The latest issue of International Mining Project News, out today, has reports on 18 prefeasibility studies, eight feasibility studies, 28 projects in development, three new mines that have gone into production, three existing mines that are expanding, eight merger and acquisition announcements and many new appointments to new positions. The report covers 27 gold projects, 20 copper, nine silver projects, seven iron ore, six nickel projects, five graphite, and coal projects, three lead, zinc, and potash projects, and two tantalum, phosphate, and vanadium, and one project each on tin, sapphire, scandium, lithium, anthracite, rare earths, zircon, graphene, titanium Contact [email protected] for a trial copy.
Duluth Metals has indicated low copper cash costs and strong operating margins in its prefeasibility study for its Twin Metals Minnesota project. The draft PFS set out in the independent NI 43-101 Technical Report prepared by a multi-company team led by AMEC E&C Services for Duluth Metals confirms that the proposed underground copper, nickel and PGMs mining project (the TMM project) is supported by financial fundamentals showing a competitive cost position, high margins sustained over time, and capital efficiencies resulting from outstanding regional and local infrastructure and competitive advantages. The PFS is based on a 30-year underground mine plan focused on the part of the TMM project known as the Maturi and Maturi SW mineral deposits with an average production rate of 50,000 st/d, producing copper and nickel concentrates that are anticipated to be marketable to customers across the world.
“The PFS Technical Report validates the TMM project to be one of the most compelling greenfield copper-nickel development projects in the world,” stated Kelly Osborne, President and CEO of Duluth Metals. “The foundations of the project are its tremendous mineral resource, technically sound engineering and test work, strong operating margins, and location in a state that supports the mining industry and has ready-built mining infrastructure and an experienced workforce to support a large-scale mining operation. We look forward to the next phase and continued efforts to improve the value of the TMM project.”
Whitehaven Coal has commenced open-pit mining in the Maules Creek box-cut. Two blasts last week preceded the start of full scale mining using Whitehaven’s new mining fleet being operated by Whitehaven employees. The employee recruitment campaign was very successful. Whitehaven has set an objective of ensuring 75% of the employees at the mine are local residents once operations are fully ramped.
The Maules Creek project remains on budget and schedule with first saleable coal expected to be railed from Maules Creek in March 2015.
Whitehaven’s Managing Director and CEO, Paul Flynn said “this is an important milestone for Maules Creek and Whitehaven. We have been focused on delivering the Maules Creek project for all our stakeholders including the local community for a considerable period of time. With the commencement of the box-cut, the transition from construction to operations is well underway, accelerating the benefits that accrue to the local region.”
Whilst Prophecy Coal Corp has entered into binding agreements with Cosmo Coal to consolidate the assets of Prophecy’s wholly-owned subsidiary, Chandgana Coal with the assets of Tugalgatai Mining, which is a wholly-owned subsidiary of Cosmo, into: Chandgana Tugalgatai Coal, a newly-incorporated Mongolian company of which, Prophecy will own 51% and Cosmo will own 49%. Prophecy will also transfer, for nominal consideration, 34% of the issued and outstanding shares of Prophecy’s wholly-owned subsidiary, Prophecy Power Generation (PPG) to Cosmo and accept Cosmo’s nomination of one new member to Prophecy’s Board of Directors.
Further, Cosmo and Prophecy signed a non-binding intent letter in July whereby Cosmo agreed to assist PPG in securing a concession agreement and power purchase agreement, and Prophecy agreed to use its best efforts to bring to the power plant project equity investors, secure bank financing, and manage the equipment procurement and construction cycle.
Rathdowney Resources has completed the first tranche of a private placement for gross proceeds of C$6,960,000. One of the placees, Geologic Resource Partners has subscribed for 22,800,000 shares and upon completion of the financing will hold 19.6% of the shares of the company. Geologic also has the right to nominate two individuals for appointment to the Board of Directors. Concurrent with the closing, George Ireland, Chief Investment Officer and Managing Member of Geologic, who has over 30 years of experience in all aspects of the resource sector and Myron Manternach, who is a consultant to the investment committee of Geologic and has 20 years of experience in managing investments, with significant experience in the natural resources and technology sectors, have agreed to join Rathdowney’s Board. Robert Schafer and Stephen Hodgson have resigned from the Board.
