• UZBEKISTAN – Funds for Amantaytau

    Oxus Gold intends to use US$185 million in funds from an investment by a Chinese consortium to finance and develop the Amantaytau Goldfields joint venture in Uzbekistan.
    It aims to expand the existing open pit heap leach mining operations, develop one or more underground mines, and accelerate exploration.
    Oxus believes the funds will enable Amantaytau Goldfields to target first production at the underground sulphide project for the middle of 2011 and thereafter an increase in annual production to around 300,000 ounces of gold annually, assuming all necessary regulatory approvals are granted.
    The company has entered into conditional agreements with the Concert Party group of Chinese investors, which consists of Baiyin Non-Ferrous Group Co, CITIC Construction Co, Chang Xin Yuan Su (Tianjin) Equity Investment Fund Management LP.
    Oxus’ chairman Richard Shead says, “I am delighted that we have reached agreement with the Chinese consortium to provide this financing.
    “The majority of these funds will be loaned to AGF, where we would hope to expand production to approximately 300,000 ounces a year, and also do justice to the very significant exploration potential within the licence area, particularly with regard to the high grade underground project.
    “Oxus will also be able to draw on the Concert Party’s extensive technical expertise and we very much look forward to working with them.
    “All parties will now focus on obtaining the relevant governmental agreements and approvals as soon as possible, and we continue to target 2011 for first gold production from the underground mine at Amantaytau.”
    Since listing in 2001, Oxus has produced significant quantities of both gold and silver from its 50% interest in Amantaytau Goldfields, whose mining operations are in the Kyzylkum region of Uzbekistan.  To date, Amantaytau Goldfields has produced about 526,000 ounces of gold and 2.24 million ounces of silver.
    The operations are situated on one of the world’s largest areas of gold endowment, the Tien Shan belt, second only in size to that of the Witwatersrand basin in South Africa.
    Proven and probable reserves under the JORC Code are estimated to be 2.437 million ounces of gold and 4.625 million ounces of silver.
    www.oxusgold.co.uk

  • KYRGYZ REPUBLIC – Kurgan gold results

    Exploration at Kentor Gold’s Kurgan 1 gold prospect in the Kyrgyz Republic has identified 6 gold-bearing zones.
    The zones, which average 4.5 metres in width and 150 metres in length, were identified during the 2009 exploration program which saw the company re-interpret the geology of the area, followed by a program of geophysics, geochemistry, trenching and channel sampling.
    The best intersections from the channel sampling are 3 metres @ 7.3 grams/tonne gold, 5 metres @ 7.3 grams/tonne, 17 metres @ 1.5 grams/tonne and 5 metres @ 3.1 grams/tonne.
    Two adjacent areas of similar size showing anomalous geochemistry are scheduled for further exploration in 2010.
    While the company’s focus in 2010 is on development of the Andash project, it is also proposed to drill the 6 gold-bearing lodes identified at Kurgan.
    Kurgan 1 is at an altitude of about 2000 metres on a south-facing slope of the Talas Range in the Kyrgyz Tien Shan Mountains.
    Road access is easy while the moderate altitude and south-facing slope combine to provide good working conditions over an extended field season relative to many other areas of the Kyrgyz Republic.
    Kentor is an Australian-based company formed in 1998 as a specialist gold explorer. The company has diversified into exploration for gold, geothermal energy and base metals in Central Asia.
    Kentor is working on the development of two gold mines in the Kyrgyz Republic – Andash and Savoyardy.
    Andash is a larger gold-copper project targeted for production in 2011 at the annual rate of 60,000 ounces of gold and 5000 tonnes of copper in concentrate for eight years.
    At Savoyardy Kentor is planning further exploration to increase the existing JORC-compliant resource before development.
    www.kentorgold.com.au

  • INDONESIA – First GPK coal shipment

    Kangaroo Resources has shipped the first barge of thermal coal from the Graha Panca Karsa (GPK) project in Kalimantan while production at the Mamahak project is expected to start this month.
    In early January the company shipped 4200 tonnes of coal from GPK to the privately-owned Cahaya Fajar Kaltim power station in East Kalimantan.
    The coal was sold through a competitive tender process and the company realized operating margins of US$8-10 per tonne through the sale.
    As GPK production ramps up development work at the Mamahak coking coal project has started. When production begins in coming weeks it will become the company’s second operating mine.
    Mamahak already has 30,000 tonnes of coking coal stockpiled, providing a solid base to begin the production ramp-up.
    Kangaroo completed the purchase of Mamahak on December 24, 2009, and with all logistics infrastructure in place, a strong production ramp-up is expected.
    The Tanur Jaya (TJ) thermal coal project is set to become Kangaroo’s third operating mine by mid-year.
    Similar to Mamahak, a significant amount of infrastructure is already in place at TJ, which should assist the company in achieving a strong production ramp-up.
    Early development work at TJ is expected to begin in the next few months with the first shipment of coal expected to occur in late 2010.
    www.kangarooresources.com

  • INDONESIA – Sabalong licence granted

    Southern Arc Minerals has been granted a mining business licence (IUP) for the Sabalong gold-silver property in the Indonesian province of West Nusa Tenggara.
    Issued by the Regent of Sumbawa, the IUP comprises two stages, each with potential extensions.
    Over a period of 6 years, the exploration stage permits the company to pursue exploration activities through to conclusion of a feasibility study.
    Upon the conclusion of the exploration stage, the IUP automatically converts to a second stage, permitting the company to conduct commercial production on this property for a minimum of 20 years, with the potential for two further 10 year extension periods.
    Covering 9950 hectares, Sabalong hosts epithermal gold-silver-bearing quartz veins, with lesser high-level hydrothermal breccias and silica cappings, with the latter genetically associated with an early high temperature potassic event, in the form of structurally-controlled ‘silica ledges’, or lithocaps located upper or distal to a porphyry system.
    Surface geologic mapping has defined an area of 3 x 4km of structurally-controlled argillic alteration with lesser advanced argillic assemblages, hosting low sulfidation epithermal veins in the east (Toyang Prospect), whilst to the west residual silica and enargite-bearing quartz veins typical of high-sulfidation epithermal systems are encountered (Lito Prospect).
    There is a direct relationship between gold tenor, concentrations of quartz veins/breccias and illite crystallinity, as evidenced by higher surface intersections including 4.0 metres @ 7.23 grams/tonne gold, 4.0 metres @ 6.79 grams/tonne gold and 10.0 metres @ 5.91 grams/tonne gold.
    Additional ground geophysical surveys (EM/IP-resistivity) and spectral analysis studies are required to further refine drill target areas.
    Sabalong is on Sumbawa Island, about 22km from the administrative city of Sumbawa Besar and 70km from Newmont's world-class Batu Hijau porphyry gold-copper mine.
    www.southernarcminerals.com

  • MONGOLIA – Jinshan joint venture

    Jinshan Gold Mines has formed a partnership with a Mongolian company to jointly explore and develop gold projects in the central Asian country.
    Jinshan has entered a memorandum of understanding with Monnis International and will hold a 51% equity interest in all projects acquired under the joint venture. Monnis will hold the remaining 49% stake.
    Jinshan will control and manage all acquired projects and says its partnership with Monnis will allow it to ‘build and grow strong business in Mongolia’.
    Monnis is the official distributor of Nissan cars in Mongolia but has recently expanded its activities to the mining sector. It employs more than 600 people.
    www.jinshanmines.com

  • PAPUA NEW GUINEA – Solwara 1 permit granted

    The final environmental permit for the development of Nautilus Minerals’ Solwara 1 Project in the territorial waters of Papua New Guinea has been granted.
    The permit was granted by the Department of Environment and Conservation (DEC) of Papua New Guinea for a term of 25 years, expiring in 2035.
    Nautilus’ CEO Steve Rogers says, “The environmental permit is the culmination of many years of work by Nautilus and the DEC and paves the way for processing of the company's mining lease application. The project team is working with the PNG Government to complete the final stages of this process.”
    Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and is developing its first project, Solwara 1.
    Nautilus has among its largest shareholders two of the world's leading international resource companies, Anglo American (11.1%) and Teck Resources (6.8%). Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 21% of its shares through Gazmetall Holding (Cypress) Limited.
    Nautilus continues advanced discussions with several parties in connection with a regional joint venture covering some of Nautilus' tenements in the territorial waters of PNG.
    www.nautilusminerals.com

  • KAZAKHSTAN – Leading uranium producer

    Kazakhstan is now the world’s leading uranium producer, moving ahead of Canada and Australia in 2009.
    Preliminary figures put Kazakh uranium production in 2009 at 13,900 tonnes of uranium, a 63% increase on the 8521 tonnes produced in 2008.
    Canadian production in 2009 is expected to be about 10,000 tonnes and Australia's about 9000 tonnes.
    All Kazakh production is from in situ leaching at 21 mines.
    - Information courtesy of World Nuclear News

  • INDIA – Iron ore tariff increases

    In an attempt to curb exports and feed growing domestic demand for iron ore, the Indian national government has increased the export duty on iron ore by 5%.
    The Indian Finance Ministry says the government has raised export duty on iron ore lumps from 5% to 10% and on iron ore fines from zero to 5%.
    India’s annual iron ore output exceeds 200 million tonnes and the country ranks fourth among the world’s largest iron ore producers. In the 2008-09 Indian fiscal year iron ore exports amounted to 105 million tonnes.
    It has one of the fastest developing steel industries in the world, following China, and in the first 11 months of 2009, it increased its crude steel output by 2.4% year on year to 51.2 million tonnes.
    The global economic downturn had a serious impact on the global steel industry but India’s output remained relatively strong.
    As one of the world’s top 5 steel producers and the industry continuing to grow, the country has growing needs for iron ore.

  • COMPANY NEWS - Warm Swift welcome to Mackay

    One of Australia’s leading suppliers of truck bodies and buckets, the Swift Group, is now welcoming people using Mackay Airport, the gateway to Central Queensland’s thriving coal industry, through a striking series of signs.
    The mining industry is one of the major users of the airport and the new signage will help increase awareness of the importance of mining to the region’s economy.
    The Swift Group comprises three mining services companies - Swift Engineering, Swift Cooling trading as Hills Radiators and the newly established Swift Group Mining Products. The group plays a major role in the mining industry in Central Queensland.
    Swift Group CEO Mark Gregory says the signage represents a strategic move by the company to welcome national and international mining industry players to one of Australia’s biggest coal producing regions.
    “We employ a strategic approach to marketing by specifically targeting mining and resources industries.”
    The signage will be in place for five years as part of a new contract signed by the Swift Group with Mackay Airport, which is this year undergoing a $10 million redevelopment, including a $2 million terminal redevelopment and a runway overlay project.
    Swift Engineering has applied specialist skills developed across three decades in the provision of integrated engineering solutions to the Central Queensland mining, infrastructure and agricultural sectors. Its activities include refurbishment of dragline buckets, dump truck bodies, excavator buckets, excavator booms, excavator sticks and any other heavy equipment relating to the mining and agricultural industry. These also include on site engineering services, fabrication and repair, drafting and processing.
    Swift Cooling provides comprehensive cooling, heat transfer and heat exchange solutions to industry. Formed in 2008 through the acquisition of Hills Radiators in Mackay, Queensland, and COR Engineered Cooling in Perth, WA, Swift Cooling can draw on more than 20 years of expertise from each of these companies with state-of-the-art workshop facilities, servicing  and supplying new cooling products to the mining, transport, earth moving, drilling, marine and power generation industries.
    The primary function of Swift Group Mining Products is the product development and global sales for dragline, electric rope shovel and mobile equipment mining products in addition to the patented SEBBA range of truck bodies and excavator buckets.
    It is also the authorised dealer for L&H Industrial Products. L&H is a worldwide manufacturer and distributor of aftermarket parts and services for electric mining rope shovels, draglines, blast hole drills and other surface mining equipment.
    www.swiftgroup.com.au

  • INVESTMENT – Chinese funds for Tonkolili

    China Railway Materials Commercial Corporation (CRM) intends investing in African Minerals and its Tonkolili Iron Ore Project in Sierra Leone, West Africa.
    The two companies have signed a conditional strategic agreement in respect of Tonkolili and related infrastructure projects.
    CRM is one of China’s large-scale state-owned enterprises and one of China’s largest steel trading companies.
    Subject to due diligence by CRM, the agreement is likely to lead to definitive arrangements for long-term offtake, an investment in African Minerals and the procurement of equipment and services relating to the project.
    Under the offtake arrangements CRM will annually purchase between 5 and 8 million tonnes of hematite iron ore from African Minerals’ first stage of production at Tonkolili for a minimum of 20 years. This is expected to begin by 2011.
    CML will also annually purchase a minimum of 10 million tonnes of magnetite iron ore production from AML’s second stage of production at Tonkolili for a minimum of 20 years, expected to begin by 2013.
    CRM will also have an option to extend both offtake arrangements for a further five years.
    The investment could see CRM obtaining a 12.5% stake of African Minerals at a cost of about £152.6 million. This would provide the majority of the funding expected to be required for the first phase of iron ore production.
    African Minerals’ chief executive officer Alan Watling says, “We expect that this strong and strategic relationship with CRM will help underwrite Tonkolili’s start-up hematite production of up to 8 million tonnes per annum by 2011.
    “This coupled with the parties’ agreement to enter into off-take agreements should provide African Minerals with a strong foundation from which to secure its funds for its second phase of iron ore production, annually targeting 45 million tonnes.”
    www.african-minerals.com

  • INVESTMENT – Ennore Coke to buy Broughton

    The purchase of a 90% stake in Australian company Broughton Coal Mining will help Indian-based Ennore Coke expand its power generation plants.
    Ennore Coke’s subsidiary, Haldia Coke and Chemicals, plans to secure funds for the purchase and the expansion by raising RS 125 crore through private equity.
    A senior official of the Chennai-based company says the 90% stake in Broughton is expected to cost around Rs 72 crore (Aus$15 million) and is expected to be completed by mid-June 2010.
    He says Broughton has estimated reserves of 30 million tonnes of coking coal at its Queensland project, which will help secure fuel for expansion of the company’s facilities at Haldia and Orissa.
    Broughton’s operation is expected to annually supply 1 million tonnes of coal, which is expected to be sufficient to secure the supply needed by Haldia Coke and Chemicals.
    The company’s current annual requirement is about 720,000 tonnes and it now imports around 300,000 tonnes of coal from the US and 400,000 from Australia.
    The spokesman said if the sale goes through “we don’t have to rely on the third party.”
    The company plans to double capacity at its Haldia and Orissa plants to 260,000 tonnes and 160,000 tonnes respectively.
    At Haldia, it plans to increase power generation capacity from 12 megawatts to 24 and in Orissa it plans to set up a new power plant with a capacity of 8 megawatts.
    A successful purchase will depend on due diligence which is being carried out now.
    www.ennorecoke.com

  • IRON ORE – Kanmantoo program approved

    Hillgrove Resources has received approval of the Mining and Rehabilitation Program (MARP) for its Kanmantoo Copper/Gold Mine Project in South Australia.
    The MARP approval by the Department of Primary Industries and Resources SA is conditional on completion of design details for an element of the tailings storage facility design, which is expected within the next few weeks.
    Hillgrove’s managing director David Archer says, “The MARP has been approved after a rigorous evaluation by PIRSA and other government agencies following an extensive period of consultation with relevant stakeholders.”
    Kanmantoo, which is the company’s flagship project, is less than 60km from South Australia’s capital of Adelaide.
    It currently hosts a mineral resource of 32.2 million tonnes, including 2.3 million tonnes measured, 22.5 million indicated and 7.4 million inferred, grading 0.9% copper and
    0.20 grams/tonne gold, and containing 292,200 tonnes of copper, 191,100 ounces of gold and 3,313,600 ounces of silver.
    With completion of construction targeted for the first quarter of 2011, Kanmantoo will be a 2 million tonnes/year open-cut mine annually producing about 17,000 tonnes of copper in concentrate and 8000 ounces of gold.
    As well as Kanmantoo, Hillgrove is focused on developing its Indonesian and Queensland base and precious metals projects. It is targeting the discovery of world class epithermal gold and porphyry copper/gold deposits in eastern Indonesia.
    www.hillgroveresources.com.au

  • Cadan Resources Corporation


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    Head Office
    Suite 916
    925 West Georgia St.
    Vancouver BC V6C 3L2
    Canada
    Tel: 604-687-0760
    Fax: 604-687-0710
    Email:
    [email protected]
    Web:www.cadanresources.com

     

     

    Company Profile

     

    DIRECTORS AND MANAGEMENT

    John D. Anderson, Director & Chairman of the Board

    Brett Taylor, Director, President & CEO

    Robert Gordon Butchart, Director, Chief Operating Officer

    William (Bill) Goode, Director Technical

    Doug Evans, Director

    Alan Phillips, Director

    Ron Huston -Technical Advisor Mining

    Derick Sinclair CA, BComm. Chief Financial Officer


    CADAN RESOURCES CORPORATION

    29 December 2009
    Cadan Appoints New Director
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    PDF news releasese

    16 December 2009
    Cadan Commences Drilling Batoto Zone Main Vein System
    download
    PDF news release

    01 December 2009
    Cadan's T'boli Gold-Silver Mine Plant Now 55% Completed10 Nov 2009
    download
    PDF news release

    CADAN RESOURCES real time stock quotes

     

     TSX-V CXD

     AOMZ25

    CADAN RESOURCES CORPORATION is a gold-silver-copper company with a
    high quality portfolio of mineral assets, located in the Philippine Island of Mindanao, long
    recognized as one of the country’s most mineralized areas.

    The Company’s main projects include its gold-silver mine at T’Boli in south-central
    Mindanao and several projects in its more than 9,000 ha Comval property, which lies in the
    Compostela Valley in south-eastern Mindanao.

    The Comval area consists of three corridors oriented on a north-south axis: two porphyry
    copper-gold corridors in the eastern and western portions, and a central gold corridor. The
    western corridor contains the Cadan porphyry copper-gold project. The eastern corridor
    contains the Kalamatan, Kapanawan, and Tagpura-Maangob porphyry copper-gold and
    porphyry skarn copper-gold projects, going from north to south. The central gold corridor
    contains the Batoto-Tarale gold prospect in its southern part.

    Cadan's first major project is its T'Boli gold-silver mine which is a typical
    epithermal high-grade, narrow vein system, that, based on modern exploration to date, has
    a resource of 2.4Mt @ 5.5 g/t gold and 21 g/t silver for some 420,000 ounces of gold and
    1.6M ounces of silver.

    Development of three known vein systems is underway, with an exploration-production
    decline now having reached North Vein B and advancing to North Vein A, and beyond that
    towards the gold-rich South Vein.

    A gold-silver processing plant is under construction with an initial ~250-300tpd capacity.
    Initial processing of mineralized material is scheduled for Q4 2009, to confirm actual gold
    and silver grade in line with test results of 11.06 g/t gold and 38 g/t silver.

    Cadan’s second major gold deposit is its Batoto-Tarale gold stockwork system, which has
    a historic Philippine resource of some 39 Mt @ 1.8 g/t gold, for some 2M ounces of gold.
    Validation exploration activities are progressing with a high possibility of significantly
    increasing both the tonnage and grade of this gold stockwork system. Moreover, it is one
    of a number of known stockwork systems within a 15km x 3km corridor.

    Cadan also has exposure to the global copper market with its significant porphyry copper-
    gold and porphyry skarn deposits. Currently, annual world demand for copper is some
    15Mt and is expected to increase to some 20 Mt within five years.

    The Company's focus for copper is on the higher grade Tagpura porphyry skarn which
    has an internal resource of some 10 to 15 Mt @ 0.75% copper and 0.31 g/t gold. Results
    from test work returned values of 1.97% copper and 0.66 g/t gold.

    The Tagpura-Maangob porphyry copper-gold corridor has a “conceptual or order of
    magnitude” potential tonnage range between 1 billion and 1.7 billion tonnes and a grade
    range from 0.30% copper and 0.17 g/t gold to 0.7% copper and 0.31 g/t gold.

    The Maangob porphyry skarn lies within a larger Maangob porphyry copper-gold system
    and has a horizontal true width of mineralization of 105m at 0.52% copper. The Maangob
    porphyry copper-gold deposit has a historic resource of 39.6 Mt @ .36% copper,
    0.5 g/t gold and 4 g/t silver.

    Recent higher grade sections were 38m at 1.72% copper (“true width”) and, at 65m along
    strike, 30m at 0.98% copper (“true width”). Chalcopyrite veining is visible in the massive
    magnetite skarn within the 38m @ 1.72% copper with a high of 1m @ 3.9% copper.  The
    geology of the Maangob porphyry skarn is identical to the Tagpura porphyry skarn.

    To the north lies Kalamatan porphyry copper-gold which has an indicated “conceptual or
    order of magnitude” potential tonnage range of some 100 Mt to 525 Mt, with a potential
    grade range from 0.27% copper and 0.11 g/t gold to 0.55% copper and 0.46 g/t gold.

    The company-discovered Cadan porphyry copper-gold target lies to the west and has a
    potential tonnage between 450Mt and 900Mt.

    Management’s focus is to aggressively develop the Company’s impressive gold-silver and
    porphyry skarn copper-gold assets to enhance shareholder value.

    Cadan Resources Corporation’s common shares trade on the TSX-Venture Exchange
    under the symbol CXD and Frankfurt: A0MZ25.

     

     

     

     

     

  • Opal Horizon Limited

     


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    Registered & Principal Office
    Level 2, 87 Wickham Terrace
    Spring Hill QLD 4000
    Tel: 07 3839 5088
    Fax: 07 3932 5300
    [email protected]
    www.opalhorizon.com

     

    Company Profile

    Â


    Managing Director
    David Horton

    Opal Horizon Limited Interview

    Sky Business News
    Tuesday, 15 July 2008
    Link

    OHZ Presentation
    Thursday, 16 July 2009

    An Adobe Acrobat version of a Powerpoint presentation promoting the company is available. Please be aware that it is more than 3Mb in size and may take some time to download on a slow computer.
    Link

    Corporate Directory

    Chairman
    Anthony John Fawdon

    Managing Director
    David John Horton

    Director
    Lawrence James Litzow

    Director
    David Hugh Hall




    Opal Horizon Limited ("OHZ") is a an unlisted Australian public company with over 110 shareholders which has been in operation since February 2001. It is a vertically integrated company involved in all aspects of the opal industry from exploration through to mining, purchasing, processing, and international wholesaling. Ultimately the Company intends to brand market its product.

    Apart from opal which is sold to shareholders in Australia, all of the company's product is sold internationally.

    The company currently has one opal mine in operation in southwestern Queensland. This mine, called Raindance, produces high-quality pipe and boulder opal. Another deposit close by, called The Big Girl, is expected to begin mining operations in 2009.|

    OHZ is a world leader in opal exploration and has numerous discoveries to its credit, including the Raindance and The Big Girl deposits. It is the company's intention to have at least 4 opal mines in operation at any one time to assure continuity of supply.

     

     

     

     

     

  • Strategic Energy Resources


    The ASIA Miner's Investors' Window offers mining companies the opportunity to have their investor and company presentations reach an even wider audience to grow their investor interest. Company and investor presentations can be hosted on The ASIA Miner website for two months and emailed to more than 14,000 readers each week of the two months with The ASIA Miner highly successful and widely read weekly newsletter.

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    STRATEGIC ENERGY RESOURCES
    Registered & Principal Office
    Suite 304, 22 St Kilda Road
    St Kilda, Victoria 3182
    Tel: +61 3 9692 7222
    Fax:+61 3 9529 8057
    [email protected]
    www.strategicenergy.com.au

     

    Company Profile

     

    High grade Uley flake graphite


    Company Presentation
    A new name a new future
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    Link

    Corporate Directory

    Directors

    Mark Muzzin

    Glenister Lamont

    Kim McGrath

    Company Secretary

    Melanie Leydin




    For a Free Real-time Stock Quote on ASX (SER)
    Click Here


    STRATEGIC ENERGY RESOURCES (ASX: SER) is
    a versatile explorer with a diversified portfolio of exploration assets in mineral and oil exploration assets in Australia.

    SER is a publically listed Victoria based exploration company focused on exploration and development of acreage holding potential for finding large deposits and bringing these projects to production.

    SER's world class Graphite Project at Uley in South Australia presents an exciting opportunity to take advantage of current graphite market and generate a substantial return on investment.

    What sets SER apart?

    A diversified portfolio of assets in a number of locations around Australia with large upside potential with high-impact discovery potential.

    A highly capable management team, including access to geological expertise.

    100 % ownership of world class deposit at Uley, South Australia, which contains high-grade flake graphite.

    Interests in four offshore petroleum exploration permits in the Gippsland Basin, Victoria, and in onshore petroleum exploration block in the Cooper Basin, South Australia.

    Mineral exploration licences for projects in South Australia and Western Australia.

     

     

     

  • WELCOME – A new era of mining optimism

    Welcome to 2010 from all at The ASIA Miner® and welcome to a new era in mining news publications. 2010 starts with renewed and invigorated growth that will only continue throughout the year with The ASIA Miner® remaining at the forefront of being the voice of mining and exploration companies in 2010 and growing the business success for suppliers to the mining industry.
    The ASIA Miner® will be leading the way in 2010, having this month been acquired by Mining Media International Inc, we will begin publishing every two months, growing from being a quarterly publication..
    We are excited about the optimism we bring and we will share this enthusiasm with vigor and hard work for readers and advertisers.
    Your well-known The ASIA Miner® team will continue to serve you. Myself as managing editor, Kim Cox, marketing coordinator, John Miller deputy editor and Lanita Idrus will continue to be the Asia Pacific and Africa team for The ASIA Miner® and also promote our sister publications of E & MJ, Coal Age, Equipo Minero and other specialist Mining Media International publications. We are also pleased to be joined by the team at Mining Media International who will be representing The ASIA Miner in North and South America, Europe, Russia and Scandinavia.
    Our advertisers and readers will benefit with a much larger, worldwide circulation and the addition of technical editorial content in both our magazine and weekly news service.
    The ASIA Miner® editorial content will continue to explore the most recent events and activities in the resources industry, particularly related to Asia’s booming mining sector. A new section in each issue will incorporate special feature articles focusing on various industry operating sectors.
    The March-April edition will focus on gold developments across the Asia Pacific, the April-June edition will focus on Indonesia as well as coal and uranium developments, the July-August issue will feature mining development in the Philippines, the September-October edition will examine Mongolia and Central Asia, and the November-December edition will focus on China.
    The ASIA Miner weekly news service will continue to reach your email boxes every Tuesday with the most up-to-date mining news from around the Asia-Pacific region.
    Every edition of The ASIA Miner® magazine and weekly news service will also feature mining news from Australia, China, Indonesia, Philippines, Mongolia, Central Asia, Papua New Guinea, India, Laos, Thailand, Cambodia and Vietnam.
    Yolanda Torrisi
    Managing editor
    The ASIA Miner®

  • INDONESIA – Kangaroo buys Mamahak project

    Kangaroo Resources has significantly enhanced its production pipeline in Indonesia after reaching agreement to acquire a significant coking coal project in East Kalimantan with extensive infrastructure and immediate production potential.
    Under an agreement with SouthGobi Energy Resources, Kangaroo will acquire SouthGobi’s mining assets in Indonesia, including their 85% interest in the Mamahak Coking Coal Project for US$1 million in cash and the issue of 50 million shares.
    The acquisition increases the total number of coal projects in Kangaroo’s portfolio to eight and represents another milestone in the company’s transformation into a significant Indonesian coal producer.
    The Mamahak project has a JORC resource of 10.22 million tonnes of high-quality coking coal, extensive infrastructure capable of supporting up to 1.5 million tonnes/year coal production and a large 30,000 tonne coking coal stockpile ready for immediate delivery.
    Kangaroo’s strategy entails vending in valuable new coal projects while at the same time continuing to work towards production in the short term from at least two existing projects.
    It is targeting up to 1-2 million tonnes production in 2010, ramping up progressively thereafter to ultimately annually achieve up to more than million tonnes of coal from operations within 2-3 years.
    Mamahak’s 10.22 million tonne resource comprises a measured resource of 6.90 million tonnes, an indicated resource of 3.16 million and an inferred resource of 0.16 million.
    There is extensive infrastructure in place including a river terminal, and stockpile and loading facilities capable of annually handling up to 1.5 million tonnes, and preliminary mining operations have already been conducted with a 30,000 tonne coking coal stockpile already on site ready for delivery.
    Surface mineable, thin coal seams are extensively distributed in the Haloq Formation in the project area, with more than 75% of the project’s surface area unexplored, allowing for potential of additional significant coal discoveries.
    The close proximity of the Mahakam River will provide a viable long-term transportation link for the export of Mamahak area coal.
    The exploration portfolio includes four concessions comprising 22,976 hectares and an option for an additional five concessions comprising 24,501 hectares in the prospective Haloq Formation, host to the coking coal deposits in East Kalimantan.
    Mamahak is also in close proximity and has operational synergies with Kangaroo’s highly prospective Jawana and Borami projects.
    www.kangarooresources.com

  • INDONESIA – East Elang licence granted

    Southern Arc Minerals has been granted a mining business licence (IUP) for the East Elang copper-gold property in West Nusa Tenggara province.
    Issued by the Regent of Sumbawa, the IUP comprises two stages, each with potential extensions.
    Over a period of 6 years, the exploration stage permits the company to pursue exploration through to conclusion of a feasibility study. Upon conclusion of the exploration stage, the IUP automatically converts to a second stage, permitting the company to conduct commercial production on this property for a minimum of 20 years, with the potential for two further 10 year extension periods.
    Covering 9670 hectares, the East Elang Property adjoins immediately to the east of Newmont's Elang-Dodo property, host to a porphyry copper-gold discovery of size greater than 1 billion tonnes.
    Newmont acquired the East Elang Property in 1986, explored it up to 1993 and then relinquished it back to the government in 1999 under the requirements of its licence. It was only subsequent to this relinquishment that Newmont discovered the large extent of the copper-gold porphyry deposit in its Elang-Dodo area.
    Previous exploration by Newmont on the East Elang Property identified a series of epithermal gold-silver-bearing quartz veins within a large argillic alteration system. Such alteration systems are often surface expressions of upper or distal portions of mineralized porphyry copper-gold systems.
    With the issuing of the IUP, Southern Arc’s planned field activities include regional mapping and geochemistry surveys, airborne EM surveys and early-stage CSR activities.
    www.southernarcminerals.com

  • INDONESIA – Expansion potential

    Diamond drilling has encountered mineralization adjacent to the Main Miwah Gold Zone at East Asia Minerals’ Miwah Gold Project in Aceh Province, northern Sumatra, opening the potential to expand the zone considerably.
    A hole drilled north of the mineralized strike tested by East Asia to date, encountered 1.38 grams/tonne gold over 101 metres, including 1.95 grams/tonne over 58 metres. The mineralization is open in all directions and at depth.
    To date East Asia has drilled more than 900 metres strike length along the shallow, laterally extensive 1.2km long Main Miwah Gold Zone and has encountered wide intercepts of gold mineralization in all holes drilled.  The zone is open in all directions.
    The company sees these results to be particularly encouraging, as it indicates that Miwah might extend further northwards than previously thought.
    For the next hole, the drill rig has been relocated to the east end of the Main Miwah Gold Zone.
    The Miwah Gold Prospect was partially defined by about 3100 metres of drilling in 12 holes by a previous explorer in 1997.  All holes drilled during this program intersected significant alteration and mineralization with intercepts including 71 metres of 1.4 grams/tonne gold and 58 metres of 1.1 grams/tonne gold.
    www.eaminerals.com

  • PAKISTAN – Coal supply agreement

    Oracle Coalfields has signed an agreement with Karachi Energy Supply Company which will see both companies work towards overcoming existing and projected power shortages in the Sindh Province.
    UK-based Oracle is developing a 1.4 billion tonne coal deposit in southern Pakistan and the agreement will see coal from this project used by Karachi Energy, which is fast-tracking the development of a number of new power plants.
    Karachi Energy is a major supplier of electricity in Sindh Province and particularly Karachi, a city of almost 17 milion people. It believes its energy program will help overcome the existing and projected energy shortage within its licensed area.
    The utility has declared its intention to develop and implement several power projects including, but not limited to, coal-fired power plants. 
    Oracle has proposed to Karachi Energy the establishment of a coal-fired power plant, with an initial capacity of 300MW and the potential to increase this to 1100 MW. The power plant will be fuelled by lignite coal to be mined from the company’s Block VI project in the Thar Coalfield.
    Block VI hosts a JORC compliant resource of 1.4 billion tonnes of lignite coal, including 371 million tonnes in the proven category.
    Oracle has agreed to secure and provide to Karachi Energy long-term coal supply at competitive prices and of quality and specification as desired for the initial operation of a 300MW coal-fired power plant.
    The two companies will share technical information to assist each other in completion of their respective work, including the Environmental and Social Impact Assessment for the coal mine and power plant respectively. The ultimate objective is to enter into a joint venture or joint development agreement to establish a mine-mouth power plant at the Block VI project.
    Oracle’s chairman Shahrukh Khan says, “We are blessed with a large coal resource which can satisfy the volume of coal required by Karachi Energy for a mine-mouth power plant.
    “Together, Oracle and Karachi Energy will work on the configuration of the mine, coal production rates, power plant capacity, timing of first coal production and commissioning of the power plant. As part of this, a number of studies will need to be completed in coming months to ensure the timely completion of feasibility studies for the purpose of mine development and power plant construction, respectively.”
    www.oraclecoalfields.com

  • KAZAKHSTAN – New Dalabai anomalies

    Magnetic and induced polarization geophysics surveys at Central Asia Resources’ Dalabai Gold Project in Kazakhstan have identified a number of significant anomalies for further investigation.
    The geophysics program covered much of the 8sqkm licence area and the results provide a further boost to the project, which is on track for development later this year.
    Central Asia’s managing director Jason Stirbinskis says, “Our efforts to date at Dalabai have been guided by surface evidence of gold mineralization such as trench sampling and field observations. We’ve been very successful so far having identified or defined a total of 6 zones of significant gold mineralization.”
    The company’s exploration manager Dr Waldemar Mueller adds, “The resistivity results are very exciting as they have identified a number of anomalies without surface expression in regions that we have not investigated yet, in other words we have potentially added to the number of zones not just defined potential strike extensions to existing zones.”
    Gold mineralization at Dalabai is associated with quartzites and often associated with kaolinization. These regions present as areas of low resistivity.
    The 2009 Dalabai exploration program was completed last November and Micromine is creating a JORC compliant resource based on the entire 2009 trenching and drilling program.
    Pre-development work on the 0.5 million tonnes/year heap leach facility has begun and the company is targeting production in late 2010.
    www.centralasia.com.au

  • KAZAKHSTAN – Alyntas drilling success

    Drilling at Central Asia Resources’ Alyntas gold prospect in Kazakhstan has revealed multiple mineralized zones with the deepest reaching 317 metres below surface.
    Assays for the first drill hole of the latest program, which was drilled at the intensely mineralized fold nose, show seven zones of gold mineralization.
    There was 3.1 metres @ 2.65 grams/tonne gold from 170 metres, 6.6 metres @ 3.06 grams/tonne from 178 metres, 1.0 metres @ 12.2 grams/tonne from 270 metres, 2.0 metres @ 1.85 grams/tonne from 272 metres, 5.8 metres @ 2.07 grams/tonne from 276 metres, 4.0 metres @ 1.58 grams/tonne from 284 metres and 15.1 metres @ 0.68 grams/tonne from 303 metres.
    The $2 million drilling program comprises infill and extension drilling of the fold that defines the current resource and the exploration of nine anomalies outside of the fold structure identified in a recent geophysics program.
    Central Asia’s managing director Jason Stirbinskis says, “This is a great result and consistent with our expectations. In March 2009 we announced 176.3 metres @ 3.58 grams/tonne from 152 metres in a hole just 40 metres from the hole reported above and 132.6 metres @ 1.35 grams/tonne from 183 in another hole just 35 metres away.
    “Our current resource is composed almost entirely of mineralization above about 150 metres depth and at potential open pit depths, but clearly Alyntas has more potential at depth a well.”
    The resource estimate for Alyntas as at May 2009 was 1.757 million indicated tonnes @ 1.89 grams/tonne for 106,889 contained ounces and 5.156 million inferred tonnes @ 2.40 grams/tonne for 397,113 contained ounces.
    Jason Stirbinskis says, “Alyntas is our flagship project, we’ve only drilled about 10% of the prospect and not only does that region remain open along strike and at depth, but we also believe we have significant potential in other regions of the licence area.”
    The company is dedicated to ongoing exploration and realizing its development strategy which involves the development of the Dalabai project followed by Alyntas. Dalabai is a low-risk, low capital heap leach opportunity scheduled for development later this year while the much larger Alyntas project is targeted for production in 2012/13.
    www.centralasia.com.au

  • MONGOLIA – Shivee West exploration plan

    Entrée Gold is preparing exploration programs to seek new mineralization on the western portion of the Shivee Tolgoi mining licence in southern Mongolia.
    Exploration at the 100% owned Shivee West prospect on the Lookout Hill Copper-Gold Project was temporarily suspended in 2009 to accommodate a protracted mining licence conversion process.
    Mining licences carry an initial term of 30 years with two possible extensions of 20 years. Entrée may now continue investigating the potential of this prospective region of Lookout Hill without facing imminent licence expiry.
    Shivee West is geologically similar to the Devonian-aged setting of the adjacent Oyu Tolgoi deposits. It is common in very large porphyry copper-gold systems for mineralization to occur along parallel structural trends and be comprised of numerous separate ore bodies.
    Strong geophysical signatures, in combination with copper-gold-molybdenum geochemical evidence, make Shivee West highly prospective.
    An exploration program involving drilling of geophysical and soil geochemical targets within prospective Devonian rocks is expected to be finalized shortly in preparation for budget approvals.
    At the Entrée-Ivanhoe Mines joint venture Lookout Hill prospects further studies indicate several target areas could be drill tested in order to expand known resources.
    Geophysical data, including the deep penetrating ZEUS induced polarization (IP) survey, gathered over the areas surrounding the Heruga and Hugo North Extension deposits indicate promising trends suggesting the continuation of mineralization associated with each deposit.
    A possible southern extension of the Heruga deposit is suggested by IP anomalies south-west of Heruga.
    The rich Hugo North Extension deposit is interpreted to continue along strike to the north towards a drill hole which encountered mineralization 1300 metres from the property boundary. Around 8km of relatively untested ground lies to north of the Hugo North Extension on the Shivee Tolgoi mining licence, between the Hugo North Extension deposit and the near surface Ulaan Khud copper showing.
    Meanwhile on Entrée’s Togoot exploration licence, a coal resource report is being prepared by Mongolian consultants in collaboration with Entrée’s technical team in preparation for submission of an application to convert all or part of Togoot to a mining licence.
    This follows an in-fill drilling program at the Nomkhon Bohr coal deposit and drill testing of other coal targets in the north-west corner of the Togoot exploration licence.
    The Permian rocks hosting Nomkhon Bohr are similar to those at the giant Tavan Tolgoi coal deposit, 70km to the north-west.  Multiple thin seams of bituminous to anthracite coal up to several metres thick, are present over a strike length of 1200 metres.
    www.entreegold.com

  • CHINA - Copper alliance formed

    Yunnan Copper Industry (Group) Co (YCI) and China Yunnan Copper Australia (CYU) will jointly explore and develop copper deposits in Yunnan Province, China.
    云南铜业(集团)有限公司(YCI)和中国云铜澳大利亚有限公司(CYU)将联合勘探和开发 位于中国云南省的铜项目。

    YCI will propose several potential joint venture projects for CYU’s review. Each project will have separate programs and mutually agreed budgets. If a project is reviewed and indicates development potential, a mining joint venture will be formed.
    Geological and legal consultants based in Kunming, China, are to be engaged by CYU to complete due diligence on projects offered to date.
    YCI, which is China’s third largest copper producer owns and operates six copper mines and three developmental projects in Yunnan and Sichuan provinces, has many advanced prospects beyond the scope of their near mine exploration teams, which require further drilling and evaluation. YCI’s largest shareholder is Chinalco (49%).
    CYU’s managing director Jason Beckton says, “This China Copper Alliance represents a unique opportunity to operate in one of the most prospective copper-gold belts in the world with a dominant partner who can provide production and importantly permitting expertise. We have to date been offered three projects which are in a process of review which is expected to be completed in early 2010.
    “CYU has a previously stated goal of acquiring near term cash flow projects. CYU has the expertise to bring projects to JORC compliance status and in partnership with YCI, in its operational backyard, can facilitate rapid commissioning of any promising projects.
    “CYU will have a partner in China with a competitive edge as we work through large, high quality, long life assets in a highly prospective region of the world.”
    YCI’s general manager Chao Yang, who was formerly co-chairman of CYU, says, “We are satisfied with the co-operation between YCI and CYU since becoming a cornerstone investor of CYU over two years ago. We are pleased to enter an alliance to explore opportunities with CYU in China. YCI is a large organization of over 20,000 employees but we do not have the resources and expertise to advance all of our projects.
    “We believe an alliance such as this will benefit both CYU and YCI shareholders. It is critical for YCI to expand its Chinese production base through the partnership with CYU to bring some exploration projects into production. CYU provides YCI with an experienced exploration and evaluation team to deploy on some of our projects near the production centres.”
    YCI is China's third largest copper producer and produced 385,000 tonnes of copper cathodes in 2008 and 426,000 tonnes in 2007. YCI has copper resources and reserves of around 8 million tonnes metal in situ. On January 25, 2008, the Aluminum Corporation of China (Chinalco) acquired a 49% interest in YCI.
    Chinalco has confirmed its strategic alliance with YCI and reiterated their ongoing support for China Yunnan Copper Australia to become YCI's international investment arm and mining house.
    CYU is an Australian company formed to explore and develop mining projects in Australia and overseas. CYU is targeting high quality copper, gold and uranium projects within 11 wholly-owned exploration permits for minerals in the Mt Isa Inlier, Ravenswood-Pentland Province and Clermont area in Queensland.

    中国铜矿项目联盟

    云南铜业(集团)有限公司(YCI)和中国云铜澳大利亚有限公司(CYU) 将联合勘探和开发 位于中国云南省的铜项目。
    联盟的主要内容是:
    资源评估合资项目– YCI 将提供数个有可能进行进行合资的项目供 CYU 评估,每个项目 将具有独立的开发计划和双方共同商定的预算安排。
    如果项目经评估被证明有开发的潜力,将成立矿业合资公司来共同开发。
    CYU将以中国昆明为基地,选用适合的地质和法律方面的专家,来完成当前所提议的合资项目的尽职调
    云南铜业(集团)有限公司是中国第三大铜生产商,拥有和经营位于中国云南省和四川省的6个铜矿山和3个开发阶段的矿产项目,云铜集团还有很多勘探程度较高的勘探区,需要进一步的钻探和评估,但这些项目已经超过了云铜集团目前在矿山周边找矿的勘探队伍的能力范围。中国铝业公司是云南铜业(集团)有限公司的最大股东(控股49%)。
    CYU董事总经理贾森•贝克唐说:
    “这个中国铜项目联盟将使CYU在一个世界级的铜-金矿带上获得罕有的进入机会,而且合作伙伴云铜集团在这一区域具有主导地位,可以将项目投入生产,更重要的是还能为 CYU和合资项目提供专家团队。到目前为止,云铜集团已经为我们提供了三个项目机会, 2010年初我们将完成这些项目的评审工作。
    CYU曾说过其目标是:短期内获得现金流。CYU拥有专业能力把资源量提升到JORC的评估标准,而云铜集团在此区域内拥有生产设施和能力,有能力将任何可行的项目迅速建成投产。
    CYU将在中国和一个拥有优势竞争力的伙伴建立长期的合作关系,通过我们的合作,将在世界级的矿带上建立大型的、高品质的、长寿命的矿产资源项目。”
    云铜集团总经理和CYU前任联合董事长杨超说:
    “云铜集团作为战略投资者入主CYU两年多来,我们对双方的合作关系感到满意。我们很高兴能够和CYU结成联盟,共同勘探开发中国的项目,虽然云铜集团是一个拥有20,000多名员工的大型企业,但依然没有足够的资源和专家团队去推进我们所有的项目。
    我们相信CYU和云铜集团的股东都将受益于这样的一个合作联盟。我们将通过双方的努力将一些勘探项目投入生产,这对于云铜集团扩大云铜在中国的生产基地是至关重要的。CYU作为云铜集团的合作伙伴,可以利用其经验丰富的团队为云铜集团生产基地附近的项目进行进一步的勘探和评估。”
    云南铜业(集团)有限公司是中国第三大铜生产商,2008年度共生产阴极铜 385,000 吨、 2007年生产426,000吨,YCI拥有铜资源量和储量计约800万吨铜金属。2008年1月25日中国铝业公司收购了云南铜业(集团)有限公司49%的权益,两家公司结为战略同盟,并重申了将一如继往地支持中国云铜澳大利亚有限公司做为集团海外投资和矿业开发的平台。
    中国云铜澳大利亚有限公司是一家澳大利亚注册的上市勘探公司,致力于在澳大利亚及海外勘探和开发矿产资源项目。其战略投资方-云南铜业(集团)有限公司是中国最大的铜生产商之一。CYU专注于勘探和开发100%拥有的11个位于昆士兰州的芒特•艾沙内陆区、瑞文斯伍德-潘特兰德地区和克莱蒙特内陆区上的高质量的铜、金和铀项目。

     

  • PHILIPPINES – Tenth Canatuan shipment

    TVI Pacific’s Philippine operating affiliate, TVI Resource Development (Phils) (TVIRD), has completed its tenth shipment of copper concentrates produced at the Canatuan Mine.
    The concentrates were shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG.
    TVIRD expects to earn gross revenues of US$7.7 million from MRI for roughly 5284 dry metric tonnes (dmt) of copper concentrates, bringing total expected gross revenues to US$64.1 million, which includes price adjustments from previous shipments.
    The mine continues to achieve consistent operating throughput and concentrate production. It is anticipated that future shipments of about 5000 dmt each will occur every four to six weeks depending on ship availability and marketing arrangements.
    The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. To date, the Canatuan Mine has produced about 52,400 dmt of copper concentrate. Of that production, 50,085 dmt has been sold through the offtake agreement with MRI, leaving inventory of about 2300 dmt after the tenth shipment.
    Funds generated from the sale of the copper concentrates are expected to be allocated to budgeted capital and operations at Canatuan, exploration and development projects at Canatuan, Balabag and Tamarok, and debt service.
    www.tvipacific.com

  • INVESTMENT – UCG partnership

    Cougar Energy has signed an agreement with Direct Invest to develop underground coal gasification (UCG) projects in China and Mongolia.
    The Memorandum of Understanding will see Cougar and Direct Invest, a Singapore-based subsidiary of the Direct Invest Group, establish Cougar Direct Invest China Limited (CDIC), which will be 60% owned by Cougar and 40% by Direct Invest.
    The agreement envisages the establishment of special purpose companies for each property identified for development with the funding to be sourced through individual equity raisings and bank finance.
    China and Mongolia possess vast coal resources and CDIC will be seeking to build business relationships with the major mining and exploration companies in both countries.
    Direct Invest is chaired by Michael Dobbs-Higginson, who has had a distinguished career as an investment banker and entrepreneur in Europe and Asia as well as being a non-executive chairman, director and/or advisor to various public and private companies, particularly in Asia.
    He is directly involved in the identification of projects for CDIC and preliminary discussions with a Chinese company have been initiated by him. This company’s core business is in clean energy and environmental protection applications. It operates in 20 provinces in China and provides a range of services to the major coal mining companies in those provinces.
    Cougar’s managing director Dr Len Walker says, “The Chinese authorities have signaled their intention to tackle the challenge of reducing emissions from their coal mining operations.
    “We believe that UCG technology is at the forefront of producing both cleaner and cheaper energy from such resources in long-term sustainable operations. There are many prospective sites in both China and Mongolia which are suitable for UCG development.
    “CDIC has been founded to ensure that projects in the region are developed using a sound long-term strategy. We bring the technical evaluation and project design and development skills, and combine this with Direct Invest’s ability to evaluate and structure projects and its extensive network of contacts in China and Mongolia.”
    www.cougarenergy.com.au

  • INVESTMENT – Funds for GBM projects

    Pan Pacific Copper has signed an agreement with GBM Resources which could lead to the development of new copper-gold projects in north-west Queensland.
    The agreement could see the Tokyo-based, world’s largest buyer of copper concentrate, spend up to Aus$55 million on the development of GBM’s exploration and mining projects in the Mount Isa region.
    GBM Resources aims to complete a binding agreement by the end of January.
    If a formal joint venture agreement is concluded, Pan Pacific will earn a 51% interest in seven exploration permits and nine exploration permit applications in GBM’s extensive portfolio of tenements in the Mount Isa region, by spending Aus$15 million within the first six years, including a firm commitment to spend at least $2 million in the first two years.
    After earning its initial 51%, Pan Pacific will be entitled to increase its share of the venture to 90% by spending a further $40 million on exploration and development of the tenements over the following five years.
    www.gbmr.com.au

  • COMPANY & PRODUCT – Bucyrus buys Terex Mining

    Bucyrus International has acquired Terex Mining, the mining equipment business of Terex Corporation, for US$1.3 billion.
    The transaction means Bucyrus will offer a more comprehensive product portfolio comprising walking draglines, electric rope shovels, hydraulic excavators, off-the-highway haul trucks, highwall miners, underground longwall, room and pillar and transport machinery, and a full line of drills and belt systems for all mining applications.
    This suite of surface and underground mining equipment is paired with Bucyrus parts, consumable products and after-market support throughout the world.
    Bucyrus’ CEO Tim Sullivan says, “We are extremely excited about acquiring Terex Mining and we believe that this is a unique opportunity to build an even stronger company for our customers, employees and shareholders.
    “Customers will reap benefits as Bucyrus will be able to offer a broad, complementary product line driven by technology, quality, and first class service.
    “We will expand our geographic footprint and diversify our portfolio of products across a broader range of commodities.
    “Like Bucyrus, the Terex mining assets have a proud history powered by hard-working, loyal employees who are passionate about mining.”
    Bucyrus is a leader in the design and manufacture of high productivity mining equipment for surface and underground mining. The mining equipment business of Terex produces the world’s largest hydraulic excavators, rugged haul trucks, advanced drilling machines and highwall mining systems.
    The Terex mining equipment business has 38 facilities around the world with about 2150 employees. As a result of the transaction, Bucyrus will have a team of about 10,000 people in nearly 100 locations around the world.
    Under the terms of the agreement, Bucyrus will acquire those subsidiaries and assets of Terex Corporation used to design, manufacture and sell hydraulic excavators, surface mining trucks, drills (other than auger drills), highwall miners, and related components, parts, and after-sales service, commonly known as O&K, Unit Rig, Reedrill, Superior Highwall, Halco, and Hypac.
    Bucyrus’ surface mining equipment is used for mining coal, copper, iron ore, oil sands and other minerals. Bucyrus’ underground mining equipment is used primarily for mining coal and also used in mining minerals such as potash and trona.
    www.bucyrus.com

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