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Latest national accounts figures have again revealed how important the resources sector is to the Australian economy through the global coronavirus pandemic. Resources, Water and Northern Australia Minister Keith Pitt said the industry is proving more than resilient. “The mining industry bucked the national trend to see a 0.2% increase in output during the June quarter, which is also a 1.1% rise on the same period last year,” he said. “Encouragingly, mining investment also rose by 1.3% on the previous quarter, and up by almost 8% on the previous year, which is a good indication of the confidence in the Australian resources sector, despite the impact of COVID-19. “It continues to directly employ more than 200,000 Australians and supports the...

It is hard to believe the historic Bellevue Gold Mine sat dormant for two decades. The WA mine was closed in 1997 despite being one of Australia’s highest-grade gold mines in its heyday, producing 800,000oz at 15 g/t gold from 1986 to 1997. Now "The Forgotten Treasure", located in a major gold and nickel producing district near Leinster in the Goldfields, is once again proving to be one of the nation’s richest high-grade gold resources. Since taking ownership in 2017, Bellevue Gold Limited (ASX:BGL) has undertaken a successful exploration program and is now moving towards early-stage development work to resurrect the mine. Bellevue has appointed Macmahon company GBF Mining to complete stage one of development which includes the construction of...

The Pilbara Ports Authority (PPA) will receive $81.7m for critical upgrades to help drive WA’s economic recovery from the COVID-19 pandemic. WA Premier Mark McGowan and Pilbara MLA Kevin Michel visited the Port of Port Hedland this week to inspect the areas that will benefit from the huge funding injection for road and port repairs under the WA Recovery Plan. The program of works will be undertaken to support continued essential trade through Port Hedland and includes: $10.5m to upgrade the entrance road to Boodarie Strategic Industrial Area in Hedland $20m for Port Hedland's Inner Harbour for upgrading retaining and sea walls and $51.2m to Nelson Point Tug Haven, one of the original tug havens at the port, for upgrading...

Titan Minerals Ltd (ASX:TTM) this week came to agreement to divest its non-core assets in Peru. In doing so, the company is now freed up to focus on its key Ecuadorian assets, including the development of its flagship Dynasty Gold Project and the Copper Duke Project in Ecuador. Dynasty is an advanced stage exploration project located in the Loja Province of southern Ecuador currently hosting a 2.1Moz Au foreign resource estimate averaging 4.5g/t gold reported in compliance with Canadian NI 43-101 standards. Titan reported assay results in July for diamond drilling completed at the Dynasty Gold Project that further support an emerging large-scale gold system and extend known mineralisation that remains open in multiple directions and at depth. The commencement...

Iron ore prices have hit a six-year high  on tight port stocks of mid-grade ores and optimism about Chinese demand on fresh injection of funds into the economy. Chinese furnaces, where more than half the world’s steel is forged, are rolling out crude steel at a never before seen pace. Benchmark 62% Fe fines imported into Northern China were changing hands for $128.57/t on Tuesday, the highest level for the steelmaking raw materials since January 2014 and brings gains for 2020 to nearly 40%. China produced 93.4mt of crude steel in July, the largest monthly volume on record. Crude steel output in July was 2pc higher than the month prior, and 9% higher than July 2019, according to data from...

MINING companies are in full recruitment drive after new modelling showed another 8000 skilled workers will be needed in WA’s resources sector following the state’s hard border closure. The modelling, released by the Chamber of Minerals and Energy of WA, warns of a looming shortage for key skills such as traditional trades and experienced technicians, front line supervisors, maintenance crew and safety and medical support services. Mining heavyweights including Rio Tinto and BHP are on the hunt for fresh talent to plug the skills gap, which is expected to last between 12 to 18 months due to the continued ban on travel. Rio will invest almost $60m in training and development in WA next year when it will take on...

THE Federal Government has added two new corridors spanning the length of the nation to its $125m expansion of the Exploring for the Future program. The program, launched in 2016 and led by Geoscience Australia, is dedicated to exploring Australia’s resource potential and boosting investment. With one on either side of the country, the two corridors have been identified by Geoscience Australia as having high potential for new energy, minerals and groundwater resources discoveries. The eastern corridor starts at the edge of the Gulf of Carpentaria and runs through Mount Isa in Queensland, down the border of NSW, South Australia and Victoria. The western corridor starts south of Darwin and straddles the borders of the Northern Territory, WA and South...

China’s latest sanctions against the US are the latest factors keeping the gold price at near record highs – above $2,000/ounce. The strength in gold is widely expected to continue given the ongoing uncertainty around the longer-term economic impacts of the COVID-19 pandemic, the large government stimulus packages, uncertainty in equity markets, and negative real yields in much of the developed world. Given that backdrop, some forecasters are now anticipating a rise to $3,000/ounce or more. While gold’s rise has been well publicised, the recent strength in silver prices has been largely overshadowed. Silver gained 35% in July and has continued its strength into August. Relative to historical levels, silver remains cheap compared to gold and looks due to catch up....

A new global standard for tailings management has been released to support the safe management of tailings facilities around the world. This follows the tragic tailings facility collapse at Brudaminho in January 2019, where a total of 259 people were confirmed dead and 11 remain missing to-date. The Global Industry Standard on Tailings Management was developed by the independent Global Tailings Review, the International Council on Mining and Metals, the United Nation’s Environment Program and the Principles for Responsible Investment. Global Tailings Review chair Dr Burno Oberle says the release sets a precedent for the safe management of tailings facilities globally and towards the goal of zero harm. “I call on all mining companies, governments and investors to use the...

Investors are rushing into gold stocks as the precious metal continues to hit new highs. The gold price is now above AU$2,000/oz, for the first time ever, and it seems to have plenty more in the tank with forecasters tipping a rise to US$3,000/oz within a year. Just like the gold price, Western Australia’s Paterson Province is taking centre stage. Heavyweights Rio Tinto (ASX: RIO), Newcrest Mining (ASX: NCM), and IGO Ltd (ASX: IGO) each have a slice of prospective ground in this booming WA gold province and cash is pouring into the region. Outside of the ASX, one of the biggest gold stories out of the Paterson Province is that of London-listed Greatland Gold’s (AIM: GGP) Havieron discovery, which...

Final trade data for the 2019-2020 financial year has reconfirmed that Australia’s resources sector is bolstering the economy. The Australian Bureau of Statistics (ABS) shows commodity exports reached $287b in 2019-2020, of which iron ore was worth $102b. Resource and energy commodity exports have grown 3.5% since 2018-2019. Gold is also forecast to become the third largest commodity export after iron ore and liquefied natural gas (LNG) in 2020-2021. Gold exports was $24b in 2019-2020 and forecast to reach $32b in 2020-2021. Federal Resources, Water and Northern Australian Minister Keith Pitt said the resources sector will support jobs and growth as the country emerges from the COVID-19 pandemic. “Australia’s success in becoming a top supplier of iron ore and gold...