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Rio plan massive new $3.5bn mine for the Pilbara

Rio plan massive new $3.5bn mine for the Pilbara | Mining | Scoop.it
Rio Tinto has submitted documents to develop one of the biggest mines iron ore mines in the Pilbara, expected to export as much as 70 million tonnes a year.

The Koodaideri mine would be located 110 km north-west of Newman and is expected to have a 30 year life span.

According to documents filed by Rio, the mine is expected to produce 35 million tonnes of ore a year, before a ramp up by 2030 which will see that figure increase to 70 million tonnes a year.

The mine would require a new 167 km railway to be built in order to connect the mine to Rio’s Dampier-Tom Price line.

New roads, power sources,  water infrastructure and FIFO village facilities would also be need to be constructed.

Up to 2,000 people would be needed to construct the mine while 700 workers would be required for the mine's operation.

The estimated the price tag for the mine and rail development is $US3.2 billion ($3.5 billion).

The proposal is now open to a six week public consultation period before the EPA makes its recommendation to the Minister for Environment Albert Jacob.

If Rio choose to pursue the project construction is expected to begin in the second half of 2014 before first production in 2016.


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Toro Energy buy another uranium play in Western Australia

Toro Energy buy another uranium play in Western Australia | Mining | Scoop.it
Toro Energy, the company vying to develop Western Australia’s first uranium mine, have purchased another uranium project just 90km away, signalling the opportunity for expansion.

Toro Energy today announced plans to buy the Lake Maitland Project from Canada’s Mega uranium for 414 million Toro shares.

The terms of the deal will see Mega emerge as a 28% shareholder of Toro.

The deal will also see Toro’s resource base in the region boosted by 42 per cent, enough for a project of at least 20 years.

Toro’s Wiluna mine is set to become Western Australia’s first ever uranium producer with the company previously stating that if financing arrangements go to plan the mine will be in production by the end of 2015.

Toro managing director Dr. Vanessa Guthrie said the new association with Mega would further boost the company’s credentials in its ongoing negotiations on project financing and offtake agreements.

“The deal puts Toro not only at the forefront of Australia’s new uranium development sector at a time there will be a supply squeeze from 2015 onwards, but adds bench strength to our share register and our project development endeavours through the strategic relationship with Mega,” Guthrie said.

“Specifically, the Lake Maitland acquisition is a transformative deal for Toro and will further enhance the investment case for a prospective partner.”

Guthrie said the acquisition will bring together larger resources, higher volume and grade throughputs and a longer mining life for Wiluna at a time when global demand for uranium is set to outstrip supply.

“Our plan will be to eventually integrate both projects,” she said.

Guthrie said the resource increase gave Toro the option to expand the processing scale of Wiluna above 1.3 Mtpa.

As part of the deal Toro are set to acquire eight exploration licences, two exploration licence applications, three prospecting licences and a granted mining lease.

Guthrie stressed that Toro’s priority remained the immediate financing, development and commissioning of the Wiluna mine.

Speaking to Australian Mining last month, Guthrie had a bullish outlook on the future of the uranium market, stating it could be the next big export resource to come out of Western Australia.

“We see Wiluna as the first of a number of new emerging mines in WA and we think it’s a fabulous opportunity for WA to get on the map as a uranium exporter,” she said at the time.

Toro has also acquired the Firestake, Dawson, Hinkler, Millipede and Nowthanna uranium deposits surrounding Wiluna in recent years but any plans to expand Wiluna mine would be subject to full open assessments.


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SA gold production plunges, total mining output down 0.7%

SA gold production plunges, total mining output down 0.7% | Mining | Scoop.it
Statistics South Africa (Stats SA) on Thursday said that mining output during May decreased 0.7%, after a 0.7% revised year-on-year improvement in April. Gold production, at -2.4 percentage points, emerged as the highest ...
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Under Water! The New Mining Crisis and a Precious Metals Price Floor

Under Water! The New Mining Crisis and a Precious Metals Price Floor | Mining | Scoop.it

It’s a fact. Precious metals are becoming more and more difficult to find and increasingly more expensive to mine. After countless civilizations have turned to silver and gold as a store of value, it appears that mankind has picked all of the low hanging metals on the planet. The precious metals that remain are harder to reach, embedded more deeply in the earth, and only found in more remote and unstable parts of the world.

 

With silver and gold prices dropping, modern mining profits are getting squeezed by ever-rising costs and rapidly falling earnings. Production costs are now approaching, and in some cases exceeding, current spot pricing … clearly something has to give. With little room to cut a high-cost process, many mining companies are either reducing production or taking smaller mines off line. Others are simply shutting down. All of this translates to less gold and less silver. With demand remaining constant, we are ripe for a significant supply crisis … particularly if demand rises which it appears poised to do.

 

The arrival of a precious metals price floor presents itself rarely in history and in exceedingly few lifetimes. How did we get here? The mining industry has been rattled by rising labor rates, soaring power costs, new provisional taxes, increased royalties, and material and machinery costs that are rising at a rate of 15% per year. Meanwhile financing to fund new field surveys, exploration, and drilling has simply evaporated. Add new regulations, by-laws, green directives, and a ...


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Astronomers identify 12 asteroids close enough for mining @investorseurope

Astronomers identify 12 asteroids close enough for mining @investorseurope | Mining | Scoop.it
UK researchers went through a list of 9,000 near-Earth celestial bodies.

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New Post Creek hydroelectric project will create 100 jobs

New Post Creek hydroelectric project will create 100 jobs | Mining | Scoop.it
The province says a project involving Ontario Power Generation and a Cree power company will create up to 100 new construction jobs in northern Ontario.

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Wilson snaps up bargain mining stocks - The Australian

Wilson snaps up bargain mining stocks - The Australian | Mining | Scoop.it
Wilson snaps up bargain mining stocks The Australian WILSON Asset Management, the listed investment company that seeks to buy stocks it sees as cheap, says it is using some of the $233.8 million in cash and fixed income to buy mining services...
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