In the latest issue of IMPN, (15th February), one of Europe’s most famous names in copper should be back in proper production soon. The consortium lead by A-TEC Industries has won the bidding with the Agency of Privatization of the Republic of Serbia to purchase the RTB Bor assets. A-Tec unconditionally committed to invest $180 million over four years after closing of the transaction. Codelco will invest around $2,000 million during 2008, for an estimated portfolio of 550 projects. The largest single investments for this year are $385 million in the phase 1 expansion underway at Andina division, $241 million in the Gabriela Mistral (formerly known as Gaby) mine due to produce its first cathode in March, and $53 million in development at the Pilar Norte area of El Teniente.
Coeur d’Alene Mines has begun pre-commissioning activities at its San Bartolome silver mine, which is expected to produce over 10 Moz of silver during its first twelve months of full-scale operations. All major plant equipment at San Bartolome is now in place.
Macmahon Holdings has been awarded a long term mining contract for the new Sinclair nickel project owned by Jubilee Mines, as well as an extension to its existing Olympic Dam underground development contract for BHP Billiton. The two contracts have a combined value of A$200 million. Atlantic Gold’s wholly-owned subsidiary DDV Gold has received environmental approval for its Touquoy gold project in Nova Scotia Canada. Leyshon Resources has placed orders for the manufacture and delivery of crushers at a total cost of $1.68 million for its Zheng Guang gold zinc project in Heilongjiang, northeast China.
Mineral Deposits has negotiated a debt financing package with leading Australian mining finance institutions to provide total facilities of $130 million. The package will be in the form of a Senior Project Finance Facility and a Revolving Working Capital Line for completion of the construction and development phases of the Sabodala gold project in the Republic of Senegal and an asset based finance lease for the mining fleet.
Farallon Resources updates on activities at its G-9 polymetallic (zinc, copper, gold, silver, lead) project at Campo Morado in Guerrero State, Mexico. Several developments have occurred to advance the project towards the target goal of production by July 1, 2008. Paladin Energy has obtained bank approval for the remaining funding component required to develop the Kayelekera uranium project in Malawi.
BHP Billiton announced approval for $1.094 billion (BHP Billiton share $930 million) of capital expenditure to underpin accelerated growth of its West Australian iron ore (WAIO) business. Kazakhmys has signed an agreement with AES to acquire the Ekibastuz coal-fired power plant and the Maikuben West coal mine in Kazakhstan. And much, much more….
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