Royal Alliance Capital: Focus On Mining

Anthony Chapman     

 Mining Analyst

 Royal Alliance Capital

 January 13, 2012


Yanzhou Coal Mining Company Ltd. has continued its plan to accumulate Australian coal assets, agreeing a merger deal with Gloucester Coal Ltd. that valued Gloucester, Australia’s largest independent coal-mining company, at A$ 2.1 billion.

Cameco Corp. has made progress with the long-running remediation of catastrophic flooding more than five years ago at its Cigar Lake uranium project in Saskatchewan achieving connection of a second shaft to the main mine development.

First Quantum Minerals Ltd. will receive US$ 1.25 billion from Eurasian Natural Resources Corporation Plc. after the parties agreed to settle their dispute over the Kolwezi project in the Democratic Republic of the Congo.

Anglo American Plc. has completed development of its 90 Mt/y Kolomela iron-ore project in South Africa, but at the same time gave notice of a 15% cost increase at the US$ 5 billion Minas Rio iron-ore project in Brazil.

Arc Exploration Ltd. has called a halt to exploration at its Bima gold property in Indonesia, following the deaths of anti-mining protesters in confrontations with police.

Xstrata Plc. has published details of the C$ 120 million expansion to its Kidd copper-zinc mine in northern Ontario, Canada.

Chilean state copper producer Codelco has formally confirmed its intention to exercise an option over a 49% interest in Anglo American Sur this month.

An independent feasibility study for the joint-venture Ajax copper-gold project in British Columbia has found reserves could support a 23-year open-pit operation, reported 49%-owner Abacus Mining & Exploration Corp.

Zambezi Resources Ltd. has continued to intersect copper mineralisation at the Chisawa and Kalulu prospects, part of its Kangaluwi copper project in Zambia.

Condor Resources Plc. has completed further drilling at La India, its gold property in Nicaragua.

Azimuth Resources Ltd. has received further assays from the continuing reverse-circulation and diamond-drilling programme at its West Omai gold property in Guyana.

Connemara Mining Company Plc. has reported that recent drilling results have been interpreted as having identified two lenses of lead-zinc mineralisation at the 25%-owned Stonepark West joint venture in Ireland.

A scoping study for International Minerals Corp’s Converse gold project in Nevada has designed an open-pit, heap-leaching operation that could generate 2.2Moz of gold and 8.5Moz of silver.

Aquila Resources Ltd. has reported that the management committee for the Eagle Downs coking-coal joint venture with Vale SA in Queensland’s Bowen Basin has voted to begin development without a contracted export route.

Shaw River Manganese Ltd. has completed additional drilling at the Otjo manganese property in Namibia.

Inmet Mining Corp. has received approval from the Panamanian environmental authorities of the environmental and social impact assessment for its US$ 4.3 billion Cobre Panama copper project.

Polyus Gold International Ltd. has commissioned its Verninskoye gold project in Russia’s Irkutsk region.

West African Resources Ltd. has intersected gold mineralisation with its first reverse-circulation drilling at its Moktedu gold prospect, part of the Boulsa property in Burkina Faso.

Eldorado Gold Corp. has agreed a friendly C$ 2.5 billion share offer with the board of European Goldfields Ltd.

Swedish gold producer, Gold-Ore Resources Ltd. and Astur Gold Corp., which has development assets in Spain, have announced a merger to create a C$ 150 million company.




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