The Briefing on Mining
The latest news, trends and data from the mining industry
In Data:
Mining in Numbers
1.2%
In the first nine months of 2018, global zinc metal output fared well with an increase of 1.2% over the same period in 2017. Higher output during the period came from Australia, Peru, Finland, Greece, Macedonia and the US.
$10bn
Newmont Mining has signed a definitive agreement to acquire all outstanding common shares of Goldcorp in a deal valued at $10bn. The agreement will see the combination of two gold industry leaders into a new company.
$129,143
Tanzania has imposed a fine of $129,143 on Acacia Mining over allegations of violating environmental regulations at its North Mara mine. The company, which is owned by Barrick Gold, is also in the midst of a tax battle with the Tanzanian Government.
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43%
Copper miners in Chile are expected to triple their seawater usage over the next ten years as they seek alternatives amid increasing water shortage. By 2029, seawater could cater to 43% of the miners’ demands.
20
Colorado-based Newmont Mining has plans to axe 120 jobs at its Carlin mining operation in Nevada, following a reduction in the life span of one mine and the suspension of operations at another due to a collapsed wall.
Vale opens artificial intelligence centre in Brazil
The centre will leverage disruptive technologies in the mining industry
South American miner Vale has opened an artificial intelligence (AI) centre at its Tubarao site in Vitoria, Brazil.
The company said that the centre was aiming to “leverage the adoption of innovative and disruptive technologies in all areas of the business.” The work at the centre will focus on optimising the maintenance of assets such as off-road trucks and improving the management of ore processing.
Vale estimates that its existing AI projects have saved the company over $20m annually; it expects the new initiatives to generate a further $37m in benefits.
Read the original article on CNBC.
In the News
Top Project News This Month
Rio Tinto reports 2% increase in Pilbara iron ore shipments
Mining major Rio Tinto has reported a 2% increase in its iron ore shipments to 338 million tonnes in 2018 compared to 2017, from the Pilbara region of Western Australia. This is in line with the company’s forecasts of 330-340 million tonnes; Rio Tinto expects the demand to increase this year from the steel-making industry.
IDM obtains environmental approval for Red Mountain Gold project
IDM Mining has received approval from the Canadian Environmental Assessment Agency to continue work at its Red Mountain Underground Gold Project. The underground gold-silver mine project is wholly-owned by IDM and is located 15km northeast of Stewart, British Columbia. As part of the decision, IDM is required to fulfil over 120 conditions for the duration of the mine’s life.
Horizonte to develop Araguaia ferronickel project
Horizonte Minerals has secured the necessary construction licence from the Brazilian Pará State Environmental Agency to develop its wholly-owned Araguaia Ferronickel Project in Brazil. The company is now able to begin work on the Araguaia rotary kiln electric furnace processing plant and associated infrastructure over a period of 31 months.
M&As:
This Month's Top Deals
Pan American set to acquire Tahoe Resources
Pan American is set to acquire Tahoe Resources for $1.07bn, under a plan of arrangement, with the Supreme Court of British Columbia having passed the final order for the same. The existing shareholders of Pan American will hold a 73% stake in the new company, while the shareholders of Tahoe Resources will own the remaining 27% stake, following the acquisition.
Source: The Citizen
Newmont Mining to acquire outstanding Goldcorp shares
Newmont Mining has signed a definitive agreement with Goldcorp to acquire the entire outstanding common shares of the latter for $10bn. A new company named Newmont Goldcorp will be formed following the acquisition, wherein the shareholders of the companies will respectively own 65% and 35%. The deal is reportedly worth around $10bn.
Source: Universe Today
Pluspetrol Resources agrees to acquire LSC Lithium
Pluspetrol Resources has entered an arrangement agreement to acquire LSC Lithium for C$111m. The transaction will involve the acquisition of all the issued and outstanding common shares of LSC for C$0.6612 per share. LSC has also agreed to pay approximately C$4.48m to Pluspetrol in the event of termination of the arrangement agreement.
Source: New York Times
Epiroc completes acquisition of Fordia
Epiroc has completed the acquisition of Canada-based mining equipment manufacturer Fordia for an undisclosed price. Fordia will become part of Epiroc’s Rock Drilling Tools division. Based in Sweden, Epiroc is an industrial company focused on manufacturing mining and infrastructure equipment. Fordia has sales in over 70 countries and provides exploration drilling tools such as diamond bits.
Source: Science Alert
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