Posts Tagged ‘mining’

    • ASX Company News: Kaboko Mining Signs Manganese Offtake Agreement With Sino Steel

    Friday, March 23rd, 2012

    Zambian focused manganese exploration and mining company Kaboko Mining Limited (KAB) is pleased to announce that it has signed a strategic offtake agreement with Sinosteel Australia Pty Ltd, a subsidiary of Chinese conglomerate Sinosteel Corporation, for exports of high quality, high grade lump manganese ore to China. Sinosteel Corporation is one of China’s largest State-owned enterprises and its Australian subsidiary, Sinosteel, has played a key role in investments in Australian resource companies active in bulk commodities. Sinosteel Corporation is China’s current leading importer of manganese ore and a significant importer of iron ore and chrome ore. Under the terms of the binding off-take agreement with Sinosteel, Kaboko has agreed to sell an initial 180,000 tonnes of a minimum 48% manganese ore to Sinosteel on an exclusive basis from the Company’s Zambian manganese projects and priced based on BHP’s reference price (expressed in US$ DMTU (per dry metric ton unit Mn content)), CIF China basis.

    Commenting on the signing of the off-take agreement with Sinosteel, Kaboko Executive Director, Mr Jason Brewer, said, “The signing of our first off-take agreement with such a well-known and significant end user is a key milestone for the Company and will significantly underpin our mining and development plans and our debt funding arrangements that we are progressing.” The Company anticipates that production from its Emmanuel and Peco Projects in Zambia will be the primary source of product to be delivered into the offtake agreement with Sinosteel. Resource definition drilling is underway at these projects and further exploration work is ongoing. Detailed mine optimisation studies at the Emmanuel Project continues with additional new mining and beneficiation equipment ordered.

    www.kabokomining.com

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    ASX Company News: Sundance Resources and Equatorial Resources Investigate Rail Joint Venture

    Wednesday, March 21st, 2012

    Sundance Resources Limited (SDL) and Equatorial Resources (EQX) are pleased to advise that they have signed a Memorandum of Understanding under which both companies will examine how Equatorial may utilise the rail and port infrastructure associated with Sundance’s  Mbalam/Nabeba iron ore project in West Africa.  The  MoU  also  covers  other  opportunities  for  regional  co‐operation  between  the  two  Australian‐based  companies. Equatorial  owns  the  Badondo  Iron  Project  in  the  north‐west  of  the  Republic  of  Congo.  As part of the MoU, Sundance will advance its discussions with Equatorial regarding the potential for access to the  Mbalam infrastructure  by  way  of  direct  investment  or  alternatively  by  a  haulage  services  agreement. This region also hosts several other world‐class iron ore exploration projects, including CMEC’s Belinga Project in Gabon.

    “Sundance  is  leading  the  development  of  a  world‐class  iron  ore  region  and  our  first  mover  advantage  with  having our DFS complete and project funding on the table from Hanlong and CDB demonstrates that we are ready to start unlocking the potential of this area. We strongly believe that regional cooperation by way of  infrastructure  sharing  is  a  logical  and  pragmatic  approach  to  fast  tracking  development  for  the  benefit  of  everyone involved, including the Governments and people of these countries.

    www.sundanceresources.com.au

    www.equatorialresources.com.au

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    ASX Company News: Gold One To Acquire First Uranium Subsidiary

    Tuesday, March 6th, 2012

    Gold One International Limited (GDO) is pleased to announce that it has entered into a binding letter agreement with First Uranium Corporation to acquire 100% of the issued shares of, and all shareholders’ claims against Ezulwini Mining Company (Pty) Limited, held by First Uranium’s wholly owned subsidiary First Uranium Limited for a total consideration of US$ 70 million (ZAR 539.7 million).

    The Ezulwini Mine is located approximately 40 kilometers from Johannesburg, South Africa in the West Rand Goldfield of the Witwatersrand Basin and is contiguous to Gold One’s Cooke Operations. Ezulwini is an underground mine that has two primary tabular ore bodies which are approximately 400 metres apart. The Upper Elsburg (“UE”) ore body, where the majority of mining has been done to date, is primarily a gold deposit. The Middle Elsburg (“ME”) ore body is a gold and uranium bearing deposit that has been less extensively exploited. The Company will also consider a focused underground development program to ensure sustainable underground mining flexibility. Ezulwini represents an attractive economic proposition in that it provides seamless regional consolidation with Gold One’s Cooke Operations.

    Gold One President and CEO Neal Froneman comments: “I am delighted to announce that we have reached agreement with First Uranium. This acquisition is aligned to our business strategy of value-accretive growth and is a key component in the realization of synergies across the Cooke Underground and Randfontein Surface Operations. With immediate access to Ezulwini’s uranium processing facility, we can now look towards unlocking the value of our joint underground resources and begin capitalising on our gold and uranium co-product strategy in the near term. The Zuurbekom downdip extension is expected to have a material impact on the life of Cooke 1 shaft. Our Cooke Operations management team has extensive knowledge of the Ezulwini orebody and, with their gold and uranium mining experience, we are well placed to realise the inherent value from the combination of these assets.”

    Gold One is a dual listed mid-tier mining group with gold operations and gold and uranium prospects across Southern Africa. Gold One remains focused on developing and mining low technical risk, high margin precious metal resources in diversified jurisdictions. The company’s flagship Modder East gold mine, commissioned in 2009,distinguishes itself from most other gold mines in South Africa owing to its shallow nature (300 to 500 metres below surface) and continues to ramp up production, having produced 123,179 ounces in 2011.

    www.gold1.co.za

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    ASX Company News: Cleveland Mining To Acquire Iron Ore Project In Brazil

    Friday, February 24th, 2012

    Cleveland  Mining  Company  Ltd. (CDG)  is  pleased  to  announce  that  it  has  signed  a Memorandum  of  Understanding to acquire and develop a potentially significant Iron Ore Project in  Amapá  State,  Brazil.

    Managing Director of Cleveland Mining, David Mendelawitz, said that the new project presents an exciting opportunity for Cleveland.  “This  stands  to  be  the  perfect  project  for  Cleveland.    We  have  one  of  the  most  capable  iron  ore  Boards of any junior company and already have a team in Amapá state because we believe that it is  a great place to build an iron ore mine,” said Mr Mendelawitz.  “Iron  mineralisation  is  abundant,  there  is  under‐utilised  port  connected  to  the  project  areas  by  empty roads, and there is hydroelectricity available or under construction.  Now what we need to do  is determine the metallurgical properties of the ore to establish how much of it is suitable for sale at a price that supports the development of a large‐scale mining centre.”

    The MOU for the new project comes on the back of excellent initial results for the Company’s Porto Grande Iron Ore project, which is also in Amapá state. A subsequent campaign of work is targeted to  begin  in  the  next  few  weeks,  following  up  the  recently‐found  mineralisation  and  on  new  targets  generated with the aid of geophysics.

    Cleveland Mining is an Australian-managed, publicly-listed minerals company, squarely focused on developing projects to owner-operate. Cleveland has three distinct project hubs The Crixás Hub, Goiás State, central Brazil. Projects: Premier, O Capitão, Baú, Guarinhos, Pantera – Gold-focused; The Canela Hub, central Chile. Expanding portfolio between La Serena and Santiago –Gold/Copper-focused; and  The Amapá Hub, Amapá State, northern Brazil. Projects: Porto Grande and Lebre– Iron ore-focused. The Company’s most advanced project is the Premier Gold Project, which is currently being prepared for mining. Cleveland also has promising exploration results for projects in all three hubs.

    www.clevelandmining.com.au

    http://www.traderdealer.com.au/fundamentals/cdg

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    ASX Company News: Peak Resources Acquires Zari Exploraton

    Thursday, February 23rd, 2012

    The Directors of Peak Resources Limited (PEK) are pleased to announce that the acquisition of 100% of the issued capital in Zari Exploration Ltd has been completed. Zari is the registered holder of the Ngualla license and held a 20% free carry interest through to completion of feasibility. This acquisition has resulted in Peak obtaining a 100% legal and beneficial interest in the license covering the Ngualla project.

    On the 26th August 2011 Peak announced it had entered into a conditional agreement to acquire all the issued capital of Tanzanian Joint Venture partner Zari. This acquisition would give Peak 100% ownership of the Ngualla Rare Earth Project in Tanzania (Ngualla Project) and offer the Company a greater flexibility of options in taking the project forward for the benefit of current Peak shareholders.

    www.peakresources.com.au

    http://www.traderdealer.com.au/Fundamentals/pek

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    ASX Company News: Blackgold International Holdings Acquires Chinese Barge Transport Business

    Thursday, February 16th, 2012

    Blackgold International Holdings Limited (BGG) is pleased to announce that it has entered into a share sale agreement to acquire 100% of the issued capital of Chongqing Gouping Shipping Transportation Company Limited from Chongqing Guoping Industrial Group Ltd. GPST operates a barge transport business along the Yangtze River, predominately coal, iron ore and sand. Its fleet consists of 9 hollow hull barges which carry bulk commodities or containers, with a total transport capacity of 43,000 tons.

    Mr James Tong, Blackgold’s Executive Chairman said the acquisition of GPST is complementary to Blackgold’s current operations and as a result of the acquisition of GPST, Blackgold will have capabilities and dedicated internal resources covering each link of the value chain in its coal business – from production, transportation, storage to sales and marketing. This integrated business model will allow Blackgold to reduce its cost of sales and enhance its profit margin, and also meet its customers’ demand in a timely and cost-efficient manner by providing a whole supply chain solution.

    Pursuant to the Share Sale Agreement, the Company will acquire all of the shares of GPST for consideration of RMB 155 million in cash less an amount to be offset after providing for the profit and the receivable and payable in the balance sheet dated 30 September 2011. The purchase price which will be paid as follows RMB 50 million at completion (expected to be in April 2012); and RMB 105 million by the later of 31 December 2012 and the determination of the offsets. The Share Sale Agreement is conditional upon approval by the Company’s Shareholders. As the Vendor is a related party of the Company, BDO has prepared an independent expert’s report for consideration by shareholders. BDO consider the acquisition fair and reasonable.

    www.blackgoldglobal.net

    http://www.traderdealer.com.au/fundamentals/bgg

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    ASX Company News: Leighton Awarded $1 billion Mining Contract

    Wednesday, February 8th, 2012

    Thiess Pty Ltd, a subsidiary of Leighton (LEI), has been awarded a six-year mining contract to extend mining operations at OZ Minerals’ Prominent Hill Copper and Gold Mine in South Australia. With an expected cumulative value of $1 billion, the contract award ensures that Thiess will undertake the mining operations for OZ Minerals until 2018. Thiess is well underway in the planning, training and implementation of the ramp-up which requires a substantial expansion of Thiess’ existing operation, peaking at five fleets of large mining equipment.

    Thiess’ Managing Director Bruce Munro is very pleased with the outcome for both OZ Minerals and Thiess. “This contract is recognition of Thiess’ strong partnership with OZ Minerals, a relationship built since 2006 when Thiess undertook the construction of infrastructure and then the mining for the greenfield operation at Prominent Hill,” Mr Munro said. Executive General Manager of Thiess’ Australian Mining Michael Wright says the expansion requires Thiess to employ an additional 170 people over coming months with the total open pit mining workforce expected to peak at 550 people. “We have been very successful with our operations at Prominent Hill, with a strong focus placed on employing and training local people, and on ensuring we have a diverse workforce with a strong culture,” Mr Wright said.

    Thiess’ $2.8 billion mining business in Australia and overseas provides turnkey services for mine owners, including mine development and approvals, mine planning, infrastructure design and construction, technical services, plant procurement and maintenance, and all facets of mining operations. The Prominent Hill operations are a crucial part of Thiess’ business. Thiess has an annual turnover of $7 billion and $22 billion work in hand. With over 19,000 employees, it has become Australia’s leading and most trusted construction, mining and services contractor. Thiess is a wholly owned subsidiary of Leighton Holdings Limited.

    www.thiess.com.au

    http://www.traderdealer.com.au/fundamentals/lei

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    ASX Company News: Namibian Copper To Acquire Sanu Resources

    Wednesday, January 25th, 2012

    Namibian Copper NL (NCO) is pleased to announce that it has entered into a conditional agreement whereby the Company will acquire Sanu Resources, Inc., a wholly owned subsidiary of NGEx Resources INC (NGEx) of Vancouver, Canada. Sanu holds certain exploration licenses in Eritrea including the Hambok copper-zinc deposit. Pursuant to the Agreement, the Company will acquire all of the issued shares of Sanu for consideration of 50,000,000 ordinary shares of NCO.

    NCO’s Chairman, Mr. Colin Ikin commented: “On the back of our Maiden JORC compliant Inferred Resource at Ongombo in Namibia announced last week the acquisition of the Hambok copper-zinc deposit in Eritrea is a major success for the company. We are very excited about the acquisition, which adds very significantly to our total copper and zinc inventory. We are particularly pleased with the addition of zinc in light of the recent market awareness of forecast zinc price increases. We now aim to aggressively move both projects forward over the next 12 months.”

    www.namibiancopper.com.au

    http://www.traderdealer.com.au/Fundamentals/nco

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    ASX Company News: Rift Valley Resources To Merge With BrightStar Resources

    Tuesday, January 24th, 2012

    Rift Valley Resources Limited (RFV) and BrightStar Resources Limited (BUT)  announce they have entered into a Merger Implementation Agreement,  under which they have agreed to a proposal to merge the Companies via a Scheme of Arrangement. The transaction brings together two highly complementary growth-oriented groups, creating a leading independent, Tanzanian focused, gold company. Under the Scheme, Rift Valley shareholders will receive 1.25 BrightStar shares for each Rift Valley share they hold.

    Commenting on the proposed merger, BrightStar Chairman Warren Gilmour said: “I believe this proposed merger will benefit all shareholders by creating an entity with quality projects, working capital and the right mix of experienced people. I highly recommend this proposed merger to all shareholders.” Rift Valley Chairman, Didier Murcia, said: “This represents a unique opportunity to bring together two companies pursuing quality projects in Tanzania. The combined entity will be able to leverage off the benefits of creating a larger company with the depth of expertise and skills, funding ability, scale of operation and market capitalization to make a significant impact in the Tanzanian resource landscape.

    Rift Valley is a mineral exploration company with a portfolio of tenements in highly prospective areas of Tanzania. Rift Valley has approximately $10.5m cash at bank and no debt. Rift Valley’s extensive local knowledge and access to new project opportunities offers investors direct exposure to the growth in Tanzania’s mineral industry. BrightStar Resources Limited is an exploration company focused on gold exploration in the rich Lake Victoria Goldfields of Tanzania. BrightStar has a solid resource base of 760,000 attributable ounces and excellent exploration targets.

    www.riftvalleyresources.com.au

    http://www.traderdealer.com.au/fundamentals/rfv

    www.brightstarresoures.com

    http://www.traderdealer.com.au/fundamentals/but

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    ASX Company News: Exarro Resources To Takeover African Iron

    Thursday, January 12th, 2012

    Exxaro Resources Limited and African Iron Limited (AKI) are pleased to announce that African Iron and a wholly owned subsidiary of Exxaro Resources Limited, Exxaro Australia Iron Investments Pty Ltd have signed a Takeover Bid Implementation Agreement for an off-market, cash takeover for all of the shares and listed options in African Iron. African Iron and Exxaro believe the Exxaro Offer should be carefully considered by African Iron shareholders and optionholders as it provides a highly attractive opportunity for them to realise their investment at a significant premium to recent trading levels. Importantly, Exxaro has entered into a pre-bid acceptance agreement with African Iron’s largest shareholder, Cape Lambert Resources Limited (CFE) to accept the Exxaro Offer within five days of the offer opening in respect of 19.99% of African Iron’s current shares on issue.

    Commenting on the Exxaro Offer, Independent, Non-Executive Chairman of African Iron Dr Ian Burston said “the African Iron Board of Directors has carefully considered the offer by Exxaro and in the absence of a superior proposal, the Board unanimously recommends that shareholders and listed optionholders should accept the offer.” The CEO of Exxaro Resources Limited, Mr Sipho Nkosi said “we are very excited about African Iron’s projects in the Republic of Congo, as they will provide Exxaro with the opportunity to realise its stated ambitions of developing a significant iron ore asset in this rapidly emerging and prospective region.” Mr Nkosi further added, “the African Iron acquisition will enable Exxaro to leverage its bulk commodity and iron ore expertise into the development of the Mayoko project.

    African Iron Limited is an ASX listed iron ore exploration and development company focusing on near term production of 5Mtpa of direct shipping iron ore from its 92% owned Mayoko project, located in the Republic of Congo, central West Africa. Exxaro Resources Limited is a South African-based mining company with a market capitalisation of approximately A$7.66 billion. Exxaro Resources Limited mines, extracts and processes a range of minerals and metals, including coal, mineral sands and base metals primarily in South Africa, Australia and China. As one of the largest South African coal producers, with production capacity now approaching 48 million tonnes per annum and the third- largest global producer of mineral sands products, Exxaro is a significant participant in the coal and mineral sands markets.

    www.africanironlimited.com

    http://www.traderdealer.com.au/Fundamentals/aki

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