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December 25, 2012

Integra returns intercept of 1.47m at 55.9g/t gold and 4.24% copper from Imperial

Filed under: Uncategorized — sbmzhcn @ 3:35 pm

Integra Mining has returned impressive grades of gold and copper from drilling on crushers for silica sandits Imperial Prospect, part of the highly prospective Randalls Project located 60-130 kilometres east of Kalgoorlie in Australia’s most prolific goldfield.

A stellar intersection of 1.47 metres at 55.9 grams per tonne and 4.24% copper was returned from a broader 8.29 metres at 16.51g/t gold and 1.25% copper. The diamond hole was drilled to provide structural information on the mineralisation controls on previously reported high grade gold and copper intercepts. Other high grade gold intersections from the hole include 1 metre at 5.4g/t gold and 0.32% copper, and 1 metre at 4.10g/t gold and 0.02% copper. The Imperial prospect is located just 500 metres northwest of the 260,000 ounce at 2.1g/t Majestic gold deposit. Gold mineralisation is hosted within the same granodiorite unit hosting the…

Zambia’s 2010 Copper Output To Hit 720,000 Tons – Finance Minister

Filed under: Uncategorized — sbmzhcn @ 12:35 pm

Zambia’s 2010 ore crusher oregon goldcopper output is expected to reach 720,000 metric tons, the highest levels since the 1970s, as companies continue to ramp up production following the recovery of global metal prices, Zambia’s Finance and Planning minister said Friday.

In a budget speech, Situmbeko Musokotwane said that global copper prices have averaged $7,202 a ton in the nine months to September, helping copper mining companies in Zambia to sustain higher output. “Copper production in 2010 will exceed 720,000 tons, a level last seen in 1973. This places us within reach of our medium term target of one million tons per annum,” he said, adding that the outlook for copper prices continues to be bright for the remainder of the year as well as for 2011. According to Musokotwane, copper export earnings were poised to reach around $4,612 million in 2010 compared with $3,179 million last year.

Window opens for Zimbabwe to sell diamonds

Filed under: Uncategorized — sbmzhcn @ 9:43 am

A window opened for Zimwaste stone recycling for malaysiababwe to sell its diamonds after the Kimberley Process Certification Scheme (KP) emerged divided last week on whether to allow Zimbabwe to export diamonds from Marange fields.

Zimbabwe’s Mines Minister Obert Mpofu made it clear to a meeting of the world diamond watchdog in Tel Aviv, Israel last week that cash strapped Zimbabwe would immediately start selling its stockpile of more than 3 million carats. Zimbabwe, under a coalition government between President Mugabe’s Zanu-PF, Morgan Tsvangirai, of MDC-T and now Prime Minister and Arthur Mutambara, of MDC-M, who is now a Deputy Prime Minister, has failed to raise badly needed funding from Western donors to rebuild an economy ruined by a decade of sanctions and recession. The government sees the gemstones as their only hope for a quick economic recovery. At the meeting in Israel, which was held behind closed doors, most African nations, excluding West African states, as well as India and Russia rallied behind a report by KP monitor Abbey Chikane, a South African national, to allow Zimbabwe to sell its precious stones. But the United States, Australia and the European Union objected over concerns that the southern African country had not met the minimum requirements of the KP. Despite the formation of the unity government, the West has remained…

‘ZMDC board ratified Canadile Miners venture’

Filed under: Uncategorized — sbmzhcn @ 3:43 am

The joint ventureused crush for stone for sale in florida agreement between Core Mining and the Zimbabwe Mining Development Corporation (ZMDC) into Canadile Miners was ratified by the ZMDC board of directors, the High Court heard yesterday.

Advocate Lewis Uriri, the lawyer representing former ZMDC chief executive officer Dominic Mubaiwa in the $2 billion fraud case, said his client was only an employee of ZMDC and was answerable to the board.

“Without recommendations from the board after a due diligence exercise on Core Mining in South Africa, the shareholders’ agreement could not have been signed. The due diligence was done by the board and they passed a resolution authorising the agreement,” said Uriri.

According to Uriri, if misrepresentations were made to the minister, it is the board that lied and not Mubaiwa.

Mubaiwa, together with Core Mining boss Lovemore Kurotwi, is being jointly charged for allegedly misrepresenting investment information to Mines minister Obert Mpofu that the Benn Steinmeitz Group Resources (BSGR), through Core Mining would invest $2 billion in the Marange diamond fields.After the deal collapsed, the State claimed it had been prejudiced of $2 billion investment money.

“The board carried out a due diligence in South Africa and reported to the minister recommending the signing of the joint venture agreement between Core Mining and Marange Resources, a special vehicle for the ZMDC. They knew who they were negotiating with,” Uriri said.

Beatrice Mtetwa, representing Kurotwi when cross-examining State witness Godwills Masimirembwa, once said Mpofu was in South Africa at the time the due diligence exercise was conducted and was aware of the goings-on surrounding the deal.

Both Mubaiwa and Kurotwi claimed the transaction was done above board with Mpofu’s knowledge and blessings.

By Newsday Zimbabwe

Russia’s Polyus Gold to pay $0.041/share dividend

Filed under: Uncategorized — sbmzhcn @ 12:22 am

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Polyus Gold said on Monday it would pay a dividend of $0.041 per ordinary share at a total cost of $115 million, following approval by the company’s board.

It did not specify the period, for which these dividends are expected to be paid. A spokesman for Polyus also declined to comment on the payment period. For the first 9 months of 2011 the company paid 26.23 roubles ($0.89) per ordinary share, while for 2010 it paid 19.77 roubles ($0.67) per share. Polyus also said it had extended a $500-million credit facility with Societe Generale by three months in February, with an interest rate increasing to one-month LIBOR plus 2.25 percent. The company added it entered into a three-year $100 million credit facility with HSBC in February, in addition to another three-year 10-billion rouble credit line with VTB opened last month. Earlier on Monday Polyus, partly owned by oligarch Mikhail Prokhorov who…

December 24, 2012

Optimum Coal: Glencore has 14% stake

Filed under: Uncategorized — sbmzhcn @ 8:40 pm

South Africa’s Optimum Coal saisecondary processing of goldd on Monday that a unit of Glencore , the world’s largest commodity trader, had bought a 14.1 percent stake in it.

The announcement comes after Optimum, South Africa’s sixth-largest coal producer, confirmed on Friday that it had received takeover approaches. “… a consortium comprising Piruto B.V., a wholly-owned subsidiary of Glencore International AG, had as at the close of business on Friday, 26 August 2011, acquired ordinary shares and as a result now holds a beneficial interest of 14.1 percent in Optimum Coal,” Optimum said in a statement. Sources close to the deal said late on Thursday that the Swiss-based trader plans to…

Iluka Resources stands out in Australia metals and mining

Filed under: Uncategorized — sbmzhcn @ 4:57 pm

Iluka Resources scwhat is the mineral dolomite used forores high on valuation, price momentum and earnings quality signals, according to Thomson Reuters StarMine data.

Iluka is seen by StarMine as having a high Intrinsic Valuation in the Australian metals and mining sector. StarMine pegs Iluka’s intrinsic value at A$42.4 per share, nearly three times the A$14.5 price it traded on Monday. The company tops the Australian metals and mining sector on StarMine’s Value-Momentum score (Val-Mo) with a rank of 99 and an Earnings Quality score of 94. That means its earnings growth is expected to be very sustainable over the next 12 months based on what has contributed to those earnings in the recent past. The data covers stocks tracked by at…

Miners may be forced to kick-in for training

Filed under: Uncategorized — sbmzhcn @ 3:01 pm

The State Government is said to be aboujaw crushers coarse ore application pricet to force mining companies to pay more – possibly tens of millions of dollars – into a training fund.

Sources say Training Minister Peter Collier has worked on a plan for months to increase the amount resources companies pay into the building and construction industry training fund. Mr Collier has long said the resources sector does not do its fair share of training. He also wrote to 60 mining companies last week urging them to take on more apprentices. This year he told an industry forum that the mining and petroleum industry’s proportion of workers in training – 4.3 per cent – was far too low. He compared it with construction (6 per cent) and manufacturing (6.2 per cent). It is understood Mr Collier’s plan could involve a change to the levy, which requires companies to contribute 0.2 per cent of the value of commercial and residential buildings. Fund executive director Ralph Dawson said building companies paid about…

SepFluor unveils R2.1 billion fluorspar mining/beneficiation development plans

Filed under: Uncategorized — sbmzhcn @ 12:30 pm

SepFluor Limited, the new name in fluorspar mining and beneficiation in South Africa, has unveiled plans for the development of its first fluorspar mine, 80 kilometres north of Pretoria, together witcharcoal crushing machine size 1mm to 6mmh a fluoro-chemical beneficiation hub near Bronkhorstpruit.

The two projects represent total capital investment of some R2.1 billion, to be raised through a mixture of debt and equity in local and international markets, and will create some 400 new jobs directly and about 2 000 indirectly, says SepFluor CEO Alan Smith.

Key motivators for the two, linked projects, Smith says, are fluorspar’s ‘strategic mineral’ status in key global markets, growing demand throughout Southern Africa particularly for fluoro-chemical products, and the South African government’s support for development of a fluoro-chemical initiative in the country.

Construction of the Nokeng Mine and associated concentrator, to be developed at an estimated cost of R900 million, is expected to begin during the fourth quarter of this year, with first production scheduled for the second quarter of 2014. Nokeng’s current life of mine – based on exploitation of two of its three fluorspar deposits – is 19 years.

At full production, Smith says, the open pit mine is expected to produce between 185 000 and 130 000 tonnes per annum of acid grade fluorspar for SepFluor’s own fluoro-chemical beneficiation hub and up to 30 000 tonnes per annum of metallurgical grade fluorspar for local and export steel markets.

The fluoro-chemical hub will be built 50 kilometres from Nokeng at the Ekandustria industrial site near Bronkhorstspruit at an estimated cost of R1.2 billion, also to be raised through a debt/equity mix in local and international markets. Construction is expected to shadow development of the Nokeng Mine, with first production – initially of hydrogen fluoride, aluminium tri-fluoride and anhydrite – also in the second quarter of 2014.

While some 42 000 tonnes per annum of hydrogen fluoride from the hub’s hydrogen fluoride facility will flow directly to its aluminium tri-fluoride facility for the manufacture of 60 000 tonnes per annum of aluminium tri-fluoride to be supplied to local and international aluminium smelters, a further 18 000 tonnes per annum will be available for metal pickling and for further downstream fluoro¬chemical initiatives, which could also be accommodated within the hub. The hydrogen fluoride facility will also produce some 216 000 tonnes per annum of anhydrite for cement and fertilizer applications.

Future growth for SepFluor is expected to flow from development both of its other three mining projects – two in Limpopo province and one in Gauteng – all of which are at exploration stage, and from expansion of the beneficiation hub, Smith says. Current design of the hydrogen fluoride facility allows for an increase in production of 30 000 tonnes per annum.

SepFluor recently unbundled from HDSA-controlled, JSE-listed industrial minerals development company Sephaku Holdings Limited (SepHold). Smith says the intention is to list SepFluor – currently held privately by some 800 shareholders – by the first quarter of 2013.

Chinese iron ore miner seeks $148 million from IPO

Filed under: Uncategorized — sbmzhcn @ 10:09 am

Having initially planned to sell shares in June, China Hanking returns to the market with an offering that soufly ash handling and dryerrces say has secured enough support before launch to get done — even in the current volatile environment.

Metals and mining might not be the most popular industry at the moment, but China Hanking Holdings has secured enough interest to allow it to pull off a Hong Kong initial public offering this week. The Liaoning-based iron ore miner is aiming to raise between HK$1.15 billion and HK$1.34 billion ($148 million to $172 million). It kicked off both the institutional and retail tranches of the IPO yesterday and will keep the books open only until Friday. Such a tight marketing schedule suggests that the deal would have been largely covered before launch and sources confirmed that this was the case. “It was launched with the knowledge that it will get done,” one source said. The company has lined up three cornerstone investors, which will buy a combined…

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