Loan facility obtained for Shaw River

Shaw River Manganese Limited (Shaw River) (ASX:SRR) advises that it has entered into an unsecured loan facility agreement with Atlas Iron Limited (Atlas), which  is a strong supporter of Shaw River’s manganese strategy. The loan facility agreement allows Shaw River to borrow up to AUD$4 million from Atlas to fund the company’s operating costs. It bears interest at 11% per annum, and is repayable in 12 months. As of 30 June 2013, Shaw River had cash of $930 000.

Shaw River operates a number of manganese projects in Australia and Internationally, with two projects located in Africa. Shaw River is currently focused on exploration, defining and increasing the mineral resource base and project studies, leading to the development of an open cut mining operation at its Otjozondu project, in Namibia.

The ralated article: Lonmin updates market on union developments

In an update to the market regarding union recognition developments and wider industrial relations at its Marikana operations, Lonmin states that a court application has been brought by the National Union of Mineworkers (NUM).

It has been set down for 10 July 2013.

Whilst Lonmin cannot comment in detail, the case relates to membership numbers for both NUM and the Association of Mineworkers and Construction Union (AMCU). In preparation for this case Lonmin filed documents to the court, elements of which became publicin South Africa yesterday (July 7, 2013). Clearly this case is sub judice, consequently arguments may not be made publicly prior to being put before the court.

However, the Company’s wider position remains that it wishes the issue of union status at its operations to be resolved peacefully, and as quickly as possible, for the benefit of all stakeholders. Lonmin further believes that all employees have the right to be represented by the union of their choice.

In this matter Lonmin remains committed to the framework agreement brokered by the Deputy President of The Republic of South Africa, which provides for amicable solutions to enhance a sustainable mining industry in South Africa.

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Penzance Harbour Dredging Plan Unveiled

Cornwall Council has been asked by the Department for Transport to submit plans for the development of proposals at both St Marys, Scilly and Penzance harbours to preserve and enhance the sea link between the two ports.

The schemes involve the development and extension of the quay at St Marys and carrying out capital dredging works to deepen Penzance harbour, as well as remedial works to protect the South/Lighthouse pier structure, highway improvements with the possible construction of a breakwater in the future.

The total value of both schemes is estimated about £16,000,000.

The Ralated Article: Council Invites Bids for Dungarvan Harbour Dredging

Waterford County Council has invited bidders to submit their offers for the Dungarvan Harbour dredging project.

The works include dredging and disposal of approx. 8,000 m3 of non-rock material (deposited silts, sands, gravels and cobbles) from the mentioned area.

This deepening program has been initiated because of the proposed replacement and extension of the existing marina pontoon at Dungarvan.

The deadline for this tender is July 22, 2013.

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Wenco fleet management system commissioned at Meadowbank Mine

Wenco International Mining System has had a fleet management system commissioned at the Agnico Eagle Meadowbank gold mine in Nunavut Territory, Canada. Meadowbank gold mine is a low arctic operation located about 2,600 km northwest of Toronto and began producing gold in 2010, and is expected to produce over 28 Mt from 2013 to 2015.

Wenco MobileOT hardware and software components were installed on a total of 38 pieces of equipment, including eight high-precision BenchManager systems on excavators, loaders, and backhoes.

Glen Trainor, Wenco Vice President of Sales and Marketing said “Our fleet management system will give Meadowbank mine enhanced ability to maximize worker health and safety while improving productivity and availability of equipment and personnel, additionally our ruggedized hardware can operate without difficulty in the extreme cold weather environment of the low arctic.”  slurry pump

Tiger smashes production records at Kipoi

Tiger Resources Ltd said it produced a record 4,422t of copper concentrate in June from its Kipoi copper mine in the Democratic Republic of the Congo.

The output is 47% above the plant’s nameplate capacity and 10% higher than the previous monthly record of 4,007t achieved in March, Tiger said.

Tiger managing director Brad Marwood said: “As we proceed deeper into the Kipoi Central deposit the rock becomes stronger with higher contained copper content. We find increasing production performance with better recovery, better concentrate grades, and lower costs.”

The Australian-listed company said it also broke its quarterly production record with output for the three months to June 30 totalling 11,116t.

Last month, Tiger upped its annual production guidance for 2013 from 37,000t to between 41,000t and 43,000t.

Tiger said it expected the higher production to be sustained in 2014 following upgrades to the Kipoi’s processing plant, which increased materials handling and improved separation of concentrate from waste rock.

The company said operating costs should also be reduced for the remainder of the year as it has increased waste mining to maintain production.

Last month it forecast average operating cash costs of US$0.48/Ib.

Tiger’s shares closed more than 2% up in Sydney today (July 3) at A$0.19/share (US$0.17/share).

New World Resources looking at coking coal asset divestments

European coal producer New World Resources plc (NWR) said it has been soliciting bids for parts of its coking subsidiary OKD A.S. and other assets following its announcement that it was looking to offload the division.

In May the company said it had started the divestment process of its subsidiary following deterioration in the coal markets in previous months.

Responding to recent media reports of a potential sale, the company said: “This process is currently underway: NWR is soliciting bids for the coking subsidiary and, as part of the testing, for certain other assets, including the Paskov mine, and is in dialogue with potential buyers.”

NWR’s OKD subsidiary includes the Karvina, CSM and Darkov mines in the Czech Republic– all of which hold coking coal reserves, in addition to three other development projects. 

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GOLD - Aphrodite to build regional processing hub

Aphrodite Gold plans to build, commission and operate the first new ore processing plant in the Kalgoorlie region of Western Australia for the past 20 years with a new oxide and refractory gold processing plant on the site of its Aphrodite Gold Project.

The plant is initially being designed to annually process up to 1 million tonnes of ore, with the ability to add capacity to 1.5 million tonnes. Additional ore will be sought from neighbouring gold resources and first production is expected in 2015.

The Aphrodite deposit will be the cornerstone for initial production with an initial annual rate of 30,000 ounces. It will start with oxide material increasing to more than 100,000 ounces annually within four years. Expansion and custom treatment may increase these projections with higher-grade underground refractory ores and further ore sourcing.

The plant plans include a pressure oxidation circuit that would be a first for the region that will enable treatment of refractory ore. This ore type is common in the region. Recoveries based on tests on Aphrodite material are projected at around 95% for oxide ore and 90% for refractory ore.

Aphrodite Gold has begun negotiations with a number of more advanced regional gold companies for offtake agreements or to sell their ore to the company. This would substantially increase throughput to improve project economics and to extend the life of project for the long term.

“The history of the Eastern Goldfields bodes well for building a much-needed new refractory ore processing plant. Such development will lift the prospects of regional miners and explorers and be a bonus for the city of Kalgoorlie,” says Aphrodite chairman Peter Buttigieg.

The plant is being designed by Tetra Tech and consultants METS.  Tetra Tech is one of the world’s largest engineering companies with more than 350 offices and 14,000 staff worldwide.  METS (Mineral Engineering Technical Services) is a leading Australian-owned consultant to the global mining industry. 

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INDONESIA - Challenger Deep receives Barito results

Challenger Deep Resources officials have received results from drilling of 25 holes at the KEM production licence of the Barito Coal Project in Central Kalimantan.

Of the 1213 metres of holes drilled, 1087 were open-hole metres, with 125 coring metres. A Jacro 175 and a Down Hole Geophysical logging unit were used in the program with an additional drilling rig expected to reach the site in the near future.

The drilling program’s first phase tested seams 4-8, interpreted from surface mapping and test pitting. Drilling has begun on the interpreted outcrop line of seams 5 and 6, and is currently focused on seam 4; a full 8 separate seams have been intersected with average seam thickness between 0.66 and 0.85 metres. Total package thickness is 8.63 metres. These discoveries may increase the Barito project scope.

Analytical drilling results confirm the coal quality of seam 6 with the previous outcrop samples. Once seam distribution is better understood, according to Challenger, a comprehensive program of further pitting and drilling tests will survey the coal seam quality.

Defining geology and geometry for seams 4-8 will enable feasibility study completion, including open pit optimization and KEM stage 1 production scheduling, said company representatives.