PAPUA NEW GUINEA - Wärtsilä will supply power plants to Ramu

    POWER plant equipment supplier Wärtsilä will supply two power plants for the Ramu nickel project which is being developed in the Madang region of Papua New Guinea .

    The orders have been placed by China ENFI Engineering Corporation with one plant at the Ramu nickel mine and the other at the nickel refinery in the port area.

    The Ramu nickel project is being developed by the China Metallurgical Group ( MCC ), a Chinese state-owned mining company, and its partners.

  • THAILAND - Expanded mineral resource boosts Puthep Copper

    A SUBSTANTIAL upgrade to the mineral resource estimate at the Puthep Copper Project in northern Thailand has supported plans by PanAust for a 10-year plus project producing around 50,000 tonnes of copper per year.

    Based on a 0.3% copper cut-off grade, the mineral resource for the Puthep PUT 1 copper-gold deposit is estimated at 183 million tonnes with an average grade of 0.5% copper and 0.13 grams/tonne gold. The mineralization extends for a strike length of more than 3km and a width of up to 1km.

  • PHILIPPINES - Co-O resource inventory update

    A new JORC compliant reserve estimate at Medusa Mining’s Co-O gold project in the Philippines shows a probable reserve of 721,000 tonnes @ 10.77 grams/tonne gold for 249,000 contained ounces.

    In addition there is an additional potential mining inventory of 949,000 tonnes at an estimated grade of 10.60 grams/tonne gold containing an estimated 323,000 ounces of gold.

  • CHINA – Record manganese alloy output at Qinzhou smelter

    OM Holdings’ Qinzhou Smelter in China achieved record production of 27,276 tonnes of high carbon ferro manganese in the first half of 2008.

    As demand for alloys continues to increase the first half result is expected to lead to record annual production of about 41,000 tonnes of alloy by the end of the year.

    The Qinzhou result helped contribute to OM Holdings’ record half year net profit of Aus$97 million as the company continued to reap the benefits of the continued strength of the global manganese market.

  • IRON ORE – High quality ore intersected at Carina

    Broad zones of high quality iron ore have been intersected in an ongoing drilling program at Polaris Metals’ Carina prospect in Western Australia with a peak result of 82 metres at 60.3% iron.

    Carina is part of the Yilgarn Iron Ore Project, 60km north of Koolyanobbing in the central south of Western Australia , east of Perth .

    Currently three drilling rigs are on site and two more are expected shortly for three RC rigs and two diamond core rigs in total. The company hopes the five rigs will accelerate resource definition.

    The company believes the mineralization characteristics indicate the potential for a high quality direct shipping ore product.

  • NICKEL – A-plus ranking for 1A deposit

    Breakaway Resources has had further exploration success at its West Kambalda Nickel Project in Western Australia with the latest drilling confirming extensions of both the 1A and Andrews deposits.

    A recent evaluation of the 1A deposit has been particularly important, indicating that it may offer a shallower development opportunity, ranking it above Andrews.

    Four of seven holes drilled in the latest drill program at 1A have confirmed the occurrence and significance of depth extensions to the deposit, beneath the old mine workings, by intersecting additional massive and matrix sulphides.

  • PHILIPPINES – Drilling expands nickel resource at Agata north

    A drilling program at Mindoro Resources’ Agata North Nickel Laterite project in the Philippines continued to expand the resource

    Results have been received for a further 23 drill holes from the Phase 2 drill program on Agata North. For the 18 drill holes within the area of mineralization, the limonite horizon averages 1.09% nickel, 0.12% cobalt and 44.55% iron over an average thickness of 3.26 metres.

    The underlying saprolite horizon averages 1.16% nickel and 12.35% iron over an average thickness of 4.84 metres. Grades and thicknesses are consistent with those previously reported and continue to be of potential economic interest.

  • COMPANY & PRODUCT NEWS - Practical information on disease management

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