CoAL expects 1st sales from Vele in next quarter

Coal of Africa said Wednesday that development of the Vele Project has progressed according to schedule and first sachinese technology on artificial sand from fly ashles of coking coal are expected during the next quarter. Production is expected to commence during the next quarter followed soon thereafter by first sales of coal, pending the grant of an integrated water use licence (IWUL).

CoAL is still awaiting approval of its application for an IWUL which was submitted to the Department of Water Affairs in November 2009. It remains confident that the licence should be received in the near term. The IWUL is required prior to undertaking certain mining activities on the Vele Project. Releasing the company's operational report for the quarter ended June 2010, Executive Deputy Chairman Simon Farrell said: "Despite railing problems during the quarter due to strike action at Transnet Freight Rail, the company serviced its coal sales contracts from stockpiles at site and at the Matola port in Maputo, Mozambique."

Korean company to invest US $ 15 mln in Pakistan

The Engineering Development Board has persquarry industry in indiauaded a South Korean manufacturer of Iron and Steel products, Pohang Iron and Steel Company POSCO to invest in Pakistan.The company has signed joint venture agreement with Tuwairqi Steel Mill (TSML) for investing US$15 million in the DRI project of TSML by subscribing 15.3 per cent newly issued common shares, said a statement issued here on Monday. Subsequent to commercial operation of the DRI project, POSCO is keen on the forward and backward integration of the project by investing in the steel melting and mining sectors by increasing its shareholding in TSML upto the threshold level of 50 per cent.

The move will eventually result n huge foreign equity inflow to build a state-of-the art integrated in the country along with creation of tremendous employment opportunities. It may be recalled that four member delegation of the POSCO visited Pakistan in March 2011 to explore the possibility of initiating the steel manufacturing business in Pakistan. The delegation was given detailed presentations about the current status of local steel industry and future growth prospects by Engineering Development Board (EDB). They showed their satisfaction at the growth potential of steel manufacturing industry in Pakistan. Later a visit of the delegation to...

Zambia mine chamber: ops may scale down over royalty hike

Miners in Africa's top copper producer Zambia may have to scale down operations in the face of a move to raise royaltiestunnel kiln process for sponge iron making by the new government of President Michael Sata, the general manager of the country's chamber of mines said on Monday.

"The increase in mineral royalty will significantly raise costs for the mining companies ... Each mine will have to examine its own cost structure and depending on the impact of the higher tax, some may decide to shut down certain sections," Frederick Bantubonse told Reuters. Sata's government unveiled an expansive 2012 budget on Friday, with big increases in social spending and farming subsidies to be paid for by a rise in mineral royalties and a debut $500 million Eurobond. The budget puts pressure on the mining firms with a doubling of copper royalties to 6 percent. Even before the populist Sata was swept to power in September, the previous administration was aiming to boost...

copper mine stone crusher

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Fortescue Metals profit soars on iron pricing, Power strong on outlook

Fortescue Metals Group's full-year profit soared 76 per cecrusher parts in south africant on the rising price and demand of iron ore, as the miner flagged strong support from Chinese customers despite a "cooling off" in the market.

The Pilbara miner today released its annual results, which showed that net profit rose to $US1.02 billion ($987 million), from $US580.9m a year earlier. "This has been an outstanding result for Fortescue this year," chief executive Nev Power said on a media call. "We are extremely proud of the result and tremendous achievement of our people and look forward to continuing to strengthen this year and grow our production performance." Fortescue shares recovered by mid-afternoon to be 3.8 per cent down at $5.82, after having fallen as sharply as 4.6 per cent earlier. The benchmark S&P/ASX 200 index was down 2.8 per cent. Morningstar analyst Mathew Hodge said that while underlying profit more than doubled on higher iron ore prices, cash costs were rising sharply. "Low cash costs are key to FMG’s competitive advantage, so continued cost pressures and...

Tropicana Gold Project development approved

Development of the Tropicana Gold Project in Western Australia has been approved by the Boards of AngloGold Ashanti Ltd and Independence Group NL.

AngloGold Ashanti has a 70% interest in the Project, which is located 330 kilometres east-northeasbuild your own gold dredge high bankert of Kalgoorlie in WA, and Independence Group has 30%.

The approved project will produce 3.45 million ounces of gold over a 10 year mine life at a cash cost of A$710-A$730/oz (US$696/oz-US$715/oz*). In the first three years of operation, gold production will be between 470,000-490,000 ozpa at a cash cost of A$580/oz-A$600/oz (US$568/oz-US$588/oz*).

Capital expenditure, including pre-production operating costs, is estimated at A$690-A$740 million (Real) or A$725-A$775 million (Nominal – including escalation). At current exchange rates* this equates to US$676–US$725 million or US$711-US$760 million, respectively. The higher production rate in the first three years will contribute to accelerated payback.

Discovered in a remote, barely-explored area not previously thought prospective for gold, Tropicana is the most significant gold discovery in Australia for more than a decade. The Tropicana Joint Venture's first mover advantage has enabled it to peg the bulk of what is now recognised as a major new gold field.

Construction will begin in the June quarter of 2011 and first gold is anticipated in the December quarter of 2013.

"Tropicana is the first of AngloGold Ashanti's major gold discoveries to move into production," said CEO Mark Cutifani. "We're delighted to give the green light to its development."

"This is a clear demonstration of the impact an innovative, results-driven exploration program can have on organic growth," Cutifani said.

"It's gratifying to be developing our own projects at a time when so many majors are forced to pay huge premiums to fill their project pipelines."

The decision to commit to development follows the successful outcome of a Bankable Feasibility Study (BFS) based on open cut mining of the Tropicana and Havana deposits. The BFS does not take into account possible production from the Boston Shaker or Havana Deeps deposits.

The approved project will utilise conventional drill and blast, truck and excavator open cut mining methods carried out by a mining contractor. The 5.8 million tonnes per annum capacity (fresh ore) process plant has been designed for water and energy efficiency, with the comminution circuit comprising two-stage crushing, high pressure grinding rolls and ball milling, followed by a carbon-in-leach circuit for gold recovery.

The BFS was based on a Proved and Probable Reserve of 48 Mt grading 2.2 g/t for 3.4 million ounces of gold (see Table 1 in Appendices). The BFS mining inventory totalled 59 million tonnes grading 2.0 g/t for 3.8 million ounces.

Whilst the initial mine life is estimated at 10 years, the Joint Venture partners are confident this can be extended.

Step-out exploration drilling in late 2009 returned significant results from the Boston Shaker prospect, which lies approximately 360m north of Tropicana resource. Drilling to date has identified the faulted offset of Tropicana mineralisation over an 850m strike length and the mineralisation remains open at depth.

An open pit scoping study based on data available to July 2010 has been completed on Boston Shaker and indicates that an expansion to the current BFS open pit resource is highly likely. Boston Shaker progressed into full feasibility study in September 2010, with completion targeted for the first half of 2011.

Significant results were also received from the Havana Deeps prospect, which represents extensions of the Havana mineralised system external to the Havana open pit.

The recently-completed Havana Deeps scoping study, based on drilling data to the end of July 2010, indicates the potential viability of underground mining at Havana Deeps.

Although it is too early to determine the scale or timing of underground mining, it could commence in parallel with open pit mining, once a suitable portal position is available in the open pit. It is anticipated that Havana Deeps will progress into a pre-feasibility study in early 2011.

The potential of Havana Deeps has been highlighted by a recent deep step-out exploration drill hole, which intersected the mineralised package at 1km depth, in excess of 2.1 km down plunge of the Havana open pit design. Assay results are awaited.

Work is in progress to incorporate the results of the Boston Shaker and Havana Deeps scoping studies, along with subsequent drilling results, into a revised resource estimate by year-end.

Encouraging intersections have also been returned by recent infill RC drilling at the Crouching Tiger Prospect, 250m south of the Havana South BFS pit outline, including 11m @ 5.27 g/t from 102m, 13m @ 1.47 g/t from 147m (including 7m @ 2.27g/t) and 10m @ 1.69 g/t (including 4m @ 3.24g/t).

In addition to the upside in the immediate mine area, the Joint Venture has more than 30 exploration targets within trucking distance of the mine, along with numerous anomalies on its 16,000 square kilometre tenement holding in the highly prospective Tropicana Belt.

Graham Ehm, EVP Australasia, said Tropicana would add to production from the 100% owned Sunrise Dam mine to lift AngloGold Ashanti's Australian gold output to 600,000 ounces per annum by 2014.

"Tropicana will rank as the fifth largest contributor to the company's global production in its first three years and will double the operating cash surplus generated by the Australian region," Ehm said.

He said the Project would employ up to 550 people during construction, and up to 450 people during operations, as well as contributing an estimated A$836 million to the WA economy during construction and a further A$825 million during operations.

Infrastructure will include 220 km of new road from Pinjin to the site, a sealed all-weather airstrip and development of a borefield 50 km from the mine site for water supply. The mine will operate on a fly-in, fly-out basis.

Tropicana was approved by the WA Minister for the Environment, the Hon Donna Faragher, in October. Approval by the Federal Minister for Sustainability is anticipated by the end of the year.

Inmet outlines $6.2 bln development plan for Cobre Panama

Inmet Mining completed a long awaited engineering study on its Cobre Panama copper-molybdenum project in Central America that pegged development costs for the asset at $6.2 billion.

The base metal miner plans to fund the project using cash on hand, debt and other options.

Toronto-based Inmet, which is developing mini dal mill price in indiathe Panamanian project in partnership with a South Korean consortium, said in a statement late on Sunday that it intends to retain an 80 percent stake in the asset for now, but it did not firmly close the door on potentially selling a stake in Cobre Panama down the road.

Inmet announced a $1 billion senior unsecured note offering to help finance the project that is expected to produce 266,000 tonnes of copper, on average, over a roughly 31-year mine life. The company is also mulling a precious metals stream financing deal to help fund a part of the construction costs.

"We are currently engaged in discussions with interested parties to sell a portion of future gold and silver production attributable to our 80 percent interest in Cobre Panama," the company said in its statement.

The mine is expected to annually produce about 87,000 ounces of gold and 1.5 million ounces of silver, on average, over its mine life. Inmet plans to raise roughly $1 billion through the stream financing deal.

It also plans to utilize $1.7 billion of cash on hand, $1.5 billion of cash flow from its existing mines, and $1.4 billion from its partners LS-Nikko Copper and Korea Resources to help fund the development of the asset. Inmet said it plans to raise a further $1 billion via the sale of additional equity in the project, project debt financing or other options.

As widely expected, the latest capital cost projection for Cobre Panama rose significantly to $6.18 billion from an earlier estimate of $4.32 billion. The latest estimate includes roughly $650 million in costs for a power plant that was not part of the prior study done in 2010. The new study also forecast a roughly $400 million increase in process plant capital costs and about $800 million in other cost increases.

By Reuters

CGA Mining on track to produce 200,000oz gold per annum at Masbate

CGA Mining has completed the gold separation from river sandsupplementary crushing circuit at the Masbate Gold Mine in the Philippines and first ore has been fed into the circuit.

CGA is completing a US$15 million investment program designed to upsize throughput to 6.5 million tonnes per annum at Masbate and the company remains on track to produce 200,000 ounces gold per annum. The company said the circuit ran well and this week will see the throughput gradually ramped up to design. The supplementary crusher consists of a jaw crusher combined with a secondary and tertiary cone crushers and has been installed to deliver 12 millimetre product to the grinding circuit. Initially this will be ideal direct feed for the ball mills whilst the SAG mill is brought back on line and ultimately will be used to ensure 6.5mtpa throughputs are maintained. Once this is completed and the...

NAB chief Healy says invest now, not later

Joseph Healy, the head of Australia's largest business bank, NAB, has iron sand mining machineaccused the nation's business leaders of not investing enough now to prepare the economy for the inevitable end of the mining boom.

Mr Healy, group executive of business banking, said Australia was facing a "gloomy boom" with the economy's fundamentals remaining strong, driven by the resources cycle, but weakness emerging across the rest of the nation. He told a business luncheon in Sydney that businesses were too scared to invest because of the market, political and regulatory uncertainty. Most businesses, he said, were "sitting on their hands" instead of investing to prepare for the future. "The implications for the economy of the ongoing deleveraging and the underinvestment, beyond the resources sector, could potentially be profound in years to come," Mr Healy said. "Especially after the current resources boom." Business credit demand has fallen by 12 per cent since..

Rambler Metals reports first revenue as Ming mine approaches production start

Rambler Metals & Mining realised first revenue of C$single toggle jaw crusher wikipedia3.5 million in the year to July 31 2011, giving it some welcome cashflow while it brings the Ming copper-gold mine on Newfoundland and Labrador's Baie Verte Peninsula, Canada, into full production.

The group generated its first revenue in the period, C$2.1 million by selling 1,399 ounces of gold produced at its satellite deposits Nugget Pond Crown Pillar and the Tilt Cove East Mine dump, and additional revenue of C$1.4 million from various toll processing agreements. Net loss was reduced to C$53,000 from C$2.42 million in the previous full year. Rambler reported significant progress on all construction works throughout the year including the group's floatation circuit addition at the Nugget Pond Mill and the site works at the Ming mine. It is near completion of the...

Northwest Resources positioned to advance Western Australian gold projects with partner

Northwest Resources has teamed uequipos de una planta procesadora pptp with Millennium Minerals in Western Australia, and the formal joint venture and related documents have been executed relating to their 50:50 Camel Creek Joint Venture

Under the joint venture gold produced from the Camel Creek deposits and all mining, processing and administration costs relating to the joint venture will be split 50:50. Millennium will manage the joint venture, where the company has forecast that mining will commence at the deposits in early 2015. Under the agreement, Northwest’s Camel Creek Trend gold deposits will be processed by Millennium through its Golden Eagle treatment plant, which is currently under construction. Golden Eagle is expected to start production later in 2012. Importantly with Camel Creek, the open pit deposits are a natural fit with Millennium’s nearby...

South African Government Seeks ArcelorMittal, Kumba Iron Ore Price Accord

South Africa’s government said it wants iron ore from a disputed portigrinding machine price in south africaon of the Sishen mine, the country’s biggest ore deposit, to be sold at cost plus 3 percent while it formulates a new pricing model for the steel industry. Kumba Iron Ore Ltd., a unit of Anglo American Plc, has filed a lawsuit aimed at overturning the government’s decision to award 21.4 percent of the Sishen mining rights to Imperial Crown Trading.

Imperial is being acquired by ArcelorMittal South Africa Ltd., a unit of the world’s biggest steelmaker. A government task team will hold talks with the companies “with the objective of providing cost plus 3 percent access to the 21.4 percent Sishen mining rights to ArcelorMittal South Africa or other steel producers,” government spokesman Vusi Mona told reporters in Pretoria today. The charge should stand until a government-determined “developmental pricing model” is implemented that will result in domestic steel prices “being no higher than the lowest quartile of global prices,” he said. Kumba will respond to the Cabinet statement later today, it said in an e-mailed statement.

Continental Receives SARB Approval for Acquisition of Mashala Resources

Emerging mid-tier South African focussed coal producer Continental baxter stone crusher co englandCoal Limited is pleased to announce that the Company’s South African subsidiary Continental Coal Limited (CCL) received confirmation that it had received the necessary approval from the South African Reserve Bank for it to complete the acquisition of unlisted South African thermal coal mining and export coal producing company Mashala Resources (“Mashala”).

The only outstanding South African governmental approval now remaining for CCL to complete the acquisition of Mashala is approval by the Department of Minerals and Resources for the transfer of the mining rights. The applications and accompanying information were submitted in August and approval is expected to be received in the coming weeks with settlement of the acquisition to follow immediately thereafter.

Egypt’s Sawiris buys $500 m bid in Canadian gold firm

Egyptian billionaire Naguib Sawiris, bought a stake in Canadian gold producer La Mancha Resources in a 500 million Canadian dollar(US$493m) deal, emphasizing a radical shift in his investment strategy, according to analysts.

The pact comes amid growing market talk of recovery on the price of the yellow balaji stone crushing plant manufactrermetal.

Sawiris, founder of Orascom Telecom Holding, and ranked by Forbes as Egypt’s second-richest person, with a net worth of around US$3.1 billion, has confirmed the deal but didn’t give any further comments as the transaction was not yet complete.

It was announced on Friday that he had bought French nuclear reactor maker Areva’s stake in the gold mining firm through his company Weather II Investments.

“The company represents an extremely attractive opportunity with a geographically diverse portfolio of assets offering exposure to growth and development stage projects,” Sawiris told Arabian Business on Sunday.

Meanwhile, Shares in La Mancha rose by 52.44 per cent after the deal was announced on Friday, closing at C$3.43 (US$ 3.38). That is below Sawiris’ offer to buy La Mancha for C$3.50 per share, which was agreed by the corporation’s board.

The intended purchase of the gold miner has been arranged with the firm Weather Investments II, which is managed by Sawiris. La Mancha, which is listed on the Toronto Stock Exchange, runs four gold mines in Africa and Australia.

Ibrahim Masood, a senior investment officer for asset management at Mashreq, told The National on Sunday that gold had proved to be a stable long-term investment in the past decade.

“It has had an amazing 10-year run,” he said. Despite a drop in the gold market this month, a report issued yesterday by Emirates NBD pointed to a recovery late last week.

“Strong buying emerged [partially in sympathy with silver], which puts gold back on the road to recovery,” the UAE bank said in its Precious Metals Report.

Gold prices have declined by about 1.4 per cent this month but rose on Friday as a result of a positive trading accredited to good economic growth indicators in China.

Noble Mineral Resources raises A$30m for drilling at Bibiani Gold Project

Noble Mineral Resources has received firm commitments for the placement of approximately 77 million shares at 39 cents to raise $30 millidry ball milling process of aluminum flake powderon to fund an extensive drilling campaign that is expected to result in substantial increases in reserve and resource estimates at its Bibiani Gold Project in Ghana.

The capital raising will be competed in two tranches. Tranche one will comprise the issue of approximately 44m shares and tranche two, comprising approximately 33m shares, will be issued subject to shareholder approval at an EGM to be convened at a later date. The placement was undertaken by BGF Equities and Patersons Securities as Joint Lead Managers and reported strong interest from domestic and Asian based institutions. The placement closed heavily oversubscribed.The proceeds will be used to underpin an aggressive exploration campaign at Bibiani, which will see up to five rigs operating at the same time, drilling as many as 55,000m a month for the next 12 months...

Fortescue Refinances for Rapid Growth

With financing provided by leading global banks, Fortescue Metals Group Limited is now free to implement its Two Ports, Three Hubs mining strategy.

It will deliver, in terms of the mining industry, unprecedented growth by Fortescue in the direct ship iron ore sector.

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Fortescue achieved this critical milestone through refinancing the Company’s existing projectbased Senior Secured Notes ("the Notes”) with a US$2.04 billion corporate bank facility.

The refinancing allows the Company freedom to implement funding options for its previously announced and advanced expansion plans for:

1) The Chichester Hub

The first phase of the Chichester Hub expansion is very advanced with the rail extension from Cloudbreak to Christmas Creek 95% complete and the new processing plant at Christmas Creek on schedule and budget for commissioning. This expansion will be completed from operating cashflows.

2) The Solomon Hub

Stage I feasibility study completed for a 60 million tonnes per annum (Mtpa) project with initial development awaiting final board approval.

Stage II mine and rail feasibility studies are advancing for a further 100Mtpa operation. Ongoing exploration in this region is also continuing to grow the resource size available to this proposed mine and infrastructure development.

3) The Pilbara Port (Fortescue’s second port)

Fortescue port studies and approval processes are advancing for Fortescue to be the major participant in a 350Mtpa port near Cape Lambert, known as the Pilbara Port.

4) The Western Hub

A major exploration and pre feasibility study is underway in this exciting new area with a target of supporting a second 100Mtpa mine and rail line with port access through the Pilbara port.

The company has also established a number of other valuable projects that it is now free to evaluate, develop, joint venture or sell under the new corporate facilities.

These include multi-billion tonne magnetite projects, targeted and held wholly within Fortescue’s Pilbara tenements. Currently these projects are targeted for joint venture or sale.

Further, over the past several years Fortescue has secured significant iron sands and coal targets in New Zealand and is now free to properly evaluate, and if approved, implement these projects.

As previously announced, the project-finance style covenants under the original Notes contained funding and operational restrictions, but also constrained the Company’s ability to issue dividends and pursue any new development projects outside the Chichester Hub.

Fortescue Chief Executive Officer Mr Andrew Forrest said the new bank facility was a major leap forward for the Company. "While coming at some cost, even though largely mitigated by the strengthening Australian dollar, Fortescue has now secured the pathway to realise our goal of becoming the world’s best iron ore producer," Mr Forrest said.

"Fortescue has for some time been a very low debt to cashflow company. The Company stands on the cusp of becoming a world leading mining house with proven operational and leadership teams, mines and resources, infrastructure and financing options ready. Today's refinancing represents critical endorsement of the potential of our assets by world leading financial institutions.”

The original Notes were issued in August 2006 and created the financial base upon which Fortescue (as a start-up company) constructed its initial mine, port and rail infrastructure. As discussed, the Notes largely restricted the Company to the Chichester Hub during the 10 year life of the Notes.

The Company has now transitioned to become an operating business of global significance, with strong cash flows and expansion plans significantly greater in scale to the Chichester Hub.

The Company has fully drawn the new bank facility. The redemption process for the original
Notes will be completed in one month. Mr Forrest said the value associated with the rapid development of Fortescue’s assets outside of the Chichester Ranges far outweigh the premium of early redemption, particularly in Australian dollar terms where the falling US dollar effectively paid the redemption premium.

The key details of the new Bank Facility are as follows:

• Facility amount of US$2.04 billion;


• Initial interest rate of 7.5% and linked to LIBOR;


• Maturity date is October 2015. Fortescue retains the right to prepay and the Lenders are provided with certain early termination rights and the ability to provide further financing; and


• Unsecured and moves to a secured if not refinanced by the Company.

In conjunction with the establishment of the new banking facility, Fortescue plans to procure corporate credit ratings which recognise its transition to a corporate debt structure.

Fortescue Chief Financial Officer Stephen Pearce stated: "The bank facility allowed Fortescue to buy back all outstanding Notes for a premium of approximately US$650m, which as mentioned by Mr Forrest, was largely funded in Australian dollar terms by the recent sharp fall in the US dollar”.

“Further, and more importantly, the Board concluded the new capital structure allowed the Company to expedite our planned growth plans by removing the restrictions contained within the original Notes. This is a significant step for Fortescue as we move to corporate financing underpinning our Company's capital structure into the future," Mr Pearce said.

The breakdown of the original Notes included:

• US$250m @ Floating rate, fixed via hedge (due 2011);


• EUR315m @ 9.75% (due 2013);


• US$320m @ 10.00%, (due 2013);


• US$1,080m @ 10.625%, (due 2016).

"The redemption of the original Notes allows the implementation of the Solomon Hub expansion strategy," Mr Pearce said.

Lynas hit by rare-earth price dive

Tnordberg hp 400 cone crusher pricehe stock fell in heavy trading after JPMorgan downgraded Lynas's US rival, Molycorp, to a "hold" and slashed its price target due to the estimated 9 per cent drop in rare-earths prices.

The slump prompted a query from the Australian Securities Exchange and continued Lynas's tumble from a year-high of $2.70 in April and above $2 last month. Lynas ended down 12.3 per cent at $1.28. Other rare-earths hopefuls bucked the positive broader market, with Alkane Resources and Arafura Resources off 10.5 per cent and 2.3 per cent respectively. Lynas, which aims to produce the first rare earths outside China, said it could not explain the fall, but the miner revealed it was likely this week to post a before-income tax loss of about $57 million, compared with a $43m loss in in the prior period. The company attributed the loss to increased operating costs ahead of...

Talisman to Grant Option to Sell WA Iron Ore Projects for $41.35 Million

Talisman Mining is pleased to announce that it has reachedcement clinker grinding equipment read more at http www clinkergrindingunit com cement clinker grinding unit copyright binq agreement to sell its Wonmunna and Uaroo iron ore projects in Western Australia in a deal which, if completed, will realise $34.25 million in cash and a substantial shareholding in a new Australian iron ore company.

Option Agreement

Talisman has entered into an Option Agreement with E-Com Multi Limited to grant it a three-month option to purchase the Wonmunna and Uaroo iron ore projects for a consideration of $41.35 million, comprising cash of $34.25 million and shares in E-Com Multi Limited to the value of $7.1 million.

Under the terms of the Option Agreement the option term will commence upon payment by E-Com Multi Limited of a $2 million non-refundable option fee. E-Com Multi Limited has paid $0.5 million of this Option fee to Talisman at this time.

The payment of the remaining $1.5 million option fee to Talisman by E-Com Multi Limited is subject to approval by E-Com Multi Limited shareholders which is planned to be sought by 11 November 2010. This condition precedent must be satisfied on or before 30 November 2010.

The total $2 million option fee will be included in the overall cash consideration if the option is exercised by E-Com Multi Limited.

The exercise of the option by E-Com Multi Limited is conditional on:

Completion of due diligence on the Wonmunna and Uaroo Projects by E-Com Multi Limited to its satisfaction; Shareholder approval for the exercise of the option by both companies (if required by the ASX); Any other statutory approvals which may be required by either party; and E-Com Multi Limited completing a capital consolidation and capital raising of up to a total of $45 million.

The option, if granted will expire on 12 February 2011 or as otherwise agreed.

If the option is exercised by E-Com Multi Limited, it will result in a major boost to Talisman’s cash resources underpinning its ongoing copper-gold exploration activities in the highly prospective Bryah Basin and significantly enhancing its ability to target additional new growth opportunities in the Australian resource sector.

Talisman will also retain a holding in E-Com Multi Limited of between 8.7% and 9.6% on an undiluted basis post that company’s recapitalisation and capital consolidation, giving Talisman exposure to the future upside from the successful execution of E-Com Multi Limited’s Australian iron ore strategy.

Allana Potash increases resources at Danakhil potash project

Toronto-based Allana Potash announced Monday a significant boost to its resource estimate for the company's Danakhil potash project in Ethiopia. industrial can crusher The updated NI 43-101 compliant report estimated total measured and indicated resources of 673 million tonnes, with an average grade of 18.65% potash, or KCI, (the composite grade of all four potash-bearing beds including sylvinite, upper and lower carnallite and kainitite).

Inferred mineral resources now stand at 596 million tonnes with an average grade of 19.96% KCI. Previously, the resource stood at just over 100 million tonnes in the inferred category only. "We are very pleased with the dramatic increase in the potash resources at the company's Dallol Project in Ethiopia which greatly exceeds management's initial expectations," said president and CEO Farhad Abasov. "The resource has grown from just over 100 Million tonnes of inferred mineral resources to 673 million tonnes of measured and indicated mineral resources and over 596 million tonnes of inferred mineral resources with good potential to expand on this resource."...

Gross Revenue up 88% - Petra Diamonds

Petra Diamogold from the ore to the final productnds Limited announces the following sales and production trading update (unaudited) for the year ended 30 June 2010.

This has been a highly progressive year for the Company, during which Petra has:

• increased its ownership of the Cullinan mine to 74%, thereby doubling Cullinan’s attributable production and increasing Petra’s attributable resource base from all operations to 195 million carats (gross: 262 million carats);


• completed the acquisition of a further important producing diamond mine - Kimberley Underground;


• sold the remarkable 507 carat Cullinan Heritage diamond for US$35.3 million;


• raised US$120 million in an equity financing; and


• agreed terms for debt facilities totalling US$78 million with IFC and Rand Merchant Bank (“RMB”).

Petra is now fully financed to roll out its planned capital expansions to treble annual output to over three million carats, by increasing production from its world-class resource base.

The Company looks forward to announcing its full financial results for the Period in September. The Petra operations are, on the back of the revenue growth in this trading update, expected to report strong earnings and operating cashflows.

Highlights
Sales

• Gross mine revenue up 88% to US$177.7 million (FY 2009: US$94.4 million) due to:

o continuation of the recovery in rough diamond prices for the Period
o sale of notable ‘specials’
o increased Group production

• Gross carats sold up 11% to 1,125,098 (FY 2009: 1,011,707)


• Group (consolidated) mine revenue� up 136% to US$163.3 million (FY 2009: US$69.1 million); growth accentuated due to 100% consolidation of Cullinan from November 2009

Production

• Gross production up 6% to 1,164,856 carats (FY2009: 1,099,367 carats)

Johan Dippenaar, Chief Executive Officer, said: “These results signify a further step change for Petra, with substantially higher revenues reflecting our continued production growth and a strong recovery in rough diamond prices. We have recently taken steps to significantly strengthen our balance sheet and are now fully financed to ensure the capital roll-out which will deliver further growth and returns to our shareholders.”