Category: Headline

PERTH-based uranium company Paladin Energy has sold a minority stake in itsNamibian project Langer Heinrich to refinance the project’s finance facility. In a deal worth US$190 million, Paladin sold a 25 per cent joint venture equity stake in the project for US$190 million to state-owned China National Nuclear Corporation (CNNC) subsidiary CNNC Overseas Uranium Holding. Paladin refinanced the existing US$110 million project finance facility and US$20 million working capital facility into a new US$70 million syndicated loan facility. It was also able to make a US$30.38 million prepayment on the existing facility due to the sale, bringing the balance to US$70 million. Paladin chief executive John Borshoff said the new facility would provide significant cash flow benefits and further strengthen…

A new high grade zone of mineralisation at the Morley prospect will add value to KGL Resources wider Jevois project in the Northern Territory. The mineralisation at Morley – including 14m grading 2.01 per cent copper and 7.7g per tonne silver from 17m – is parallel to areas of known mineralisation at the Marshall and Reward prospects. The Morley trend is the latest discovery by KGL at Jevois, which also includes the Skies, Green Parrot, Marshall and Reward prospects. Recent reconnaissance reverse circulation drilling and geological mapping at East Reward confirmed mineralisation extended at depth. Results included 4m grading 3.09 per cent copper, 0.54 per cent zinc, 28.2g/t silver and 0.08g/t gold from 485m; and 6m grading 1.71 per cent…

AUSTRALIA’S mining industry plays a vital role in the national economy, attracting billions of dollars in export income, employing more than 750,000 Australians and supporting communities across the country. Its enviable safety record is recognised globally and Moddex has played an important role in that achievement. Moddex supplies Australasian mining companies with quality handrails, guardrails and other barrier products, offering vital protection for workers, machine operators and mining equipment. Moddex is a recognised pioneer and innovator of protective barriers in today’s mining, workplace and construction sectors. The company’s barrier systems have been installed across mining accommodation and construction camps throughout WA, Northern Territory, South Australia and both islands of New Zealand. Recently, Moddex barrier systems were installed at one of…

THE Esplanade Hotel Fremantle – by Rydges is one of WA’s top destinations for accommodation, conferences and events. In the heart of Fremantle, the hotel is a popular choice among mining companies for corporate events and to accommodate clients. The four-and-a-half star hotel has the third largest convention and exhibition facility in WA and can cater to a range of corporate events – from as little as 10 people through to 1000. The venues are ideal for conferences, workshops, meetings, exhibitions, banquets and more. There are 12 conference and event rooms to choose from – all equipped with state-of-the-art visual equipment and fast, reliable complimentary Wi-Fi – and their onsite audio visual technicians ensure that everything runs smoothly on the…

THE mining industry has to take the environment into careful consideration when it comes to developing projects, as waste management is now a critical part of maintaining environmental and social responsibility. Companies will often seek external help to assist in the process and the RecourceCo Group has more than 20 years experience specialising in the area. The Australian-based environmental solutions group is committed to reducing the greenhouse gas liability generated by waste; increasing the amount of materials recycled, and reducing fossil fuels. Under the guidance of managing director Simon Brown, ResourceCo has played a key role in providing solutions for resource recovery, waste management, recycling and alternative fuels production. The company operates in 20 locations, throughout five states and three…

THE Tasmanian Government has implemented a plan to help more than 350 people facing job losses as two of the state’s major mines cease production. With Unity Mining’s Henty gold mine to be put on care and maintenance by 2015, and Copper Mines of Tasmania’s Mount Lyell shutting down for at least 18 months following three fatalities early this year, Premier Will Hodgman has set up a working group to provide support to businesses, workers, families and the community. “We have worked quickly and appropriately to establish a West Coast Economic Working Group, which will provide immediate support during these challenging times,” Mr Hodgman said. “Today the Resources minister Paul Harriss, Parliamentary Secretary for Small Business and Trade Adam Brooks…

CLIVE Palmer has refused to support the repeal of the mining tax unless the Abbott Government makes some major concessions. The move came just weeks after Mr Palmer abruptly withdrew his party’s support of the carbon tax repeal to secure a number of amendments. While the Abbott Government intends to axe any measure funded by the mining tax, the Palmer United Party is demanding it keep the low-income superannuation contribution, the income support bonus and the SchoolKids bonus, worth a combined $9 billion in the forward estimates. Palmer United Senate leader Glenn Lazarus said that unless the measures – worth $2.4 billion this financial year – were kept, his party would not back the repeal of the tax. Given the…

JUNIOR West African gold company Papillon Resources will merge with Canadian gold developer B2Gold Corp in a confirmed $615 million deal. Perth-based Papillon said the definitive merger agreement would remove any funding uncertainty for development at its flagship Fekola project in Mali. The companies announced the agreed merger consideration in early June, which would comprise 0.661 B2Gold common shares for each Papillon share, equating to a purchase price of $1.72 per Papillon share. The deal offered a 36.5 per cent premium on Papillon’s last closing price, before the offer was placed and the company entered a two-week trading halt. Although Vancouver-based B2Gold’s offer was well below the $2 per share mark Papillon had previously targeted, Papillon chief executive Mark Connelly…

THE WA Government has unveiled its Anketell Port Master Plan, which details plans for the Pilbara’s next – and possibly last – major deep water port. Developed as a “working document” to guide port development across the next 30 years, the master plan proposed private sector development of a major, multi-user and multi-commodity deep water port on the West Pilbara coast, 30km east of Karratha. Premier and State Development minister Colin Barnett said access to port space was an increasingly rare and valuable commodity in the Pilbara, and Anketell would ease pressure on the two public ports at Dampier and Port Hedland, which were already working to capacity. “Development of Anketell Port will help to unlock the potential of the…

BHP Billiton’s newest Pilbara mine and processing hub has officially opened, and will increase the company’s WA total annual iron ore supply chain output to more than 220 million tonnes per annum. The US$3.6 billion Jimblebar iron ore project, 40km east of Newman, was opened in late April by WA Premier Colin Barnett, BHP iron ore president Jimmy Wilson and representatives from Japanese joint venture partners ITOCHU Corporation and Mitsui and Co. The site is expected to deliver phase one capacity of 35mtpa of iron ore by the end of the 2015 financial year. Long term, Jimblebar may be ramped up to 55mtpa production capacity following a positive assessment of market demand and broader debottlenecking of the supply chain. This…

EMERGING copper producer Finders Resources has finalised a US$210 million funding package to expand production at its high grade Wetar copper project in Indonesia, from 3000 tonnes per annum to 28,000tpa. A syndicate of banks will provide US$165 million in senior loan facilities, with leading international trading house Daewoo International Corporation investing an additional US$45 million in project level equity. Finders managing director Barry Cahill said Daewoo and the syndicate of banks were sophisticated global resource project financiers that had conducted extensive project due diligence. “The support of these experienced project financiers is an extremely pleasing endorsement of the Wetar copper project,” he said. Finders, which only began production from Wetar on 31 March this year, reported that it expected…