HeadlineNews Carmichael coal mine given go-ahead By Rachel Dally-Watkins 4 November, 2015 THE Carmichael coal mine has been granted federal environmental re-approval subject to some of the strictest conditions “in Australian history”. Environment minister Greg Hunt reinstated Adani’s mine and rail project in mid-October, two months after it was stripped of its previous approval through federal court proceedings. The proposed $16.5 billion project in the Galilee Basin of Central Queensland would be subject to 36 environmental conditions, Mr Hunt said. “I have the power to suspend or revoke the approval and strict penalties apply if there is a breach of the strict conditions,” he said. “The conditions I have imposed take into account issues raised by the community and ensure that the proponent must meet the…
News Capricorn Metals announces record half-year profit Capricorn Metals Ltd (ASX: CMM) announced its half-year profit before tax increased by 35% to $78.8 million over the previous corresponding period (pcp), a record half–year result for the gold miner. The miner’s profit increase was buoyed by a rise in sales of 7%, to 60,341 ounces, on the back of a strong six months of operations at the Karlawinda Gold Project. The Karlawinda Gold Project (KGP), located 65 kilometres south-east of Newman in the Pilbara region of Western Australia, commenced operations in June 2021, and has a 10-year mine life on current reserves. “The KGP had a strong first half of operations producing 60,099 ounces at an all in sustaining cost (“AISC”) of $1,324 per ounce, consolidating its reputation…
News Palmer cleared of fraud charges By Rachel Dally-Watkins 13 May, 2015 THE Supreme Court has dismissed a fraud case brought against Federal MP and Mineralogy founder Clive Palmer by two subsidiaries of Chinese mining company CITIC Pacific. The case alleged that Mr Palmer appropriated more than $12 million CITIC deposited with Mineralogy – to cover costs of operating a port at Cape Preston, WA, related to the Sino Iron project – for his election campaign and other uses. The money was reportedly transferred from Mineralogy’s account to the accounts of Media Circus, which developed advertising for the Palmer United Party’s election campaign; and to Cosmo Developments, another enterprise owned by My Palmer. However, it was repaid by Mineralogy before the case began in late 2014.…
News A turning point for exploration By Elizabeth Fabri GLOBAL mining exploration expenditure has taken a dive for the fourth consecutive year, accounting for less than a third of the record-high 2012 spend and reaching an 11 year low. In its March Worldwide Mining Exploration Trends report S&P Global Market Intelligence stated the budget for nonferrous exploration in 2016 declined 21 per cent year-on-year to $US6.89 billion; however, it said the past three quarters have brought “signs of optimism” for the long struggling industry. “Since last March, exploration companies have increasingly been able to raise funds, which represents a marked improvement over recent years,” the report stated. “Despite recent concern over the availability of finance as we enter 2017, S&P Global Market Intelligence is cautiously optimistic…
