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MINERAL development company ERO Mining plans to raise $1.8 million through a rights issue to fund exploration and development at its Peeweena Dam prospect in South Australia’s Billa Kalina area. The pro rata one-for-one non-renounceable rights issue will attempt to raise the funds through the issue of about 360 million new fully paid ordinary shares in ERO, issued at a cost of $0.05 per share. Acting ERO chief executive officer Kevin Lines said the initial market reaction to the rights issue had been positive. Exploration will include geophysical surveys and subsequent drilling programs at Peeweena Dam – a joint venture between ERO and Maximus Resources 70km north-north-west of the Olympic Dam copper-gold-uranium mine and 45km east of the Prominent Hill...

IRON ore demand will double to about 3.5 billion tonnes per annum by 2030, with ongoing Chinese demand driving the ore’s production growth, according to resource intelligence agency Intierra. The agency’s report centred around a presentation by Raw Materials Group chairman Professor Magnus Ericsson, which he made at the 15th annual Global Iron Ore & Steel Conference held in Perth in late March. The paper, Chinese and Indian Iron Ore Production – Determining the World Market Balance, was presented to iron ore and steel executives from Australia, India and China. Aiming to give key stakeholders further insight into the iron ore sector and its future, analysts from Raw Materials Group conducted key research into supply and demand issues regarding the...

AUSTRALIAN uranium developer Toro Energy believes the planned re-start of Japan’s nuclear reactors, expected this month, will boost global uranium prices. Following last year’s Fukushima nuclear disaster, caused by the devastating Tohoku earthquake and tsunami, Japan closed 53 of its 55 reactors indefinitely. The Japanese Government is now expected to reopen the plants due to ongoing energy supply problems. Speaking at the Paydirt 2012 Uranium Conference held in Adelaide last month, Toro managing director Greg Hall said the short-term uranium spot price had been impacted by a temporary uranium inventory overhang resulting from Japan’s ‘plant shutdown and safety stress checks’ approach in the wake of the tsunami incident. The closure of the nuclear reactors caused major economic frustration in Japan,...

A Chinese steel maker and an Australian iron ore explorer have signed a joint venture agreement to develop a new deep water port in South Australia that will be the fi rst in thestate capable of handling Cape-size ships. Centrex Metals announced in mid-March that it had entered into a partnership with Wugang Australian Resources Investment (WARI), a subsidiary of major steel maker Wuhan Iron and Steel Company (WISCO), to design, build and operate the proposed Port Spencer. The port, which was assigned major development status by the South Australia Government in 2010, will be used to export iron ore and grain from the Eyre Peninsula. It will be capable of loading vessels of up to 200,000t and will have...

WA’s Mid West is poised to become a thriving iron ore region: potentially one of the biggest in Australia and second only to the Pilbara. With more than 100 mineral, infrastructure and tourism projects driving this growth, the region is gradually becoming a major economic hub, as local employment figures rise and communities develop. Mining in the Mid West has already boosted the region’s economy by delivering major employment and business opportunities, yet the area is still undergoing significant development, confirming its undeniable value. Due to the Mid West’s ample mineral resources, mining will continue to play an important role in its economy. The Mid West’s estimated Gross Regional Product was about $6.1 billion for the 2010-2011 financial year, representing...

DESPITE record rainfall at two of its three mine sites last year, Rio Tinto subsidiary Dampier Salt has beaten the odds, reporting record rates of production, sales and exports for 2011. Dampier Salt managing director Denise Goldsworthy said the company exported more than 10 million tonnes of solar salt in 2011, just a year after it was honoured as one of the state’s most successful exporters at the WA Industry and Export Awards. Meanwhile, the company has moved forward with its plan to refurbish its long-standing Dampier Ship Loading Jetty. Savcor Group, through its subsidiary Savcor Finn, was awarded the $12.8 million project, which involves the removal of an existing timber decking system, refurbishment and painting of a steel superstructure,...

WA’s premier construction and mining event, the biennial Construction and Mining Expo (CME) returns to Perth from March 15 to 17, at Sandalford Estate in the Swan Valley. CME 2012 will showcase about 120 exhibitors across more than 16,000 square metres of indoor and outdoor exhibition space. An estimated 4000 industry professionals from across Australia are expected to attend this year’s event, from a broad range of industries including: construction; mining; electrical; telecommunications and cabling; sewer, water and gas management; engineering; landscaping; recruitment; training and professional services; and public works. Latest innovations CME 2012 will offer attendees an opportunity to view and compare the latest equipment; explore the newest products and innovations in the industry; and watch action-packed machinery demonstrations...

LEADING WA iron ore producer BHP Billiton Iron Ore experienced a 22 per cent production increase for the three months ended December 2011, achieving record levels as a result of mine, rail and port expansions. Iron ore output for the period was 41.1 million tonnes, as compared with 33.7mt for the same period in 2010. The company’s principal 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, stockyards and two separate port facilities in Port Hedland. In Brazil, BHP is part of...

IN February, global mining giant Rio Tinto reported a record underlying earnings result of US$15.5 billion for the 12 months to December 31, 2011. The achievement was overshadowed, however, by the company’s 59 per cent slump in its 2011 calendar year net profit to US$5.8 billion, due mainly to a US$8.85 billion write down of its aluminium business, Rio Tinto Alcan. The impairment prompted chief executive Tom Albanese to forego his annual bonus because the purchase of the Alcan aluminium business “happened on his watch”: Rio Tinto acquired Alcan in 2007 for US$38.1 billion at the top of the market. Chief financial officer Guy Elliott also elected not to receive his bonus for 2011 in light of the aluminium business’s...