Week in Review: The Latest and Greatest Stories to Hit the Mining Industry
FEATURE: How Susceptible is the Mining Industry to IT Security Risks?
The last few years has seen an influx in technological advances for the mining industry. Companies like Rio Tinto and BHP Billiton are leveraging innovative equipment such as autonomous vehicles and simulation technology to their advantage. However, the one emerging problem no one is paying attention to is breach of information.
TOP 10: Highest Paying Jobs in the Mining Industry
The mining industry is a labor-intensive profession. It requires long hours, remote locations and some of the most dangerous conditions possible. The financial benefits, however, are astonishing.
UPDATE: Newmont Mining Calls Off Arbitration with Indonesia
Newmont Mining Corp (NYSE:NEM) has called off its arbitration filing with the Indonesian government, signifying a resolution to the seven-month dispute is near.
Company officials confirmed on Tuesday the US-based miner had reached a “constructive solution” over Indonesia’s new mining laws.
[VIDEO] Anglo American: Update on Minas-Rio Project
Anglo American (LSE:AAL) (JSE:ANGLO) has released a visual update on the development of itsMinas-Rio iron ore project in Brazil. The video showcases the progression of the mining operation from November 2013 until July 2014 as well as reveal the current state of construction on the project.
How-To: Optimize Drilling and Blast Effectiveness
In the mining sector, drilling and blasting requires immense knowledge, experience and skill set. It’s an art form that takes years to perfect.
Mining services company Sandvik Mining has launched new software to optimize drilling and blasting, making it easier for miners to streamline the process.
[VIDEO] Time-Lapse: Assembling a Liebherr T 264 Mining Truck
The majority of equipment in the mining industry is massive. In fact, it’s enormous. Mining equipment is typically so big it must be assembled on site in various stages, often taking weeks to construct.
How-To: Combat Unplanned Equipment Downtime
Operations need to run smoothly and economically with little or no downtime to be successful. Unplanned equipment breakdown can often be the most timely, and expensive, setbacks for mining companies.
Adani Group Agrees to Buy Out Linc Energy for $145 Million
India’s Adani Group (NSE: ADANIENT) has agreed to buy Linc Energy’s future revenue rights to the Carmichael coal project for $145 million.
The deal means Linc will walk away from a royalty of $2 per ton of coal over the first 20 years of the production at the mine.
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 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.”