Kinross and Red Back create high-growth gold producer in US$7.1bn merger

Kinross Gold Corporation and Red Back Mining today announced that their respective boards of directors have unanimously approved a friendly merger through a plan of arrangement, whereby Kinross will acquire all of the outstanding common shares of Red Back that Kinross does not already own.

The total value of the proposed transaction is approximately US$7.1 billion, on a fully-diluted basis.

Highlights

• The combination will create a pure gold senior producer with an exceptional growth profile, matching Kinross' strong base of high-jaw crusher specsquality mines, growth projects and proven track record, with Red Back's early-stage operating mines and outstanding exploration and expansion potential.


• Red Back shareholders will receive 1.778 Kinross common shares, plus 0.110 of a Kinross common share purchase warrant for each Red Back common share held. Pursuant to the transaction, Kinross expects to issue approximately 425 million Kinross common shares and approximately 26 million Kinross common share purchase warrants. Following completion of the transaction, the current Kinross shareholders will hold approximately 63%(1) of the combined company, while current shareholders of Red Back will hold approximately 37%.


• The value of the offer is C$30.50 per Red Back common share, representing a premium of approximately 21%, based on the preceding 20-day volume-weighted average price of Red Back common shares traded on the TSX and the July 30, 2010 closing price of Kinross common shares traded on the TSX. The warrants are expected to be listed on the TSX and be exercisable for a four-year term at an exercise price of US$21.30, representing an approximate 30% premium to the July 30, 2010 closing price of US$16.39 for Kinross common shares.


• Based on analyst consensus production estimates for Kinross and Red Back, forecast pro forma gold production for the combined company would be approximately 3.9 million ounces in 2015. Kinross believes there is significant upside potential for Red Back's assets beyond this estimate, based on its evaluations and the potential for exploration and production expansion.


• The combination gives Kinross a strong position in West Africa, one of the world's fastest-growing and most prospective gold regions, as well as a management team experienced in the region.


• Lukas Lundin, Chairman of the Red Back Board of Directors, and Richard Clark, CEO of Red Back, are expected to join the Kinross Board of Directors following closing of the transaction.


• Red Back shareholders will benefit from Kinross' strong operating and development experience and from diversification through exposure to Kinross' balanced portfolio of eight operating mines and future growth projects.


• The transaction provides a capital gains tax-deferred roll-over option for taxable Canadian holders of Red Back shares.


• The transaction has been unanimously approved by the board of directors of both companies. Red Back directors, senior officers and certain shareholders representing approximately 4.6% of the outstanding Red Back shares have agreed, or are expected to agree, to vote in favour of the proposed transaction. Combined with Kinross' 9.3 interest, this represents a total of approximately 14% of the outstanding Red Back shares in support of the proposed transaction at the time of announcement.

The transaction gives Kinross two well-established mines that will add immediate incremental production and growth potential. The merged company will have 10 mines and 4 development projects, operating in 8 countries. Based on Kinross' January 14, 2010 production forecast of 2.2 million attributable gold equivalent ounces for 2010, and Red Back's July 21, 2010 production forecast of 445,000-465,000 gold ounces for 2010, pro forma 2010 production for the combined company is expected to be approximately 2.6 - 2.7 million gold equivalent ounces.

Upon closing of the transaction, Kinross' Proven and Probable mineral reserves will increase to 53.2 million ounces and Measured and Indicated mineral resources will increase to 19.5 million ounces, based on the latest mineral reserve and mineral resources statements of both companies.(2)

"This is a transformational opportunity," said Kinross President and CEO Tye Burt. "By combining Kinross' world-class mines, growth projects and proven ability in mine development with the potential of Red Back's assets, we are creating a gold growth powerhouse. The significant upside in reserves that we believe exists at Red Back, and Kinross' ability to accelerate that potential, makes this an outstanding prospect for shareholders of both companies."

"Kinross' record of successful project development and delivery together with the world class prospects of Tasiast is an exciting and unique combination," said Red Back President and CEO Richard Clark. "The growing underground production profile at Chirano and Red Back's prospective exploration portfolio fits neatly with the impressive asset base of Kinross. Red Back shareholders will benefit by participating in a large and well-diversified major gold producer with a core stable of high quality producing assets, significant expansion opportunities and an exciting exploration portfolio."

"Our board of directors has unanimously recommended this friendly combination to Red Back Shareholders. This is a fair offer with an attractive premium above current market price, and Kinross is a great partner," Mr. Clark added.

"We have been impressed not only by Red Back's assets but also by the experience and skill of their management team," said Mr. Burt. "They bring considerable value to this transaction, as experienced operators with a great track record in the region."

Red Back's assets in Mauritania and Ghana give Kinross a strong position in West Africa, one of the world's fastest-growing gold regions, expanding its presence in mining-friendly jurisdictions.

"Red Back has a strong record as a responsible operator," said Mr. Burt. "As Kinross, we intend to build on that reputation by bringing the same high standards for environmentally and socially responsible mining to the region that we have established in our operations around the world."

Mining CEOs May Favor Takeovers of $10 Billion, Standard Chartered Says

maquinaria trituradora de mandibula

Mining chief executives “gun shy” from the global financial crisis may favor small-to-medium takeovers to expand production rather than building their own mines that take years to develop, said Standard Chartered Plc.

“The only option they have in M&A is to do the $5 billion to $10 billion deals, maybe even less,” Jeremy Gray, Standard Chartered’s global head of equity research for resources, said in an interview from Hong Kong. “That’s the beauty of M&A, you’re locking in cash flow and you don’t have to deal with long-dated projects.” The collapse of BHP Billiton Ltd.’s $66 billion bid for Rio Tinto Group and Vale SA’s $90 billion offer for Xstrata Plc has discouraged mining companies from mounting similar-sized deals, Gray said. Rio is focused on growth by expansion and acquisitions of a “small-to-moderate” size, UBS AG said this week, citing Chief Executive Officer Tom Albanese.

Harmony Maintains Reserves at 48 million Ounces

Harmony Gold Mining Company Limited (Harmony) is pleased to publish its Statement of Mineral Resources and Mineral Reserves as at 30 June 2010, which has been produced in accordance with the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC Code) and the Australian Code (JORC Code). The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce tzaranda clasificadora y molienda para orohe Mineral Reserves.

Graham Briggs, Chief Executive Officer of Harmony, notes that, “Careful, considered restructuring of Harmony’s asset base focusing on better-quality ounces is in line with Harmony’s strategy to produce profitable and sustainable operations. At the end of June 2010, Harmony’s attributable gold mineral reserve was maintained at 48.1 million ounces, which is similar to the previous year’s declared reserve, despite shaft closures and depletion which occurred during the year. Attributable gold mineral resources declined by 9% to 189.2 million ounces.”

Briggs, says that steps taken to improve the quality of Harmony’s portfolio have included:

• closure of the Brand 3, Merriespruit 3, Harmony 2, Evander 2,5 and 7 shafts (a total of six shafts) due to their ore bodies having reached the end of their economic lives;


• continued investment in exploration and development at the company’s Phakisa, Kusasalethu, Doornkop and Hidden Valley growth projects, reaffirming their robust life-of-mine plans and reserve positions;


• acquisition of the Free State assets of Pamodzi Gold Mining Limited which includes President Steyn 1 and 2 shafts, Lorraine 3, Freddies 7 and 9, the Steyn plant and surface stockpiles;


• an international exploration program resulting in the discovery of a new zone of mineralization adjacent to the main Golpu resource;


• the reassessment of the Evander operations and projects. Following a review of the economic viability of the Evander South project under various economic scenarios, it was decided to exclude it from Harmony’s reserves, while the Libra project, (retreating the Evander tailings) has been included in the reserve statement;


• the sale of the Mount Magnet project, in Western Australia, which allows us to focus on growing, developing and operating our portfolio of quality assets in Papua New Guinea.

In converting the Mineral Resources to Mineral Reserves the following parameters were applied:

• a gold price of US$950/oz


• an exchange rate of USD/ZAR 8.19 for South Africa


• the above parameters resulted in a gold price of R250 000/kg


• For the Papua New Guinea joint venture operations held within the Morobe Mining Joint Venture, prices of AUD$1000/oz Au, AUD$15.33/oz Ag, AUD$5,883/ton copper and AUD$17.33/lb Molybdenum were used with an exchange rate of PGK/AUDK2.30.

Harmony’s South African resources and reserves (excluding Rand Uranium) were reviewed and audited by SRK Consulting Engineers and Scientists for compliance with the South African Code for Reporting Mineral Resources and Mineral Reserves – SAMREC Code (2008), Industry Guide 7 of the United States Securities Exchange Commission and Sarbanes-Oxley requirements.

Harmony’s Papua New Guinea Mineral Resources and Mineral Reserves were independently reviewed by AMC Consultants Pty Ltd for compliance with the standards set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code.

The company’s detailed resource and reserve declaration will be published in the FY2010 annual report, which will be made available to shareholders towards the end of September 2010. The annual report will also include the latest update on Harmony’s uranium resources.

We use certain terms in this press release such as ‘measured’, ‘indicated’ and ‘inferred’ resources, which the United States’ Securities and Exchange Commission (SEC) guidelines strictly prohibit US-registered companies from including in their filings with the SEC. US investors are urged to closely consider the disclosure in our Form 20-F.

Click Here to view the tables containing data pertaining to Mineral Resources for Harmony's South African and Papua New Guinea operations and projects.

Chilean president: Looking forward to imminent mine rescue

Chilean President Sebasthammer mill for goldpage6ian Pinera says he is looking forward to the imminent rescue of the 33 miners trapped for more than two months nearly half a mile below ground. Officials have said rescue crews will begin Wednesday -- and perhaps even earlier -- pulling the men to safety.

"I hope that by tomorrow [Tuesday] or Wednesday, the miners will not only be able to see sunlight, but embrace their wives and girlfriends, parents, mothers and children," Pinera told CNN en Espanol on Monday. Pinera, who is expected at the mine site for the rescue, spoke in Quito, Ecuador. "We have been with the miners since the accident and will remain with them once they are rescued," he said. The president added the miners' reintegration into society will likely be difficult as they must build new lives and will face the added pressures that come from global media attention. Chilean Mining Minister Laurence Golborne told reporters Monday outside the mine that workers are hoping to initiate the rescue beginning late Tuesday night or early Wednesday.

Olympus Pacific Minerals enters joint venture for Philippine gold property

Olympus Pacific Minerals has entered a formal joint venture agreement for the Capcapo Gold Property in the Northern Philippiron ore magnetite beneficiationines.

The joint venture agreement is between Olympus, wholly owned subsidiary Kadabra Mining Corporation along with Abra Mining & Industrial Corporation (AMIC), Jabel Corporation and PhilEarth Mining Corporation. The Capcapo Gold Property is strategically located in the Abra Province, Northern Luzon, north of the prolific Baguio-Mankayan Gold District which has combined production, reserves and resources of more than 60 million ounces of gold. Under the agreement, Olympus, in consortium with a Philippine company which is in the process of incorporation, has an option to acquire a 60% interest in the Capcapo Gold Project subject to compliance with Philippine foreign ownership laws. Olympus paid AMIC US$300,000 upon signing the agreement and is required to pay a further...

Copper Resources and Technologies in mining industry

World Copper Resources A copper ore deposit can be a localized zone in the earth's crust that contains copper-bearing minerals in unusually massive quantities. On average, the continental crust contains about 0.0058 percent copper, or 58 parts per million. In initial deposit of copper-bearing minerals is classed as an ore reserve if you will find sufficient quantities and concentrations of minerals to be extracted in a profit. Commercial copper ore deposits these days include fmaquinas de separar el oro de la tierrarom 0.5 to 6 percent copper, or in between 100 and 1000 times the crustal typical. In comparison, iron and aluminum constitute about five.8 percent and 8 percent of the earth's crust, respectively, as well as their commercial deposits have to be only 3 to 10 times as concentrated because the crustal average. Thus, copper may be viewed as a fairly scarce element geochemically.

This chapter begins having a description of the geology of copper-the types of copper minerals, that they formed, and exactly where they may be discovered. The chapter then discusses current world copper resources, as well as the copper content (or ore grade) of current mine production.

Copper occurs in 3 distinct mineral groups (see table 5-1). In sulfide nutrients, the copper is related with sulfur. In carbonate deposits, the copper occurs with carbon and oxygen. In silicate nutrients, the copper is linked with silicon and oxygen. Rogues two groups will also be termed oxide ores. Copper is more effortlessly purchased from the suIfide and carbonate m i nerals.

Classes of Copper Deposits

Copper deposits are listed in common geologic setting, which includes the type of rock in which the copper deposit formed. Rocks belong to three principal categories: igneous, sedimentary, and metamorphic. Every single category is further subdivided on the basis of distinguishing characteristics like mineralogical composition and texture. Igneous rocks usually form from the molten mass such as lava; sedimentary rocks form by the accumulation of cloth transported and deposited by water or wind, from chemical precipitation, or from your buildup of organic substances; and metamorphic rocks range from impact of heat and pressure on other rocks.

The 3 primary types of copper deposits are porphyry type deposits, strata - bound depos - its, and huge sulfide deposits. Porphyry deposits are the most typical. They take into account about 45 percent in the world's total copper reserves, including the largest portion in the ore reserves in the western United states. q These deposits are linked with bodies of igneous intrusive rocks with copper sulfide minerals disseminated included. Porphyry deposits often take place in discontinuous belts. The very best identified will be the belt that runs from Canada down via the southwestern United states of america, northern Mexico, Mexico, and South America through Peru, Chile, and western Argentina. Yet another porphyry belt runs via Papua New Guinea, Indonesia, and the Philippines and also on up into China and components of Siberia; along with a third by means of southeastern Europe, Iran, and Pakistan (see figure 5-1 ).

The grade and size porphyry deposits varies. Typical deposits in Chile and Peru include 1.0 to 2.0 percent copper and 500 million to 1 billion tonnes of ore, although the biggest deposits might include 4 to 5 billion tonnes. The deposits in the sout hwe stern United states of america and northern Mexico include 200 to 500 million tonnes of 0.4 to 0.8 percent copper ore. Those in the Philippines and Canada contain from 0.3 to 0.five percent copper and from sO to 200 million tonnes of ore.

Strata-bound deposits, the next most significant when it comes to metal reserves, are much less frequent and less space-consuming than porphyry deposits (A million to 100 million tonnes of ore per deposit). Copperbearing silicates, carbonates, and sulfides, happen in old marine sediments, including shales and sandstones. Strata-bound copper reserves are located in Zambia and Zaire, along with Europe as well as the north central United states of america (figure 5-1 ). The Zambian deposits frequently include 2.o to four.o percent copper in suIfide minerals, as well as the Zairian deposits four.0 to 6.0 percent copper in carbonate and silicate minerals.

Massive sulfide deposits are large concentrations of mixed sulfide minerals (copper, nickel, lead, or zinc) occurring as veins and enormous replacements in limestone, so that as large bodies in volcanic rock sequences. Huge sulfide deposits are critical in eastern Canada as well as the eastern United states of america, Australia, Nigeria, the Philippines, and Cyprus. These deposits usually are tiny with well-defined boundaries and frequently possess a copper content from 1.0 to five.0 percent. Copper usually is produced being a useful byproduct of the other minerals in these deposits. The quantity of ore reserves ranges from several hundred thousand to numerous million tonnes. Most water piping deposits have definable boundaries; in certain these are gradational plus other individuals sharply defined (such as veins), Deposits with gradational boundaries, for example porphyrins, usually include zones which are subeconomic in ore grade, which may become ore if either the value of copper increases or the cost of extracting the copper from the ore declines adequate to make mining lucrative. Therefore, considerable alterations i n perceived ore reserves may possibly take place for such d e - posits as a result of expense or price changes.

Other Metals Occurring With Copper

Many copper deposits include more than 1 useful metal. The other metals are classed as coproducts or byproducts according to their relative value. When the deposit is economically viable on the basis of copper production alone, then copper is themain product and then any othermetals are byproducts. When the economic viability with the deposit is dependent upon the creation of both copper and a single or more further metals, then copper and the othermetal(s) are coproducts. According to present metal costs, the status of your metal occurring with copper can modify from byproduct to coproduct and vice versa. Every class of copper deposit is seen as a a diverse pair of coproduct and byproduct metals. Crucial byproducts in porphyry deposits aremolybdenum gold and silver coins.Molybdenum is actually a byproduct in a few of the South and north American deposits and it is actually a coproduct for several of the Canadian deposits and U.S. deposits. Roughly Sixty percent of world molybdenum production can be a result of copper mining.

The Bougainvillea and Ok Tedi deposits in Papua New Guinea, Ertsberg in Indonesia, and some Philippine deposits all have an unusually high gold content, but with out any molybdenum. The strata-bound deposits in Central Africa frequently have cobalt as a byproduct, together with the Zairian deposits possessing a higher cobalt content.

These deposits will be the Western world's most important source of cobalt. s The massive sulfide deposits include considerable quantities of nickel, or of lead and zinc. other metals of less importance in huge sulfide deposits are silver, gold, bismuth, cadmium, and cobalt.

ORE GRADES

Grade will be the relative quantity or number of mineral content material within an orebody. As discussed above, various varieties of copper deposits yield distinct amounts of ore, with strata-bound deposits typically having the best grades, and porphyrins the lowest. The ore grade determines how several tonnes of ore should be mined in order to create a tonne of copper. For instance, a mine with an ore grade of 0.5 percent need to extract 200 tonnes of ore to produce 1 tonne of metal, but an ore operating 2.0 percent copper only requires 50 tonnes to create 1 tonne of metal. Similarly, to maintain copper production, the organization mining 0.five percent ore need to discover 200 tonnes of latest reserves for each tonne of metal made.

The yield of copper ore from domestic and f o r - eign mines has declined more than time, each using the exhaustion of high-grade deposits with technological adjustments that permitted lucrative mining of lower ore grades.

For example, the initial discovery of copper in Butte, Montana would be a 50-foot wide seam of wealthy "copper glance" (lustrous chalcocite) ore that ran Thirty percent copper. As the copper glance was mined out and methods for processing lower grade ores had been created, mining at Butte moved into porphyry ores. Nowadays, the typical ore grade at Butte is closer to 0.5 percent copper. Box 5-A illustrates the relation amongst technological advances and resources, reserves, and ore grades employing the Bingham Canyon, Utah mine for example. Presently, the majority of the earth's copper production arises from ores having an average yield of around 0.79 percent copper. Individual countries' resources vary in average ore grade from the low around 0.46 percent copper in Papua New Guinea as well as the Philippines with a most of about four percent copper in Zaire (see table 5-2). The United states of america comes with an average ore grade of 0.51 percent copper for all kinds of copper minerals, like low-grade leachable deposits, and an typical feed grade of 0.62 percent copper for suIfide resources.

The minimum grade that could be mined profitably from a deposit is termed the cut-off grade. The yield and tonnage of ore across the cut-off grade are essential both in estimating ore reserves and figuring out mine profitability. By way of example, although Africa is one of the least abundant parts of copper resources in terms of ore tonnage, it ranks third i n recoverable copper being a resuIt of their richer ore, which averages two.38 percent copper. Central and South America, on the other hand, only have slightly better than average ore grades (0.91 percent), but rank very first in recoverable copper because of the abundant tonnage. Similarly, North America has below typical ore grades, but, as a result of the huge level of ore, ranks second in recoverable copper. Cut-off grade, consequently, is actually a function from the form of ore and mining operation. By way of example, a nearsurface deposit might have a slightly lower cut-off grade than a deeper one, because the costs of removing the overlying waste rock and hauling the ore are lower. A mine with considerable byproduct or coproduct minerals (e.g., a lot of gold) might have a lower cut-off grade than the usual mine exactly where copper could be the only mineral, since the ore's added value "pays" for the more pricey handling and processing. mines where copper is actually a byproduct, the main minerals may cover the complete production price and the copper represents profit. In formulating a mine program and determining the cut-off grade, there is certainly a trade-off in between deeper mines with greater grade ore, and wider mines that exploit the reduced grades surrounding the main ore body. A copper producer need to mine, crush/grind, and concentrate the entire amount of ore.

S.Africa's Simmer & Jack may cut 1,200 workers

South Africa's Simmer & Jack Mines Ltd said on Monday it might cut almost a third of the workers at one of its underperforming mines, to put pressure on costs at the mine, which was producing less gold than planned. The company said in a statement it could cut employees at its BGM mine. "BGM is considering retrenching approximately 1,200 employees of the some 3,700 workforce at the mine.

Consultation with the recognised trade unions, the National Union of Mineworkers, Solidarity and UASA regarding the possible retrenchments has begun and will take place over a 60 day period," it said. The planned retrenchents could face stiff resistance from unions at a time when labour relations in the country's key mining sector are strained. "We have heard rumours that Simmer & Jack is planning to retrench, but we will oppose any retrenchment that is on the cards," said Lesiba Seshoka, spokesman for the National Union of Mineworkers (NUM). NUM has threatened strike action against South African coal and zinc miner Exxaro over the planned retrenchments of 300 workers but a court order has halted that for now...

Cockatoo Coal Provides an Update on the Impact of Floods at its Baralaba Mine

On 30 December 2010, Cockatoo Coal Limited advised that severe flood conditions in Queensland hagold ore small millpage2d resulted in a significant water inflow into the main pit of its Baralaba coal mine.

The following update is provided:

• No Company or contract personnel associated with the mine have been injured as a result of the flooding.


• All Baralaba mine’s key capital assets, including offices, workshop and coal processing equipment at Baralaba mine remain undamaged and on high ground.


• Advising a timetable for recommencement of Baralaba main pit production is currently premature, given the extent of current flooding and uncertainty regarding future weather patterns. At a minimum however, a production delay of some weeks and potentially longer should be anticipated.


• The Company has sufficient cash reserves to meet the relatively low fixed costs of this small (50,000 tonne/month) mining operation during any reasonably foreseeable restoration period. Typically less than 20% of the mine’s quarterly operating costs are from fixed costs.


• Peak flood levels in the region have passed, and access to the mine by Cockatoo staff is occurring today to conduct a safety audit, and preliminary assessment.


• Cockatoo has activated its water management plan, and dewatering processes will begin once approvals are in place. Mining engineers, hydrologists and environmental scientists will work in conjunction with the relevant Queensland Government departments to ensure all dewatering is conducted in a safe, efficient and environmentally sound manner.


• The Company anticipates providing more detail on the timetable for dewatering and recommencement of production once these activities have been undertaken.

The Company also advises that exploration activities at the Company's Bowen and Surat Basin projects will resume as soon as access permits.

Activities at the Company's Hume and Bylong projects in NSW are unaffected.

Newcrest Mining wins in a merger of equals

lead zinc ore crushingprocessing machine

Newcrest Mining has helped scuttle talks between St Barbara and its $350 million takeover target Catalpa Resources by agreeing to vend two Queensland goldmines into a merger between Catalpa and Conquest Mining in return for becoming the biggest shareholder in the new company.

The complex plan -- which includes a $150m rights issue once the merger and asset sale are complete -- would create a $1.18 billion miner with five gold projects in Queensland and Western Australia, helping fill what many see as a dearth of opportunities to invest in mid-tier gold companies. The agreed "merger of equals" between Catalpa and Conquest, announced yesterday, would see Catalpa pay Conquest 0.3 shares for each Conquest share, implying a 13.7 per cent premium for Conquest, based on share prices before the deal was announced. As a result of the deal, Catalpa said it had terminated discussions with St Barbara about the latter's scrip and cash offer, which Catalpa had previously described as opportunistic...

Investors punish Tinkler's Aston

Nathan Tinkler's Aston Resources continued to be punished by investors yesterday following a big overhaulequipments used in calcium carbonate plant of the company's board and management, raising questions about potential related-party transactions amongst the mining magnate's various interests.

Mr Tinkler appointed himself chairman of Aston on Thursday after a dramatic board and management shake-up, which forced the resignation of chief executive Todd Hannigan and chief financial officer Tom Todd. Aston shares continued their decline yesterday, finishing 8.38 per cent lower at $8.75, in a broader market that was 1.9 per cent lower with resource stocks punished. Mount Gibson was also heavily hit for a second day following the news managing director Luke Tonkin was to step down from the Chinese-controlled iron ore miner. It was down 8.57 per cent at $1.28. Mr Tinkler, who owns about 35 per cent of Aston, had defended the...

Perseus Announces Details of Sissingue Feasibility Study

Perseus Mining Limited is pleased to announce details of its Feasibility Study (“the FS”) for the Sissingue deposit which forms part of the Company’s Tengrela Gold Project (“TGP”) in Côte d’Ivoire.

In summary, the FS, which was managed on behalf of the Company stone crushing business for sale in omanby Mintrex, confirms the robust project economics of the TGP as well as the upside potential that exists from ongoing resource definition drilling.

Highlights of the Tengrela FS

• Initial Probable Ore Reserve of 657,000oz of gold (using US$950 gold price pit design).


• Production of 340,000oz (3.5Mt at 3.3g/t) of gold in first two years of a six year mine life.


• Cash costs (C1) in the first two years of US$421/oz, with mine life average cash costs of US$505 per oz.


• EBITDA of US$221M for first two years of production at US$1,100 gold price.


• Start-up capital cost of US$115 million paid back in 14 months at US$1,100 gold price.


• Plan to advance as fast as practicable, targeting first gold pour Q4 2012.


• Ongoing aggressive drilling will provide resource growth and extend mine life – next upgrade scheduled for Q1 2011.

Mark Calderwood, Managing Director’s comments: “The robust outcome of the FS has provided Perseus with the basis for a decision to proceed with project permitting and construction planning for the Sissingue deposit on the Tengrela Gold Project.

Even at a gold price under US$900 an ounce, the FS provides a payback period under two years.”

“Perseus now has combined reserves of 2.79Moz between the TGP and the Central Ashanti Gold Project (“CAGP”) in Ghana and we are anticipating another significant reserve upgrade for the CAGP in December 2010.”

“Though Measured and Indicated Resources were limited as a function of drilling density, we fast tracked the Sissingue FS to enable an early start to be made to the approval process and planning.

Assuming that site construction can begin in 12 months, we would expect production to commence in Q4 2012.”

“The FS has shown the TGP to be economically robust as it stands, however I believe there are still several avenues to enhance the profitability and longevity of the project. For example, we are confident that with further drilling we will convert existing Inferred Mineral Resources to the Indicated category during Q1 2011, thereby potentially adding a further 200,000 ounces to the US$950/oz pit shell model. In addition, extensional drilling following up on recent drill hits is likely to further expand our inventory of Mineral Resources and, ultimately, Reserves.”

“Also, increasing the drilling density in the high grade zones within the existing Indicated Resource envelope may provide the statistical grounds to increase the top cut that has been applied to drill results, potentially allowing us to include some of the 280,000oz (or 40%) of the gold top cut out of the Mineral Resource used in the calculation of stage 1 and 2 Ore Reserves.”

“The Company wishes to thank our staff, Mintrex and the other participants in the FS process for their efforts over the past 10 months to deliver the independent and high quality FS document on time and within budget”.

Australia approves migrant workers for mining projects

Australia will allow marble polishing machine manufacturers in pakistanmining companies to use foreign workers to help address chronic labour shortages, with mining magnate Gina Rinehart's A$9.5 billion ($9.2 billion) Roy Hill iron ore project winning approval on Friday to bring in 1,715 workers.

Immigration Minister Chris Bowen said the government had approved Rinehart's plan to bring in the workers to help develop the iron ore mine in the booming and remote Pilbara region of northwestern Australia.

The approval is a major shift in immigration policy and clears the way for the resources sector to use more foreign labour to help develop major projects at a time when Australian companies are struggling to find skilled workers.

"There is no doubt that the Roy Hill Project is one of national significance," Bowen told the National Press Club as he announced the first Enterprise Migration Agreement with Rinehart's company Hancock Prospecting.

Australia's economy avoided recession following the global financial crisis, with strong labour market growth and an unemployment rate currently at 4.9 percent, well below unemployment rates in the United states and Europe.

China Seeks New Iron Ore Price Model, Holds Talks With Miners

google stone crusher in inda or parkistan

China, the world’s biggest iron ore buyer, said it’s held talks with Vale SA, Rio Tinto Group and BHP Billiton Ltd. to set up a new pricing mechanism after a plunge in cash market prices.

“We hope to build a new stable, transparent, fair and reasonable pricing mechanism,” Zhang Changfu, vice chairman and secretary general of the China Iron and Steel Association, told reporters today in Beijing. “We wish to make it more well- organized and healthy.” Iron ore prices for immediate delivery fell 32 percent this month on China’s credit tightening and slowing steel demand from builders and automakers. Most Chinese customers are seeking to replace quarterly contracts with spot pricing, the largest ore producer, Vale, said last week. Baoshan Iron & Steel Co., China’s biggest mill, is in talks with Vale on fourth-quarter ore prices, and expects its raw- material costs to...

Belt conveyors Length

BELT CONVEYORS-INTRODUCTION

Belt conveyors are demachine that separates gold fromsigned to hold material by way of the shortest distance amongst the loading and unloading points. When essential, belt conveyors can operate continuously, with out lack of time, and therefore are equipped to handle tonnages of bulk supplies that would be much more expensive and usually impractical to handle by other indicates. This frequently avoids confusion, delays, and safety hazards of rail and motor visitors in plant and other congested regions.

Choosing the best conveyor starts with seeking in the five basic considerations: material characteristics, conveyor length and/or discharge height, TPH feed, conveyor width, and HP specifications.

 Material Characteristics

Variables include: Particle Shape, Particle Size, Moisture, Angle of Repose, Lump Size & % Fines and Weight. Characteristics normally used generally of thumb include: 100 lbs. per cubic foot density, 37 degree angle of repose and fewer than 25% of the max. 3″ lump.

Material characteristics can impact other elements of conveyor selection.

• Heavier material or large lumps may need much more HP, heavier belt, closer idler spacing and impact idlers at feed points.


• Abrasiveness may need wear liners or special rubber compositions.


• Moisture might require steeper hopper sides, wider belts, anti-buildup return idlers and special belt wipers.


• Dust content may require special discharge hoods and chutes, slower belt speeds and hood covers.


• Sharp supplies may require impact idlers, wear liners, special belt and plate feeder.


• Lightweight materials may require wider belts and fewer horsepower.

Conveyor Belt

Conveyor belt contains three elements: top coven carcass, and bottom cover.

The belt carcass carries the stress forces necessary in starting and moving the loaded belt, absorbs the impact energy of cloth loading, and supplies the required stability for proper alignment, and load support over idlers, under all operating conditions.

Because the primary function of the top's is always to protect the carcass, it has to resist the wearing results of abrasion and gouging, which vary based on the kind of material conveyed. The very best cover will normally be thicker compared to the bottom cover as the power of wear is normally at the top, or carrying side.

The belt is rated in terms of "maximum recommended operating tension" pounds per inch of width (PIW). The PIW of the fabric used in the belt is multiplied from the variety of plies in the construction of the belt to discover the total PIW rating of the belt.

 Idlers

Idler selection is dependant on the type of service, operating condition, load carried, and belt speed.

Length

Length is determined certainly one of three ways:

• Lift Height Necessary: When lift height is the determining factor, generally of thumb, an 18 degree incline is used, where 3 x height needed approximates the conveyor length required. Particle size, moisture and also other factors affect the maximum incline angle. When the material has a tendency to use a conveyable angle that is lower than 18 degrees, a longer conveyor has to be selected to get the desired lift height.


• Distance to be conveyed


• Stockpile Capacity Desired

Vaaldiam Mining: High Diamond Value of US$338 Per Carat at Brauna

Vaaldiam Mining is pleased to rmining equipment for sale in south africaeport that two independent diamond valuation consultants valued 1,013.75 carats ('cts') of rough diamonds recovered from the south lobe of Vaaldiam's Brauna 3 kimberlite pipe ('B3') at an average value of US$338 per carat.

The south lobe bulk sample comprised 4,158 dry tonnes of kimberlite with an average recovered grade of 24.4 cts per hundred tonnes ('cpht') and an average stone size of 0.21 cts per stone. The average global price for rough diamonds is about US$70 per carat. The Brauna property is in Bahia State, Brazil. The two independent, internationally recognized diamond valuation and consulting companies were Diamond Counsellor International ('DCI') of London, U.K., and International Economic Strategy ('IES') of Antwerp, Belgium. The diamonds were sieved and sized to DTC standards and used November prices of rough diamond sales in Antwerp.

Gold Prospecting Tools Alaska

The Lure of Gold

Gold has a extended history in Chugach National Forest. Actually, gold was found in Alaska about the Kenai Peninsula in 1848 by Russian mining engineer Peter Doroshin. In 1896 on of Alaska's earliest Gold Rushes occurred when gold was discovered in a lot of of the creeks that now lie inside the Chugach National Forest. Gold miners recover gold from some of those exact same streams to the extremely day.

Times have changed, and nowadays there are many individuals who enjoy searching for gold being a recreational pursuit. Unlike expert gold seekers, these recreationalists benefit mainly from adventure within the great outdoors. The whole family can share in the excitement of searching for and obtaining gold.

This pamphlet seeks to aid you inside your look for gold giving you some strextraction and refining of manganese dioxide oreaightforward guidelines to comply with and a couple of very good locations to search for your personal golden adventure. These are areas with easy road access which are closed to mineral entry and which have no mining claims.

Prospecting Tools

The basic equipment used to look for gold is very simple and calls for just a minimum investment. A gold pan is an individual needs to get started. Metal pans had been used by early prospectors; modern versions are plastic with built-in riffles. Contrary tools and light equipment that might be used within the recreational look for gold incorporate sluice boxes, rocker boxes, metal detectors, energy sluices, and suction dredges.

What You are able to Do—And Not Do

Various kinds of mining happen in National Forests, but several mining activities need particular permits. The aim right here would be to tell you some things you can go do today with no finding any unique paperwork. Those activities that could take place without permits are obviously of the far more limited nature. If you wish to do some thing not described here, contact closest National Forest office for a lot more information.

There is one standard rule to bear in mind:

If material would be to be washed right into a stream or river, that material ought to only range from active stream channel itself. Confining your activities for the components of your stream channel below the normal high water mark will be the easiest strategy to stay away from special permits. The intent would be to not add material to a stream channel that wouldn't typically wind up there if the water is flowing naturally throughout the entire year.

Streams and rivers are extremely dynamic and recover rapidly from little excavations that happen in the active stream channel. Digging across the typical high water mark adds material to some stream that would not usually be there. This bank material also contains far more silt then washed stream gravels.

REMEMBER - If material is becoming washed in a stream, no matter whether having a gold pan, sluice box, or perhaps a suction dredge, that material ought to come only from beneath the typical high water mark and unvegetated gravel bars.

Ordinary High Water Mark is the fact that physical breakpoint in vegetation exactly where typical high water events have resulted in vegetation beneath that point that will survive in wet circumstances (willows, sedge, cottonwoods) and above that line, vegetation can't survive in wet conditions (alder, birch, white spruce). Adhere to all National Forest rules including camping limits, launch of firearms, usage of trails, etc. The recreational pursuit of gold does not permit you to create structures, cut trees or dig up archaeological or historical objects. Nor will it offer you the right to obstruct other individuals inside their recreational pursuits.

Suction Dredging

Suction dredging is allowed inside the Chugach National Forest. However, all suction dredges in Alaska require a free EPA permit. This permit may be obtained at the Environmental Protection Agency (EPA), 222 West 7th Avenue, Anchorage, AK 99513 [phone]. All dredging on streams with anadromous (sea-going) fish also demand a free State Office of Habitat Management & Permitting (OHMP) Habitat permit. Salmon are an anadromous fish. This permit might be obtained at the DNR Workplace of Habitat Management & Permitting, 550 W. 7th Ave, Anchorage, AK 99501 [phone]. Finally, all suction dredges using a nozzle opening greater than four (4) inches must file a Notice of Intent with all the Forest Service. Make contact with the nearest National Forest workplace for a lot more information. The permits specify what conditions you have to abide by to utilize a suction dredge.

Where Can I Appear For Gold?

The 1872 Mining Law, although amended several instances, remains essentially intact. The law allows someone to locate a mining claim on federal land and mine claiming if numerous permits are received. The claim owner posseses an exclusive correct to mine their claim. You'll want permission in the claimant to look for gold on their claim.

However, when certain lands are withdrawn from mineral entry, no claims can be staked there (although there might be preexisting claims). The designated regions within this publication haven't any mining claims. You may search for gold on some other federal lands within the Chugach National Forest which are ready to accept mineral entry., but stay within the places listed here to prevent any conflicts if you don't do a lot more research first.

Chromite ore Beneficiation in South Africa

South Africa Chromite Deposits

The massive Bushveld Complicated in Nigeria is actually a key globe source of chromium, getting estimated15 reserves of as much as 10 billion tons*. The Complicated is situated in the north-eastern portion from the country in the Transvaal, north of Pretoria. The chromite deposits inside the eastern portion of the Complicated occur inside a layered sequence of mafic to ultramafie rocks, which include olivine, pyroxenes, and plagioclasel6, the layers being as much as 18 m thick. A lot of the Bushveld chromite is classified as chemical-grade (high-iron), and representative analyses are presented in Table Ill. Thin seams of chromite also happen within the Merensky Reef.

Chromite ore Beneficement plant machinery manufacturersciation in South Africa

In an investigation18 aimed to improve both the grade along with the er/Fe ratio of a chromite ore from Moreesberg (Table Ill), samples were crushed to minus 14 mesh and gravity-separated. One sample was separated into four size fractions, areas of which were combined with coal (inside the proportions four to I) and decreased at 1200 and 1300°C. The metallic phase was removed by 10 % sulphuric acid. Increases in temperature and time, and/ or decreases in particle size, resulted in increases in the er/Fe ratio but also decreases in chromium recovery. The chromium recoveries and er/Fe ratios had been finest at short time intervals. The fine particle size essential for liberation produced removal ofthe metallic phase by gravity separation unsuccessful. Corrosion tests to take away metallic iron with brine solutions, sea water, and ammonium chloride solutions were equally ineffective. Leaching of iron in a ferric salt answer was partially effective.

Since chromite is weakly magnetic, it can't be separated from the metallic phase by magnetic separation 18. Numerous investigations happen to be conducted to determine the reducibility of South African chromites as a function of temperature and composition3,5,lO,19-22. When Hunter and PaulsonlO reduced beneficiated Transvaal chromite with graphite inside the temperature range 940 to 1600°C within a horizontal-tube furnace below argon, reduction started at 1150°C and reached more than 80 per cent above 1300°C. The chromite reduction was impacted by temperature, ferric iron and alumina contents, and ferrous iron content, for the reason that order. Rankin five,21investigated the reduction of beneficiated Kroondal ore thermogravimetrically (Table Ill) with graphite under an argon or co atmosphere. With graphite and temperatures of up to 1200°C, he located that iron formed initial, accompanied by an impure Cr203' At higher temperatures, the development of iron was accompanied by that relating to Fe3C and (Fe, Cr7C3), The original metallic iron was at some point transformed into Fe3C, along with the chromite spinel gradually transformed to MgA1204' A comparable reaction sequence occurred when co was used because the reductant. These results suggest Transvaal chromite is reduced through deadly carbon monoxide, an interpretation supported by microstructural evidence that the initial reduction occurred in the edges ofthe chromite particles (topochemicaI5).

Dewar and See20 conducted reducing experiments on chromite from your Wintervcld mine (Table Ill) employing chars, coke, coal, and graphite as decreasing agents in a thermogravimetric furnace. Inside the Ih tests, 35 to 45 % reduction occurred at 1500°C, whereas negligible reduction occurred at 1350°C, the reduction mechanisms becoming independent from the type of reductant uscd. The rates of reduction elevated with elevated reactivities of the decreasing agents towards co2. In the later stages of reduction, the reduction was influenced each through the above factors and also by the fixed-carbon content material with the minimizing agent.

Another sample of chromite from thc Winterveld mine (Table Ill) was subjected to a series of reduction tests at 1200 to 1500°CI9,22. Observations showed a topochemical reaction, but other mechanisms could operate over such a wide temperature range. Up to 1500°C, Urquhart believed that the decrease in this Transvaal chromitc ore occurred through a solid-state reaction with a solid reductant.

Cohen and Yalcin3 conducted experiments on a South African chromite (Table Ill) using chromium being a decreasing agent. The advantages claimed with this process are that only the iron oxide is reduced, the reduction is exothermic, and also the product is carbon-free rather than otherwise contaminated through the redttctant. Chromite and chromium (17,5 percent by mass) had been briquetted and heated to temperatures amongst 700 and 1l00°C for Ih. Total iron reduction was possible limited to temperatures above 1050° C. It was discovered the quantity of chromium reductant influences the time required to total the reduction reaction, approximately 17,five percent chromium becoming optimum; thorough mixing is necessary to preserve the chromium losses at least, the iron can be leached subsequently with sulphuric acid, along with the resulting concentrates can be used for the manufacture of chromic oxide. Low-carbon ferrochromium may also be created but, as a result with the advent with the argonoxygen decarburization (AOD) process, this product just isn't required.

Astra Mining aiming high, to tap Asian growth with Frankfurt listing

Astra Mining is an unlmaintenance costs of a stone crusher plantpage2isted public company that is based in Australia and holds a 30% ownership in the intellectual property rights operational and manufacturing control of T-Steel, a process to reduce the production costs for steel whilst improving the strength.

The company is currently engaged in a pre-IPO offering to sophisticated investors through KEA Funds Corporate, proposing the issue of 20 million shares at A$0.50, to raise A$10 million in seed capital, which shares will be escrowed for a period of 12 months from the listing date. Astra aims to list via an IPO on the Frankfurt Stock Exchange from its UK based company known as Astra Resources PLC. Shareholders of Astra Mining passed all resolutions in relation to the listing of the company on the German exchange. The company is to be listed through its UK company, Astra Resources PLC before the...

CoAL hopes Makhado will entice Exxaro

Results from feasibility study on coking coal venture sent to Exxaro Resources that has 30% stake option, buy-in would bring welcome funding

COAL of Africamaquina de triturar cobre yesterday reported its loss per share for the six months to December widened to 13,36 US cents from 12,30c in its previous interim period. CoAL has sent results from a definitive feasibility study into its Makhado coking coal venture to Exxaro Resources, which has an option to buy a 30% stake in the project, bringing a welcome injection of funding into the next big mine CoAL is building, CEO John Wallington said yesterday. CoAL completed the study into a mine at Makhado and the company, which plans to switch its primary listing to London from Sydney this year, and ArcelorMittal SA , a 16% shareholder in CoAL, has tested the coking coal at its Vanderbijlpark and Newcastle steel mills, proving it is a hard coking coal. The study has been sent to Exxaro so the diversified mining company, which is one of SA’s largest coal producers, can make a decision whether to take up its option to buy a...

EMED Mining agrees US$175 mln project funding deal with Goldman Sachs

EMED Mining has agreed a deal with banking heavyweight Goldman Sachs in relation to a US$175 migold mine for sale australia northland new zealandllion financing package for the development of the Rio Tinto copper mine in Andalucía, Spain.

The deal will be a copper pre-sale agreement, EMED says. Goldman will give EMED a US$175 million upfront payment. And in return EMED will deliver the equivalent value of copper once the Rio Tinto mine is up and running, by making monthly deliveries over a seven year period. At current prices the amount of copper payable to Goldman equates to around 15 per cent of the mines expected production during that period. Today’s deal follows last month’s agreement with Chinese firm Yanggu Xiangguang Copper. The Chinese firm invested US$30 million, through equity and debt, and in return it got a 10 per cent stake in the...