Latest issue of International Mining Project News available (August 15): This issue has reports on some of the biggest mining players in the industry. It details Rio Tinto’s copper investment in its Resolution copper mine in Arizona, where it has just invested $652 million to further prefeasibility studies, in an effort to get the studies completed by 2012 with production commencing in 2020. There is also news of Genorah Resoource, NKWE Platinum and Xstrata signing a binding heads of agreement, which grants Xsrata an exclusive option to acquire a 50% interest in 5 PGM properties located on the eastern limb of the famous Bushveld Igneous complex. A valid New Order Prospecting Right has also been granted on these properties by the Department of Minerals and Energy, giving Xstrata the chance to establish some valuable projects in a rich area.
OJSC MMC Norlisk Nickel also features in this edition. Its Vuruchuaivench mineral deposit has had an approval from the State Reserves Committee Rosnedra in regards to the provisional exploration standards and reserves estimations. The sulphide ore of this deposit contains such metals as platinum, copper and nickel, with the ore being alternatively mined by open pit and underground methods. The estimations it has calculated show that ore reserves are sufficient to be mined and sent for primary processing to a modular concentrator for a term of 19 years. There is also news of Platmin finalising and signing a joint mandate and term sheet with the Standard Bank of South Africa and Standard Chartered Bank to arrange and underwrite a debt facility of $200 million to Pilanesberg Platinum Mines. This facility will help the development of the Pilanesberg platinum mine project in South Africa.
Energy companies are also seen throughout the report, with CIC Energy, Aurora Energy Resources, Strateco Resources, Bannerman Resources, Uranerz Energy and Northern Energy amongst others mentioned. In particular, CIC Energy has coal project in Botswana that is mentioned. Recent results from the Mmamabula coal project show a global mineral resource estimate of 2,930 Mt of coal in the measured and indicated categories.
Vale has also been busy in development. It is intending to build a steel plant in Marabá, in the state of Pará, Brazil. This mill is planned to have a production capacity of 2.5 Mt/y of semi-finished steel and will take an investment of $3.3 billion to get completed. Start up is expected to be in 2013. Codelco is one company that is busy expanding. Its Radomiro Tomic open-pit mine, situated 45 km northeast of the City of Calama will soon benefit from the construction of the Sulfurs project, which will process primary sulphide ores to produce approximately 150,000 t/y of fine copper in concentrate.