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Swings and roundabouts for MRRT

Swings and roundabouts for MRRT

THE Federal Government’s projected $1.1 billion surplus has taken a ‘double hit’ after it was revealed that the Minerals Resource Rent Tax (MRRT) had collected no revenue in its first three months of operation. With the tax funding billions of dollars’ worth of programs, a shortfall could force the Federal Government to draw money from other areas or abandon its long-held plans for a surplus. Even as the Government scaled back estimated receipts from the MRRT for the 2012 to 2013 financial year from $3.1 billion to $2 billion, Treasurer Wayne Swan defended the levy, claiming the real reason for the slow start was the well-known cooling of the Chinese economy. Plummeting coal and iron ore prices have forced the...

Gold miner raises funds for Turkish projects

Gold miner raises funds for Turkish projects

INVICTUS Gold has announced a two-for-one renounceable rights issue at $0.04 per share, undertaken to raise $2.88 million for exploration at two projects and to fund the acquisition of a third. The company’s largest shareholder, Impact Minerals, has committed to taking up its entitlement of $1.28 million worth of shares and agreed to underwrite the balance of the for up to $1.6 million, subject to its own capital raising. Turkey is the focus of much of the fundraising. According to a news release from Invictus, the company intended to further explore and drill its Himmetdede South project in the country. The 7 square kilometre prospect, 50km north of Kayseri, is adjacent to the Himmetdede deposit owned by Turkish company Koza...

Copper-zinc explorer ventures closer to production

Copper-zinc explorer ventures closer to production

THE Sulphur Springs copper-zinc project in WA’s Pilbara region has encountered positive drilling results, WA-based explorer Venturex has announced. According to a company statement, a “highly successful” 1710m, six-hole drilling program completed at the main Sulphur Springs deposit discovered high-grade copper and zinc at the Western Lens mineralisation. The Sulphur Springs project, 160km southeast of Port Hedland and about 50km west of Marble Bar, was found to have significant widths of massive and stringer sulphide mineralisation in all six drill holes. The intersections recorded by Venturex were thicker and more extensive than expected, and the proposed mine design is inclusive of the extension. Venturex managing director Michael Mulroney said the Sulphur Springs project had great potential. “These new intersections at...

Premier gold region to unearth another legend

Premier gold region to unearth another legend

Kalgoorlie is the premier gold producing region of Australia, with a long history of mining and discovery of substantial gold deposits. The region’s ‘golden mile’ has produced more than 50 million ounces of gold alone, and KCGM’s Super Pit continues to generate about 800,000oz of gold each year. The Aphrodite gold project, 65km north of Kalgoorlie in the Eastern Goldfields region, consists of five granted mining leases as well as adjacent areas subject to a farm-in agreement. The project lies close to key infrastructure – including a major gas pipeline, road, rail and an airport – and is about 350km south of Esperance Port. Aphrodite Gold acquired the project from Apex Minerals in November 2009 for $7.2 million in cash...

Trade show reaches out to the home front

Trade show reaches out to the home front

THE Goldfields Mining Expo (GME) bills itself as the premier trade event for the mining industry in WA, and the biennial exhibition continues to grow. This year, along with the display of goods and services visitors have come to expect, GME will focus on employee satisfaction as the mining industry continues to struggle with skills shortages. The agenda includes a recruitment day and programs designed for the mining community, specifically women and families, as GME looks at ways to attract and retain workers in mining. The event is set to run from October 30 through to November 1 at the Kalgoorlie Boulder Racecourse. Admission to the expo is free. It drew more 3000 visitors in 2010, attracting people from all...

No growth pains for iron ore major

No growth pains for iron ore major

THE last two years have been largely favourable for Perth-based Grange Resources, with the miner going from strength to strength in terms of production and revenue. Grange’s business centres on the extraction of magnetite iron ore from its Savage River mine in Tasmania and the production of pelletised iron ore at its associated plant. However, the company is now in the process of developing a second iron ore mine – Southdown, near Albany in WA – which is anticipated to be about four times the size of the Savage River operation. On top of its recent successes Grange has also acquired a new chief executive and managing director, Richard Mehan, who has worked in the industry for more than 30...

A chip off the old copper block

A chip off the old copper block

AS the world’s more accessible copper deposits become depleted, miners are turning to block cave mining: a highly-productive, low-cost underground method by which deep copper deposits are carefully collapsed under their own weight. While this comparatively new technique is expected to become the most widespread form of copper mining by 2020, the Northparkes gold and copper operation – a joint venture between Rio Tinto (80 per cent) and Sumitomo (20 per cent) – trailblazed block caving in Australia more than 15 years ago. Northparkes is one of Rio Tinto’s smallest copper operations, but its importance to the future of efficient and sustainable underground copper mining outweighs its size. The company has continued to refine and develop its block caving process,...

Investing in high-quality iron ore resources

Investing in high-quality iron ore resources

BOASTING large-scale operations in Australia and Brazil, BHP Billiton remains one of the world’s leading iron ore producers. The company’s principal Australian operations are based in the Pilbara region of northern WA and comprise a complex integrated system of` seven inland mining operations (Jimblebar, Area C, Mt Whaleback, Ore Body 18, Ore Body 24, Yandi, and Yarrie, all 85 per cent owned by BHP). More than 1000km of rail connects these operations to stockyards and two separate port facilities at Port Hedland. BHP Billiton had a strong half year ending December 2011 and it reported record iron ore production in WA as one of the major catalysts for the increase. The commodity earned the company US$12.149 billion for the 2011...

On track to deliver diversification

On track to deliver diversification

DESPITE potential softening in the resources market, Centennial Coal has been on a buying spree of rolling stock during the past year. The NSW-based company, acquired by Thailand’s Banpu two years ago, is also continuing with expansion at a number of its mine sites. Centennial, which supplies domestic and overseas markets, has grown to fuel about 40 per cent of NSW’s coal-fired electricity generating capacity, according to the company. It owns seven underground and open-pit mines outright, and operates four others under joint venture agreements in the north and west of NSW. The miner has a total annual production capacity of more than 19 million tonnes of thermal and coking coal. In the past 13 months, Centennial has bought a...

Copper moving to the beat

Copper moving to the beat

As part of the Aditya Birla Group and backed by Indian metals powerhouse Hindalco, Aditya Birla Minerals enjoys a strong position in the Australian copper market. Established in 2003, Aditya Birla swiftly acquired the Nifty operation in WA and the Mt Gordon operation in Queensland. Since then, the company has turned around the fortunes of these projects, resulting in improved operational efficiency and increased production. This year, both Nifty and Mt Gordon continue to enjoy average month-on-month increases in ore production and operational performance. As for many miners, the 2011 to 2012 financial year was a combination of high points and challenges for Aditya Birla. Even though the company enjoyed slightly higher average copper prices in US dollar terms than...

In the lap of the gods

In the lap of the gods

NESTLED in the heart of the Peruvian mountains more than 2400m above sea level is one of the world’s most famous archaeological sites. Built by the Incas in 1450, Machu Picchu, 80km northwest of Cusco on the eastern slope of the Andes, is a creation of ancient, awe-inspiring stone ruins, surrounded by Amazonian jungle. For centuries the ‘lost city’ of Machu Picchu which sits high above the Urubamba River, remained undiscovered and hidden from the world, with only a few locals privy to its existence. It wasn’t until 1911 that American explorer Hiram Bingham stumbled upon the ruins during a South American expedition. Yet the history of Machu Picchu remains vague. Some researchers believe that the pre-Columbian site was built...