Weekly roundup: The mining week in review
Bank of America’s announcement on Wednesday -- a new policy that will significantly reduce its lending to coal extraction companies and coal divisions of broader mining companies – is expected to have major implications on the coal industry.
Writing a bid for a tender is always a time-consuming and costly business. In the current mining economy, it's not a process most companies can enter into lightly. Therefore, Austmine decided to catch up with member company, BidWrite, and their Director and Co-Founder, David Lunn, on what it takes to write a winning bid.
As one of the most common metals in the world, aluminium doesn’t get the credit it deserves. The silver white metal, which only occurs in compounds and never in a free form, is the second most used metal in the world. It can be found in everything from planes, cars to buildings, machinery, consumer durables, packaging and even electrical uses.
Rio Tinto is one of the largest and most diverse metals and mineral mining companies in the world. Headquartered in London, the company specializes in major products such as aluminium, copper, diamonds, gold, industrial minerals, iron ore, thermal and metallurgical coal and uranium, with operations across the globe.
Social media has become the quintessential networking tool for people, businesses and organizations alike. It has the power to connect brands to their consumers, inform audiences on current topics and trends, and engage audiences to interact and discuss opinions. Whether we like it, use it, or just don’t understand it, social media can be useful for everyone—even mining companies.
This summer’s must-attend mining event is the Austmine 2015: Transforming Mining conferencein Queensland, Australia. The landmark forum will bring together the most innovative products in the market with the most pressing challenges in the mining sector around the globe today.
Komatsu has unveiled a new equipment rental business for its Australian mining market, which will provide more than 200 Komatus construction and utility machines with a team of 11 staff.
Goldman Sachs wants no more. The American multinational investment banking firm is reportedly planning to sell its coal mines in Columbia, and is even willing to take a loss to do so.
According to sources quoted in The Wall Street Journal, the banking firm has endured intense environmental problems from locals, previously prompting the government to order certain companies in the region to relocate three entire villages.
Don’t call it a comeback. Australian mining company Atlas Iron has decided to resurrect mining production at its Pilbara mines in Western Australia, after previously suspending operations due to declining iron ore prices. The company will now continue to export through May
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.