Kumba opposes ICT appeal bid

Kumba Iron Ore lodged papers on Friday opposing the application by Imperial Crown Trading and the Department of Minfpso market analysis report modeceral Resources to appeal against a judgment that ICT had no rights to the Sishen iron ore mine.

Friday was the deadline by which Kumba’s 74%-held Sishen Iron Ore Company had to lodge its opposition, as well as an application for a conditional cross-appeal if ICT and the department are granted leave to appeal. Judge Raymond Zondo, who ruled in Sishen and ArcelorMittal SA ’s case against the granting of a prospecting right to ICT over a 21,4% stake in the Sishen mine by the department, said in December the department had erred in awarding the right and ordered it to be set aside. Both ICT and the department appealed against the judgment that Sishen was the holder of 100% of the mine and that the right was not divisible. The matter flared up after ArcelorMittal, which held a 21,4% stake to the mine under old-order mining rights, did not apply for new order rights to that stake by May 2009. Kumba scrambled to...

Augusta Announces Minority JV with Korean Consortium

Augusta Resource Corporation announces that its wholly-owned subsidiary, Rosemont Copper Company (Rosemont), today entered into an Earn-In Agreement with a Korean consortium, the memriver sand substitute for concrete productionbers of which are Korea Resources Corporation (KORES) and LG International Corp. (LGI), whereby KORES/LGI shall acquire a 20% joint venture interest in the Rosemont copper molybdenum project in Pima County, Arizona in consideration for funding US$176,000,000 (the “Investment”) of the project expenses.

US$70,000,000 will be advanced to fund development pre-permitting and US$106,000,000 will be advanced to fund construction. As funds for the Investment are advanced, KORES/LGI will earn their proportionate interest in the joint venture.

Pursuant to the Earn-In Agreement, KORES/LGI and Rosemont have entered into a Joint Venture Agreement governing their relationship. KORES/LGI and Rosemont have also agreed to enter into an off-take agreement on market terms in respect of 30% of copper concentrate and 20% of copper cathode and molybdenum concentrates annually produced by the Rosemont project.

Augusta’s President and CEO Gil Clausen said: “The US$176 million equity investment by KORES and LGI, together with the US$230 million in funding previously committed by Silver Wheaton and combined with Augusta's contributions to date will provide about 50% of the total project funding. We are well advanced in discussions with project finance lenders for the balance of the funding. The steps taken today have substantially de-risked the project and will enable timely project construction upon receipt of final permits."

Central Rand Gold in hot water

Central Rand Gold, the gold prospecting and mining company, is in hot water with shareholdspecification of a crushing machineers for not disclosing the threat of a non-compliance notice issued by the Department of Mineral Resources.

The risk facing the company became clear at the weekend when the Sunday Times cited DMR spokesman Bheki Khumalo as saying that the South African gold producer might be forced to close its mine near Soweto as early as this week. On Monday morning the company admitted receiving the notice from the DMR early in August informing it that the department was considering re-evaluating its mining right as a result of certain elements of “non-compliance” with social labour plan requirements of its new order mining right. It said it was awaiting feedback from the DMR after it had submitted a full response. CRG said the social labour plan under question was based on...

Paladin's Kayerekera uranium mine output up 15 percent

stone crusher of size 30 215 6 available in indiaProduction at Kayelekera Uranium Mine in Karonga jumped 15 percent in the quarter ending March 2012 over the previous quarter, according to the quarterly activities report.

Uranium output went up to 724 552 pounds U3O8 from the previous quarter’s 631 780 pounds U3O8, the figures show. But the report said production was temporarily impacted by the use of a lower-cost reagent that was tested and proved problematic. KUM is owned by Paladin Africa, a subsidiary of the Australian Stock Exchange-listed Paladin Energy. “The crushing/grinding circuit operated well. Resin-in-Pulp and elution operational issues continue to focus mostly on resin management and corrosion mitigation. Refurbishment projects in these circuits, for corrosion mitigation, are progressing well,” reads the report in part. Overall, says the report, recovery was down 1.5 percent as a result of...

London Mining reaches agreement with consultant over Marampa royalty

London Mining and consultant Fraser Turner have settled theirchinese 3 foot simons cone crusher parts dispute over additional royalty payments from the Marampa iron ore mine in Sierra Leone.

Under the terms agreed, London will pay Fraser Turner £4.73 million, comprising £2.35 million cash and £2.38 million in new shares.

In addition, Fraser Turner will receive a total royalty equal to 0.3 per cent of the price London Mining receives from sales of iron ore from Marampa, net of the existing royalty payable to Sierra Leone.

London Mining, meanwhile, has first refusal on any potential new iron ore mining opportunities in West Africa identified by the consultant.

Fraser Turner has also agreed not to sell any of the shares it receives for at least two years, while London Mining has agreed to make up the difference if the share price is not worth £7 after three years.

The original consulting agreement between the firms was terminated in 2007. That included a 10 US cents sold royalty, which was not in dispute, but Fraser Turner had also claimed an additional 2 per cent royalty on revenue from Marampa, which was rejected by London Mining.

Last month, London Mining said it was on track to meet its full year target of 1.5 million tonnes per annum of iron ore from Marampa.

It produced 300,000 dry metric tonnes of iron ore in the first quarter and shipped over 230,000 dry metric tonnes to Europe and China.

Sumitomo Metal Mining establishes new China company

Sumitcoarse dry screening of iron oreomo Metal Mining has established Sumitomo Metal Mining Management company in China to perform sales and management tasks, it was announced on July 2.

The Shanghai-based company began operations on July 1.

Sumitomo Metal said its new company will handle sales of group company products in China such as non-ferrous metals and electronics materials. It will also supply business services such as accounting, legal and human resources for Chinese group companies. In addition, it will gather information related to the Chinese market and conduct personnel training necessary for business development in China.

Sumitomo said it has established the new company to promote the further development of markets and the development of new operations in China, where further growth is forecast, under a system of company-wide support.

Sumitomo said its new company will have a start-up capital of $2 million (159.4 million yen). It will be staffed by 17 employees (seven Japanese, 10 Chinese).

Nalco gets Central nod to mine Bauxite

The Ministry of Eneagle crusher rd 1400 65 electrical schematicsvironment and Forests has sanctioned stage-II and final level clearance to National Aluminium Company Limited (Nalco) for diversion of 110.3 hectares of forest land for bauxite mining lease in Koraput.

The forest diversion was required for the renewal of its mining lease for 20 years in Panchpatmali South Block. The original lease period was for 30 years. Since the Navratna PSU has embarked upon a slew of expansion projects, this forest clearance will help enhance its production capacity. As per the approval, the period of diversion of the forest land shall be for a duration co-terminus with the period of mining lease proposed to be granted under the Mines and Minerals (Development & Regulating) Act, 1957, or Rules framed thereunder, subject to a maximum period of 20 years. As per the lease conditions, Nalco has to fulfil certain conditions laid down by the ministry. The company has to take up afforestation on degraded forest land and prepare plan to wean away the practitioners of the ecologically destructive jhum cultivation in vicinity of the forest land being diverted and provide funds for its implementation...

Rio Tinto blames Australia mine job cuts on weak coal prices

Global miner Rio Tinto said on Thursday it was cuttingwhat rates for stone crushing kenya an unspecified number of jobs at its Clermont coal mine in Australia to help cope with weak thermal coal prices.

"Rio Tinto is looking at ways to reduce costs at Clermont Mine to improve its competitiveness in an environment of significantly lower thermal coal prices," a Rio Tinto spokesman said in an email to Reuters.

Gold miner says MRRT will inevitably spread to cover other minerals

A West Australian gold miner says itconcrete plant for sale in germany's inevitable the new mineral resource rent tax (MRRT) will move on from coal and iron ore to other commodities, including gold. Robert Nash, from Golden Eagle Mining in Western Australia, says he's also concerned about the negative impact the tax will have on start-up miners, who won't be able to write off new assets.

Under the deal struck with the Federal Government and BHP Billiton, Rio Tinto and Xstrata, existing assets owned by the company will, in effect, be tax deductible. Mr Nash says outside the big three, many mining companies are very concerned the tax will come under pressure in the Senate to be extended, at some stage, to other commodities. "You know, what's going happen when you've got other countries that come on that can compete against our iron ore producers?. "Then the tax will slide into the next hot commodity...

Inmet says Q2 production at Las Cruces below estimates

Inmet Mining Corp said quarterly copper cathode production at its Las Cruchow does a stamp mill workes project in Spain missed its own estimates, hurt by equipment failures, and lowered its 2010 production outlook from the mine.

The Canadian base metals miner said it produced 6,600 tonnes of copper cathode during the second quarter, compared with a target of 12,400 tonnes. The company also cut its outlook for copper cathode production at Las Cruces to a range between 20,000 tonnes and 30,000 tonnes from 36,400 tonnes, due to continued operational issues at the project. Shares of the company closed at C$50.24 Thursday on the Toronto Stock Exchange.

Ethiopian Ministry Suspends Issue of Mining Licenses

The Ethiopian Ministry of manufacturers of tomato ketchup equipment in chinaMines has suspended issuing mining exploration licenses as of last week. The ministry has stopped issuing licenses to take stock of the local and foreign companies it has already provide licenses to according to Tolossa Shagi Moti State Minister of Mines.

The ministry needs to clarify which companies are active according to the agreements they entered upon receiving licensing and which have failed to commence operation explained Tolossa. The Ministry of Mines also needs to carry out technical evaluations on existing exploration activities which will take some time due to limited capacity he said. There have been a significant number of applications made for new exploration sites which require the ministry to assess the operations that are already active said Tolossa. The Ministry has decided to suspend issuing new licenses until it can finalize these tasks he added. The Ethiopian mines ministry is happy that a large number of foreign corporations are...

South Africa's Cabinet welcomes judgement on mining rights

Minister in the Presidency for Performance Monitoring and Evaluatiportable rock washing screening and crushing equipment for saleon, Collins Chabane, says the recent Supreme Court of Appeal judgment - which decided that the right to mine in South Africa in the sense of the right to prospect and mine for minerals and extract and dispose of them is vested in the State – has been welcomed by Cabinet.

Addressing media after Cabinet’s ordinary meeting this week, the minister said that the court ruled that this right was allocated by the State in accordance with policies that are determined from time to time and embodied in the applicable legislation.

“The court affirmed the Mineral Petroleum Resources Development Act 28 of 2002 [MPRDA] as the current expression of that right and ruled as incorrect the contention that all mineral rights that had existed in South Africa under earlier legislation had been expropriated under the 2002 law,” said Chabane.

The judgment followed an appeal by the Minister of Justice against an earlier judgment that had awarded AgriSA R750 000 in compensation for an alleged expropriation of coal rights under the MPRDA.

“The Supreme Court of Appeal ruled that what constitutes an expropriation must be determined on a case by case basis with reference to: what constitutes an expropriation in terms of section 25(2) of the Bill of Rights; what the rights were that the mineral rights holders were entitled to, prior to the commencement of the MPRDA, and whether such rights had been expropriated in terms of the MPRDA.

“The court held that mining rights originated in legislation and not in the common law,” he added.

Seven killed in Venezuela mine collapse

Officials in Venezuela say at least seven people have died in a cave-in at a mine in the east of the country. A number of miners are also believed to have been trapped by the rockfall at the illegal gold mine in El Callao, in the state of Bolivar.

Emergency workers are trying to free those trapped. Mining experts say safety standards at these unofficial mines deep in the Venezuelan jungle are often minimal, or non-existent. President Hugo Chavez has tried to crack down on illegal mining, which he says have a devastating effect on the environment. In April, he deployed the army to shut down some of the mining camps in Bolivar state.

Petra Diamonds earnings fall

London-listed Petra Diamonds on Monday reported basic headline earnings per smanganese is south africahare (HEPS) of 6.79 US cents for the six months ended December 2010 from 17.77 cents a year ago. On a diluted basis, earnings per share (EPS) came in at 6.48 cents from 17.44 cents a year ago.

Group mine revenue was up 86% to US$90.0 million, while profit from mining activity rose to $24.5 million from $8.0 million. A direct comparison of group revenues between the periods is complicated due to the fact that Petra acquired an additional 37% interest in the Cullinan mine in November 2009 and now consolidates 100% of all mine revenue, whereas up to November 16 2009 the company accounted for its interest in Cullinan under the gross method of proportional consolidation, recognising 50% of revenue, it noted...

Malagasy Announces US$3.2m Capital Raising to Accelerate Madagascar Exploration

International minerals company Malagasy Minerals is pleased to announce a $3.2 million capital raising comprising a $1.088 million share placement to institutional and sophisticated investors and a fully underwritten 1-foiron ore beneficiation plant costr-4 non-renounceable entitlement issue to existing and new shareholders to raise $2.129 million.

The proceeds of this capital raising will be used to accelerate drilling and exploration programs at the Company’s key nickel-copper-PGE and VMS-style copper-silver-gold projects in Madagascar, off the coast of southern Africa.

In particular, the raising will enable Malagasy to step up its exploration activities at the Ianapera Nickel-Copper-PGE Project (part of its Ampanihy Project) in southern Madagascar, where it has recently intersected massive sulphides in initial drill holes and is continuing exploration, targeting a large-scale mineralized system.

Capital Raising Overview

The capital raising will be undertaken at a price of 6.8 cents per share and will comprise:

• a share placement to institutional and sophisticated investors comprising 16 million shares to raise gross proceeds of $1.088 million; and


• a 1-for-4 fully underwritten non-renounceable pro-rata entitlement offer to existing and placement holders to raise gross proceeds of approximately $2.129 million.

A Prospectus for the entitlement issue has been lodged with ASIC and will be dispatched to shareholders on 6 December 2010, following the RECORD DATE of 3 DECEMBER 2010.

Leading Australian broking firm Patersons Securities Limited has been appointed as Lead Manager to the placement and Lead Manager and Underwriter of the entitlement offer.

Use of Funds

The funds raised through the placement and entitlement issue will be used to accelerate exploration activities within the Company’s high quality minerals portfolio in Madagascar.

Malagasy has an existing royalty stream from labradorite quarrying operations in Madagascar as well as third-party rental income from its head office and support base in the country’s capital, Antananarivo. These revenues provide valuable cash flow to assist in covering in-country overheads and a portion of local exploration costs.

The funds raised will be applied to:

• a significantly expanded exploration and drilling program at the Ampanihy nickel-copper-PGE project in southern Madagascar. Recent drilling beneath a massive sulphide gossan system at the Ianapera Project, located within the Ampanihy Project, has confirmed the presence of a large-scale sulphide system of magmatic provenance. An initial diamond drilling programme is underway, and massive and disseminated sulphides have been intersected beneath these gossans, indicating the potential for a large-scale magmatic sulphide nickel-copper-PGE system;


• Follow-up drilling at the Vohibory copper-zinc-gold-silver project is to commence shortly. Strong surface copper-silver anomalies (up to 28% copper and 206g/t silver at surface) have been returned from sampling of gossans, within an 8km strike length of copper-silver mineralization with associated VTEM conductors and gravity anomalies and interpreted fault structures. Initial drilling is planned in this area prior to Christmas to assess the potential for a large-scale Bisha-style VMS copper-gold and base metal deposit;


• expanded assessment of the Fotadrevo vanadium project is to be undertaken in the new year, where previous trenching has defined +6.5 strike km of vanadium mineralization with an additional 35km of strike remaining to be tested; and


• general working capital and corporate overheads in Australia.

Malagasy’s Managing Director, Mr. Steve Goertz, said the capital raising would enable the Company to significantly expand its exploration efforts in Madagascar, with substantial drilling and exploration planned next year across its key projects in conjunction with geophysics and other state-of-the-art exploration techniques and modeling to assist in refining the search radius for prospective sulphide mineralization.

“We are very excited about the potential of both the Ampanihy and Vohibory Projects, and we expect to be in a position to refine our exploration targeting significantly as a result of the initial drilling undertaken this year,” Mr. Goertz said.

“While the initial hole at the Ianapera Project at Ampanihy did not deliver economic mineralisation, the initial drilling has provided us with important geological information and will act as a pathfinder to substantial accumulations of nickel-copper-PGE mineralization,” he continued.

“As with any greenfields exploration project, it’s still early days and there’s lots of work to do, but we are very encouraged by what we have seen so far and we believe the discovery potential of this project is significant,” Mr. Goertz added.

Minister warns on coal export limits

Mineral Resources Minister Susan Shabangu yesterday issued a thinly veiled threat of statoperating manual for laboratory stone crusher from chinae - imposed regulations to ensure the domestic coal supply for electricity if the mining industry was not able to do so. She said growing exports of South African coal — particularly lower-quality material — were of grave concern to the government and a threat to its aspirations for economic growth.

The decision to form a state-owned mining company is meant to secure strategic minerals while the debate develops about how to grow exports, create jobs and earn foreign exchange. The government is also pressed to secure the national interest of ensuring there is enough coal for Eskom to burn and power much-needed economic growth. "The lack of regulation of the coal mining industry resulted in a shift in the power balance away from the national interest to that of the shareholders of the mining companies, and Eskom losing some share of its historical market," Ms Shabangu said yesterday at the McCloskey Coal Exports conference in Cape Town...

Oceanic Iron Ore appoints Hon. Lawrence Cannon P.C. as Director

Oceanic Iron Ore is pleased to announce the appointment of the Hon. Lawrshape of gold oreence Cannon P.C. as a Director of the Company.

Mr. Cannon was born in Quebec and has a long history of public service at the municipal and provincial levels in Quebec as well as at the federal level. He was first elected to the House of Commons in 2006 and re-elected in 2008. In February of 2006, he was sworn in as Minister of Transport, Infrastructure and Communities, a portfolio which included responsibility for Transport Canada, Infrastructure Canada, the Canadian Transportation Agency, the Transportation Appeal Tribunal of Canada, and 16 Crown corporations. In October 2008, Mr. Cannon was appointed Minister of Foreign Affairs, a post he held until 2011. Mr. Cannon was also a member of...

DR Congo says to lift eastern mining ban March 10

Democratic Republic of Congo will lift the mining ban on March 10 which it imposedtac dung cua vonfram on its eastern provinces last September to cut off funding to armed groups, Mines Minister Martin Kabwelulu said on Tuesday. The September 11 ban on mining activities and exports applied to North Kivu, South Kivu and Maniema -- areas rich in gold, tin ore cassiterite, and hi-tech mineral coltan.

"We have lifted the ban because we've seen the situation on the ground. The changes we were putting in place have been accomplished, notably the deployment of agents to check on traceability, and equally the certification of stockpiles is in place," Kabwelulu told journalists. Local industry and analysts had attacked the ban as having left millions of dollars' worth of tin ore stuck in the zone affected by conflict, putting thousands of people out of work. "If the goal was to restructure the mining sector in the east to cut out armed groups, that has clearly not happened," independent New York-based analysts Jason Stearns said...

Equinox Targeting Acquisition to Add to African Copper Mine

Eqbearing used in a jaw crusheruinox Minerals, owner of Africa’s biggest copper mine, said it’s looking to make an acquisition to add to its Lumwana project in Zambia and forecast continued long-term price gains on supply constraints. “We have an active program underway, looking for opportunities,” Craig Williams, chief executive officer of the Perth-based company, said in an interview. “We’ll certainly be sticking with copper.”

The $841 million Lumwana mine, Zambia’s largest foreign investment project, began production in 2008 and Equinox this month increased its forecast 2010 output by 3.7 percent to 140,000 metric tons of concentrate. Copper in New York last week had its fifth weekly gain as the dollar’s slump enhanced the allure of raw materials and inventories of the metal slumped. “I would like to have another advanced asset that could be in production within two years,” Williams said in an interview on Oct 15. “That could be anywhere on the globe, but we would like to reduce our risk profile so we’d be looking at an equal or lower risk area than Zambia.”

Fortescue Metals Group in talks over $3.6b Solomon iron ore contract

Fortescue Metals Group confirms it is in jaw crusher price india small capacitytalks with a short-list of mining service providers over a $3.6 billion contract for its Solomon iron project in the Pilbara.

The WA iron ore miner was today responding to a report today that it had awarded a $5 billion mining contract to Leighton Holdings. Both companies denied that a contract had been awarded, however Leighton did confirm that it was in negotiations with Fortescue. Fortescue confirmed it was in “discussions with shortlisted suppliers” for the Solomon project. “Whilst the company fully intends to award a mining services contract, it is also progressing an owner operator alternative in the event that a satisfactory agreement is unable to be negotiated,” Fortescue said. The miner added that it planned to make a decision on the contract in the coming weeks, with the contract valued at $3.6 billion over five years. The Solomon project is part of Fortescue’s three hub strategy in the Pilbara, that includes the Chichester hub, and will help boost the miner’s annual...