March Mining Global OUT NOW!!! Read the Latest Edition of Mining Global March 2016 out today.
“Let the future te...
Latest Edition of Mining Global - March 2016 is out now for your latest news and information from the leading mining magazine.
“Let the future tell the truth, and evaluate each one according to his work and accomplishments. The present is theirs; the future, for which I have really worked, is mine.” – Nikola Tesla
We welcome you to our 2016 'Mining Equipment Buyers Guide' - Here we provide a comprehensive insight into the newest equipment and products from the four largest manufacturers in the mining industry. From hydraulic shovels and excavators to dozers and continuous miners, the 2016 Buyers Guide presents the latest in mining machinery.
Because new mining projects are hard to come by, we decided to showcase 10 projects we’ve been eagerly waiting for. The list includes the biggest projects with the most potential coming up in the next few years.
Also check out our coverage of:-
- Essential Mining Events in 2016
- World's Top 10 Mining Reclamation Projects
- Company Focus: Oceanagold Haile Gold Mine
- Mining Interview: Mick Wildes, CEO, Oceanagold
Enjoy the issue from the team at Mining Global!
Gerald Group resolves iron ore dispute with Sierra Leone
Gerald Group, the US commodity trader, will pay Sierra Leone $20mn and cede a 10% stake in an iron ore project as part of the resolution to a nearly two-year dispute that led to the shutdown of production, the two sides revealed.
Gerald's wholly-owned subsidiary SL Mining filed for arbitration in August 2019 over a royalty payment dispute and suspended the Marampa mine the following month. Sierra Leone's government responded by cancelling its mining licence.
As part of the agreement signed on Friday, Sierra Leone will take a non-dilutable 10% stake in a new company that will replace SL Mining and resume operations at Marampa by June 1, Gerald said in a statement.
Gerald will make two $10mn payments this year and will have the immediate right to ship its current stockpile of about 707,000 tonnes of iron ore, it said.
Both sides will withdraw their legal claims before the International Chamber of Commerce (ICC) and International Centre for Settlement of Investment Disputes (ICSID), the statement added.
Gerald’s chairman and CEO Craig Dean commented: "I am delighted that we have been able to resolve our differences and have a fresh start and new beginning with the government of Sierra Leone."
Sierra Leone's Mines Minister Timothy Kabba told a news conference on Tuesday that the agreement was a milestone for the country.
"Whatever the pain we may have borne or dreaded throughout these two years ... this outcome justifies our action," he said.
Gerald estimates that Marampa holds about 1 billion tonnes of iron ore with a potential lifespan of 30 years.
Back in 2019, Dean spoke with Mining about the development of Marampa and commented: "SL Mining offers a substantial opportunity for Gerald Group as our Marampa mine in Sierra Leone is producing two million tonnes per annum of high grade iron ore in the first phase of development, with expansion possibilities of greater than six million tonnes per annum of high-grade iron ore during its operational life. If you analyse the iron ore market it has transformed, even from a couple of years ago when prices were very low. Now prices have stabilised we’re in a favourable position with our first shipments leaving for China.
"Our goal is to make ‘Marampa Blue’ an internationally recognised premium grade iron ore brand. We intend to expand the delivery of high-grade 65% iron ore concentrate to markets in Europe and Africa.”