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December 24, 2012

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…

Platinum Australia moves to owner operator mining at Smokey Hills in South Africa

Filed under: Uncategorized — sbmzhcn @ 6:16 am

Platinum Australia cil plant for salehas begun its transition from contractor underground mining at its Smokey Hills Mine in South Africa to owner operator mining.

The move to owner operator mining should place Platinum Australia in a stronger position to meet its production targets as well as result in cost savings of 10-15% over the next three months. Importantly, there is expected to be minimal disruption to production during the transition, which is scheduled for completion by the end of February, and no significant additional expenditure will be required. The transition process is being completed with the full cooperation of current mining contractor JIC Mining Services. The decision to move to..

Freeport cuts Q1 copper, gold sales outlook

Filed under: Uncategorized — sbmzhcn @ 3:27 am

Freeport-McMoRan Copper & Gold Inc lowered its copper and gold sales outlook for the first quarter and saidmobile crusher plant rental washington its strike-hit Grasberg mine in Indonesia will not be back to full production until the second quarter of this year.

The U.S. company said on Thursday that operations have restarted at the mine and milling operations following a temporary labor-related shutdown on Feb. 23 and a three-month strike last year. Freeport estimates the impact from the recent work stoppage and work interruptions will reduce first-quarter production and sales by about 80 million pounds of copper and 125,000 ounces of gold. The company’s previous total sales volume estimate for the first quarter was for 875 million pounds of copper and 425,000 ounces of gold, including 210 million pounds and 400,000 ounces from…

Russia’s Alrosa may invite Evraz to develop deposit

Filed under: Uncategorized — sbmzhcn @ 12:24 am

Russian state-ownbutterfly wet grinder modelsed diamond miner Alrosa may invite steel maker Evraz to participate in the development of its $10 billion Timir iron ore project in the Russian Far East, Alrosa said on Monday.

Alrosa said in a statement its supervisory board had approved inviting a “strategic investor” to the project. “The talk is about Evraz,” Alrosa’s spokesman said.

December 23, 2012

Peru Anti-Mining Movement Gains Steam

Filed under: Uncategorized — sbmzhcn @ 9:15 pm

Gregorio Santos, president of the Cajamarca region, in a speech during a rally Tuesday, called on Peruvians to overthrow the Humala administration for supporting development of the $4.8 billion Minas Conga project, which will be the largest mining investment ever in Peru.

“What do we do when the president doesn’t keep his word?” Santos asked. The crowd of anti-mining protesters responded, “We get rid of him!”

“What do we do when the president doesn’t honor his commitments?” Santos yelled. “We get rid of him!” the crowd responded.

Protesters, who say thacrushing of gold ores in south africat Minas Conga will cause environmental damage, succeeded in stalling the project last year, forcing the government and owner Newmont Mining to suspend work to carry out new environmental studies.

Political analysts say there is little chance of a break in the democratic order in Peru, even as various anti-mining protests gain strength and turn violent. Still, the protests pose a significant challenge to Humala’s presidency, who took office nearly a year ago on a leftist platform and adopted center-right economic policies in one of the world’s leading producers of precious and base metals.

Members of the executive branch said the administration will remain firm in its market-friendly policies, and late Tuesday, the office of the president of Congress called on the nation’s chief prosecutor to charge Santos with inciting rebellion.

Chief prosecutor Jose Pelaez said in a broadcast interview Wednesday that there will be an investigation into Santos’ statements.

Santos said that he was merely expressing his opinion and hadn’t committed any crime. He also charged that the Humala administration wasn’t carrying out its campaign promises, including calling a constituent assembly to change the nation’s constitution.

In a Twitter message Tuesday, Humala defended his mining policies, saying, “We are going to carry out the grand transformation of Peru with a firm hand, persistence and without fear or abrupt decisions.”

Political analysts say that many of those on the left who supported Humala in the elections last year now feel betrayed by the government’s turn to the right.

Three left-leaning members of Humala’s Gana Peru coalition defected this week, saying they disagreed with the government’s economic policies and its support for mining.

“The conflicts could reproduce themselves in other zones,” said political analyst Santiago Pedraglio. “The president hasn’t explained why he changed his policies and many people who helped bring him to power feel betrayed.”

Observers add that Santos’ call for an insurrection is more likely a political strategy aimed at raising his profile as an “outsider.”

University of Lima political scientist Luis Benavente said that Santos is seen as likely to run for president in 2016 when Humala is barred by law from holding a second consecutive term.

Still, analysts are concerned that the anti-mining protests in Peru could snowball.

“The protests could escalate and have a domino effect. What Santos is trying to do is to create a power vacuum,” Benavente said, adding that presidents in Venezuela, Bolivia and Ecuador captured power by running against the status quo and sometimes leading street protests.

The Humala administration has adopted a strategy of cracking down hard on violent anti-mining protests, while offering to negotiate with local authorities to find solutions to their demands.

So far about 14 people have been killed in various anti-government protests since the Humala administration took over.

Anti-mining activists in conjunction with some politicians in recent months have enveloped Peru in a series of often violent demonstrations against the mining sector, including against mining operations of Anglo-Swiss company Xstrata in southern Peru.

In a statement Wednesday, Newmont Mining said, “We believe dialogue and constructive engagement is the best and most productive way to address issues around mining investment and development. Last week more than 10,000 people came out to demonstrate that they want a future based on progress and development. Their voices also should be heard and are just as important.”

EITI Report reveals plunder of mining revenues in Ghana

Filed under: Uncategorized — sbmzhcn @ 4:40 pm

A glaring plunder of mining revenues has been revealed in the Extractivground to home production of coale Industries Transparency Initiative (EITI) aggregate report of Ghana.

The aggregated audit report meant to collect, analyze and reconcile payments made by mining companies to the government and to reconcile mining companies’ submissions of mining benefits payments to those received by the government was made known in Ghana at an EITI – Dissemination Workshop held in Kumasi January 31, 2011. The workshop that brought together diverse stakeholders including Metropolitan, Municipal and District Chief Executives (MMDCEs) and Finance Officers, traditional authorities, the media, and civil society was to sensitize stakeholders and to disseminate the findings and recommendations of the EITI aggregate report…

Fortescue sets new monthly export result – 55Mtpa achievable

Filed under: Uncategorized — sbmzhcn @ 12:29 pm

Due to the overall lift in operational productivity, Fortescue Metals Group Ltd achieved a new export benchmark in September.</used gold mining equipment for salep>

This reinforces the Company’s capability to achieve 55 million tonnes per annum (Mtpa) run rate with existing port and rail infrastructure. During September, Fortescue loaded more ships and exported more ore than in any other month in Fortescue’s two-and-half year production history.

Throughout the month the team at Herb Elliott Port loaded 25 vessels, including four vessels which carried over 200,000 tonnes, totalling more than 4.3 million tonnes (Mt) of iron ore exported.

In achieving the month’s result, the port was able to overcome a week of reduced outloading caused by delayed ship arrivals and third party access responsibilities. For one week of the month, the company set a new weekly benchmark of 1.3Mt. Fortescue Port Operations Manager Tony Swiericzuk said the team was now focused on beating its September record and achieving in excess of 4.5Mt to 5Mt per month.

He said the result was an incredible achievement given the port had been in operation barely two years. “Six months ago we regarded the loading of 20 ships as an excellent month. Now we have achieved 25 ships a month and we have our sights set on building on that figure,” Mr Swiericzuk said.

A Fortescue Port productivity improvement program is currently being undertaken to ensure that the Fortescue Port team can achieve and sustain the Company’s 55Mpta targeted expansion throughput from the existing port and rail infrastructure.

“Given our track record and the ability and enthusiasm of our Port Team, I have no doubt we will meet the extra port throughput targets as iron ore supply increases from the additional mining at Christmas Creek,” Mr Swiericzuk said.

Fortescue’s September quarter production report, soon to be released, will show the September production figures easily beat the Company’s August result, which was affected by a periodic maintenance shutdown.

Antofagasta sees 23% rise in 2010 copper production

Filed under: Uncategorized — sbmzhcn @ 6:20 am

Antofagasta chairman Jean-Paul Luksi tused stone cusher indiaold the mining group’s AGM copper production was forecast to grow 23% to 543,000 tonnes in 2010, compared with the previous 440,000 tonnes.

This was due to the recently completed brownfield plant expansion at Los Pelambres, now running at full capacity despite slight delays caused by the Chilean earthquake in February. Los Pelambres throughput had risen by 25% to 175,000 tonnes per day, which was expected to increase production of payable copper by around 90,000 tonnes per year. Molybdenum production at Los Pelambres was also expected to rise, to 9,500 tons from 7,800 tons. The Esperanza project was making good progress, with construction 78% complete at the end of May. From 2011 the group expected production from Esperanza would lift annual copper production to over 700,000 tonnes, representing approximately 60% growth compared with 2009.

Clive Palmer clarifies criticisms of coal seam gas

Filed under: Uncategorized — sbmzhcn @ 1:12 am

Mr Palmer said at the weekend overseas CSG companies were concerned the workforce in Australia wasgold washing plant machine not well trained.

He also said the fledgling industry risked contaminating the water table if it wasn’t operated correctly. Premier Anna Bligh said it was obvious a coalminer would be critical of another energy industry. But CSG industry representatives reacted angrily to the comments. Mr Palmer today issued a statement to clarify his comments, saying a properly-regulated CSG industry was “one of the keys to securing Australia’s energy future”, and thousands of jobs. “Let me be clear, I do support the CSG industry,” he said. “It is good for this country, and particularly good for Queensland. “However, the Queensland government and participating mining companies must commit to the…

December 22, 2012

Kenyan court suspends SA mining project: report

Filed under: Uncategorized — sbmzhcn @ 8:41 pm

<img src="///C:/DOCUME~1/ameerah/Lbiggest used jaw crusher in the worldOCALS~1/Temp/moz-screenshot.png” border=”0″ />”The Kaya Mrima Self-Help Group convinced the High Court in Mombasa that Cortec Mining, which claims to have invested Sh13.5 billion [about US$140 million] in the Kwale mining project, was granted the prospecting mining licence in contravention of the Forests and Mining Acts.”

In addition, the group claimed that Cortec’s activities had destroyed their community’s right to a clean and healthy environment because “no environmental impact assessment has been carried out”, the newspaper added. Last month, Environment minister John Michuki directed the mining company to stop prospecting for minerals until the dispute with the local community was resolved. “No prospecting will continue until the community’s concerns over the project have been addressed,” Michuki was quoted as saying. High Court judge Maureen Odero granted a stay of the…

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