Category: Legacy

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…

BHP Billiton has placed its WA-based Nickel West assets on the market as it ramps up plans to simplify its commodity portfolio. The company recently named nickel as one of several non-core assets to be primed for divestment, with its refined commodities portfolio to only feature iron ore, copper, coal and petroleum, in a ‘four pillar’ plan. The divested assets, including aluminium, manganese and zinc, would be spun off into a new entity and handed back to shareholders. In mid May, Nickel West president Paul Harvey told the company’s 1800 workers that BHP’s nickel assets would likely be sold off, either in part or in full. “As part of this process, we will shortly be inviting third parties to visit…

INDIAN conglomerate Adani is a step closer to opening Australia’s biggest coal mine, after the Queensland Government granted approval for the $16.5 billion Carmichael mine. Federal approval is still required for the proposed 10 billion tonne project, 160km northwest of Clermont in Queensland’s northern Galilee Basin. The project includes the construction of six open cut and five underground mines; a 189km rail line; on and offsite processing facilities and water supply infrastructure; and a workers’ accommodation village and airport. The mine is expected to produce 60 million tonnes per annum of thermal coal during a 90-year operating life, with the first coal shipment forecast for 2016. The project has the potential to create up to 2500 construction and 3900 operational…

A potential strike by tugboat workers at Port Hedland port could cost Australia up to $100 million per day in iron ore exports, warned BHP Billiton. In a ballot conducted by the Maritime Workers Union (MWU), 100 per cent of workers voted in favour of work boycotts for 24 hours, and 98 per cent voted to strike across 48-hour and seven-day periods at the world’s largest bulk export port. The industrial action – reportedly stemming from unsatisfactory payment and annual leave entitlements – can be lawfully undertaken within 30 days of the ballot, according Fair Work Australia guidelines. The workers would also have to give their employer, tugboat operator Teekay Shipping, three days notice before any stop-work action. MWU said…

THE latest merger attempt between the world’s two largest gold producers has been terminated following ongoing asset disputes. Canada’s Barrick Gold confirmed it had been in talks with US rival Newmont Mining to become one global mining force, stating the companies had negotiated a term sheet for a proposed merger, which was agreed upon and signed by both parties on 8 April. However, talks were abandoned in late April following a deadlock on the companies’ Pacific-based assets. “Although Barrick believes the interests of shareholders are best served through the completion of this business combination, Newmont’s board has determined that the interests of Newmont’s shareholders are best served by remaining independent,” Barrick stated. “Since then, Newmont has sought to renege on…