Anglo American Asset Sale Makes HZL Top Zinc Producer

Vedanta Resources and Anglo American announced an agreement on May 10 whereby Vedanta is purchasing Anglo American Zinc for a total consideration of $1.338 billion, with economic ownership transferred from January 1, 2010. The purchase is being undertaken through Hindustan Zinc Ltd. (HZL), a wholly-owned Vedanta subsidiary, and is structured as three separate transactions for purchase of Anglo American’s integrated, 100%-owned Skorpion zinc mine and refinery in Namibia for $698 million, its 74% interest in Black Mountain Mining in South Africa for $332 million, and its Lisheen zinc and lead mine in Ireland for $308 million. Vedanta is funding the transactions from existing cash resources.

Read more ...

Newcrest Developing Australia’s Largest Underground Mine

Newcrest Mining is investing A$1.91 billion to develop an underground panel cave mine to extract the Cadia East orebody as the next major ore source for its Cadia Valley operations in central western New South Wales, 250 km west of Sydney. The orebody is one of the world’s largest gold deposits, with a current reserve of 961 million mt grading 0.61 g/mt gold and 0.33% copper and containing 18.7 million oz of gold and 3.16 million mt of copper. Indicated and inferred resources total 2.3 billion mt grading 0.44 oz/mt gold and 0.28% copper for 33 million oz of gold and 6.59 million mt of copper.

Read more ...

Jinchuan Makes All-cash Offer for Crowflight

Crowflight Minerals reported on April 6, 2010, China-based Jinchuan Group had submitted an offer to acquire all of Crowflight’s common shares for an aggregate cash payment of C$150 million. Crowflight’s primary asset is its underground Bucko Lake nickel mine near Wabowden, Manitoba, Canada. Jinchuan is the largest producer of nickel, cobalt and platinum in China, and a significant producer of copper. The offer represented a premium of 47.3% to the closing price of Crowflight common shares on the Toronto Stock Exchange on April 2 and a premium of 56.8% to the 20-day, volume-weighted average trading price.

Read more ...

Rio Tinto to Spend $340M for Autoclave Plant

Kennecott Utah Copper announced in mid-April that its parent company, Rio Tinto, will spend $340 million to build a new Molybdenum Autoclave Process (MAP) facility in Magna, Utah, near Salt Lake City. The new facility, according to the company, will allow lower-grade molybdenum concentrate to be processed more efficiently than with conventional roasters, provide improved molybdenum recovery and operating flexibility, and enable production of metallurgical and higher chemical grade molybdenum products. MAP will also make it possible for KUC to recover additional by-products from its concentrate.

Read more ...

Resource Center Whitepapers, Videos, Case Studies

Let's stay in touch!

All of the latest mining news and our digital edition sent to your inbox once a week.

We'll never share your email address, and you can opt out at any time, we promise.