Category: Headline

The Arkyd 6 satellite is set to launch before the end of the year to test increased capabilities of asteroid mining technologies. Image: Planetary Resources. By Cameron Drummond BUDDING asteroid miner Planetary Resources has secured 25 million euro of funding from the Luxembourg Government to aid its goal of launching the first ever commercial asteroid prospecting mission by 2020. The agreement consists of a direct capital investment of 12m euro from the Government of the Grand Duchy of Luxembourg and a further 13m euro in grants from the country’s public-law banking institution Société Nationale de Crédit et d’Investissement (SNCI). The small but wealthy European nation already has a long-standing space industry dating back to 1985, having played a significant role…

Glencore has scrambled to boost its Australian coal production on the back of soaring coal prices this year.  Image: Duncan Harris. By Cameron Drummond MINING giant Glencore has announced plans to restart mining at the Integra underground coal operation in the NSW Upper Hunter Valley for two years, potentially creating up to 275 new jobs. It was the second time in as many months Glencore had decided to kick-start a shuttered coal mine, following an October announcement that it would reopen its Collinsville coal mine after halting production in December last year. Glencore acquired Integra (formerly Glennies Creek) last year from Brazilian miner Vale with the mine already on care and maintenance since July 2014. Glencore Australia head of coal…

The Carrapateena Tjati Decline schematic.                   image: OZ Minerals. By Reuben Adams OZ Minerals’ proposed $975 million Carrapateena copper mine in South Australia has passed two key milestones ahead of a final approvals process by the company board in 2017. Representatives from OZ Minerals and Traditional Owners, the Kokatha people, travelled to the site to sign a landmark agreement to partner on the project. Kokatha Aboriginal Corporation chairman Chris Larkin said the partnering agreement, ‘NGANAMPA PALYANKU KANYINTJAKU’ translated from Kokatha meant “keeping the future good for all of us”. “This encapsulates the outcome of the process and the feelings of my community,” he said. South Australian Premier Jay Weatherill also officially opened…

Carmichael is now a prescribed Critical Infrastructure project in QLD – the first time this has happened in seven years.         Image: Adani Australia By Reuben Adams THE Palaszczuk Government will invoke special powers to speed up development of the controversial $21.7 billion Carmichael coal and rail project in Queensland’s Galilee Basin. The project’s combined mine, rail, and associated water infrastructure were declared Critical Infrastructure – the first time this has happened in seven years. When a Prescribed Project is considered to be “critical or essential” for economic, social or environmental reasons to Queensland, the minister may also declare it a Critical Infrastructure project. The Adani combined project is the only Critical Infrastructure project currently listed on the State Development website.…

A portion of the Windward tenement package is contiguous with IGO’s Nova mining lease.              Image: Windward. By Reuben Adams A $20.5 million takeover bid for WA-based explorer Windward Resources could substantially increase Independence Group’s (IGO) tenement holdings around its Nova project in the Fraser Range of WA. IGO’s 5 October offer of $0.19 per share – a 46 per cent premium to the last close at 16 September 2016 – was unanimously supported by the Windward board. Windward major shareholder Mark Creasy (27.44 per cent), who originally discovered the world-class Nova deposit with Sirius Resources, intended to accept the offer in the absence of a superior proposal. IGO managing director Peter Bradford said the company was committed to consolidating a…

State-wide blackouts have wreaked havoc on South Australia’s mining industry. By Reuben Adams WILD weather has forced South Australia’s biggest miners to shut down operations following the state-wide blackout on Wednesday, 28 September. BHP Billiton announced that Olympic Dam was able to safely shut down operations and the site de-mobilised, with backup generators providing power to critical infrastructure to allow a restart of operations when power is restored. “Our primary focus is the safety and welfare of our people,” BHP said in a statement. “We are liaising closely with Electranet and the State Government to ensure power is restored to Roxby Downs town and Olympic Dam as soon as possible.” As of 3 October Olympic Dam was receiving some power…

FMG’s cost reduction measures have realised a turnaround in annual finance results. By Cameron Drummond IRON ore producer Fortescue Metals Group (Fortescue) announced a 12c per share dividend on the release of its full year financial results on 22 August. The company posted an after tax profit of $US985 million for FY16, a 212 per cent rise from $US316m in FY15. Fortescue’s underlying earnings before interest, tax depreciation and amortisation (EBITDA) increased 48 per cent from $US2 billion the year before to $US3.2bn. A 29 per cent year-on-year drop in revenue of $US7.1bn was countered by improved C1 operating costs averaging $US15.43 per wet metric tonne (wmt); a 43 per cent reduction from FY15. The company said the numbers reflected…

After completing a $589 million upgrade Glencore’s Ernest Henry Mining, has continued its support for local and regional projects near its operations. By Cameron Drummond ERNEST HENRY is a copper and gold mining and processing operation 38km north east of Cloncurry in north-west Queensland. The mine is a part of Glencore’s portfolio of Australian copper assets which includes the Mount Isa Mines copper operations, a copper refinery in Townsville and the CSA underground copper mine near Cobar, NSW. Mined copper and gold at Ernest Henry is processed at its on-site concentrator then transported to Glencore’s Mount Isa copper smelter and refined at the Townsville refinery, ready to be delivered to domestic and overseas customers. In its 2015 annual report, Glencore earnings before taxes, depreciation…

Image: Lithium Australia By Elizabeth Fabri LITHIUM Australia (LIT) and US Masters Holdings (USH) have joined forces in a strategic move to consolidate Lake Johnston lithium pegmatite field resources. LIT would obtain lithium rights to two additional licences at the field, giving company a distinct advantage in new pegmatite discoveries, and while USH remained the sole owner of granted exploration licenses E63/1722 and 1733, lithium rights would be ceded to LIT. In return, USH would acquire the gold and nickel rights to LIT’s existing uncontested application for E63/1777, subject to regulatory approvals. LIT managing director Adrian Griffith said the venture between both parties put the company in the box seat. “While previous exploration ignored the lithium potential of the pegmatites, recent exploration…

A survey of 50 mining executives has revealed more confidence in the sector. By Cameron Drummond THE mining industry is showing signs of confidence for the first time in three years, but recovery could be hampered by government red tape, according to a report. Newport Consulting’s latest Mining Business Outlook Report released 21 June stated that industry leaders were warning that red tape removal, particularly the project approval process, was crucial if the sector was to increase its international competitiveness. Report figures showed a bounce back toward a sector revival, with 43 per cent of mining leaders optimistic about their prospects for the year ahead; up significantly from 2014 when confidence hit an all-time low. The gap between leaders who were…

The Tahmoor mine employs more than 300 workers. By Samantha James GLENCORE has told 350 workers at its Tahmoor coking coal mine in NSW that plans to close the mine will see the workforce gradually reduced across the next 18 months. The Swiss company said ongoing coal price weakness meant the economic return from Tahmoor reserves “are not sufficient to warrant the investment required to mine them” and all mining would cease by early 2019. “A number of options to continue operations were examined, including the proposed Tahmoor South and Tahmoor North projects, but current market conditions do not support these projects,” Glencore stated. “We appreciate this will be a difficult time for our employees and we will be putting…