OZ Minerals has reached an agreement to settle the two class actions brought against it by Maurice Blackburn and Slater & Gordon on behalf of certain shareholders who acquired shares in 2008. The total settlement payment in respect of the class actions is $55.1 million plus costs of $4.9 million with those totals to be allocated between the Maurice Blackburn and the Slater & Gordon classes.
Australia Mining News
Altius Mining (ASX:AYM) has commenced an initial public offering (IPO) with the intention of raising A$12 million and a listing on the Australian Securities Exchange (ASX). The company, based in Toorak, Victoria, is offering a maximum 60 million shares at 20 cents apiece. It expects to list on the ASX by June 2nd.
After lengthy deliberations involving several software vendors, Fortescue Metals Group, Australia's third largest iron ore producer after BHPBilliton and Rio Tinto, has picked MineSight for its mine planning software needs. "We decided to use MineSight because we found it to have a comprehensive suite of mine planning capabilities most suited to our operations and a demonstrated track record of quality improvements," said Andrew O'Dowd, FMG's Manager of Operations Planning.
BHP Billiton today announced that the partners of Samarco had approved the US$3.5 billion (BHP Billiton share1 US$1.75 billion) Fourth Pellet Plant Project at Samarco (Brazil). The expansion will increase Samarco iron ore pellet production capacity by 8.3 million tonnes to 30.5 million tonnes per annum (100% basis). First pellet production is expected in the first half of calendar year 2014. BHP Billiton President Iron Ore, Ian Ashby, said “Samarco is a low cost supplier of high quality iron ore pellets and over the last several years has been very successful in growing its resource base. This investment builds on its resource and operational strengths and will further improve Samarco’s competitiveness and market position.”
Paladin Energy Ltd-Mark Chalmers takes on role of executive general manager-production, on departure of Wyatt Buck
Paladin Energy Ltd. (TSX:PDN)(ASX:PDN) ("Paladin" or the "Company") advises that Wyatt Buck, Executive General Manager – Production will be leaving Paladin in May. He has decided to change direction and depart the uranium sector, taking a senior role with a company focussed on other commodities. We wish Wyatt all the best in his new venture and, on behalf of myself, management and the Board, sincerely thank him for his contribution and dedication over the past 5 years during a time of great growth for the Company.
Johannesburg- and Australia-listed Gold One on Thursday announced a USD 250m friendly bid for 100% of Rand Uranium, formed in 2008 by the spin out from Harmony Gold of three Cooke underground mines and the Cooke surface operation, veteran assets west of Johannesburg. In line with other uranium resources on the Witwatersrand, gold is also mixed in with the uranium ores, dumps and tailings.
Greg Hall, managing director of Toro Energy Ltd (ASX: TOE), said the main nuclear power countries are continuing their new build programmes for nuclear power while adapting to lessons learned from the incident. The uranium spot price dropped significantly after the incident but had, by the end of the March quarter, returned to the December 2010 average of $US62.50 per lb of U308.
$8.5 million capital raising to accelerate the Roper River Iron Ore Project, Northern Territory, Australia
Sherwin Iron Limited (ASX: SHD) is pleased to announce that it has successfully undertaken a $8.5 million share placement at 16 cents a share to institutional and sophisticated investors as part of its strategy to accelerate drilling and development of its Roper River Iron Ore Project (Project) in the Northern Territory. Image by Sherwin Iron Limited
Shares in Equinox Minerals (EQN.AX) jumped 7 percent in Australia on Wednesday after the copper miner accepted a $7.7 billion takeover offer from the world's largest gold miner, Barrick Gold (ABX.TO).
A huge magnetite project in Western Australia could produce one and a half billion tonnes of magnetite and have a mine-life of 30 years, according to a story in The Kalgoorie Miner, posted on Mindax's website: A sleeping giant in the Yilgarn iron province is quietly ticking all the boxes on its way to production. Mindax's 1.48 billion tonne Mt Forrest magnetite project is the biggest JORC compliant iron resource in the region.
TNG Ltd (ASX: TNG), which recently released a positive scoping study review of Mt Peake said today it had a memorandum of understanding (MOU) with a major Chinese engineering and development company. It was also now in discussions with other potential funding/development partners.
Miner Anglo American stuck to its production targets on Thursday despite a first quarter that saw floods and heavy rains hampering output, with coal output from its Australian operations down by over a third. Anglo, the world's fifth-biggest diversified miner, is the latest operator to detail the impact of freak weather across its operations. Image by Jam343.
Brazilian steelmaker CSN (CSNA3.SA: Quote)(SID.N: Quote) struck a deal to sell its 19.9 percent stake in Australian coal miner Riversdale to mining giant Rio Tinto for A$780 million ($830 million), according to a securities filing. Sao Paulo-based CSN, Brazil's largest diversified steelmaking group, sold 47.29 million Riversdale shares at a price of A$16.50 each, the filing said. The shares (RIV.AX: Quote) closed little changed at A$16.50 in Sydney on Wednesday.
Ivanhoe Australia Ltd (ASX & TSX: IVA), controlled by North American-based Ivanhoe Mines, today put out what it quaintly described as a clarification of its position on Exco Resources Ltd (ASX: EXS) selling the Cloncurry copper project to Xstrata Copper. Ivanhoe, which is Exco's major shareholder made it clear it was not supporting the sale, pointing out that the company's chief executive Peter Reeve, as a director of Exco, excused himself from the deliberation of this transaction.
Dampier Gold Limited (ASX:DAU) is pleased to announce the results of recently completed resource estimates for the K1 and K2-K3 deposits located within the company’s 100%-owned Plutonic Dome project. These updated estimates continue Dampier’s methodical review of previous models generated for the significant gold deposits within the Plutonic Dome project area. The new resource estimates are based on drilling completed by the previous owners and by Dampier in 2010 and incorporates updated interpretations of the mineralization. Image by Dampier Gold
Talison Lithium Limited ("Talison") (TSX:TLH) announces its preliminary production and sales results for the three and nine months ended March 31, 2011 from its Greenbushes lithium operations in Western Australia (the "Greenbushes Lithium Operations").For the three months ended March 31, 2011, production increased 33%, and sales increased 74% over the three months ended March 31, 2010.
Seven days after putting Regent Pacific on notice that it should not withdraw its takeover offer, Regent informed BC Iron yesterday that it had entered into a binding mandate letter with Standard Chartered Bank of Hong Kong and Westpac Banking Corporation for $US155 million debt finance. BC Iron said Regent has now advised it will change its recommendation to its shareholders to vote in favour of the acquisition of all BC Iron shares.
The heavy rains that have kept much of N. Australia waterlogged for months have also resulted in the suspension of one of the world's largest uranium mines - Ranger.
Australian copper and gold miner Oz Minerals said on Thursday it is on track to achieve its forecast gold output of more than 185,000 ounces despite a 23 percent drop in first-quarter output. "While total gold production was lower this quarter, higher grades expected in the second and third quarters are expected to see production achieve forecast levels for the year of 185,000+ oz of gold," the company said in its quarterly production report.
Australian coal miner Whitehaven Coal said a formal process to find a bidder for the company was nearing a conclusion and interested parties have completed due diligence. Whitehaven said on Wednesday it was in was in talks with the parties to decide which proposal, if any, would be recommended by its board
Mining contractor Barminco continues to drive growth in its domestic market with the award of a three year, A$60 million underground mining services contract for Western Areas’ Spotted Quoll nickel mine located 5 km from the Flying Fox underground complex and 80 km east of Hyden in Western Australia. Read more
BHP Billiton played down speculation it was in talks to acquire a cornerstone stake that could be worth $10.3 billion (A$9.8 billion) in Australia's largest oil and gas firm, Woodside Petroleum , from Royal Dutch Shell (RDSa.L: Quote). BHP Billiton, widely rumoured to be considering a takeover of Woodside, said in a short statement that there was no basis for the market talk, which has centred on BHP acquiring Shell's 24.3 percent stake as a step toward a full takeover.
Top global miner BHP Billiton has bought back A$6 billion ($6.3 billion) of its shares, or 4.4 percent of its Australian-listed shares, as part of its $10 billion capital management program. It said on Monday the final price was set at A$40.85 a share, a 14 percent discount to the market price of A$47.4985, based on the average trading price over the five days up to the close of the tender on April 8.
Ivernia Inc said it expects to place its flagship lead mine in western Australia under full care and maintenance for an indefinite period and lay off about 83 percent of related workforce amid environmental concerns surrounding the mine, sending its shares down 23 percent to a nine-year low.
Orocobre Limited (TSX:ORL)(ASX:ORE) is pleased to report that it has produced battery grade lithium carbonate from Salar de Olaroz brines. Orocobre's analysis shows that the lithium carbonate is of greater than 99.9% purity* and of higher purity than the specifications for battery grade material sold by existing producers. This material was produced by refining a lower purity product previously produced at the company's facilities at Olaroz with recirculated brines. As such, the Company considers the material to be representative of what could be expected in commercial production.