Latest issue of International Mining Project News available (December 4):This week, International Mining attended the 7th Fennoscandian Exploration and Mining conference in Rovaniemi, Finland. Delegate attendance at FEM 2009, one of the largest exploration and mining conferences in Europe, exceeded all expectations. It is the seventh in a series of conferences held every second year, focusing on exploration and mining in Fennoscandia. Big news included First Quantum Minerals approving the development of the Kevitsa nickel-copper-PGM. It is one of the world’s major undeveloped sulphide nickel deposits and one of the largest mineral discoveries in Finland’s history. Mid-central Lappland is a hot area even in the winter! Also, Agnico-Eagle is finding more gold at its Kittila gold mine and Belvedere Resources announced a maiden resource estimate on its 100% owned, Hirsikangas Gold Project in western Finland. A full report on FEM will be published in a forthcoming issue of International Mining.
Some of the highlights of IMPN include Xstrata Queensland, a wholly owned subsidiary of Xstrata, entering into an agreement with Zijin Mining Group in respect of Xstrata’s 19.9% stake in Indophil Resources. Under the terms of the agreement, Xstrata has agreed to sell its shareholding in Indophil to Zijin, subject to certain conditions. Indophil has also announced an agreement with Zijin with respect to a takeover offer for Indophil. Indophil’s only major asset is a 34.23% interest, with a right to acquire an additional 3.27%, in the Tampakan copper-gold project in the southern Philippines. Xstrata holds the remaining 62.5% interest in the Tampakan project which is managed by Xstrata’s affiliate company, Sagittarius Mines.The shareholders of Debswana (the Government of the Republic of Botswana and De Beers), have given the green light to proceed with a major extension project at Jwaneng, the world’s flagship diamond mine. The project, also known as Cut-8, is a key component of Debswana’s North Star strategy and is the largest ever single capital commitment in the private sector in Botswana.
Construction is officially underway on Western Australia’s Mid West region’s largest resources project, the Karara iron ore project, following an official ground-breaking ceremony. Located 500 km northeast of Perth and only 225 km east of Geraldton, the Karara project is a major new integrated iron ore project being developed under a 50/50 joint venture between Australian iron ore company Gindalbie Metals and leading Chinese steel and iron ore company, Ansteel.
Randgold Resources is to acquire a further 5% interest in the Tongon gold project in Côte d’Ivoire, raising its stake to 89%. Development of the Tongon mine is currently under way and it is scheduled to go into production in the fourth quarter of 2010.
Kangaroo Resources has successfully completed a A$30 million capital raising for the purchase and development of a suite of advanced coal projects located in East Kalimantan, Indonesia. Fox Resources will commence the development of a base metals heap leaching operation at Radio Hill, located in the Pilbara of Western Australia.
EMED Mining Public is making progress on its plans to restart the Rio Tinto mine (Proyecto Rio Tinto or PRT) in Spain. Since the last update on September 30, the Junta de Andalucia has communicated its support within the legislative framework for PRT at public forums and EMED Mining has been asked to prepare and submit all remaining plans for regulatory approval. The company (via its wholly-owned subsidiary EMED Tartessus) and the authorities have refined the approach to the permitting process.