Category: Headline

PERTH-based gold miner Northern Star Resources has purchased two major Goldfields assets from Canadian giant Barrick Gold, leveraging its rank as the fifth largest gold producer on the ASX. Northern Star purchased Barrick’s Kanowna Belle mine and a 52 per cent stake in the East Kundana joint venture for $75 million in late January, following the completion of a $100 million share placement. The remaining $25 million will be used as working capital. The purchases are Northern Star’s second major acquisition from the world’s largest gold producer in less than a month; it purchased Barrick’s Plutonic mine, near Meekatharra, for $25 million in late December. Northern Star’s fundraising placement was completed in January at $0.86 per share, representing a 9.7…

THE WA Department of Mines and Petroleum mining warden has recommended the refusal of three uranium exploration licences sought by Cauldron Energy, based on inadequate funding. The licences, adjacent to pastoral leases on the Minderoo pastoral station in the Pilbara, would extend Cauldron’s ground around its flagship Yanrey project. Following a December hearing, the mining warden concluded that Cauldron did not have adequate funding in place to carry out the proposed exploration. Cash available to the company at the end of the December 2013 quarter was about $487,000, while listed investments readily convertible to cash for exploration purposes totalled $580,000. Cauldron executive chairman Tony Sage said he was disappointed by the decision and would urge Mines and Petroleum minister Bill…

AN electro-magnetic survey on tenements in the Northern Territory has returned positive results for Australian explorer Rox Resources, showing signs of possible copper sulphide mineralisation accumulations. The versatile time domain electro-magnetic (VTEM) survey conducted on the Bonya project tenements, 350km east of Alice Springs, aimed to find signatures similar to those seen in the adjacent Jervois deposits. KGL Resources’ neighbouring Jervois base metal project has an estimated mineral resource of 13.5 million tonnes grading 1.3 per cent copper and 25 grams per tonne silver. The VTEM survey identified 10 anomalies, including three considered ‘high priority’. According to a company statement, the B10 target had a similar electro-magnetic signature to that seen at Jervois, while B01 and B03 were “strong, well-defined…

GOLD company Gascoyne Resources has achieved a significant milestone with the granting of a mining licence for its wholly-owned Glenburgh project. The company signed a native title agreement in early February, paving the way for the rapid granting of the lease in WA’s Gascoyne region, 250km east of Carnarvon. The agreement with the Wajarri Yamatji Native Title Claimant Group includes opportunities for community development including education, training, employment and contracting opportunities. “The signing of the project wide native title agreement is a significant step forward for the Glenburgh project,” Gascoyne managing director Mike Dunbar said. “It allows for the grant the current , any future mining lease applications and other tenure required for the development of the…

MINERAL sands developer Base Resources has exported the first shipment from its Kwale project in Kenya, with 25,000t of ilmenite leaving port destined for China. Base purchased the Kwale mineral sands project – 50km south of Mombasa – in mid-2010 and began production of heavy mineral concentrate in October last year. In that quarter Base produced 42,472 tonnes of heavy mineral concentrate. The Perth-based company was granted an export permit in early February to ship the ilmenite from its Likoni marine facility to a Chinese customer aboard the MV African Eagle, with the vessel leaving port on February 18. Likoni marine facility was completed in December and Base has been stockpiling finished ilmenite and rutile product in its 60,000t capacity…

AUSTRALIAN producer Direct Nickel (DNi) has successfully completed a test program on its signature nickel laterite treatment process, calling the milestone a “major step” in its strategy to become a leading global nickel producer. Completion of the program has positioned the company for its first commercial plant, with a feasibility study underway on a nickel processing plant in Indonesia in partnership with the island nation’s largest nickel miner, PT ANTAM. Through 2013 DNi built and operated a 1t per day test plant at CSIRO’s Australian Minerals Research Centre in Perth, using a unique process to turn nickel laterite ores into final saleable products. The process uses nitric acid as a leaching agent and a patented recovery and recycling process to…

NASA will work with the private sector to fast-track exploration of the moon for crucial fuel and mineral resources, such as helium 3 and rare earth metals. Private companies have submitted initial proposals for the Lunar Cargo Transportation and Landing by Soft Touchdown program (CATALYST), with at least one private company expected to secure a contract to build moon-bound prospecting robots. “The National Aeronautics and Space Administration (NASA) is releasing an announcement seeking proposals to partner in the development of reliable and cost-effective commercial robotic lunar lander capabilities that will enable the delivery of payloads to the lunar surface,” NASA said in a statement. “Such capabilities could support commercial activities on the moon while enabling new science and exploration missions…

DIVERSIFIED mining services and commodities production company Mineral Resources has announced record revenue for the 2014 half financial year, and a 10 per cent increase in earnings before interest, taxes, depreciation and amortisation. Citing a 90 per cent increase in iron ore volumes supported by a weaker Australian dollar, Mineral Resources recorded a 7 per cent rise in earnings from the previous half year, with a net profit after tax of $130.4 million. Mineral Resources further contributed debt repayments of $117 million across the term, with the company position becoming cash positive in January. The company has reportedly retained “significant” cash balance. The company’s contracting volumes were similarly reported as “robust”, and included crushing and processing services, polyethylene pipeline engineering…

PROPOSED changes to the WA Mining Act will clarify environmental obligations, increase transparency for the industry and community, and remove unnecessary duplication. WA Department of Mines and Petroleum (DMP) environmental executive director Phil Gorey said the proposed changes to the Mining Act 1978 would also help clear up environmental responsibilities. “These amendments will increase our ability to introduce risk and outcomes-based environmental regulations,” Dr Gorey said. “This places the onus on operators to identify and address environmental risks associated with their project. “It will also assist industry in proactively identifying and managing environmental impacts and risks, and clarify DMP’s role in environmental regulation.” Dr Gorey said the changes would help WA regulate the impacts of mining into the future. “The…

BRITISH multinational Anglo American has given a subdued outlook for the global coking coal and iron ore industries following profit falls in 2013. In its 2013 preliminary results, Anglo reported US$2.7 billion in earnings for the full year, up 7 per cent from the previous year. However according to The Australian, the company wrought a US$961 million overall loss for the year, inclusive of a US$232 million after-tax writedown from its Foxleigh coal mine in Queensland’s Bowen Basin. Anglo also noted currently depressed coking coal prices, stating that strong production from the US and Australia had created an oversupply. However, while US exports had started to fall, Australia’s coal production remained at record highs. Anglo’s preliminary results reported its metallurgical…

A free trade agreement with South Korea (KAFTA) is anticipated to boost Australia’s economy by $653 million per annum, and with roll out anticipated before the end of the year. Federal Trade minister Andrew Robb said the agreement would eliminate or phase out tariffs on 99.8 per cent of exports to Australia’s third-largest export market and fourth-largest trading partner. The deal would help level the playing field for Australian exporters competing with the US, the European Union and the Association of Southeast Asian Nations (ASEAN), which have already signed trade deals with Korea. “This is a comprehensive, world-class agreement that will deliver lasting benefits to the Australian economy,” Mr Robb said. “It forms part of the Abbott Government’s ambitious trade…