Latest issue of International Mining Project News available (July 4) : Gold may have gone through a tremendous price hike in recent years, yet mining projects all over the world are uncovering new yields of the precious metal. Another mineral that like Gold has increased in price and demand is iron ore. It comes as no real surprise then that these two minerals are at the forefront of big mining companies’ projects. This issue covers SilverCrest Mines’ feasibility study results for its Santa Elena open pit gold and silver mine – converting approximately 73% of the project’s Indicated mineral resources to Proven and Probable reserves; news on DMC Mining’s Mayoko iron ore project in the Democratic Republic of Congo, with details of a low strip ratio of 0.51. This issue also includes updates on Apex Minerals’ Wiluna gold project in Western Australia and London Mining’s El Artillero Iron ore project in Mexico amongst others.
Details of a new European resource reporting code are also featured within this in-depth newsletter. The Pan-European Reserves and resources Reporting Committee’s (PERC) “exposure draft” for consultation was launched on June 17, with a six-month consultation process leading to launch of the final version of the Code in mid-December 2008. Several key changes have been made to this draft including the Competent Person classification being amended to a tighter definition, but without using a ROPO list, a new section being created for coloured gemstones and also an expanded diamond section.
Copper is also featured heavily in this report, with projects in Mexico, Finland, the Phillipines, Laos, Chile, the Republic of Congo and ofcourse Cananda being detailed within this issue. Of particular interest is the recalculation of Codelco’s Andina Division copper project. This project, which is also known as Phase II or Nueva Andina, has recalculated the investment necessary for expansion works from $3.7 billion to $4.8 billion. Production would increase by 320,000 t/y of copper, as from 2015, exceeding the 500,000 t/y mark. This increased investment was due to higher costs of products such as steel and petroleum, but also because it is thought that the mine’s conditions warrant further exploitation.
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