News Article | May 24, 2017
JOHANNESBURG (miningweekly.com) – It is an organisation that is more relevant today than it has ever been in its 128-year history. Its role is so much more than mining and it is operating in a changing environment. With that in mind, the Chamber of Mines of South Africa is rethinking its identity and name, outgoing Chamber of Mines president Mike Teke said on Wednesday as he handed the mining industry’s leadership baton over to Mxolisi Mgojo, 57, the CEO of the R40-billion, 6 000-employee, black-controlled mining company Exxaro Resources. Steve Phiri, CEO of Royal Bafokeng Platinum, was elected vice president and both Andile Sangqu, the executive head of Anglo American South Africa, and Neal Froneman, the CEO of Sibanye, were re-elected as vice presidents, with Froneman divulging, in response to Mining Weekly Online, that much work has been done to incorporate the Zambezi Protocol into the chamber’s strategy. The Zambezi protocol is a blueprint developed by the Brenthurst Foundation for solving the current crisis in African mining. “We have a good strategy and we’re going to continue to build on it,” Mgojo said. “The change to the chamber’s name and the rebranding is to establish a new beginning,” said Froneman, who expected the outputs of considerable behind-the-scenes efforts would become visible as the organisation moved forward. Chamber CEO Roger Baxter said that historical facts needed to be engaged as an industry, which was what the chamber had been doing. Teke told the Investing in African Mining Indaba, in Cape Town, earlier this year, that there was no denying that mining, besides being the foundation of the South African economy, had also been one of the foundation stones of South Africa’s abhorrent apartheid past and that the industry had done itself a disservice by not fully acknowledging that fact. The failure of the mining industry to admit its past continued to burden the industry and its reputation in the eyes of many of its stakeholders, Teke said in an unprecedented mea culpa speech covered by Creamer Media’s Mining Weekly Online. “One of my greatest wishes is that the industry resolves to deal with this. And soon,” said KwaThema-born Teke, who declared a more direct link between profit and employee earnings as being "highly desirable" and expressed a determination to do more with the R2-billion yearly corporate social investment spend to better relationships with near-mine communities. As the Zambezi Protocol spells out, solving the current crisis in the African mining sector requires moving from the current series of tactical actions to a more cohesive, inclusive and strategic approach. The intent must be to exit the current backward-looking, destructive downward spiral in which mining is currently locked and shift to a positive, constructive cycle that offers a ‘win-win-win’ deal for all. In a parallel move, the mission of the African Mining Vision is to work with African States and their national and regional organisations to promote the transformative role of mineral resources in the development of the continent, with its activities of the last quarter including a review of its mineral information strategy plus capacity building on contract negotiation. At the chamber’s 127th annual general meeting Baxter disclosed that members had agreed to expand the office bearer team by an extra vice president to underpin key challenges that need addressing. KwaZulu-Natal-born and US-educated Mxolisi Donald Mbuyisa Mgojo, who was unanimously elected by the entire chamber council, has widespread mining experience in coal, mineral sands, zinc and iron-ore – and heads a company that is also active in the generation of renewable energy. He reiterated the viewpoint that South Africa’s current economic growth remains inadequate to drive the changes required for the country’s socioeconomic challenges. Exxaro, which reported 185%-higher headline earnings of R4 621-million for the 12 months to December 31, is piloting digital mine organisation on an Internet of Things platform and Mgojo’s viewpoint is that innovative advancement is no longer a nice-to-have but an imperative for mining industry survival into the future. He also believes that the vast tracts of land and abundant water supply held by mining companies around their mines should be used for community development through agriculture. He has expressed the view to Mining Weekly Online that a mine is part of an ecosystem that should be serving and he believes that the mining industry should be proactive in designing mandatory social and labour plans and enterprise development around achieving energy, food and water security.
News Article | May 24, 2017
JOHANNESBURG (miningweekly.com) – Diversified mining company Vedanta has achieved its highest quarterly production in four years at Black Mountain in South Africa, where the Gamsberg zinc project is on track to begin production towards the middle of next year. In addition, mobilisation on the Skorpion pit layback, in neighbouring Namibia, started last month, the London-listed and India-rooted company said on Wednesday, when it presented preliminary results for the 12 months to March 31. Black Mountain, the zinc, lead, silver and copper producer Vedanta acquired from Anglo American in 2010, hit the production high in the three months to March 31. During the company’s financial year to March 31, overall Vedanta group revenue increased by 7% to $11.5-billion on firmer commodity prices and volume ramp-up, and earnings before interest, taxation, depreciation and amortisation (Ebitda) increased by 37% to $3.2-billion. The Ebitda margin of 36% was well up on the 28% of the last financial year, driven by firmer commodity prices and operational efficiencies. Free cash flow after capital expenditure of $1.5-billion was down on the $1.8-billion of last year. Gross debt rose to $18.2-billion in the period from $16.3-billion, on temporary borrowings of $1.2-billion, for the payment of a special dividend, but was reduced by $1.4-billion after March 31. The final dividend of 35c a share took the total dividend for the financial year to 55c a share, yielding 6.5%. Underlying profit was 1.1c a share compared with last year’s 131.9c a share loss. Vedanta, which earlier this year was being associated with a move towards Anglo American because of the 11%-plus acquisition of Anglo equity by Volcan Investments, headed by Vedanta chairperson Anil Agarwal, has done well with the South African assets it acquired from Anglo seven years ago. It achieved two-year payback on the $1 338-million it paid for Anglo’s zinc assets in 2010 and got going with the building of the Gamsberg mine, in South Africa’s Northern Cape, which had been on the drawing boards for decades. Gamsberg is regarded as being of the "utmost importance”, with Vedanta reporting that more than 15.5-million tonnes of waste rock had been removed and contractors mobilised on site. The first phase of the project, the company reported, is expected to have a mine life of 13 years, replacing the production lost by the closure of the Lisheen mine, in Ireland, and restoring volumes to over 300 000 t/y. There was also potential for further expansion at the Gamsberg North deposit. After first production in the middle of next year, ramp-up to full production of 250 000 t/y is expected in nine to 12 months. At Skorpion, the Pit 112 project was progressing and all equipment would be in place by the first quarter of next year. Involving high-wall pushback of the existing pit, this project would increase the mine life from half a year to three years and increase current reserves from 0.9-million tonnes, at a grade of 6.5%, to 4.2-million tonnes at a grade of 9.9%. The cost of production is expected to be a higher $1 500/t on appreciating local currency, higher throughput and investment in exploration. Strategic priorities include carrying out a project study for Swartberg Phase II and Gamsberg Phase II to extend the life of the Black Mountain complex. Vedanta Zinc International and Copper Mines of Tasmania CEO Deshnee Naidoo, formerly of Anglo American, heads the Southern African and Tasmanian operations and has managed to get the Gamsberg project under way by cutting $200-million off the project’s original capital estimate to take it down to $400-million. The company is planning to use revenue generated during the Gamsberg project’s first phase to help fund its second phase, which will probably include a new 300 MW to 350 MW zinc refinery at a cost of nothing less than $500-million to $600-million. The contract awarded to Aveng Moolmans by Black Mountain Mining to establish and mine the Gamsberg opencast zinc operation involves the setting up and commissioning of a concentrator plant and associated infrastructure for the opencast mine, which is located on one of the world’s largest undeveloped zinc deposits, 20 km east of the town of Aggeneys. Engineering solutions provider ELB’s Engineering Services is overseeing the construction of the process, power and water plants at the project. While all this has been taking place, Agarwal’s use of Volcan to acquire billions of pounds worth of Anglo shares has made global headlines. As reported by Mining Weekly, a seven-year employee share ownership plan (Esop), involving 6% of Black Mountain shares being issued to an employee-held trust, was established last month following talks with the National Union of Mineworkers. The Esop’s Voorspoed Trust comprises three union-appointed trustees, one Black Mountain representative trustee and an independent trustee. Half of the shares were acquired by the trust through a contribution from Black Mountain at no cost to the 702 employees involved. Vedanta, which produces aluminium, copper, zinc, lead, silver, iron-ore, oil, gas and commercial energy, has operations in India, Zambia and Australia, besides Southern Africa. It states that it places emphasis on partnering with all its stakeholders based on its core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care.
News Article | May 9, 2017
Legendary billionaire investor Warren Buffett, of Berkshire Hathaway Inc. (NYSE: BRK.A), who noted that the U.S. is "less well equipped to handle a financial crisis today than we were in 2008." One of the world's biggest legends in mining, Canadian billionaire Frank Giustra, is pouncing on gold voraciously, and where his gold money goes, markets tend to follow. Giustra is putting his money where his mouth is-and so far, he's been spot on. According to Giustra, the worsening political and economic uncertainty on the global stage was going to feed an incredibly bullish gold market--one that could quite possibly surpass the $1900 an ounce mark. So, says Giustra, if you're looking at gold as an investor, you've got to get in now because this window is closing fast. Here are our 5 top picks for gold right now: #1 Goldcorp Inc (NYSE: GG) Goldcorp has seen lowering shares for the past three years, but it's now clearly on the rebound, with stocks climbing and management working hard at increasing shareholder value. The company has committed $1 billion to growth in a partnership with Barrick Gold. It expects to see production growth of 20% to 3 million ounces in the next five years. With this pick, we're looking at some solid exploration catalysts. Most notably, the company saw positive results from drilling at its Cerro Negro project in southern Argentina. This is one of the largest gold mines in the world, with estimated reserves of 5.74 million ounces of gold and nearly 50 million ounces of silver. It's also seen some other positive forward movement, including the launch of drilling at its Coffee Gold project in Yukon, and exploration progress at the Timmins Camp in Ontario. And the partnership with Barrick in Chile will give it a stake in one of the biggest, most underdeveloped gold plays in the world. Goldcorp is one of the top three players in the world for precious metals, and last quarter saw the Canadian giant swing into major profits. #2 Fiore Exploration (F.V; FIORF) This is the junior with the most on the gold scene. Fiore Exploration has been scooping up undervalued, unexplored and underexplored assets in known mining districts with multi-million-ounce deposits. Right now, it has three major projects which surround giant miners and massive producing mines in Chile. But at the end of the day, this company stands out because it is a junior explorer that has managed to do the impossible: secure highly prospective and massive exploration concessions that are almost always reserved by the major miners. Fiore has scooped up almost all the best exploration territory surrounding the world-class El Penon gold mine owned by major player Yamana Gold (NYSE: AUY). In fact, Fiore has acquired a massive land package of three separate blocks. In the industry, 'closeology' is one of the deciding factor of success-and Fiore has it in droves. Fiore now surrounds this massive mine on three sides, so they've inherited all the infrastructure, and a massive exploration patch in a known money-maker. Additionally, Fiore now has two other highly prospective projects in Chile: the Cerro Tostado-again, flanking Yamana, Anglo American's El Soldado mine and Austral Gold's El Guanaco mine-and Rio Loa, which it acquired in April sitting on Chile's prolific Maricunga belt. Rio Loa is also right next to Gold Field's 3.3-million-ounce Salares Norte discovery. Fiore (F.V; FIORF) is backed by legendary financer Frank Giustra, so it's had no trouble raising the capital needed to drill, and drilling results will be coming in soon. CEO Tim Warman is a 25-year mining veteran perhaps best known for closing a $1.2-billion deal with Kinross. Warman has a long track record of making multi-million-dollar discoveries and keeping his shareholders very happy, both with Aurelian Resources and Dalradian. In fact, Aurelian sold to Kinross for $1.2 billion, while Dalradian's stock hit a market cap of a couple hundred million dollars. Kudos to this junior for pulling off a major play, and investors will be keen on the 'Giustra Premium'. #3 Yamana Gold (NYSE: AUY) There's plenty of reason to be bullish on Yamana's long term. This is a leader in the gold segment. Yamana's El Peñón mine is one of the most prolific gold and silver mines in Latin America, whether we're talking about either size or grade. It's massive, and its high-grade. El Peñón has produced over 3 million ounces of world-class gold and more than 90 million ounces of silver since it went into production in 2000. Annually, this mine accounts for 18% of Yamana's gold production, and annually it produces nearly 230,000 ounces of gold for the company. And there's still a lot to come: We're still looking at 2.4 million ounces of gold left in the mine, and another 77 million ounces of silver. One catalyst in particular that we're looking at is the development of the Cerro Moro mine, which is expected to start producing early next year. The forecast is for 80,000 ounces of gold in 2018 and 130,000 ounces in 2019. We don't give it the number one spot on this list, though because of the dilution of shareholder value. The company has not reduced its debt load as much as Barrick or its other peers. Newmont Mining approved three new projects in 1Q17 and upgraded its long-term guidance as a result. The giant has reduced its net debt to $1.7 billion and it's sitting on $2.9 billion in cash, so the year is looking quite good. The only thing holding it back is the fact that Barrick and Goldcorp stole the show up until now, but Newmont is catching up nicely and should not be overlooked. It has definitely been a strong year for Newmont, up over 32% in the past 12 months, though there's still room to improve on this. Share prices are still down from their highs, but climbing-which makes it a good game to get it on. Catalysts include some solid African expansion projects. Barrick is a solid long-term play. It's the largest producer in the world, and it's working hard to cut costs. Shareholders don't mind at all because it even raised dividends last year. Of all the big miners, Barrick has one of the lowest cost structures. And there are plenty of catalysts even beyond broader gold fundamentals. Word is that Barrick is considering the sale of all or part of its Lagunas Norte mine in Peru, which is potentially worth anywhere from $700 million to $1.4 billion. As gold climbs, Barrick is extremely well-positioned to make attractive gains. By. Charles Kennedy Legal Disclaimer/Disclosure from OilPrice.com: This piece is an advertorial and has been paid for. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this Report should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. We make no guarantee, representation or warranty and accept no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of Oilprice.com only and are subject to change without notice. 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News Article | May 11, 2017
Fiore Exploration (F.V; FIORF) has scooped up almost all the best exploration territory surrounding the world-class El Peñon gold mine in Chile in a deal that a junior explorer could only manage if backed by heavy hitters. With the newest round of drilling results expected soon, Fiore's timing couldn't be better. Last week, the big speculators in gold futures increased their net long positions. The message is bullish, and it's loud. The gold hoarding started in April, with JP Morgan boosting its portfolio by over 380,000 ounces. iShares Gold Trust (NYSEARCA:IAU) and SPDR Gold Trust (NYSEARCA:GLD) also jumped on this bullish bandwagon, with IAU adding over 26,000 ounces and GLD over a million. Everyone is scared as North Korea plays games with nuclear weapons, the Middle East flares up with direct U.S. involvement, and talk of recession intensifies. Where there is fear, there is gold fever. Warren Buffet knows it-and he's always advised us to be greedy when others are fearful. He's been warning everyone about the economic uncertainty for months. Legendary Canadian billionaire and mining financier, Frank Giustra knows it, too. He's been pouncing on gold lately, and he's the heavy hitter backing Fiore. If it's big money you're looking to make with gold, then look to the explorers-especially a junior that's surrounded by giant Yamana Gold's El Peñon on three sides. Giustra has financed several junior explorers recently-but only those with dream teams and exceptional vision. He hasn't been wrong yet, and his next big bet is Fiore Exploration. Why Fiore? Because Fiore's team has been in Chile for over two decades, and it's clear they can get things done with shareholder value in mind. With Giustra's backing, Fiore Exploration (F.V; FIORF) is in a position that few juniors enjoy: They have no trouble raising the capital to drill. Where Giustra goes, mining money follows because the legendary financier is known in industry circles for financing the right deals at exactly the right time. It's called the 'Giustra Premium'. What he's eyeing this time is CEO Tim Warman, a 25-year mining veteran who, among other major successes, closed a $1.2-billion deal with mining giant Kinross Gold (NYSE: KGC). Warman has a long track record of making multimillion-dollar discoveries and keeping his shareholders very happy. Warman also ran Malbex--the company that made the 6.8-million-ounce Alturas gold discovery that now belongs to giant Barrick Gold. Giustra is also keen on two other key figures at Fiore: Brian Paes-Braga and Paul Matysek. Paes-Braga is the Founder and CEO of the most notable junior lithium explorer to rise to fame since the electric vehicle (EV) boom prompted a lithium craze. Matysek is well-known for creating over $2 billion in shareholder value across numerous resources, including gold, lithium and uranium. To get Giustra's attention, you can't be averag; and Fiore is no average junior. In landing the permits to surround Yamana's El Peñon Gold mine, Fiore has done what no other junior could do: It flanked a major producer on three sides in a highly prospective gold venue. Yamana's El Peñón mine is one of the most prolific gold and silver mines in Latin America. It's massive, and it's high-grade. El Peñón has produced over 3 million ounces of world-class gold and more than 90 million ounces of silver since it went into production in 2000. This mine accounts for 18 percent of Yamana's gold production, producing nearly 230,000 ounces of gold annually for the company. That's worth over $280 million. And there's still a lot to come: There is about 2.4 million ounces of gold left in the mine, and another 77 million ounces of silver. Fiore Exploration (F.V; FIORF) now surrounds this mine on three sides, so they've inherited all the infrastructure and a massive exploration patch in a known money-maker. But they've also got wider access due to solid relations with the majors next door, including Yamana and Chilean giant SQM. Fiore's second major project, Cerro Tostado, is also close to Yamana and just north of Anglo American's El Soldado mine and Austral Gold's El Guanaco mine. A third project, acquired by Fiore in April, is Rio Loa-a gold exploration play in Chile's prolific Maricunga belt. It's another case of brilliant 'closeology': It's right next to Gold Field's 3.3-million-ounce Salares Norte discovery, which is one of the highest-grade deposits in this belt. It boasts more than 100 million ounces of gold in reserves, resources and past production. In the meantime, first drilling results at the flagship Pampas El Peñon project have been impressive. In December, Fiore completed drilling an 8,000-meter RC drill program, and follow-up drilling will start this summer. The 'closeology' has so far worked as expected: After spending more than $1 million on mapping, sampling, trenching and near-surface drilling, the similarities to the major gold finds right next door have become clear. We expect more results soon from Fiore because this week Fiore will launch drilling at Cerro Tostado, with initial results coming in subsequent weeks. Chile's SQM (NYSE: SQM) has already done advance work on this play, with the results of some 1,937 meters of reverse-circulation drilling in 17 holes confirming the presence of structurally control silver-dominated mineralization, with highly anomalous levels of silver. If you're looking at gold, you're looking at a window that's closing fast on great buying opportunities, according to Giustra, who predicts gold could pass the $1,900/ounce mark in the medium term. Everything's feeding a bullish gold market, and first movers on new gold plays-especially with a junior Fiore Exploration (F.V; FIORF) that is preparing to unleash new drilling results, is fully financed and remains acquisition-hungry. And when it's got the 'Giustra Premium',even better. Some other Canadian-listed gold miners to keep an eye on: - Endeavor Mining Corporation: EDV has a solid West African mining portfolio and it's stock has been outperforming lately, with consensus to buy. - Centerra Gold Inc.: This is a Canadian mining spin-off of Cameco Corporation (NYSE: CCJ), and a major acquisition last year in Kyrgyzstan could make this year great for cash flow and boost valuations. - Nova Gold Resources Inc. (NYSE: NG): Nova Gold is worth attention because it's been underperforming and it's stocks have lost a lot, but are now starting to make gains. - Torex Gold Resources Inc.: This should be a good year for Torex. It's sitting on the attractive Morelos Gold Property in Mexico's Guerrero Gold Belt and is nearing full production at its El Limón-Guajes mine in Mexico, which launched the start of commercial production last year. Legal Disclaimer/Disclosure from OilPrice.com: This piece is an advertorial and has been paid for. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this Report should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. We make no guarantee, representation or warranty and accept no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of Oilprice.com only and are subject to change without notice. Oilprice.com assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this Report. All content contained herein is subject to the terms and conditions set forth in the original article posted on Oilprice.com and subject to the terms and conditions therein. DISCLAIMER: OilPrice.com is Source of all content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with OilPrice.com or any company mentioned herein. The commentary, views and opinions expressed in this release by OilPrice.com are solely those of OilPrice.com and are not shared by and do not reflect in any manner the views or opinions of FNM. FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE. 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News Article | May 12, 2017
New Millennium Minerals (AU:MOY) CEO Peter Cash has started building his team with two operations appointments this month. Cash and the new Millennium chairman Greg Bittar have picked Anglo American (LN:AAL) mining contracts chief Dean Will as COO, and promoted former Nullagine mining manager Asareh Mansoori to general manager of operations for the company. In a statement, Cash said the operations additions would help move the Nullagine gold mine along. “Dean is a highly capable and hands-on senior mining executive, who will help to oversee these growth initiatives while at the same time providing strong leadership to our operations team and assisting us to identify and evaluate future business development opportunities," he said. “Asareh played in an instrumental role in Millennium’s turnaround in 2015-2016, and she knows the Nullagine operations inside out. She is a highly valued member of our senior management team and we are delighted to have her back on board in a senior executive capacity."
News Article | May 10, 2017
The National Energy Regulator of South Africa (Nersa) has approved a licence for Joe Morolong local municipality to distribute electricity to Hotazel, a mine town near Kuruman, in the Northern Cape, where Samancor Manganese mines. Samancor Manganese – a 60:40 joint venture between miners South32 and Anglo American – currently supplies the town. Samancor Manganese, which does not have an electricity distribution licence, has decided to cede electricity supply to the municipality as it was considered a noncore business. Samancor Manganese built the town, consisting of 696 erven, in the 1980s for its employees in the early years of starting mining operations in the area. Nersa said that Eskom supported the application by Joe Morolong local municipality to supply the electricity in Hotazel and that the power utility would change the bulk account from Samancor Manganese to the municipality.
News Article | May 11, 2017
TORONTO, ON--(Marketwired - May 11, 2017) - Excellon Resources Inc. (TSX: EXN) ( : EXLLF) ("Excellon" or the "Company") is pleased to report that shareholders voted in favour of all items of business, including the election of directors at the 2017 Annual and Special Meeting held on May 10, 2017. Detailed results from the election of directors are set out below: Complete voting results are available on SEDAR at www.sedar.com. "We would like to thank Tim Ryan for his many contributions as Chair of the Audit Committee and to the Company over the last 13 years," commented André Fortier, Chairman of the Board of Directors. "Tim did not stand for re-election this year. His experience and insights into the industry will be missed and we wish him the best." Additionally, the Company has promoted Mr. Ronald Marino to the role of Vice-President Finance. Mr. Marino joined the Company in 2012, most recently serving as Corporate Controller. He has been instrumental in implementing key efficiencies, best practices for reporting standards and streamlining operations between Canada and Mexico. Mr. Marino holds a Master's Degree in Finance and is a Chartered Accountant. Mr. Marino also brings over twenty years of finance experience in Latin American mining with various companies including Anglo American plc. "We are very pleased to have Ronald as an officer of the Company," stated Brendan Cahill, President and CEO. "He has been an integral part of our management team since 2012. We have already benefitted greatly from his expertise and look to leverage this expertise further as we improve operations at Platosa and focus on our growth strategy." Excellon's 100%-owned Platosa Mine in Durango is Mexico's highest grade silver mine, with lead and zinc by-products historically making it one of the lowest cash cost silver mines in the country. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa's profitable silver production and near-term mineable resources. Additional details on the La Platosa Mine and the rest of Excellon's exploration properties are available at www.excellonresources.com.
News Article | May 10, 2017
The National Energy Regulator of South Africa (Nersa) has approved a licence for Joe Morolong Local Municipality to distribute electricity to Hotazel, a Samancor Manganese mine town near Kuruman, in the Northern Cape. Samancor Manganese – a 60:40 joint venture between miners South32 and Anglo American – currently supplies the town. Samancor Manganese, which does not have an electricity distribution licence, has decided to cede electricity supply to the municipality as it was considered a noncore business.
News Article | May 12, 2017
Further legal battles and protesters “standing in front of bulldozers” could be in store in Alaska, after the Trump administration on Friday settled a lawsuit over the proposed development of a massive gold and copper mine at the headwaters of one of the state’s main salmon fisheries. The Environmental Protection Agency settled the long-running case with the Pebble Ltd Partnership, allowing the Canadian-owned company to seek a federal permit to build its mine near Bristol Bay. Bristol Bay produces nearly half of the world’s wild sockeye salmon catch, with the commercial fisheries supporting about 14,000 full and part-time workers. Conservation groups and many locals, including tribal members, believe the project will cause significant harm to the environment. The bay is considered a vital resource by the indigenous people who have lived in the region for more than 4,000 years. Two native communities beside the bay – the Yup’ik and Dena’ina – are among the last indigenous people in the world to rely upon salmon for food and social structure. The Pebble mine is forecast to create about 1,000 jobs. The Natural Resources Defense Council (NRDC) said on Friday it would also create 10bn tons of waste that could contaminate the headwaters of Bristol Bay. “Bristol Bay is too important – economically, environmentally, and culturally – to be sacrificed for the sake of a mine,” said Taryn Kiekow Heimer, senior policy analyst at NRDC. “The Trump administration’s willingness to set aside that proposed determination is a disaster. Instead of making America great, it risks America’s greatest wild salmon runs.” Norman Van Vactor, with the Bristol Bay Economic Development Corporation, said on Thursday the next challenges to the project could include additional legal fights and “standing in front of bulldozers”. Northern Dynasty has called the Pebble deposit “one of the greatest stores of mineral wealth ever discovered” – containing copper, gold, molybdenum and silver. It has been looking for a partner since 2013, when a subsidiary of UK-based Anglo American announced it was withdrawing from the project. The dispute dates back to 2014, following the release of an EPA study that concluded large-scale mining in the Bristol Bay watershed posed significant risk to salmon and could adversely affect Alaskan Native Americans. The study provided the basis for the EPA to invoke a rarely used process under the federal Clean Water Act that mine supporters feared could result in the project’s veto before the permitting process. The company accused the EPA of being in cahoots with mine opponents with a goal of blocking the project. The EPA, in court documents, characterized Pebble’s claims as an effort to undermine its plan to protect parts of the Bristol Bay region from development. A review by the EPA inspector general found no evidence the agency acted improperly. It also concluded that the agency did not predetermine the study’s outcome. The two sides had been exploring ways to resolve the case since August, when Barack Obama was still in office. The mine has been hotly debated for years. Environmental activists like the actor Robert Redford have opposed it and multinational jewelers have said they will not use minerals mined from it. While the EPA proposed restrictions on development, they were never finalized. A judge ordered the agency to stop work while the lawsuit was pending. Officials for Pebble have argued that the EPA overreached and expressed hope that the company will get a fairer shake with the Trump administration than it believes it got under Obama. On Friday Scott Pruitt, Donald Trump’s controversial appointment to lead the EPA, said: “We understand how much the community cares about this issue, with passionate advocates on all sides. The agreement will not guarantee or prejudge a particular outcome, but will provide Pebble a fair process for their permit application and help steer EPA away from costly and time-consuming litigation.” Northern Dynasty Minerals, the owner of Pebble, welcomed the deal. “Not only are we no longer facing extraordinary development restrictions at Pebble, we will also be assured a fair and predictable permitting review of our proposed development plan,” chief executive Ron Thiessen said. Tom Collier, chief executive of Pebble, said the latest iteration of the mine would be smaller than previously envisioned, along with “a number of new initiatives to ensure our project is more responsive to the priorities and concerns of Alaskans”. “We know the Pebble project must not only protect the world-class fisheries of Bristol Bay,” he said, “it must also benefit the people of the region and the state in a meaningful way. It is our intent to demonstrate how we will meet those goals in the period ahead.”
Anglo American | Date: 2016-01-29
This invention relates to a process for recovering valuable metals from ore with significantly reduced water consumption through the discrete treatment and storage of coarse tailings. Ore is ground to produce a coarse particulate ore. The coarse particulate ore is treated in a coarse flotation stage to produce a low grade concentrate fraction and a coarse tailings fraction. The low grade concentrate fraction is treated to produce fine tailings and a saleable concentrate. The coarse tailings are treated separately from the fine tailings and water is recovered from the coarse tailings by hydraulically stacking; filtering or screening, whereafter the coarse tailings are dry stacked, without being recombined with the fine tailings.