Avocet Mining 2011 profit jumps, positive on Guinea

Avocet Mining said full-year profit more than tripled to $115.1 milcalcium carbonate crusherlion, boosted by gains from the sale of its South East Asian assets as the gold miner turns its focus exclusively to its West African projects.

Avocet, whose flagship project is the Inata mine in Burkina Faso, had posted forecast-beating production last month, but also said the cash cost of production soared over 80 percent in 2011, as it was hit by the rising cost of fuel as well as the race for staff and materials in the booming West African gold sector. Excluding exceptional items, which also included the almost $40 million cost of restructuring part of a gold hedge, the miner still posted a jump in 2011 profit to $56.4 million from $33.4 million a year previously. Core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA), rose over 16 percent to $100.3 million, broadly in line with analyst expectations.

Kagara Announces Sale of WA Nickel Assets for $68M

Kagara Limited is pleased to announce that it has reached agreement with Western Areacrushers to sell its nickel assets in Western Australia, including the Lounge Lizard nickel mine, for $68 million in cash. In addition Kagara will receive fair value for high grade ore stockpiles.

Under the agreement, Western Areas will acquire 100 per cent of Kagara’s nickel subsidiary, Kagara Nickel. The sale of Kagara Nickel is subject to the final terms of the agreement being formally documented. This process is well advanced.

The assets being acquired by Western Areas include the operating Lounge Lizard nickel mine as well as the surrounding package of 300km2 of exploration tenements.

Kagara’s Managing Director, Mr Geoff Day, said he was pleased to have crystallized significant value from the Company’s WA nickel assets despite the current difficult market conditions and depressed commodity prices.

“There was a strong level of interest shown in the Lounge Lizard asset, and we are pleased to have concluded this transaction with Western Areas,” Mr Day said.

“The cash injection from this sale will strengthen our balance sheet, support our current activities in North Queensland and help underpin our longer-term growth strategy.”

Kagara is of the view that no shareholder approvals are required for this transaction and is seeking confirmation of this position from the ASX. Completion of the transaction will not occur before this confirmation has been obtained from the ASX.

Japan nuclear plant moves radioactive water

The Japanese utility battling to bring its radiation-spewing nuclear reactor under control said Sunday that 1,500 more tostone crushing unitns of radioactive water are being moved into temporary storage -- the latest attempt to prevent a massive spill of contaminated water into the environment.

More than 100,000 tons of radioactive water have pooled beneath Fukushima Dai-ichi nuclear power plant in northeastern Japan. Three reactor cores melted after the March 11 tsunami destroyed backup generators, damaging critical cooling systems. The pooled radioactive water at the plant could start overflowing as soon as June 20 -- or possibly sooner with heavy rainfall. Tokyo Electric Power Co., the utility that runs Fukushima Dai-ichi, also acknowledged it had made 1,000 errors in data submitted to the government to decide on power consumption goals for corporate customers. The wrong data are the latest embarrassment for the fumbling utility, which has been criticized as lacking in transparency in responding to the nuclear crisis...

Israel raises royalty fee on phosphates 84.5 pct

Israel's Infrastructure Ministry will raise the royalties it levies on mining of phosphatesclassifier equipment in 2010 to 44.3 cents a tonne, an increase of 84.5 percent from the rate charged until last year, it said on Wednesday. This will mainly impact Israel Chemicals, which mines and processes phosphate rock from open-pit mines in the Negev desert in southern Israel.

The new royalty fee is up sharply from the 2.5 cents the government charged until 1997, the ministry added. Israel Chemicals produced 2.7 million tonnes of phosphate rock in 2009, 73 percent of which was used in the manufacture of phosphate fertilisers and phosphoric acid. In the first half of 2010 it produced 1.55 million tonnes of phosphate rock. "This won't have a lot of impact on Israel Chemicals. At most we're talking about a couple of millions of dollars," Gilad Alper, an analyst at the Meitav brokerage, told Reuters. Some other changes that regulators are considering could have more of an impact, he said, referring to royalty payments for potash, ICL's main product, as well as raising its corporate tax rate.

Centaurus Closes in on Initial JORC Resource at Jambreiro

International iron ore company Centaurus Metals is pleased to report strong results from its 100%-owned Jambreiro Iron Ore Project in south-east Brazil, reinforcing its confidence barmac crusherin the ability of the Project to be a cornerstone of its emerging Brazilian domestic iron ore production business.

The positive results – from initial beneficiation test work, re-sampling and re-assay of historical drill core and a recently completed RC percussion and diamond resource drilling program – will pave the way for a maiden JORC resource estimate for the Jambreiro Project, which is expected in October 2010.

Re-sampling of Historical Drill Holes

The Company has received assay results from re-sampling seven historical vertical diamond holes that were drilled by Cenibra in 2007. Wide intersections of mineralisation were confirmed in most of the holes, including 85.8 metres of iron mineralisation in Hole JAM003. Significant intersections include:

• Hole JAM001 18.4 metres @ 33.1% Fe, 3.66% Al2O3 and 0.03% P from surface


• 33.1 metres @ 35.8% Fe, 2.99% Al2O3 and 0.05% P from 20.4 metres


• Hole JAM002 25.5 metres @ 34.2% Fe, 1.06% Al2O3 and 0.01% P from surface


• Hole JAM003 85.8 metres @ 32.0% Fe, 4.20% Al2O3 and 0.03% P from surface


• Hole JAM006 21.6 metres @ 30.3% Fe, 1.24% Al2O3 and 0.02% P from 2.4 metres


• Hole JAM007 37.3 metres @ 27.5% Fe, 2.74% Al2O3 and 0.04% P from 51.3 metres

The ore type encountered in the drilling was predominantly coarse grained friable itabirite.

Beneficiation Test Work

Centaurus’ preliminary beneficiation test work on a 200kg bulk sample collected from five locations within the Jambreiro mineralised zone produced a 63% Fe coarse sinter hematite product with very low levels of phosphorus and alumina.

The average iron grade of the sample collected was 32.6% Fe from which a low cost gravity upgrade process (spirals) produced the 63% Fe sinter product. In addition, a metal recovery of better than 93% Fe to concentrate was achieved, highlighting the purity of the hematite in the Jambreiro mineralisation.

While this low impurity, 63% Fe coarse sinter hematite product is already highly sought after in the Brazilian domestic market, Centaurus expects that a coarse grained 65% to 66% Fe product can be achieved with some further silica liberation and minor refinement of the demonstrated gravity separation process.

Resource Drilling Program

Centaurus has recently completed an initial resource drilling program on the Jambreiro iron ore mineralisation. Results from this drilling are expected in the next four weeks. Logging of the core and RC chips has highlighted some broad intersections of itabirite up to 100 metres in width and shows a large proportion of the itabirite mineralisation encountered as being friable, coarse grained and amenable to beneficiation to a high grade hematite concentrate.

Once assay results are received from this drill program, and the main beneficiation test work is completed on the new core and RC drill chips, an initial resource estimate will be undertaken for the Jambreiro Project as a precursor to a detailed mining study.

Centaurus’ Managing Director, Mr Darren Gordon, said: “We are very pleased with the results from the Jambreiro Iron Ore Project to date and look forward to pushing ahead with development of this quality project as a centrepiece of our domestic iron ore business in Brazil.

“We are particularly pleased with the beneficiation results which illustrate the ease with which the iron mineralisation at Jambreiro can be upgraded via a low cost gravity separation process to a high-grade saleable hematite product.

“We look forward to receiving the assays from our first phase of drilling in the coming weeks, and then being able to deliver an initial JORC resource in the coming months on what is shaping up as a very exciting project for Centaurus.”

Philex Mining 2011 Net Profit Up 46% At PHP5.77 Billion

Philex Mining said Wednesday its net profit rose 46% to a record high in 2011, driven mainly by hicone ball millgher metal prices and increased production volume.

The Philippine gold and copper miner posted a net profit of PHP5.77 billion ($135 million) last year, up from PHP3.96 billion in 2010. Chief Executive Manuel Pangilinan said gold prices soared 22% over the past year and global demand and supply for metals are expected to be fundamentally strong throughout 2012, but added that he expects volatility in metal prices this year. Philex said its business plans for this year are based on a foreign exchange rate of PHP43 to one U.S. dollar compared to PHP44.49 last year, and gold price of $1,700 a troy ounce and copper price of $3.50 per pound. Last year, Philex said its average selling price for gold was $1,536 an ounce and $3.70 a pound for copper. Pangilinan, who is also Philex's chairman, said the company can't provide a net profit estimate for 2012 because of...

South African Mines Brace for New Outages

South Africa’s mining industry is bracing itself for the loss of production and jclinker grinding machineobs in the event the electricity outages envisaged by power utility Eskom are implemented. Although sacrifices made by the industry to scale down production by 10 percent could give Eskom a reprieve, there is uncertainty about job stability in the industry, which employs about 500 000 people.

The impact on mining houses is likely to vary according to the extraction methods. Gold producers use intensive deep level mining methods, which are high in electricity usage, while coal producers use open cast mining, which uses the least electricity. John Wallington, the chief executive at Coal of Africa, said yesterday that the company did not have contingency plans should Eskom fail to put in place a safety net to deal with the energy gap. “It will be difficult if we are to have load shedding. It was strenuous in 2008, the issue of power is serious and could cause difficulties if we don’t handle it correctly.”

Forbes Coal doubles revenue

Forbes Coal, an emerging mid-tier southern African coal company, on Monday reported that its first quarter (Q1) revenue from its South African asindirect heat dryerssets doubled on higher sales and an improved coal price.

The company holds a majority interest in two operating mines through its 76.75% interest in Slater Coal, a South African company which has a 70% interest in Zinoju Coal. Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine - both in KwaZulu-Natal. Collectively these are referred to as the Slater Properties. Revenue for the three months to end May was CA$19.6 million compared to CA$9.7 million in the same three months of 2010 while EBITDA was CA$6.2 million versus CA$3.3 million previously. Run of mine production at 311,002 tonnes was 45% up on last year's 197,744 tonnes after the ramp up of production at two of its mines. Saleable production grew to 207,189 tonnes from 134,976 tonnes while the company achieved sales of 190,827 compared to 114,573 tonnes. “The growth in revenue is a result of...

Bolero Resources: Airborne Survey Now Complete On BC Rare Earth Prospect

Bolero Resources Corp. announces that Aeroquest International Limited has completed the AeroTEM III and Radiometric surveys on the “Carbonatite Syndicate” Rare Earth prospect, in northern British Columbia.

Following the interpretation of preliminary data, expected shortly, Bolero will be commencing a drill program on the property. Airborne data will be correlated with positive soil samples and existing field radiometric anomalies to establish priority Rare Earth “REE” drill targets on the property. The “Carbonatite Syndicate” Rare Earth prospect is located 80 km northeast of Prince George, BC, bordering Spectrum Mining’s “Wicheeda” Rare Earth discovery; that recently returned significant Rare Earth drill results, including a 48.64 metre interval which averaged 3.55% REE.

Map Link: http://www.boleroresources.com/docs/BRU-White-Gold-Claims.pdf

With drill permits now in place, Bolero anticipates a multiple hole diamond drill program from up to 3 drill sites to commence shortly. The company has recently completed several soil grids receiving concentrations for Cerium (Ce) and Lanthanum (La) ran up to up to 631 ppm and 377 ppm respectively, with 20 samples showing total Rare Earth contents above 1000 ppm. Pathfinder elements such as Niobium (Nb) and Barium (Ba) also show distinct elevated concentrations against background.

Bolero Resources’ President and CEO, R. Bruce Duncan, stated “We now have active work programs underway on all three of our primary assets. The airborne survey will provide Bolero with tremendous insight into the property’s geology and in conjunction with existing anomalies, will assist in establishing high priority drill targets for our upcoming drill program. We have also recently identified significant coincident IP and Geochem anomalies on our “Red Chris South” prospect, contiguous to Imperial Metals Corporation (III – TSX) Red Chris copper-gold property; and have now commenced work on our “White Gold” prospect in the White Gold District/Stewart River region of the Yukon.”

Port of Beira in Mozambique has new coal terminal

The new coal terminal was inaugurated Monday at the port of Beira and is a partnecalcium carbonate crusherrship between state port and rail manager Portos e Caminhos de Ferro de Moçambique (CFM), Brazilian mining company Vale Moçambique and Anglo-Australian group Rio Tinto, two companies that mine coal in the central province of Tete.

The new terminal, which cost US$200 million, has a capacity of up to 6 million tons per year and a modern system to receive and unload trucks, store coal and load ships.

The new terminal is the result of refurbishing a terminal that was no longer in use. The work included construction of rail facilities for trains with 42 trucks and 600 metres in length.

The systems for storage and internal transport set up at the terminal make it possible to store 300,000 tons of coal and have a coal handling capacity that reduces handling time from seven to two days using 35,000 ton ships.

The chairman of CFM, Rosário Mualeia, said that the terminal was another step in meeting the needs of coal exports to Asian and American markets and noted there were plans to build a new coal terminal at the port of Beira, in an area of 64 hectares.

CFM recently dredged the access channel to the port of Beira at a cost of US$39 million, thus allowing ships with a capacity of up to 70,000 tons to enter the port.

Platinum Australia successfully closes the retail component of its equity raising

Platinum Australia Limited is pleased tbasalt rock dust used in concrete making blockso announce that it has closed the retail component of its underwritten 1 for 7 accelerated non-renounceable pro-rata entitlement offer (“Retail Entitlement Offer”). This follows the successful completion of the underwritten institutional entitlement offer and institutional placement which raised approximately A$27.7 million.

Platinum Australia accepted applications for approximately A$3.4 million under the Retail Entitlement Offer, representing 25% of the shares offered under the Retail Entitlement Offer.

As the Retail Entitlement Offer is fully underwritten, the remaining approximately 18.2M new shares available under the Retail Entitlement Offer will be allotted in accordance with the terms of the underwriting agreement.

The total amount to be raised under the Retail Entitlement Offer is approximately A$13.6 million.

The allotment of new shares is expected to occur Monday, 13 December 2010 with new shares commencing trading on ASX on Tuesday, 14 December 2010.

European Nickel in $60 mil deal to advance Turkish Caldag project

European Nickel has signed an agreement with Canadian mining investment house Hunter hand glass grindingDickinson Inc. to raise $60 million in two private share placements for its Caldag nickel project in western Turkey.

The immediate placement of 10.5 million ordinary shares will raise GBP3.36 million ($5 million), while a second tranche of 83 million ordinary shares will raise GBP36.7 million, the company in a conference call Wednesday. The second tranche is subject to shareholder approval at a vote set for late August and the finalization of $300 million project financing for Caldag in the fourth quarter of 2010. Once completed, HDI, through its affiliate Constantia Resources, would hold a stake of around 30% in European Nickel. The Caldag project in western Turkey will be the world's first commercial nickel laterite heap-leach operation, producing 20,000 mt/year of nickel and 1,000 mt/year of cobalt in a mixed hydroxide product for a mine life of 14 years. The project will have a cash cost of around $6/lb, compared with $20-30/lb using conventional methods, the company said.

Firm alleges problems with major Afghan mining contract

An Afghan-American company that failed to win a multbutterfly wet grinder price list in chennaiibillion-dollar contract to develop one of Afghanistan’s most lucrative mines alleges that the bidding process was riddled with irregularities and that the winning bidders may not be able to meet production targets. The claims, which were backed by a former senior Afghan mining official, suggest that a potential key source of revenue for the Afghan government — which will be saddled with massive bills after U.S. forces withdraw from the country — could be in jeopardy.

The Afghan-American firm, Acatco, was one of about two dozen bidders that competed for the right to extract minerals from the Hajigak iron ore mine in Afghanistan’s central Bamiyan province. Industry experts have called Hajigak the jewel of Afghanistan’s mining sector, McClatchy Newspapers reported. Contracts for developing four sections of Hajigak were awarded in November — three to a consortium of Indian firms led by the state-owned Steel Authority of India, or SAIL, and one to Kilo Goldmines, a Canadian firm. But Acatco said that these companies had failed to demonstrate they had the funds to carry out the project. “This is against the spirit and the letter of the tender documents,” Acatco president Nasir Shansab wrote last month to Afghanistan’s minister of mines, Wahidullah Shahrani. He added that “those bids should have been disqualified.” Acatco last week asked Afghanistan’s parliamentary complaints commission to investigate the Hajigak contracts, citing illegality and possible corruption in the...

Zenith primary stone crushing plant, coal crusher machine India

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NUM ready to strike, says Exxaro

Exxaro has confirmed that the National Union of Mineworsouth africa forged steel balls machinekers is preparing for strike action. The resources company said in a statement on Sunday that a strike certificate was issued to the union by the Commission for Conciliation, Mediation and Arbitration (CCMA) on Thursday 2 June after the parties met with the CCMA to resolve a dispute over the company's restructure plans.

However, Exxaro said to date it had not received union notification of the intention to strike. In terms of the Labour Relations Act (LRA), 48 hours notice needs to be provided to the employer. The company is considering its options, but contends that it has far exceeded the LRA requirements in terms of consultation with unions, it said. Exxaro noted it had previously communicated to stakeholders that it is restructuring parts of the group to improve productivity, reduce cost of services and operations and streamline its organisational structures. An extended process of consultation had taken place with unions and employees. The proposed restructure could lead to about 300 retrenchments but the company confirms that it is doing everything possible to limit the impact on employees and all options will be examined, it said. Exxaro currently employs about 10,500 people...

Wolverine closes $5.4 million in private placements

layout of crushing plant of iron ore 300 ton hourWolverine Minerals on Wednesday announced the closing of non-brokered private placements of units and flow-through units, as previously announced by the company on May 5, 2011 for total gross proceeds of more than $5.4 million.

The exploration company said it had issued 7,374,500 million units, at a price of $0.55 per unit, for gross proceeds of $4,055,975. "Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share for $0.75 per share until June 7, 2012. The company also issued 2,150,000 million flow-through units at a price of $0.65 per FT Unit, for gross proceeds of $1,397,500. Each FT Unit consists of one flow-through common share and one-half of one non flow-through share purchase warrant (each, a "NFT Warrant"), with each whole NFT Warrant entitling the holder to acquire an additional common share for $0.75 per share until June 7, 2012," the company reported.

"The Warrants and the NFT Warrants are subject to an accelerated 30-day expiry provision in the event the Company's common shares trade at $1.10 or greater for a period of 20 consecutive trading days after four months from closing. Strategic Metals Ltd. exercised its right to participate in the financing in order to maintain its 19.9 % equity interest in the company."

Harmony Gold May Sell Bonds to Fund $3 Billion Project in Papua New Guinea

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Harmony Gold Mining Ltd., Africa’s third-largest producer, may sell bonds to fund its share of the planned $3 billion Wafi-Golpu project in Papua New Guinea. The company may use a mix of bonds, bank debt and cash to fund its 50 percent share of the project in Morobe province, Marian van der Walt, a spokeswoman for Johannesburg-based Harmony, said in an e-mailed response to questions from Bloomberg.

Newcrest Mining Ltd. (NCM), Australia’s biggest gold producer, is its partner in the venture. Mining companies are selling more bonds to take advantage of declining financing costs and record prices for minerals. Fortescue Metals Group Ltd., Australia’s third-biggest iron ore producer, was the seventh-biggest issuer of high-yield bonds in the U.S. last year, according to data compiled by Bloomberg. “A bond issue would probably be quite attractive to investors and the company in the current environment,” Warren Edney, analyst at Royal Bank of Scotland Plc, said by phone from Melbourne...

Vale says to invest $15-20 bln in Africa over 5 years

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Brazilian mining giant Vale plans to invest in $15 billion to 20 billion in projects in Africa over the next five years, up from $2.5 billion spent on projects there so far, the firm said. The world's largest iron ore miner said it could become one of the top three copper producers on the continent, where there are high grades of the metal, but it is also targeting significant investments in coal and iron ore.

Vale and a number of other Brazilian firms have expanded their interests in Africa under President Luiz Inacio Lula da Silva, who steps aside this year, having led a diplomatic push onto the continent and urging Brazilian firms to invest there. The company said it would invest between $15 billion and $20 billion, with most of the money spent in Mozambique, Zambia, Guinea and Liberia. It said total investment in Africa so far was about $2.5 billion but as most of the projects were in the exploration phase, there was a chance to significantly increase its investment...

Eurasia Mining continues evaluating investment opportunities in Russia and FSU

In today’s interim report, Eurasia Mining highlighted the progress madcement grinding mill flow diagrame at its flagship West Kytlim alluvial platinum project in Russia and said it continues looking for more assets in Russia and the former Soviet Union.

Just yesterday, Eurasia Mining reported that the Russian government had approved two further areas of additional reserves of C2 classification as defined by the Russian Standard within the Tylai-Kosvinsky (TK) Placer at West Kytlim. This addition increased the approved C2 reserves at West Kytlim by 81 percent. Eurasia Mining is currently waiting to have its application for a production license approved by Russian authorities. It may be possible to combine the two new areas into one revised application. Apart from West Kytlim, the company has been working on its Kamushanovskoye uranium project in Kyrgyzstan after agreeing to co-fund a bankable feasibility study for Kamushanovskoye in March this year. The company has so far invested...

JSW Steel: Bellary mining ban adds to margin pressure

Recent developments in the steel industry and data from JSW Steel could provide the necessary trigger to pull the stock out of the dumps. August data showed thaconveyor belt ore sample cutting machinet JSW Steel produced 6.64 lakh tonne of steel, during the month, 23% higher than it did in August 2010. The growth comes despite the suspension of mining activities in Karnataka, indicating that the company's second-quarter results could be better than previously anticipated.

Following the Supreme Court's ban on mining and transporting iron ore from Bellary district in Karnataka since end-July, JSW Steel had to cut its production due to shortage of the steel-making ingredient. However, the company managed to increase production by 11% over the previous month. This was because of commissioning of its 3.2 MTPA expansion project at Vijayanagar, Karnataka, despite functioning at 75% of its installed capacity due to iron ore shortage. While the overall production would continue to be impacted, iron ore sale through an e-auctioning process would provide some respite. But even as this will ensure sales growth, profitability will be impacted as the cost of production will increase, going by the e-auction premium. The first round of e-auctioning, which was...