May 17, 2020

Week in Review: Discover Everything You Missed Including Stories, Videos and Pictures

Week in Review
Komatsu
Kinross Gold
Glencore
Admin
3 min
Week in Review
Glencore Begins $589M Expansion of Copper Mine in QueenslandSwiss-basedGlencorehas invested $589 million into the expansion of the Ernest Henry Mine in...

Glencore Begins $589M Expansion of Copper Mine in Queensland

Swiss-based Glencore has invested $589 million into the expansion of the Ernest Henry Mine in Queensland. The investment aims to increase production and extend the life of the mine by transitioning the copper site from an open-pit to underground shaft mine.

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[VIDEO] Women in Mining: Kinross Gold

Mining has always been a male dominated industry. The appeal of digging giant holes in the ground with loud and heavy equipment has always attracted an overwhelming majority of male occupants. The number of female occupants, however, is not so much.

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Lulo Project Could Become Angloa’s Biggest Diamond Mine Ever

ASX-listed Lucapa Diamond Company has announced a two-year plan to construct an Angolan mine that many expect will replace the country’s largest diamond mine, Catoca.

The Lulo deposit, which is 700 kilometers east of Luanda, has potential to knock Catoca out of the top spot for volume of carats extracted. Stones from the deposit are fetching $6,533 a carat compared to the Catoca deposit, which only bring in $100 per carat.

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Top 10 Richest People in the Mining Sector

#10 –Beny Steinmetz - $3.5 million

Beny Steinmetz is an Israeli businessman who has earned his wealth through mining, diamonds, and real estate. The billionaire, who inherited the Geneva-based Steinmetz Diamond Group from his father, has gone on to form the Beny Steinmetz Group Resources (BSGR), and recently acquired one of the world’s largest untapped iron ore deposits in Simandou.

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Komatsu Rolls Out iPhone App for KOMTRAX

Available through the Komtasu Australia website, the new app gives miners instant access to vital information on KOMTRAX equipped Komatsu machinery. With the touch of a button the app provides users with real-time updates on equipment fuel consumption, machine productivity, maintenance updates, and GPS location.

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How Anglo American Manages Community Relations

The cold hard truth is community relationships matter. The ability to sustain rapport with surrounding areas can almost guarantee the success a mine site, and company, will have. Things like worker strikes and protests have shown the effects bad relationships can have on mining companies – and it’s not cheap.

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REPORT: Freeport-McMoRan and Indonesia Reach Agreement on MoU Contract

US miner Freeport-McMoRan Copper & Gold Inc. has agreed on a Memorandum of Understanding (MoU) with the Indonesian government over its contract renegotiations, a major step in resuming copper exports from the country.

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Interview with BHP Billiton: How the Mining Giant Employs Tech Innovations

The age of technology has finally arrived in the mining sector. Companies are beginning to embrace new technological advancements, implementing a wide range of initiatives into their operations to increase productivity, reduce costs, and enhance overall safety performance. One of the major driving forces in boosting productivity has become automation.

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Anglogold Ashanti Appoints New Chief Financial Officer

South African miner Anglogold Ashanti has announced the appointment of new chief financial officer Christine Ramon.

She will replace Richard Duffy, who is stepping down from both the Board and Executive Committee, as both CFO and Executive Director of the Board effective October 1. 

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May 11, 2021

Gerald Group resolves iron ore dispute with Sierra Leone

Gerald Group
SL Mining
Iron ore
Marampa iron ore mine
2 min
Gerald Group, the US commodity broker, set to restart iron ore shipments from Marampa mine with subsidiary SL Mining

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.

SL Mining

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.

Iron Ore

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."

SL Mining

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.

Gerald Group

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 set to deliver six million tonnes 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.”

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