Stewart R. Wallace — 1919–2009 - Society of Economic Geologists

More documents

Recommendations

Info

EXPLORATION REVIEWS 36 SEG NEWSLETTER No 78 JULY 2009 ... from 35 Exploration Reviews (Continued) license to Nevsun Resources’s Bisha project, with a state-owned company taking a 40% stake. The $240M project is expected to produce an average of 431,000 oz/y of gold and 702,000 oz/y of silver in the first two years of production beginning in 2010. More foreign companies are exploring. ETHIOPIA Gold is the most important resource, with the bulk of the production (over 120,000 oz/y) from Lega Dembi mine in the south. In 2008, BHP Billiton announced that it was in talks with the government to develop a US$100M potash project in Afar. The government has signed an agreement with Petronas for development of gas fields in the Ogaden region. GABON Gabon produces minor artisanal gold and diamonds but oil contributes over 50% of GDP although resources are diminishing. An iron ore mining venture backed by Gabon’s president is threatening to destroy the huge Kongou Falls by damming the Ivindo River to power a mine and railway. With increased output from the Moanda mine, Gabon is now the world’s second largest manganese dioxide producer. KENYA The mining sector is very minor although there is continuing exploration for gold in the southwest and the GoldPlats Kilimapesa project has just commenced gold production. Tiomin Resources is developing the extensive Kwale mineral sands deposits. LIBERIA ArcelorMittal has delayed the launch of a planned $1.5 billion iron ore mine as a result of 15-20% cut in demand this year. LIBYA The non-oil sector is expanding, and Rusal plans to develop a 600,000 t/y aluminium smelter and a 1,500 MW natural gas power station. MADAGASCAR Sherritt International is on the verge of closing a financing agreement with its partners on the $4.5 billion Ambatovy nickel project. The orebody consists of two large, thick, weathered ultramafic deposits (Ambatovy and Analamay) within a larger gabbro-syenite complex on a block-faulted horst (the Antam - pombato Massif). It is anticipated that Ambatovy could produce 60,000 t/pa of nickel beginning at the end of 2010. MALAWI With the development of the Kyalakera uranium mine, the government drafted a new Mines and Minerals Act in April 2008, and introduced a modern mining tax regime to include generous capital allowances and a new Resource Rent Tax. MOZAMBIQUE Mining investment in Mozambique increased between 2004 and 2008, from $101 to $804M and the value rose from $35.2 to $275M. Kenmare Resources’ $460M titanium mine at Moma, in the north of the country, is employing 1,582 people during construction and will create 450 permanent jobs. The government has already collected $380,000 in taxes from this project. A mining concession has been granted to the $800M Benga coal project in the north-east to produce thermal coal and hard coking coal, it is 65%-owned by Riversdale and 35% by Tata Steel. The company plans to initially produce 5.3 Mt of coal a year, rising to 20 Mt/pa yearly, once the necessary transport infrastructure is established. Noventa, a tantalum producer, has suspended mining operations and will not re-open without the required $60M to fund a crushing and processing plant at its Marropino mine and to develop another mine 20 km away. BHP has stopped the Chibuto Sands project at the feasibility stage and Mozambique is seeking a new investor to produce titanium slag and iron, as well as rutile and zircon. African Queen has confirmed exploration is underway at four targets: Aliyele, Ashwa, Tambika, and Tsimbi, in its Fingoe gold project in Tete Province, an area that has produced gold by artisanal miners. Pitting, trenching, detailed mapping and rock sampling followed by drilling is planned for 2009. NAMIBIA Government is planning to establish a mining charter to enable black Nami - bians to take up stakes in mining and exploration companies. Also, government has formed a company, Epangelo Mining, to explore for minerals as part of its plans to take part in the mining industry. The slow down in the country’s diamond mining at Namdeb also took a toll on the diamond-cutting industry although the uranium industry is still sound. Kalahari Minerals continues to increase total resources at Rossing South to >200 million pounds of uranium oxide and Bannerman Resources has raised A$30 M to ad - vance the Etango uranium project. RWANDA The mineral sector of the country is currently minimal but Gatumba Mining Concessions has begun drilling in a $2.5 M exploration for tin and tantalum. SENEGAL Australian company Mineral Deposits is prospecting for further gold after pouring the country’s first gold bars in March. The firm expects to produce 160,000 oz of gold at its Sabodala mine this year. SIERRA LEONE Petra Diamonds and JV partner Stellar Diamonds have put the Kono kimberlite fissure project on temporary careand-maintenance. Taxes on diamond exports helped finance the country’s post-war reconstruction so the closure will impact severely on the economy. Aim-listed African Minerals has increased the mineral resource for its Tonkolili iron ore project to 5.1 billion tons at an average grade of 30% iron. SOMALIA AND SOMALILAND Proterozoic basement is exposed in two areas, one the small Bur complex inlier west of Mogadishu in southern Somalia, the other extending east-west across Somaliland into Puntland. These areas have significant potential for artisanal production of gemstones and smallscale production of coltan. There is potential for oil in extensive Mesozoic to Recent sedimentary rocks. Coastal heavy mineral sands have been investigated but no development has occurred yet, also potential exists for large cement production. SOUTH AFRICA South Africa’s economy is in recession for the first time since 1992. The deeperthan-expected first quarter fall of 6.4% in gross domestic product was broadbased but mining was down by ~33% and is likely to fall further in 2009. The Chamber of Mines reports that gold production declined by 10% to 49,713.6 kg in the first quarter, compared with the 55,242 kg produced in the fourth
JULY 2009 No 78 SEG NEWSLETTER 37 quarter of 2008. Although some of the decline in production in 2008 can be attributed to the energy crisis, goldmining companies are challenged to contain costs while increasing production in the face of lagging output and a cutback in credit. However, the gold sector remains bullish and may be on the rise again. Pretoria High Court has extended the date for the provisional liquidation of Pamodzi Gold’s Orkney, Free State, and East Rand operations until September 1. The company is still in negotiations with potential investors to find a longterm solution for the group. First Uranium has started production from the uranium plant at its Ezulwini underground gold and uranium mine. For the full-year ending March 2009, First Uranium processed 6.9 Mt of reclaimed tailings at its Mine Waste Solutions tailings recovery project and milled 232,715 t of ore. Pan African Re - sources has bought Phoenix Platinum from Metorex, Aquarius Platinum has received approval from South Africa’s Competition Tribunal to buy Ridge Mining Plc. Platinum Australia will acquire
Page 1 and 2: Advancing Science and Discovery SEG
Page 3 and 4: JULY 2009 No 78 SEG NEWSLETTER 3 SE
Page 5 and 6: JULY 2009 No 78 SEG NEWSLETTER 5 FR
Page 7 and 8: JULY 2009 No 78 SEG NEWSLETTER 7 PR
Page 9 and 10: JULY 2009 No 78 SEG NEWSLETTER 9 co
Page 11 and 12: JULY 2009 No 78 SEG NEWSLETTER 11 S
Page 13 and 14: JULY 2009 No 78 SEG NEWSLETTER 13 D
Page 15 and 16: JULY 2009 No 78 SEG NEWSLETTER 15 F
Page 17 and 18: JULY 2009 No 78 SEG NEWSLETTER 17 m
Page 21 and 22: JULY 2009 No 78 SEG NEWSLETTER 21 M
Page 27 and 28: JULY 2009 No 78 SEG NEWSLETTER 27 6
Page 29 and 30: JULY 2009 No 78 SEG NEWSLETTER 29 T
Page 33 and 34: JULY 2009 No 78 SEG NEWSLETTER 33 I
Page 35: JULY 2009 No 78 SEG NEWSLETTER 35 A
Page 39 and 40: JULY 2009 No 78 SEG NEWSLETTER 39 r
Page 41 and 42: JULY 2009 No 78 SEG NEWSLETTER 41 i
Page 43 and 44: JULY 2009 No 78 SEG NEWSLETTER 43 ~
Page 45 and 46: JULY 2009 No 78 SEG NEWSLETTER 45 P
Page 47 and 48: JULY 2009 No 78 SEG NEWSLETTER 47 s
Page 49 and 50: JULY 2009 No 78 SEG NEWSLETTER 49 o
Page 51 and 52: JULY 2009 No 78 SEG NEWSLETTER 51 W
Page 53 and 54: JULY 2009 No 78 SEG NEWSLETTER 53 U
Page 55 and 56: JULY 2009 No 78 SEG NEWSLETTER 55 M
Page 57 and 58: JULY 2009 No 78 SEG NEWSLETTER 57 T
Page 59 and 60: JULY 2009 No 78 SEG NEWSLETTER 59 E
Page 63 and 64: THINK AHEAD BHP Billiton is all abo

Stewart R. Wallace — 1919–2009 - Society of Economic Geologists

Create successful ePaper yourself

Delete template?

Save as template?