TEAL missed the opportunity that a group such as First Quantum Minerals took of building itself during a counter cyclic period, but it has a degree of early mover status in that it has been able to choose its ground well, having been in those regions in the form of Avmin for a long time. As a result it is not searching out ground at a market peak, having kept its holdings since the bottom of the cycle. TEAL was formed to allow a greater focus on the exploration and feasibility projects it has by ARM, as the latter has a strong portfolio of its own development projects in South Africa.
at the company’s
in Luxembourg]Luxembourg --- MININGREVIEW.COM --- 12 February, 2008 - ArcelorMittal – the world's top steel company, with 320 000 employees in more than 60 countries – has been awarded a licence by the Industrial Development Authority of the Egyptian Ministry of Trade and Industry to construct a steel plant in Egypt.
EPCM and project management service provider to the mining and minerals industries, TWP, has been appointed to design the headgear, shaft and underground infrastructure of the R1 billion (US$0.14 billion) Konkola Copper Mines (KCM) Number Four Shaft Project.
TWP CEO Nigel Townshend says the project comprises a vertical shaft from the surface to a depth of 1,500 metres and a sub-vertical deepening of 500 metres. Grinaker LTA Mining will be the sinking contractor. “This prestigious project is the largest new mining venture in Zambia for many years, and will deepen the Konkola mine to access 250 million tonnes of copper ore and extend the life of the mine to 2032,” Townshend says
Following the go-ahead of Equinox Mineral’s Lumwana project in Zambia, the main contract of which was awarded to a joint venture between Ausenco and Bateman, construction activities are ramping up. The long life project will produce an average of 150,000 tonnes a year of copper. The measured and indicated Lumwana resource is 358 million tonnes containing 0.76% copper.
The Ausenco-Bateman joint venture has agreed to a commissioning date for the US$762 million project at the end of the first quarter of 2008. The joint venture’s portion of the contract is worth US$381 million.
USA-based Simba Mines has completed construction of a road system around the Cachoeiras de Binga copper ore body in Angola that will enable its on site geological team to better manage its exploration program from its base camp.
Vancouver-based Yale Resources has commenced a 1,100 metre phase two core drilling programme at its Leicester copper property in northern Namibia. The company recently concluded a reverse circulation (RC) programme at its Makuru gold property in the same country. Thirteen holes were drilled there for a total of 1,740 metres. The Makuru property covers 170 km2 and is located in central Namibia some 140 km northwest of Windhoek. Both these properties were optioned from Helio Resource Corporation.
Toronto Stock Exchange-listed, diversified natural resources group Vangold Resources has bought a 90% interest in seven rare metal mines in Uganda. The acquisition was facilitated through Vangold’s subsidiary, a British Columbia private company, Horn Rare Metals.
Vangold has a portfolio of 29 diverse advanced stage projects, including revenue generating oil and gas projects and a gold project in Papua New Guinea.
Shaft in Zambia]Livingstone, Zambia --- MININGREVIEW.COM --- 11 February, 2008 - Teal Exploration & Mining Incorporated - a growth-oriented mineral development and exploration company listed on the Toronto and Johannesburg Stock Exchanges – is on the point of confirming the launch of a new copper mining project in Zambia.
at Qatar Steel]Mesaieed, Qatar --- MININGREVIEW.COM --- 08 February, 2008 - The Qatar Steel Company – formed in 1974 as the first integrated steel plant in the Arabian Gulf – has acquired 49.9 % interest in the Guelb el Aouj Iron Ore project in Northern Mauritania for US$ 375 million (R2.8 billion).
An announcement here reveals that the project comprises three adjacent deposits (Centre, East and West) that together represent a combined resource currently estimated at approximately 1 billion tonnes, with further hedge potentiality. Exploitation of the project is scheduled to commence in 2010 and will involve the mining and beneficiation of magnetite-quartzite ore, and initial production of 7 Mtpa, with further expansion in due course, it adds.
Gold Fields Driefontein
mine – one of many
affected by the current
power crisis]Johannesburg, South Africa --- MININGREVIEW.COM --- 4 February, 2008 - The new week is off to a promising start in terms of the power crisis which has been disrupting the mining industry for the past ten days.