Axiom Mining Raises $1.1 Million for Solomon Island Projects
Australian exploration and mining company Axiom Mining has raised $1.1 million in capital funding for its nickel projects in the Solomon Islands.
The $1.1 million investment, which was raised by private placement, will be used to increase efforts for its West Guadalcanal and Isabel Nickel Projects. Axiom has already commenced drilling at its West Guadalcanal mine, returning promising results.
“We are also pleased to have been able to successfully advance exploration on our West Guadalcanal Project this year, which has shown the project’s high grade potential and will progress us towards drilling,” Axiom chief executive officer Ryan Mount said.
“Our Solomon Islands tenements include the promising gold project in West Guadalcanal and the world-class Nickel deposits on Santa Isabel Island.”
The company is also anticipating an end to its lengthy court battle with billion-dollar refinery company Sumitomo Metal Mining Company. The case, which involves the Isabel Nickel Project, is expected to end with closing submissions this week.
“We are encouraged with how the High Court trial has proceeded and that it is now coming to an end,” Mount said.
Axiom was able to raise the $1.1 million through a private placement of shares priced at $0.018, including an option exercisable at $0.02 on or before September 30 2014.
Unmanned train to allow Vale to reopen iron ore plant
Brazilian miner Vale SA will be able to resume operations at its Timbopeba iron ore dry processing plant in up to two months thanks to the use of an unmanned train, the company said in a statement this week.
Vale - Timbopeba iro ore plant
With the train, Timbopeba will be able to operate at least at 80% of its capacity of 33,000 tonnes of iron ore “fines” per day, reports Reuters.
Vale was forced to shut down the plant in the Alegria mine complex recently after labor authorities in Minas Gerais state banned activities close to the Xingu dam due to concerns of a risk of collapse.
Vale said access by workers and vehicles continues to be suspended in the flood zone of the dam due to the ban even though it remains at emergency level 2, which means there no imminent risk of rupture.
But some workers are allowed entry under strict security precautions and they will get the unmanned train going once it has been tested, which would take between one and two months, the company said.
The unmanned train will travel automatically along 16 kilometers (10 miles) of track operated by a system that can control the speed and activate the brakes, Vale said.
Vale announces first ore at Voisey’s Bay mine extension
Vale has reached the milestone of first ore production at the Reid Brook deposit at the Voisey’s Bay mine expansion project in Northern Labrador, Canada - recognised as the safest mine in Canada.