Mining begins at the Teal gold project in Western Australia
Interim Resources, the Australian mining and exploration company has announced that it has completed site mobilisation and commenced pre-strip mining at its Teal gold project in Western Australia.
Intermin Managing Director, Jon Price, said in a statement that contracting partner Resource Mining and the Intermin team have progressed extremely well through mobilisation, site establishment and the commencement of mining.
“We are looking forward to completing the pre-strip and mining our first ore this Quarter and taking advantage of the very strong A$ gold price,” he added.
The pre-stripping process involved clearing, grubbing and topsoil stockpiling of the Teal pit, access roads waste rock dumps and ore pads.
The company has also stated that first expected ore from the open pit mine is scheduled for delivery in the current December quarter.
The Teal gold project
located 11km north west of Kalgoorlie-Boulder in Western Australia, the Teal gold project is situated to make use of a ready workforce, existing transport and toll milling infrastructure available in Kalgoorlie.
Initially, around 15-20,000oz of gold from oxide and transitional ore will be recovered from a shallow open pit mine.
The project has an initial nine-month mine life, but with news that the development of the site and mining operations are on schedule Internim is already exploring financing opportunities to advance operations at the site while also looking at strategies to increase the size of the project.
What is Internim Resources Ltd?
A gold exploration and mining company, Internim focuses on projects in the Kalgoorlie and Menzies areas of Western Australia which are host to some of the richest gold deposits in Australia.
It has been listed on the Australian Stock Exchange for over 20 years.
The company has a number of assets in its portfolio including the Teal Gold Deposit, in which it holds 100 percent ownership.
There is also the Binduli North Gold Project, which is subject to an Earn In Joint Venture agreement with Evolution Mining Limited.
Then there is the Menzies Gold Project, one of the last remaining historic high-grade mining centres to undergo consolidation and modern exploration. Most notably, over 800,000oz has been produced at the site.
Theres also the “exciting growth asset” - the Nanadie Well Copper-Nickel-PGE Joint Venture Project with Mithril Resources Limited (ASX: MTH) near Meekatharra.
To round off the portfolio, Internim is advancing the Calcine Tailings Project, owns a tailing dam in Wiluna, as well as a number of residual project interests, royalties and holdings in ASX-listed companies from which to realise value.
The Price of strong leadership…
The company is headed up by Managing Director Jon Price MAusIMM, MAICD. He has over 25 years’ experience, both in Australia and overseas in construction, exploration, development and mining operations in the gold and advanced minerals sectors. Jon holds a Masters in Mineral Economics from the Western Australia School of Mines and was once the general manager of the Paddington gold and St Ives gold operations in the Western Australian goldfields.
The November issue of Mining Global Magazine is live!
Get in touch with our editor Dale Benton at [email protected]
Copper, iron ore surge as Chinese investors unleash demand
The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 on Thursday.
In the wake of mounting evidence of inflation fuelled by higher raw materials prices, investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.
Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.
“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries, which include switching to electric vehicles and expanding wind and solar power, are likely to generate additional demand for metals.”
Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.
Copper rose as much as 1.6% to $10,108.50 a ton on the London Metal Exchange before trading at $10,080 as of 4:07 p.m. in London.
Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.
The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.
Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.
Erik Hedborg, Principal Analyst, Steel at CRU Group commented: “Recent production cuts in Tangshan have boosted demand for higher-quality ore and prompted mills to build iron ore inventories as their margins are on the rise. Iron ore producers are enjoying exceptionally high margins as well, around two thirds of seaborne supply only require prices of $50 /dmt to break even.”
Still, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.
The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.
Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best performing metal on the LME.