Rio Tinto and Ivanhoe Mines Ltd. have signed an agreement under which Rio Tinto has agreed to support and provide certain elements of a comprehensive funding package for Ivanhoe that will underpin the development of the Oyu Tolgoi copper/gold mine in Mongolia, Rio Tinto said this morning. The parties also have agreed that Rio Tinto,...
The Phase 2 expansion at the Tenke Fungurume copper/cobalt mine in Democratic Republic of Congo is advancing on schedule and budget, minority partner Lundin Mining Corp. reported yesterday. The company also said that proven and probable mineral reserves reported at year-end 2011 increased to 155.7 million tonnes grading 2.8% copper and 0.3% cobalt. Previous numbers...
By acquiring shares from third parties, Rio Tinto has become majority owner of Ivanhoe Mines Ltd., which in turn is majority owner of the Oyu Tolgoi copper/gold project in Mongolia. Rio Tinto’s stake in the Canadian firm is now 51%, it reported this morning. “Rio Tinto’s move to a majority stake in Ivanhoe further...
Mining and processing at its Mt. Sinivit operation in New Guinea has temporarily been halted, New Guinea Gold Corp. said this morning. Representatives of the Wild Dog Mining Area Landowner Association (WDMALA) and Lulai Nakama Association have occupied the mine-site and thus forced its temporary closure. All staff have been stood down safely and...
Centerra Gold Inc. reported this morning that the transfer of diesel fuel and other supplies from the Kumtor marshalling yard to the mine has resumed after the voluntary lifting of the previously announced roadblock. The marshalling yard is in the town of Balykchy in the Issyk-Kul Region of the Kyrgyz Republic and is approximately 270...
Transfer of diesel fuel and other supplies from the Kumtor marshalling yard to the Kumtor gold mine has been interrupted due to an illegal roadblock, Centerra Gold Inc. reported this morning. The marshalling yard is located in the town of Balykchy in the Issyk-Kul Region of the Kyrgyz Republic and is some 270 kilometers...
Gold demand in 3Q11 reached 1,053.9 tonnes, an increase of 6% compared to the same period last year. This equates to $57.7 billion , an all-time high in value terms, the World Gold Council reported this morning. According to the Council’s Gold Demand Trends report for 3Q, also released today, this increase was driven...
Freeport-McMoRan Copper & Gold Inc. said this morning that its PT Freeport Indonesia subsidiary is continuing to seek a mutually acceptable resolution to the ongoing labor strike at its Grasberg mining complex which began Sept. 15. The Phoenix-based company said it is following the established Indonesian legal process, including pursuit of a resolution through...
Early last week, Ivanhoe Mines Ltd. issued a press release stating it believed the government of Mongolia was happy with the deal it got on the giant Oyu Tolgoi copper/gold mine, despite some buzz that it would be asking more from its Canadian partner and thus from Rio Tinto as well. On Monday, the...
Ivanhoe Mines Ltd. said this morning that expects the Mongolian government to continue to support the existing deal of the nation’s ownership interest in the giant Oyu Tolgoi copper/gold mine project rather than accelerating its buy-in. The company also reported that the schedule for supply of interim electric power for the mine in on...
