Week in Review: The Biggest and Best Stories of the Week
General Electric Aims to Rival Caterpillar in Sustainable Mining Train Race
Global company General Electric (GE) (NYSE:GE) is leading the rat race in providing railroad locomotives that comply with the tougher US emission standards to the mining industry. The company’s early success is giving equipment manufacturer Caterpillar (NYSE:CAT) a run for its money.
REPORT: Australia Gains Control of Gold Mining Industry
Australian owned mining companies account for approximately 50 percent of gold mining operations in Australia, according to a recent report by mining consultancy Surbiton Associates.
The shift in control is contributed to foreign investors selling off their stake in Australian mines, giving local companies more control of the country’s $12-billion gold mining industry.
[VIDEO] Volvo Showcases Futuristic Excavator Concept
The mining industry is adapting to new concepts and Volvo is showcasing what the future of excavators may soon look like.
The automaker teamed up with Swedish industrial design house ‘Prospective Design’ to develop the excavator of the future. The two teams talked with equipment operators to learn what features and functions they would like to see on a machine --whether they were possible or not. What they came up with is one part space age and another part primordial.
Randgold Resources Remains Loyal to Sustainable Community Efforts in Mali
Randgold Resources (LSE:RRS) is continuing to provide life-changing benefits to local communities in which it operates.
At the company’s Loulo-Gounkoto gold mining complex, the largest of its kind in Mali and one of the largest in Africa, Randgold Resources is continuing its commitment of sharing the value it creates with its stakeholders, including the people of its host countries.
Newmont Mining to Invest $1-Billion in Merian Gold Mine in Suriname
US-based Newmont Mining (NYSE: NEM) says it will invest up to $1 billion to develop a new gold mine in the South American nation of Suriname.
Under the banner of Surgold, the Merian mine will produce an average of 300,000 to 400,000 ounces of gold annually. Higher grade ore and throughput in the early phases would propel annual production to an average of 400,000 to 500,000 ounces of gold per year in the first five years.
Top 10 Mining Mergers and Acquisitions of All-Time
#10-AuRico Gold Purchases Northgate Minerals
On August 29, 2011 AuRico Gold Inc. purchased Canada-based Northgate Minerals for $1.49 billion. The deal combined the two companies into one leading intermediate gold producer with five operating gold mines, and three gold development projects in Mexico, Canada and Australia.
The company is now 62 percent owned by AuRico shareholders with the other 38 percent inhabited by Northgate’s shareholders.
BHP Billiton Plans to Build Pilot Processing Plant at its Olympic Dam
Mining company BHP Billiton is planning to build a pilot processing plant at its Olympic Dam mine in South Australia’s Far North.
The company, which has already applied to the Federal and State Governments for approval on the expansion, is set to run a three-year trial for a potentially cheaper way of processing copper and uranium.
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.