Latest issue of IMPN – the 250th – sees Tenke sale but

first_imgIn this week’s IMPN, the 250th edition, there are 15 prefeasibility studies, 13 feasibility studies, 21 projects in development, 7 mines that have gone into production and many new appointments to new positions. Notable news includes the sales of Tenke by Freeport to China Molybdenum; the the approval of the updated Technical Study for the Skouries project in Halkidiki, Northern Greece and a lot of development progress at other projects. Much more information is available in the issue – contact [email protected] for a sample copy.In prefeasibility work, Vital Metals advises that a scoping study has commenced to assess the viability of an open-pit mining and processing operation to exploit gold mineralisation at its 100%-owned Kollo gold project in Burkina Faso. The Kollo gold deposit is ideally suited to development as a low CAPEX open pit project with potential for low operating costs and strong margins. Kollo is located on a fertile gold belt, in an area that is attracting increasing attention due to recent exploration success and corporate consolidation activity. It lies some 50 km east of the producing Youga mine that was purchased in February 2016 for $25 million by MNG Gold. MNG Gold also recently completed the purchase of the high-grade Balogo project, located to the east of Kollo.Robert Friedland, Executive Chairman of Ivanhoe Mines and Lars-Eric Johansson, Chief Executive Officer, announced the receipt of an independent, preliminary economic assessment (PEA) for the planned redevelopment of the company’s historic, high-grade, Kipushi zinc-copper mine. The PEA plan covers the redevelopment of Kipushi as an underground mine, producing an average of 530,000 t of zinc concentrate annually over a 10-year mine life at a total cash cost, including copper byproduct credits, of approximately $0.54/lb of zinc. The Kipushi project is operated by Kipushi Corp (KICO), a joint venture between Ivanhoe Mines (68%) and Gécamines (32%), the state-owned mining company.Panoro Minerals has received the results of an independent PEA of its 100% owned Antilla project in Peru. The Antilla project is a copper-molybdenum porphyry deposit, located 140 km south west of the city of Cuzco, in the Apurimac region in Southern Peru. Luquman Shaheen, President & CEO of Panoro Minerals: “We are pleased to complete another milestone. The Antilla copper/molybdenum project PEA is an important addition to Panoro’s Cotabambas copper/gold/silver project, for which the PEA was completed in late 2015; that project is located 90 km to the northeast. Panoro continues to build onto its unique position with two important copper projects located in the key copper development district in Peru, where the national strategic objective includes the rapid development of the country’s copper mining industry. The Antilla PEA results demonstrate an attractive open pit, low strip, long life copper mine with relatively moderate initial capital costs for a project of this scale and mine life.Eldorado Gold Corp confirms that Hellas Gold SA, a Greek subsidiary of Eldorado, has received from Greece’s Ministry of Energy and Environment the approval of the updated Technical Study for the Skouries project in Halkidiki, Northern Greece. The approval of the technical study enables Hellas Gold to recommence construction activities at the Skouries site, which were suspended in January of this year. Paul Wright, President and Chief Executive Officer of Eldorado:  “We are all very pleased with the receipt of this approval and greatly encouraged by the ongoing interaction between Hellas Gold and the Ministry and its technical services. This constructive engagement has contributed to other recent approvals including the Skouries Building Permit, and the Olympias Installation Permit. I believe there now exists a greatly improved shared understanding, appreciation and alignment between the Company and the Ministry in regards to the substantial benefits to be gained by the Greek society and economy through the collaborative responsible development of mineral resources in Greece.”Tin developer, Elementos Ltd has established a collaborative research and development project to trial a high tech mapping system at its Cleveland tin mine footprint in northwest Tasmania. Elementos has joined with Australian geophysical services company, Geo9 Pty Ltd, to evaluate the application of Geo9’s innovative geophysical mapping systems across the Cleveland site. Positive trial outcomes are expected to assist Elementos identify and broaden future exploration targets and resource expansion opportunities in the Cleveland project area. Under the collaborative field trial and analytical phases, Geo9 will use its portable geophysical mapping equipment to generate high-resolution 3D maps of the Cleveland orebodies at depths of up to 400 m, allowing more finite and efficient selection of follow-up drill targets and resource inventory development.The Board of Magnetite Mines summarises recent significant events in the development of enabling infrastructure for the Mawson iron project in South Australia. Following several months of meetings, discussions and negotiations, Braemar Infrastructure Pty Ltd (BIPL) has now assembled a team of highly competent Chinese companies which can cover all primary aspects of the infrastructure needed to develop the iron ore resources of the region – port; slurry pipeline transportation system; water supply; power supply; roads; and communications networks. Signed Memoranda of Understandings (MOUs) cover assistance in project design through the Definitive Feasibility Study (DFS); and potentially through to financing and construction of the project.The big news in new players and assets changing hands is that Freeport-McMoRan Inc has entered into a definitive agreement to sell its interests in TF Holdings Limited (TF Holdings) to China Molybdenum Co Ltd (CMOC). TF Holdings is a Bermuda holding company that indirectly owns an 80% interest in Tenke Fungurume Mining SA (Tenke). FCX has a 70% interest in TF Holdings and an effective 56% interest in Tenke. In addition, FCX has agreed to negotiate exclusively with CMOC to enter into definitive agreements to sell its interests in Freeport Cobalt, including the Kokkola Cobalt Refinery in Finland and the Kisanfu Exploration project in the Democratic Republic of Congo (DRC). Richard C. Adkerson, FCX’s President and Chief Executive Officer, said, “We congratulate our team on developing Tenke Fungurume to its premier status as a highly successful mining operation. We are confident that CMOC will continue to build on Tenke Fungurume’s past success and future development potential, and will continue a commitment to provide a safe, productive work environment and a sustainable future with substantial benefits to the Congolese government and local community. FCX is a proud partner of the DRC and is committed to ensuring an effective transition through a services agreement to provide continuity of operations.”last_img read more