Rio Tinto Group and Anglo American Plc (AAL), which together own about three-quarters of Palabora Mining Co., said they plan to sell their entire holdings in the South African miner as it no longer fits their investment objectives. Palabora’s main asset, a mine that produces copper and magnetite, “is no longer of a sufficient scale” for either Rio or Anglo, and a sale process for their stakes has started, the companies said today. Rio holds about 58 percent of Palabora and London-based Anglo almost 17 percent. Their combined holding is valued at about $700 million based on the closing price of Palabora stock in Johannesburg trading today. Image of copper spools at Palabora mine, courtesy of Rio Tinto
Magnetite Mining News
Larry W. Reaugh, President & C.E.O. of Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) ("Goldrea" or the "Company") is pleased to report the company has entered into an agreement to purchase 100% (subject to a 2% NSR) of the WigWam Magnetite, Iron, Titanium, Vanadium and Silver Project (1237 hectares/3056.8 Acres), located at WigWam Bay, 8 Kilometers southwest of the head of Seymour Inlet, British Columbia from John Thom Shearer of Coquitlam, B.C.
The Australian reports Tim Netscher the new chief executive of Gindalbie Metals took over after the miner in March announced a second cost blowout at its West Australian Karara joint venture. At the time, Netscher, 60, was working for Newmont Mining and thinking about swapping executive roles for non-executive positions, but the Gindalbie offer was too good to refuse. The multilingual Netscher, who speaks Afrikaans, Indonesian, German, Spanish and English, knows that Gindalbie's Karara magnetite project is at a crucial stage of development, but the mining industry veteran is not shy about a challenge.
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.
There are more than a few explorations companies drilling holes in the Philippines these days, all with the quiet hope that the country soon finds favour with serious resource investors in the much the same way that Ventana Gold and others became overnight rock stars, if you will, with their projects in Colombia.