Brush up on best pracitce before Malaysian Bauxite ban can be lifted
Natural Resources and Environment Minister Datuk Seri Wan Junaidi Jaafar has said that Bauxite mining companies must fulfil specific criteria before a moratorium can be lifted.
"It's like the government is playing football with these companies. We kicked the ball to them and gave them a list of SOPs already, such as for stockpiling and transport bauxite.
"They must satisfy the rules first, then we talk. If we allow them to resume mining without meeting those rules, then the people will be affected, and then they will complain to us," Wan Junaidi told a press conference this week.
The moratorium on Bauxite mining in Kuantan was in place for three months due to the negative impacts on the environment and the people in the local community.
The ban was extended for a further three months in March following a failure to meet government approved conditions, with a further extension added the following month.
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Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.