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August 31, 2012

Warning to SA firms in Zim, DRC

Filed under: Uncategorized — sbmzhcn @ 9:27 pm

South African companies forming “cartels” to strip Zimbabwe and the Democratic Republic of Congo (DRC) of their raw materials fixie sticker crusher cement plantwill be brought to book. On Thursday this warning came from Bongani Masuku, a senior Cosatu spokesperson.

He was addressing a forum of expatriate Zimbabweans at the University of the Witwatersrand, and said such companies represented a threat to democracy in southern Africa. Together with unions in neighbouring states, an investigation will be launched into these companies, and this will be discussed during a regional union conference in September. He was referring to the current debate about the sale of Zimbabwean diamonds and the so-called Kimberley Process, and held that certain companies were bent on making money from the “militarised elite” who assert their right to the raw materials of Zimbabwe and other countries in southern Africa. He said the unions would see to it that the accumulation of resources and raw materials is democratised…

PMI Gold appoints new CEO

Filed under: Uncategorized — sbmzhcn @ 9:25 am

PMI Gold Corporation is pleased to advise that highly experienced mining executive Collin Ellison has been appointed as Chief Executive Officer. The appointment of Mr Ellison, who has a long and distinguished career in resource project development and operation, reflects PMI’s planned transition from a successful explorer to a substantial West African gold producer.

As part of this procesequipo para lavar arenas dee oro de placers, Douglas MacQuarrie will switch from Managing Director and Chief Executive Officer to Executive Director. Mr MacQuarrie has been instrumental in PMI acquiring a significant land holding in Ghana and the Company’s exploration success to date. He will retain an active role in this aspect of the Company’s development going forward.

Mr Ellison is a mining engineer with 35 years of experience in resource project evaluation, development and operation around the world. His previous roles include CEO/President of TSX-V companies Asia Mineral Resources Ltd, which developed a nickel project in Vietnam, and Goldbelt Resources Ltd, which explored and developed gold projects in Burkina Faso.

Mr Ellison was also Project Director for Western Mining Corporation’s Olympic Dam expansion study and held senior management positions with companies including Eagle Mining Corporation, where he helped develop the Nimary Gold Mine, later acquired by Great Central Mines, ZincOx Resources Plc, where he helped develop the Shiamerden Oxide Zinc Project, later acquired by Glencore International, and Goldbelt Resources Limited, which developed the Inata Gold Project, later acquired by Wega Mining.

Mr Ellison has also been Operations Manager at gold projects such as Freeport-MacMoran’s Karonie, Australmin-Newcrest Mining’s Tuckabianna and Orion-Gasgoine’s Yilgarn Star.PMI Chairman Peter Buck said Mr Ellison’s appointment was aimed at strengthening the Company’s development expertise to maximise shareholder returns from its advanced Obotan and Kubi gold assets in Ghana.

Mr Buck said Mr Ellison’s vast development experience would be invaluable to PMI as it continued its evaluation of the flagship Obotan Project, which has resources of 1.2 million ounces1, and a Scoping Study on its Kubi Project, which has resources of 348,000 ounces. “PMI is continuing the shift from a pure exploration company to one with substantial development opportunities which we are confident have the potential to underpin the Company’s transition to major gold production status,” he said.

“Mr Ellison’s knowledge and experience will help steer the Company during this evolution, ensuring we take full advantage of the outstanding opportunities we have.” Mr Buck also thanked Mr MacQuarrie for his work as Managing Director and Chief Executive Officer and said he looked forward to his ongoing contribution.

“Mr Ellison’s appointment, combined with the $35 million capital raising that accompanied the Company’s ASX listing in December, have left PMI ideally positioned for strong growth,” Mr Buck said. “PMI has a substantial resource inventory, an aggressive exploration program, a healthy balance sheet and a strong, experienced management team. We are now looking forward to the next stage in the Company’s development.”

Zambia carrying out mining sector tax audit – Minister of Mines

Filed under: Uncategorized — sbmzhcn @ 6:54 am

Zambia’s minister of mines said the government is carrying out a mining sector-wide tax audit to ensure that the country is collecting thself cleaning vibrating screense full amount of taxes necessary for social programs and infrastructure development. Maxwell Mwale, minister of mines and mineral development for Zambia, told Dow Jones Newswires late Wednesday that the final tax audit reports are being carried out and consultations with companies would begin.

“Taxes are the only thing that allows the government to carry out its social reforms and to build infrastructure,” Mwale said. Mwale said the tax audit was initiated following the 2008 financial crisis which saw some copper projects shut. Zambia’s tax audit came into focus this week after the European Investment Bank said it is investigating tax evasion accusations against commodity trader Glencore International PLC in Zambia, where it is the majority owner of Mopani Copper Mines PLC, and has frozen further funding to the group. The EIB provided Mopani with a $50 million loan in 2005 to help fund renovation of the Mufulira copper smelter. The loan is due to be fully repaid by the end of 2016. Glencore denies wrongdoing…

The $14m haze over India’s mega uranium discovery

Filed under: Uncategorized — sbmzhcn @ 4:25 am

The announcement of a major discovery of uranium deposits in the Cudappah region of Aconcrete vibrating equipment south africandhra Pradesh just before the visit of US Secretary of State Hillary Clinton is important. It is meant to tell the US that India might not budge on the clauses on which the strategic nuclear deal is stuck.

The timing of the announcement is important because, according to sources in the know, it may not be entirely accurate. India is nowhere near its target of producing 20,000 mw of electricity by 2020. And the US has a sense of this. Mining the metal at the Tummalapalli village belt in Cudappah would translate into electricity at a very high price as the quality of the newly-found ore is one of the poorest in the world. It promises a good yield only in terms of quantity. AK Rai, Director of the southern region of the Atomic Minerals Division of the Department of Atomic Energy (DAE) was not available for comments despite repeated attempts. According to DAE data, the ore extracted from Jaduguda in Jharkhand is of 0.065 grade, while the one discovered at Cudappah is of 0.045 grade. This means an extractor would need to mine 1,000 kg of ore to get 65 gram of usable uranium at Jaduguda, while at Cudappah he would get only 45 gram…

Grange Resources to take $10m hit from carbon tax

Filed under: Uncategorized — sbmzhcn @ 12:11 am

AUSTRALIA’S biggest magnetite producer, Grange Resources, says it expects to pay almost $10 milstone crushing plant fabrication erection contractorslion a year in carbon tax and a further $1m as a result of the Gillard government’s move to cut the diesel fuel rebate.

Grange managing director Russell Clark told the Diggers & Dealers conference in Kalgoorlie yesterday that the sector should be excluded from the carbon tax because it was an energy-intensive, trade-exposed industry. Grange has forecast total costs next year of about $200m, meaning the carbon tax and reduction in the diesel rebate will represent a 5 per cent hit on Grange’s Savage River magnetite mine in Tasmania. The company’s planned Southdown mine near Albany in Western Australia, which is predicted to come into production by 2014, was not included in the calculations but is also likely to be hit by a price on carbon. Mr Clark said Grange would be unfairly penalised under the planned carbon tax from..

August 30, 2012

Avocet Mining develop expansion plans at Burkina Faso

Filed under: Uncategorized — sbmzhcn @ 8:33 pm

Avocet Mining, the 90% owner and managergold mining mongolia of the Inata Gold Mine in Burkina Faso, is working to expand the mine’s production capacity.

In February it was announced that further metallurgical test work was required in order to determine the optimal processing methods, configuration and location of a new processing facility. The need for further test work followed the doubling of Inata’s mineral reserves in January that, as a result of the deeper exploration drilling, added a significant volume of fresh ore at depth to the enlarged ore body. The study therefore aims to configure a processing facility capable of maximising gold production from ore of different types and metallurgy. Preliminary findings from the current study indicate that the construction of a new process plant, operating in parallel with the existing plant, will provide more processing flexibility than extending the existing plant. These findings also indicate that a new processing plant is…

Mining giants face closure over exploration licencing

Filed under: Uncategorized — sbmzhcn @ 12:37 pm

First Quantum Minerals Zambia, Equinox Zambia Limgrinding machine price in south africaited and ZCCM-IH are among over 400 mining companies facing closure for defaulting on meeting statutory obligations as required by law.

The Ministry of Mines and Natural Resources has since warned the defaulting companies that they risk having their mineral processing or exploration licences cancelled if they do not remedy the defaults within 60 days starting from Friday, March 16, 2012. his is according to a default notice issued by Geological Survey Department director Chipilauka Mukofu to the erring companies. “In accordance with provisions of section 102 of the Mines and Minerals Development Act number 7 of 2008, the director of Geological Survey hereby gives default notices to the under-listed holders of prospecting licences and mineral processing licences with the following defaults: “Non-payment of area charges on the anniversary of grant, contrary to section 143 of the Mines and Minerals Development Act, failure to commence and carry out prospecting operations contrary to section 19 of the Mines and Minerals Development Act, and failure to submit quarterly and…

Sandvik says project orders picking up

Filed under: Uncategorized — sbmzhcn @ 9:22 am

Engineering group Sandvik said its key project order business had picked up pace after it unveiled mining orders worthseparator for chromite 2.2 billion Swedish crowns ($317.5 million) on Wednesday. Sandvik announced orders for bulk materials handling and mining and construction gear in South America, Africa and Asia, in what it said was a sign that demand stemming from major capital investments in mines had begun climbing.

“There is nothing surprising regarding this order booking. These are things we have known about. It has been a question of timing, and they have now come through,” Sandvik Mining and Construction unit head Lars Josefsson told Reuters. Sandvik said in September that project orders — large scale contracts related to projects such as new mines — had remained subdued, though overall demand had recovered strongly from the dismal levels hit in the wake of the global financial crisis. In recent months mining companies such as Brazilian iron ore giant Vale and Rio Tinto have announced sharp increases in their planned investments, setting the stage for more business for Sandvik.

Village achieves greater resource confidence at Lesego project

Filed under: Uncategorized — sbmzhcn @ 6:19 am

Village Main Reef announced a resource update for its majority-owned Lesego Platinum project, situated near Burgersfort in Limpopo.

The project is being developed with funding support from the Infagergren machines manufacturers in south africadustrial Development Corporation (IDC), which has a 23% effective stake in the project.

The updated mineral resource estimation has been based on borehole data generated from a database compiled by specialist mining consultant MSA Geoservices.

The results include shallow drilling results from 300 m below surface.

This latest database includes the results from 116 590 m of drilling, of which 13 973 m was from the 2007/8 drilling and 102 618 m from the 2011/12 boreholes. In total, 1 704 m of core were assayed for platinum group elements (PGE).

The amended results of the pre-feasibility study, which was signed off by the lead project consultant, indicate that the resource can be economically extracted at 300 000 tpm to produce over 500 000 oz of 3PGE + Au, and over 8 000 t of nickel and copper annually. This indicates a robust business case returning an internal rate of return(IRR) of 18.7% an da net present value (NPV) of R6.7 billion using a real discount rate of 10%.

Joint CEO Marius Saaiman commented:“The further work conducted on this ore body has revealed a robust business case to build a mine. With initial indications of an IRR of 18.7% and a NPV of R6.7 billion, we believe that the Lesego project has again revealed itself as a world-class ore body. Given the size and scope of the project, we continue to believe that it would be optimally suited to be exploited by a bigger company focused on PGM assets, and as such we continue to engage with potential strategic partners.”

The DFS phase of the fully funded feasibility study has commenced and is expected to be completed during 2013”.

Newcrest & Sumatra Copper and Gold enter into Heads of Agreement

Filed under: Uncategorized — sbmzhcn @ 3:26 am

Ncoal mining process flow chart diagramewcrest Mining and Sumatra Copper & Gold are pleased to announce that they have signed a Heads of Agreement (‘Agreement’) involving an equity investment by Newcrest in Sumatra and a joint venture investment in two of Sumatra’s gold projects in the southwest region of the Island of Sumatra, Indonesia.

The Agreement (which is non-binding other than with respect to exclusivity and confidentiality provisions) sets out the proposed principal terms on which Newcrest can:

1. Subscribe for an initial 7.1% stake in Sumatra for A$2.5 million comprising 10 million shares at A$0.25 per share and 10 million attaching options, each exercisable to acquire one share for A$0.38 over an 18 month period. If fully exercised, Newcrest’s interest in Sumatra would increase to 13.2%.

2. Earn a 70% interest in Sumatra’s Tandai Project by spending US$12 million over 5 years, with a minimum commitment of US$1.75 million over the first 18 months.

3. Provide a down-payment of US$500,000 for an option to acquire a 25% interest in Sumatra’s Tembang Project for US$10 million, exercisable at any time until 31 March 2011.

Newcrest and Sumatra intend to enter into definitive agreements in relation to the three limbs of the transaction by 17 August 2010. The joint venture investments are also dependent on approvals by Indonesian authorities.

Tandai and Tembang are exploration projects centred on extensive epithermal gold systems in large exploration and mining licences. Tembang is a relatively advanced project and has a current JORC compliant Mineral Resource comprising 1.64 million ounces of gold and 19.8 million ounces of silver.

The funding from the share placement will enable further testing for high grade gold ore shoots at depth at Tembang with a view to transforming that project into a high yielding high grade proposition. The earn-in agreement for Tandai facilitates immediate detailed exploration of this project.

Sumatra Chairman, Warwick Morris commented “We are delighted to have established this relationship with the premier gold miner in the Asia-Pacific region. We regard this as a clear endorsement of the quality and potential of our tenement package and our people, many of whom are local Indonesian professionals. This deal with Newcrest is a very positive development for our company.”

Newcrest CEO Ian Smith said Newcrest is pleased to establish this relationship with Sumatra Copper and Gold and the move to a joint venture interest in both the Tandai and Tembang projects.

“This agreement is consistent with our strategy of seeking early stage entry into high-quality gold projects that enables us to leverage our proven exploration and project development skills in the Asia-Pacific region” he said.

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