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By Courtney Pearson September 11, 2015 MINING companies need to do more than work on productivity and cost-cutting to ride out the mining slump, according to a new report by the Boston Consulting Group (BCG). The Value creation in mining 2015: Beyond basic productivity report found that existing productivity programs were “running out of steam” as mining companies continued to tighten margins without returning any value. “As the supply of ‘low hanging fruit’ is exhausted...it has become increasingly necessary to go beyond traditional approaches to productivity improvement,” the report stated. The report examined total shareholder returns...

By Courtney Pearson September 8, 2015 LOCAL Borroloola residents and the Northern Territory Government have criticised the environmental record at Glencore’s McArthur River zinc mine in the wake of the contamination of waterways with heavy metals. Residents raised health concerns about reactive waste rock from the mine and leaking tailings dams, while NT Planning minister David Tollner and Chief Minister Adam Giles threatened to close the mine if environmental practices were not improved. They also wanted the project’s bond increased. “We have been adamant that unless Glencore fixes its environmental procedures and practices we will close...

By Samantha James September 1, 2015 AUSTRAL Gold is poised to become a “leading regional player” in South America by securing 37 precious metal tenements in Argentina. The company planned to acquire 100 per cent of TSX Venture Exchange (TSX-V) listed explorer Argentex Mining Corporation. Austral, a former diamond-turned-metals producer, already holds a 19.9 per cent interest in Argentex, which owns more than 107,000 hectares of land in the Santa Cruz and Rio Negro provinces. Argentex’s flagship Pinguino silver-gold project is located in the south and has a non-JORC indicated resource estimate of 26.7 million ounces of...

By Samantha James September 3, 2015 PREMIER Colin Barnett told more than 1000 delegates at the thirteenth annual Africa Down Under conference in Perth that he believed markets had bottomed and a recovery could be expected next year. Opening the conference, which hosted ministers and delegates from across Africa, Mr Barnett told delegates to keep faith in the next round of development. He called commentators predicting the end of the mining boom “naive and wrong.” “If China has slowed from 12 per cent growth to 7 per cent, that will do me and I think that will do you too,” he...

By Rachel Dally-Watkins September 1, 2015 FEDERAL MP and Mineralogy founder Clive Palmer is suing Chinese-owned CITIC Limited for $10 billion, in the latest of a slew of lawsuits related to the Sino Iron project. Mr Palmer is seeking damages for what he alleges is a breach of commercial arrangement between CITIC and Mineralogy, resulting in a lack of royalty payments on the $500 million of iron ore concentrate already shipped to China. Mr Palmer was also suing for royalties covering the life of the project. In 2006 the companies signed an agreement which relied on the annual benchmark iron ore...

By Emma Brown August 13, 2015 TWO vulnerable species have brought the development of the controversial Carmichael coal mine to a halt. The Federal Court set aside approval of Adani’s $16 billion Queensland mine after a legal loophole found Environment minister Greg Hunt had not fully considered the environment advice for the project. Environmental Defenders Office NSW principal solicitor and Mackay Conservation Group representative Sue Higginson said the court’s decision was based on the minister’s failing to consider conservation advice related to two Federally-listed vulnerable species – the yakka skink and ornamental snake. “This kind...

By Courtney Pearson August 13, 2015 DRY weather and poor copper prices have forced the Ok Tedi mine in Papua New Guinea to suspend production. Low water levels in the Fly River have hindered the transport of copper ore from the operation’s port in Kiunga to customers at the mouth of the river. The permanent workforce of expatriates and locals will also be reduced by 30 per cent and 15 per cent respectively to “better cope with a low commodity price environment”, Ok Tedi Mining Limited reported. A skeleton crew would remain at the site for maintenance and security. Operations at the...

By Courtney Pearson August 13, 2015 HUNDREDS of people gathered in Newcastle in late July to show support for mining in the Hunter Valley. The rally coincided with a visit by NSW Planning minister Rob Stokes, who was there to discuss proposed changes to the planning system. The NSW Planning and Environment Department is undergoing a process to change mining regulation is NSW, which could put jobs at risk. Proposed amendments to the Mining State Environmental Planning Policy would require decision-makers to consider the likely environmental, social and economic impacts of a mining development, which could affect the future of a...

By Jane Goldsmith August 13, 2015 MINING bodies have blasted Labor’s “xenophobic” attitude, after it declared a $160 billion pending China-Australia free trade agreement (FTA) would threaten Australia’s “safeguards for jobs”. The implementation of the China-Australia Free Trade Agreement (ChAFTA), which would see tariffs removed on almost all Australian resources and energy products, is forecast to bring about $1.3 billion per annum into Australia’s exports industry. Within the coal sector, coking coal tariffs would be removed from day one, while thermal coal tariff would be phased out across two years. ChAFTA, which was signed in Canberra on 17 June 2015, is...

By Courtney Pearson August 13, 2015 IN a show of solidarity, Australian gold producers will launch a new Gold Industry Group (GIG) to represent the domestic industry. The group, introduced at the Diggers and Dealers Forum in Kalgoorlie, would champion gold issues, education and community initiatives and promote gold as an investment. The GIG was founded by companies including Gold Road Resources, Doray Minerals, Ramelius Resources and Norton Goldfields. Less than half of Australian mines are owned by overseas companies following a rise in mergers and acquisitions which saw the emergence of locally-based, mid-tier gold producers. Mining consultancy...