May 17, 2020

A quick look at Atlantic Gold & Moose River Consolidated Project

Atlantic Gold
Moose River Consolidated
Nova Scotia
Candia
Dale Benton
2 min
A quick look at Atlantic Gold & Moose River Consolidated Project
This week saw Atlantic Gold move one step closer from being able to jumpstart construction of its Nova Scotia mining operation in Moose River.

So lets...

This week saw Atlantic Gold move one step closer from being able to jumpstart construction of its Nova Scotia mining operation in Moose River.

So let’s take a look in a little more detail at what Moose River Consolidated Project really is.

  • Atlantic Gold are a Canadian gold development company with four development projects in Nova Scotia, Canada: the aforementioned Moose River Consolidated Project which comprises of the Touquoy and Beaver Dam gold deposits, the Cochrane Hill gold deposit, and the Fifteen Mile Stream deposit.
  • The Moose River Consolidated Project has been given a projected full production start date in 2017.
  • Gold production at the mine has been estimated at 87,000 ounces per year
  • Atlantic Gold struck a deal with Macquarie Bank and Caterpillar Financial Services Corp to finance the construction costs of the Moose River Project. This deal includes an agreement to sell 215,000 ounces of gold back to Macquarie over the next five years.
  • The company announced that it has satisfied the majority of CPs to make the first draw out of its $115 million project loan from the two partnering companies. The remaining CPs needed to be satisfied are expected to do so by the end of August, with the first anticipated drawdown of the loan to be made in September.
  • During construction, Atlantic Gold will employ up to 300 workers, both employees and contractors
  • The company first released a Preliminary Economic Analysis (PEA) back in 2014

Read the August issue of Mining Global Magazine!

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Apr 21, 2021

Rio Tinto’s iron ore output falls 2% year-on-year

RioTinto
ironore
Pilbara
covid-19
2 min
World's biggest iron ore producer reports lower quarterly output due to labour shortages and weather issues
Rio Tinto reported lower quarterly iron ore output as wet weather and labour shortages impacted its mine and port operations in Western Australia.
 
Above average wet weather in the mines and workforce availability disrupted maintenance during the quarter, Rio said, while Tropical Cyclone Seroja impacted operations in April, reports Reuters.

 

Iron Ore
 
Production for the quarter stood at 76.4 million tonnes, down 2% from the same period last year.
 
“You’d have to suggest that its a pretty average result. They have not delivered iron ore into a solid pricing environment,” said David Lennox at Fat Prophets in Sydney.
 
“There’s nothing that they can do about wet weather – it may be that they are going to have to live with changing environmental conditions. What will save them is the fact that they have got higher commodity prices generally, especially iron ore and copper.”
 
The world’s biggest iron ore producer shipped 77.8 million tonnes (mt) of the commodity in the quarter ended March 31, up 7% compared with 72.9 mt last year. It maintained its forecast of shipping between 325mt and 340mt of iron ore in 2021.

 

Pilbara
 
Rio has benefited from strong demand for its higher quality Pilbara blend products due to solid margins at China steelmakers as construction activity and steel demand in the first quarter eclipsed 2020 and 2019 levels.
 
China’s renewed focus on cutting steelmaking emissions will likely restrain steel exports in 2021, supporting margins globally, it said.
 
Copper production fell 16% on year ago levels after covid-19 prevention measures limited labour availability in Escondida in Chile.
 
Its Oyu Tolgoi copper shipments have been impacted by Chinese boarder restrictions due to increased cases of covid-19.
 
“We declared force majeure on shipments from 30 March and continue to work closely with authorities and our customers to manage the risk of supply chain disruptions,” it said.
 
“Rio has resumed cross-border concentrate shipments into China on 15 April however, the situation is very fluid with the covid-19 resurgence in Mongolia.”

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