International Media Resource Articles – Page 551

Digging for Careers: Mining is in Megan Tibbals blood – by Marianne Kobak McKown (Elko Daily Free Press – May 14, 2016)

May 17, 2016

CARLIN – The mining industry may run in Megan Tibbals DNA. She has worked at Newmont Mining Corp.’s Gold Quarry Mine for 14 years, but she has been around the industry all her life.

Tibbals said five people in her family have been miners — her great-grandfather, grandfather, father, uncle and herself. Her father moved the family around while he worked for mining companies in several states, and he still works in the industry. Most of his career was spent working for smaller mining companies

“I think when we were young he moved to Goldfield and my mom said she wasn’t moving there,” Tibbals said. “So we stayed in Denver a little while longer.” After her father got a job working for a mine near Winnemucca the family moved, and that’s where Tibbals grew up.

Top Palladium Miner Rebuffs Risk of Tesla Electric Car Boom – by Yuliya Fedorinova (Bloomberg News – May 16, 2016)

May 16, 2016

http://www.bloomberg.com/

The rise of Tesla Motors Inc.’s electric cars won’t be enough to change the market for conventional vehicles or dent demand for the precious metals used to filter exhaust fumes, according to GMK Norilsk Nickel PJSC.

The lack of infrastructure to charge them and the pressure on power grids means that in the long term, the vehicles may comprise just 15 percent of the total auto market, according to Anton Berlin, head of analysis and market development for Norilsk. In the next five years, the market’s size will be limited to about 2 percent.

Norilsk is the world’s biggest producer of palladium, which are used along with platinum in catalytic converters that reduce car pollution. While the company would lose some business if electric cars, which don’t produce toxic emissions, becomes a significant part of the auto industry, it would benefit from more demand for nickel, which is used in the batteries.

Guinea to take legal action against Global Witness – president – by Saliou Samb (Reuters U.K. – May 15, 2016)

May 16, 2016

http://uk.reuters.com/

CONAKRY – Guinea will take legal action against watchdog group Global Witness over a report that said Sable Mining Africa Ltd financed President Alpha Conde’s election campaign in 2010, the president said on Sunday.

The legal action would aim to force Global Witness to provide proof to back up its claims, said Conde who denied the allegations. The watchdog group also said in its report published last week that Sable Mining, which is registered in the British Virgin Islands, paid money to Conde’s son, Alpha Mohammed Conde, for bribes to secure the rights to its Mount Nimba iron ore concession.

“No member of my family is involved in anything corrupt,” Conde told a news conference on his return from a foreign trip on state business. He gave no further details of the contemplated legal action.

[Diamond miner Alrosa] Privatising Russian state companies – by Anna Kuchma (Russia and India Report – May 16, 2016)

May 16, 2016

http://in.rbth.com/

The Russian government said at the beginning of this year that it had “a large privatization plan”, within the framework of which it intends to get one trillion rubles ($12.6 billion) in two years. The plan for 2016 includes the sale of shares in two oil companies, Rosneft and Bashneft, a share package in one of the largest state banks, BTV, and the Alrosa diamond company.

At the end of April 2016, the privatization format of the list’s first company was determined. The government decided to sell 10.9 percent of Alrosa, Russia’s largest diamond mining company, in the Moscow Stock Exchange, writes the Vedomosti newspaper.

The schedule for the sale is not specified. Earlier, the government considered selling the package to a strategic partner. However, the company itself requested public privatization.

De Beers says diamond market faces ‘fragile recovery’ – by Allan Seccombe (Financial Times – May 16, 2016)

May 16, 2016

http://www.ft.com/

London – The global diamond market faces a “fragile recovery” in spite of efforts by De Beers to stabilise the sector, according to the head of the company. Philippe Mellier highlighted how De Beers, the world’s largest diamond producer by value, cut output last year to try to revive the market amid waning demand for diamond jewellery, partly because of China’s economic slowdown.

“It’s a very fragile recovery. The market is not going to bounce back like it did after the last big problems,” he said in a Financial Times interview, referring to the recovery after 2009, when De Beers cut output by half following the global financial crisis that choked off diamond buying.

De Beers, a subsidiary of Anglo American, has been hit hard by the latest downturn in the diamond market. It reported earnings before interest and tax of $571m for last year, down 58 per cent compared with 2014.

Mine Tales: U.S. Four Corners area was great producer of vanadium – by William Ascarza (Arizona Daily Star – May 16, 2016)

May 16, 2016

http://tucson.com/

William Ascarza is an archivist, historian and author of seven books available for purchase online and at select bookstores.

Principal vanadium production in Arizona has come from the Four Corners area in northeastern Arizona and Mammoth located in southeastern Arizona.

The Four Corners area is the far greater producer, having accounted for 90 percent of Arizona vanadium output from vanadium-uranium deposits in sandstone. The ore averages 1 percent or more of vanadium, making it enough to mine at a profit. Several notable locations include the Morrison Formation in the Carrizo Mountains, Chilchinbito areas and the Chinle Formation in the Monument Valley area of Apache and Navajo counties.

Considered a byproduct of uranium mining, vanadium is a metal element highly sought after because of its application as a strengthening agent for steel. It has also been used in nonferrous alloys and chemicals.

South Africa: Understanding the Silicosis Judgment – by Paul Lewis (All Africa.com – May 16, 2016)

May 16, 2016

http://allafrica.com/

Hundreds of thousands of families could benefit from the class action lawsuit that can now take place. On Friday, Judge Phineas Mojapelo handed down the court’s findings on the landmark silicosis judgment.

In the case of Bongani Nkala and 68 Others v Harmony Gold Mining Company Ltd and 31 Others, Mojapelo and two other judges addressed this question: can mineworkers and former mineworkers bring action for damages as a class, against gold mining companies for negligence as a result of which they were exposed to dust that caused silicosis and/or TB.

The litigation could run into billions of rands. All the big mining companies are affected, including Anglo American, Anglogold, Gold Fields, Harmony Gold, Randgold, DRDGold, and African Rainbow Minerals. Anglo American has described the case as “without precedent in South African law and indeed in any other jurisdiction in the world”.

After Five Years, Gold Miners Start to Bet on Growth Again – by Stephanie Yang (Wall Street Journal – May 12, 2016)

May 16, 2016

http://blogs.wsj.com/

Gold mining companies are getting ready to do something they haven’t done in half a decade.

As precious metal prices have fallen steadily over the past few years, miners have been forced to cut back on costs and abandon new development projects. Now some analysts say mining companies are ready to pour money back into growth.

“This is something we haven’t seen in five years,” said Jessica Fung, a metals analyst at BMO Capital Markets. “It’s starting to look interesting again.” Many miners have decreased their debt and improved their ability to generate cash flow over the last couple years, which can now be used to revisit production plans, Ms. Fung said. This development, combined with a rally in precious metals, has redeemed mining companies for some investors.

Platinum Seen Over Worst as Bulls Wager on Automaker Demand – by Eddie Van Der Walt (Bloomberg News – May 16, 2016)

May 16, 2016

http://www.bloomberg.com/

There’s a growing feeling in the platinum and palladium market that the worst is over. After dropping to the lowest in at least half a decade in January, prices since rallied back into a bull market as the outlook for continued low U.S. interest rates reignited the appeal of precious metals.

The two commodities will climb about 20 percent through the end of next year, partly on higher demand from carmakers, according to 12 traders and analysts surveyed by Bloomberg.

The outlook for supply and demand will be key for miners to refiners at the industry’s annual gathering in London this week. Impala Platinum Holdings Ltd., the world’s second-biggest producer, has forecast deficits in the medium to long term as demand for materials used to curb harmful car emissions grows. Investors, who for months sold through funds, have started buying again.

Junior miners revolt against ASIC’s rules – by Paul Garvey (The Australian – May 16, 2016)

May 16, 2016

http://www.theaustralian.com.au/

The junior resources sector is preparing a revolt against the Australian Securities and Investments Commission, with the industry preparing to appeal directly to federal Resources Minister Josh Frydenberg for intervention over the regulator’s latest rule changes.

The Association of Mining and Exploration Companies, the peak body representing smaller resources players, will go directly to Canberra following the July election to argue against new ASIC restrictions on forward-looking statements.

ASIC last month released new guidelines that restrict what junior exploration companies can say about the economic potential of their discoveries. The crackdown has angered AMEC and a number of junior explorers, with the industry arguing that the changes will create a less transparent market and make it even harder to secure funding.

Ivan Glasenberg’s advice is buy not build, but rival miners aren’t listening – by Matthew Stevens (Australian Financial Review – May 14, 2016)

May 16, 2016

http://www.afr.com/

Annually in May global mining bosses assemble in Miami for an industry summit described as “speed dating for chief executives”. “They fly into Miami, they get a chance to talk directly to their big US investors and then they all retreat into private meetings with each other,” one miner suggested this week. “That is the real value of going there, they get to look the whole industry in the eye.”

If that is the rule for Miami, then Ivan Glasenberg followed it to the letter. Glasenberg is a headliner whenever he speaks and Tuesday in Miami was no different. But every illuminating, eye-watering utterance he offered his audience in Miami was shaped more for the ears of his mining peers as much as it was the attention of his investors.

Rhetorically recharged after Glencore’s slightly humiliating 18 month-long brush with financial calamity, Glasenberg allowed himself to return to the pre-crisis conversational themes.

[Alaska/British Columbia Mining Dispute] Delegation asks Kerry for transboundary review – by Elwood Brehmer (Alaska Journal of Commerce – May 12, 2016)

May 13, 2016

http://www.alaskajournal.com/

Alaska’s congressional delegation responded Thursday to continued concerns from Southeast Alaskans about Canadian mine plans by asking Secretary of State John Kerry to look into whether environmental practices across the border are worthy of attention under a bilateral treaty.

Rep. Don Young and Sens. Lisa Murkowski and Dan Sullivan sent a letter to Kerry May 12 requesting the State Department to question Canadian officials about the impact active and proposed hard rock mines in British Columbia and the Yukon could have on salmon in several large “transboundary” rivers.

“Like most Alaskans, we strongly support responsible mining, including mines in Southeast Alaska, but Alaskans need to have every confidence that mining activity in Canada is carried out just as safely as it is in our state,” the delegation wrote. “Yet, today, that confidence does not exist.

Finnish government plans $113 mln funding for nickel mine – sources – by Jussi Rosendahl (Daily Mail – May 13, 2016)

May 13, 2016

http://www.dailymail.co.uk/

HELSINKI, May 13 (Reuters) – The Finnish government is planning to inject around 100 million euros ($113 million) into Terrafame Mining, the state-owned company that runs Talvivaara’s former nickel mine, but may eventually still have to close the operation, sources said.

The government is planning to propose this month that parliament approve the funding, which would keep the mine running until the end of the year, two sources who declined to be named told Reuters.

“A closure of the mine is an option that will be considered,” a government source said. The government took control of the mine last year, aiming to avert a closure at the site in northern Finland where around 950 people including contractors worked as of the end of March.

Here’s a Way Out of Our Rare-Earths Mess – by James Kennedy (Defense One.com – May 12, 2016)

May 13, 2016May 13, 2016

http://www.defenseone.com/

James Kennedy is president of ThREE Consulting, Thorium & Rare Earth Elements, Mining Minerals and Metals (ThREEM3). He is also a consultant to the U.S. government, financial, mining and energy industry on strategic issues related to rare earths and thorium within the U.S. regulatory environment. China controls substances so valuable that the Pentagon dares not act. It’s up to the Senate now.

The Pentagon recently received what amounts to a grade of F on its efforts to ensure that its suppliers can continue to obtain the rare-earth metals that make possible many of today’s advanced weapons and other technologies. After nearly two decades of Defense Department fecklessness, it’s up to lawmakers to act.

In stark terms, a Government Accountability Office report described how defense officials have failed to meet, and even to identify, their legal and national security obligations with regard to this “bedrock” national-security concern. Instead, defense officials have repeatedly given the all-clear signal to Congress and two administrations.

Iron Ore Bust Follows Hard on Heels of China’s Speculative Boom – by Jasmine Ng (Bloomberg News – May 13, 2016)

May 13, 2016

http://www.bloomberg.com/

Don’t say there wasn’t any warning. Iron ore’s gone from boom to bust in the space of just three weeks, fulfilling predictions for a slump in prices that were jacked up to unsustainable levels by a short-lived speculative frenzy in China.

In Singapore, the SGX AsiaClear contract collapsed 10 percent this week after dropping 11 percent the week before, while in China, futures in Dalian plunged on Friday to the lowest since February as steel in Shanghai capped the biggest weekly loss on record. Spot iron ore prices from Metal Bulletin Ltd. sank 6.4 percent this week to a one-month low.

Iron ore and steel are buckling again after widespread predictions the frenzy in China that propelled prices upward in April wouldn’t endure as regulators clamped down and the rallies induced higher production. Iron ore stockpiles at ports in China are near 100 million tons, while mills produced more steel than ever in March.