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REGIONAL ROUNDUP LATIN AMERICA

BHP/Vale pay for Brazil disaster

Brazil’s government said it may fine mining The apologies, however, are not doing ficials have determined a cause for the rup-
giants BHP Billiton Ltd and Vale SA for the much to calm nerves. More than 500 peo- tures, though Samarco acknowledged that
“environmental catastrophe” caused by rup- ple remain displaced because of destroyed workers, 13 of whom were washed away by
tured dams at an iron ore mine jointly owned homes, and recovery crews are slogging the torrent, were engaged in an expansion
by the companies in a south-eastern state. through nearly 100km of mud-caked flood- of the first dam when it burst. The work was
plain in a search for more victims. necessary because of increased output at the
The Government is increasingly concerned mine.
over the rising death toll and contaminated Fernando Pimentel, the governor of Minas
mud flowing through two states as a result of Gerais, said the companies were not doing A state prosecutor said investigators were
the disaster. It is studying the mine’s permits enough to address the problems caused by probing reports that Vale contributed to high-
and will ensure the owners pay for cleanup the disaster, including the interruption of wa- er water volumes behind the dam by sending
costs, Environment Minister Izabella Teixeira ter service for hundreds of thousands of resi- waste from one of its nearby mines to Sa-
said in Brasília, the capital. dents downstream. marco’s tailings pond. When a reporter asked
about the reports at the news conference, the
“If federal fines are applicable, we will ap- Water from the dams that burst contained executives did not answer.
ply them,” Teixeira told reporters. “There will mining residue known as tailings.
be punishment, and under Brazilian law the The disaster has become a public rela-
environment has to be repaired.” “Samarco, to blame for all of this, will have tions, regulatory and financial nightmare for
to make a greater effort,” Pimentel told re- the companies. Politicians, environmentalists
Her remarks are the strongest yet from the porters in Governador Valadares, a city of and residents are calling for tougher rules on
Government, which was caught off-guard by 300,000 residents that is now having its water the mining industry, which employs hundreds
a disaster that killed at least nine people and trucked in. of thousands of people and is a major source
left at least another 21 missing in the mineral- of export revenue.
rich state of Minas Gerais in early November. President Dilma Rousseff believes the min-
ing companies must pay for the clean up of In addition to the financial costs due to
The warning came as the chief executives devastated and flooded villages and the res- lost output and repairs at the mine, which ac-
of Australia-based BHP Billiton, the world’s toration of water supplies, a presidential aide counts for about 10% of Brazil’s iron ore ex-
largest mining company, and Brazil’s Vale, the said. ports, BHP Billiton and Vale are expected to
world’s biggest iron ore miner, took responsi- face steep fines as well as lawsuits at a time
bility for the disaster. The Brazilian leader telephoned Ferreira when iron ore prices are at their lowest point
and Mackenzie, Brazil’s national integration in a decade.
After surveying the devastated area to- minister Gilberto Occhi told reporters.
gether, BHP Billiton chief executive Andrew A person familiar with the insurance frame-
Mackenzie and Vale chief executive Murilo Known for her harsh reprimands of oppo- work around the mine said that the disaster
Ferreira told a news conference their compa- nents and subordinates, Rousseff told the could trigger $US600 million in insurance
nies would meet all their obligations as joint chief exectuives that she expected Vale and claims.
owners of the mine, which is formally run by BHP Billiton to cover all environmental and re-
Samarco Mineração SA. construction costs as well as pay compensa- In response to the growing public criticism,
tion to displaced families. Vale on said it had “supported Samarco since
They said BHP Billiton and Vale would cre- the first day” of the disaster and had provided
ate a joint fund for the recovery costs, but The conversation was “tough”, a presiden- 100 employees, helicopters, fuel and vehicles
added that it was too soon to calculate how tial press aide told Reuters. To reinforce her to the recovery effort. Ferreira said he did not
much would be needed. They also reaffirmed message, Rousseff asked her chief of staff, see the need to publicise his first visit to the
their long-term commitment to the joint ven- Jaques Wagner, to meet with the companies’ area because he did not want to speak on be-
ture. executives. half of Samarco.

“We are 100% committed to do everything Mackenzie flew to Brazil in November as The mine employs about 1,800 workers,
we can do to support Samarco and make this Ferreira came under increasing fire from local most of whom are now on paid leave as op-
right,” Mackenzie said. “We are deeply sorry authorities, residents and media for what many erations have been halted.
for everyone who has or will suffer for this ter- saw as a laconic response to one of the South
rible tragedy.” American nation’s worst mining disasters. – Reuters

Neither the companies nor Brazilian of-

BHP Billiton reviews South American JVs

BHP Billiton Ltd said it was reviewing two at Antamina and Cerrejón,” BHP Billiton chief Cerrejón in Colombia, one of the world’s
other mining JVs, in Peru and Colombia, executive Andrew Mackenzie told a confer- largest open pit coal mines, is owned equally
following a dam disaster at an iron ore mine in ence call. by BHP Billiton, Anglo American plc and Glen-
Brazil, which it jointly owns with Vale SA. core.
BHP Billiton has two types of JVs where
BHP Billiton told analysts and investors it it does not operate the mines, he added, ac- Brazil’s president slapped preliminary fines
was examining the structures of its Cerrejón cording to a transcript of his comments re- of $US65 million against Samarco, and Brazil-
coal JV in Colombia and its Antamina copper/ leased by the company. ian federal prosecutors also announced plans
zinc JV in Peru after the Brazil disaster. to work with state prosecutors to investigate
Under some ventures, mostly in its petro- possible crimes that could have contributed to
Two dams collapsed on November 5 in leum business, another party is the operator, the disaster.
south-east Brazil, killing nine people and coat- while in Samarco, Cerrejón and Antamina,
ing a two-state area with mud and mine waste. there is a standalone company that is jointly So far there have been nine deaths, BHP
owned. Billiton said on November 13, citing Samarco.
The Brazilian mine is owned and operated State authorities said at least 21 people were
by Samarco Mineração SA, a JV of Anglo- “That (second type) is the kind of arrange- still missing and most were likely buried in the
Australian BHP Billiton and Brazil’s Vale. ment we need to review and have been re- heavy trail of sediment that was disgorged
viewing, to be honest, to decide ... whether when the dams burst.
“We will look into, for our own benefit ... a more petroleum-type model might be more
the arrangements that we have at Samarco appropriate in the future.” – Eric Onstad, Reuters
which mirror similar arrangements we have

PAGE 102 DECEMBER 2015 - JANUARY 2016 AUSTRALIA’S PAYDIRT

SAVE THE DATE!

LATIN

AMERICA

17-18 May 2016, Perth

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for Australian-Latin American relations, showcasing the very best of this growing relationship.The 2016 event will bring

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The two-day conference will provide prime opportunity for governments, companies, service providers,

media and investors to network and share their stories and experiences of operating in one of
the world’s premier mining investment regions.

www.latinamericadownunder.com

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REGIONAL ROUNDUP

Chile continues to
court Australians

Chile remains Australian companies’ “To overcome these challenge we are
most welcoming gateway to Latin
America, according to the head of a re- very interested in attracting the capa-
cent Chilean government delegation to
Australia. bilities of Australian METS companies

As the world’s largest copper produc- to Chile.”
er, Chile is a first-world mining indus-
try but Vice Minister of Mining, Ignacio The two objectives may appear con-
Moreno, told Paydirt Australian compa-
nies would find it an ideal springboard trary but Moreno believes the prize on
from which to launch any South Ameri-
can expansion. offer is so large that both Chilean and

“We want to promote Chile as a plat- Australian companies can enjoy growth.
form for Australian companies in South
America,” Moreno said. “It is the best “If possible, we would like to investi-
bet for Australian companies and the
best entry point to the entire continent. gate synergies between Australian and
The country has very good investment
rules and stability. Our legal invest- Chilean METS companies,” he said.
ment framework doesn’t discriminate
between foreign and local investors, “I think the South American market is
or between public and private inves-
tors. Codelco [the state copper mining huge and there is room for everyone.
company] is treated in the same way
as private investors. So, there are ad- More than competition, we are looking
vantages for Australian companies and
Chile should be seen as a platform for for alliances.”
wider South America.”
That would include building a Chilean
Australian mining’s presence in Latin
America has increased in the last dec- presence in Australia, he said.
ade as junior explorers become more
aware of the region’s potential and the “It is important to show Chilean inter-
opportunities still available. However, it
is the country’s METS companies which est in Australia and have a permanent
have led the charge with many now es-
tablished in Santiago or Lima, capital of relationship because Australians are
Peru.
very active in Chile.”
Moreno said the purpose of his visit
was to encourage more Australian Both countries recently signed on to
METS companies to enter
Chile and also learn from the Trans Pacific Partnership (TPP) but
them and the Australian Gov-
ernment about what it takes like his Australian counterparts, Moreno
to develop a strong METS
sector. is still unsure as to what affect the free

“In Chile, we have been trade agreement would have on the
working on the METS sec-
tor for 10 years and we are mining and METS sectors.
interested to look at what
Australia is doing and also “We hope the TPP will have a posi-
put out an invitation to METS
companies,” he said. “There tive affect but Chile only signed a few
is $US74 billion in the mining
portfolio in the next 10 years months ago and as a mining ministry
and we expect more than
half of those projects to be we don’t yet have a clear agenda. We
developed. But we need the
best capabilities to develop are building that with the foreign office
them because we face chal-
lenges; especially regarding now and so should have a position in
energy, water issues, tailings
management, etc. the next few months.”

While the METS sector provides the

Australian companies would find Chile an ideal springboard from strongest engagement between Chile
which to launch any South American expansion, according to a and Australia, project investment is also
government official increasing with a new generation of
Australian junior miners and explores,

led by Hot Chili Ltd, achiev-

ing success in Chile.

This comes despite

Chile’s copper landscape

generally being dominated

by the world’s majors. Ac-

cording to data from SNL

Metals & Mining, Chile’s

2014 exploration budget of

$US594.4 million places it

fifth on a global level. How-

ever, while majors account-

ed for $US427 million of the

country’s copper explora-

tion, the contribution of jun-

iors was only $US47.2 mil-

lion. By comparison, juniors

accounted for $US606.5 mil-

lion of Australia’s $US1.25

billion exploration budget in

2014.

Chile boasts a mining portfolio worth $US74 billion, with half of the projects Moreno said the Chilean

expected to be developed in the next 10 years Government was conscious

PAGE 104 DECEMBER 2015 - JANUARY 2016 AUSTRALIA’S PAYDIRT

LATIN AMERICA

of the role juniors could The copper indus-

play in generating the try’s contribution to GDP

next wave of discovery, stands at around 10% and

particularly at a time the recent fall in commod-

when exploration spend- ity prices has led to re-

ing was on the wane, and duced revenues flowing to

said it was considering public coffers.

ways it could encourage Bachelet established a

them. sovereign wealth fund in

“Investment in explo- 2007 which accumulates

ration is crucial for the surpluses which are above

condition of the mining 1% GDP, meaning Chile

sector and we are con- still finds itself in a healthy

cerned because explo- position.

ration budgets have de- In October, the Govern-

creased,” Moreno said. ment announced it would

“We believe one reason give Codelco – the world’s

for this is the decline largest copper miner –

in the copper price but “We want to hear from Australian $US600 million to support
there may also be partic- juniors what we need to resolve its investment plans.
ular situations in Chile that need and how we can improve public policy “Taking into account Codel-
to be resolved. We want to hear co’s updated 2014-2018 busi-
from Australian juniors what we to encourage exploration. ness and development plan, the
need to resolve and how we can company’s plans to adapt its in-
improve public policy to encour- vestments to fit the current eco-
age exploration.” nomic scenario and its efforts
to rein in costs, a decision was
The availability of land has made to give Codelco a capital
already been raised among the

many TSX-listed juniors active injection that will allow it to main-

in Chile and Moreno said the Government reform is only related to other sectors.” tain its healthy financial standing,” the Minis-

was looking at ways it could counter the prob- While even established mining jurisdictions try of Mines said in a statement.

lem. such as Australia have endured painful de- Codelco is re-examining its investment

Community relations remain another chal- bates around mining’s tax contribution but in plans in light of a sharp drop in copper pric-

lenge for Chile, Australia and the global min- Chile – where royalties are 5% on copper – it es and has said it will delay some projects

ing industry. While Chile has not experienced is off the agenda. and redesign others. But it underscored that

the level of protest and clashes witnessed in “Tax reform is not really debated regards it would not abandon key projects it says it

Peru, Brazil or Ecuador, Moreno believes the the mining sector,” Moreno said. “We had that needs to keep production flowing.

issue remains a critical one to the industry. debate 10 years ago and changed the royalty It plans to invest up to $US22 billion over

“It is now a key factor in the success of a rate in 2004. A temporary levy was brought in the next several years, some $US3 billion less

project where perhaps it wasn’t 20 years ago,” following the 2010 earthquake but in the last than initially planned, to revamp ageing mines

he said. “This may be the most difficult chal- five years there has been no public debate and build new ones to counteract falling ore

lenge the global industry faces. Communities about the tax contribution of the mining sec- grades and maintain copper output.

are more organised and engaged and want tor. The Government understands the indus- “These funds, plus the September bond

to be involved from the genesis of a project. try is facing a difficult situation so we don’t feel issue, allow us to secure financing for this

We have a changing paradigm of the relation- the need to press the sector.” year and next year, considering our adjusted

ship and it is a very complex task for the investment plan,” chief executive Nelson

industry.” Pizarro said in October.

Chile is also facing complex tasks on The lowering of targets has also been

the wider domestic political front. On her seen in government. Moreno said the

re-election in 2013, President Michelle Government had revised its forecasts for

Bachelet identified education as a key copper after getting its 2015 predictions

plank of her reform agenda. wrong.

“We believe we have to face this “At the beginning of the year we had

structural reform because society has projections of $US3/lb copper price,”

changed in the last 20 years. We have to Moreno said. “Looking back that was too

calibrate public institutions to the new ex- optimistic and there has been a strong im-

pectations. The public education system pact on public funds because Codelco is

is poor and it is very important that we an important source of finance.

have a better, more democratic system “We are actually optimistic for the

for the future. We must also improve pro- medium-term outlook,” he said. “I think

ductivity and the way to do that is through we may have a difficult 2016, but things

education. Chile is losing talent and so look positive for 2017 and 2018. Some of

closing the education gap is a win-win for the majors are cutting production around

the country and industry.” the world next year, and that could take

To fund the education reform, the Gov- as much as 300,000t out of the copper

ernment has also launched tax reform market.

but unlike other countries has not been “We think a price for 2017 of about

tempted to lean on the mining sector for $US2.80/lb will be positive for the indus-

greater contributions. try.”

“In the mining sector, there will be no – Dominic Piper
structural change or changes in mining

tax or royalties,” Moreno said. “The tax Chile is already proving a gateway to Latin America

AUSTRALIA’S PAYDIRT DECEMBER 2015 - JANUARY 2016 PAGE 105

REGIONAL ROUNDUP

Manas settles in Kyrgyz

Manas Resources Ltd may At AISC of $400/oz gold production, Shambesai is unrivalled on the ASX as a low-cost project
have one of the lowest op-
erating cost, ready-to-develop, Total average costs for Manas’ Shambesai design mean it is not really that sensitive to
gold assets of any listed ASX project, including capital is $US720/oz, based gold price at all, it is more funding for the pro-
company, but with sentiment on a life-of-mine (about 4.5 years) gold price ject and sentiment helps with that of course. It
for juniors languishing, com- of $US1,300/oz. is getting financiers on board in a low political
ing up with project financing risk jurisdiction and getting funding in place.”
remains a problem. Given the downward trajectory of the yel-
low metal, Manas saw it prudent to rework the Pit re-optimisation work and project sched-
At less than $US1,100/oz, design of the Shambesai open pit. uling has also resulted in a heavy reduction in
the gold price wasn’t flatter- pre-production capital estimates from $US41
ing at the time of print and with Initial results have demonstrated reducing million to $US30 million, with total capital
uncertainty on which way gold the pit size by a total volume of 50% would costs now $US44 million down from the BFS
was headed, investors can’t be result in only a 15% reduction in the gold re- estimate of $US48 million.
blamed for not digging deep to source contained in the pit.
fund projects, particularly in China, Russia and Kazakhstan have shown
relatively unknown jurisdic- In February, Manas was working with an in- a penchant for investing in Kyrgyz, while Euro-
tions such as the Kyrgyz Re- pit resource of 2.4mt @ 3.71 g/t for 289,100/oz pean investors have also been enticed by the
public. which had been optimised to 1.83mt @ 4.18 cheap cost of doing business in the country.
g/t for 246,400oz in October.
However, if investors were Calderwood said project funding could
prepared to look closer at “We are looking at the smaller pits and come from these markets plus boutique bank-
places like the former Soviet scheduling around that. It is a highly profitable ing firms and private equity groups.
state, chances are they may operation anyway; it is in the bottom quartile
well think twice about pursuing opportunities of world projects and probably in the bottom “It is fully approved and ready to go, con-
in such countries. 10% in terms of projects around the world. It is struction is expected to be quick, about 12
very low and we have a good chance to drive months and the pay back [10 months] very
“There’s a lag of perception on political risk it even lower because of the cost of opera- rapid also,” Calderwood said.
and in the case of Kyrgyz that lag is too long,” tions and capital costs as well,” Calderwood
Manas executive chairman Mark Calderwood said. BFS numbers indicated a project running
told Paydirt. at 550,000 tpa for 55,000 ozpa gold over 4.5
“It is not dependent on gold prices at all. years, with life-of-mine cash flow after tax and
“There is quite a negative perception about AISC costs of $US400 or lower with the pit royalties of $US138 million.
Kyrgyz, but in country it operates quite well
and it will improve. It sits on one of the richest The BFS was carried out in 2013 at a gold
gold belts in the world and there is not a lot of price of $US1,500/oz, which was re-worked at
work being done, so there is a lot of potential $US1,300/oz to deliver the estimates above.
there.”
However, with contracting, equipment and
Boosting the country’s prospects of attract- fuel costs trending downwards, Manas is re-
ing potential investment dollars was the suc- viewing capital and operating costs again and
cessful running of national elections in Octo- expects to update the market in the Decem-
ber 2015. ber quarter.

It was the second election since the Bakiev Meanwhile, a PFS has started on potential
Government was overthrown in 2010, with underground ore, within 120m vertically and
SDPK claiming power with the highest num- 170m laterally of the pit.
ber of votes required for entry into parliament
and first rights to form a coalition government. Measured and indicated underground re-
sources are 660,000t @ 5.9 g/t for 124,700oz,
Joining SDPK, led by Prime Minister Temir including 390,000t @ 3.6 g/t gold (oxide) and
Sariev, to form government are the Kyr- a sulphide resource of 270,000t @ 9.2 g/t.
gyzstan, Ata-Meken and Onuguu-Progress
parties. – Mark Andrews

Importantly for the resources sector, there Mark Calderwood
has been no change in the heads of parlia-
mentary committee on subsoil (mining) issues
and State Agency for Geology and Mineral
Resources.

“After the ousting of the president five years
ago they have had a couple of democratic
elections which have functioned well and
shows the political climate is maturing. They
are pro mining, as mining is a key part of their
economy which will help us along quite a bit,”
Calderwood said.

“People want stability and the Government
for the last five years has been pretty good
and stable.”

Politically, Kyrgyz seems as good as any
country to be launching a mining business,
especially one touted to produce gold at aver-
age operating cash costs of $US416/oz over
life-of-mine.

PAGE 106 DECEMBER 2015 - JANUARY 2016 AUSTRALIA’S PAYDIRT

ASIA

Resource in sight for Geopacific

It appears nothing can stop the recent drilling campaign at 117.
Cambodian junior juggernaut At present, Heeks didn’t ex-

that is Geopacific Resources pect Prospect 117 to add a great

Ltd. volume to Kou Sa’s resource,

Once considered a bou- but he said that might change

tique junior of sorts, Geopacific with time.

steadily built a long list of in- “I would expect it to build rath-

triguing copper-gold intersects er rapidly once we start drilling

from its flagship Kou Sa project more holes into it,” Heeks said.

before announcing itself to the “A lot of our older holes, just

market in a big way with a $23 because of their orientation,

million placement and fully un- have either missed mineralisa-

derwritten rights issue in July, tion or hit the zone multiple times

a monumental amount for a in close proximity. Once you go

junior amid the current market from the old orientation to the

malaise. new orientation it will improve.”

The company has been put- Geopacific also strength-

ting that money to good use, ened the credibility of its most

targeting Kou Sa’s most promis- advanced target, Prospect 150,

ing 160, 150 and 117 prospects just last month.

with an eye to developing the RC holes targeting near-sur-

project’s maiden resource by Geopacific is chasing a potential feeder zone at Prospect 150 face expression of a potential

early 2016. feeder zone lying on the western

Extensional drilling at Prospect 160 iden- good look at what was going on and conclud- margin of known mineralisation returned hits

tified an extremely thick zone of copper sul- ed that 117 actually had three parallel north- of 17m @ 12.38% copper equivalent, 5m @

phide mineralisation and Geopacific’s first south zones, which we’ve now put a couple 2.28% from 53m and 9m @ 1.81% from 8m.

deep hole into the zone intercepted a 28m of holes through at a different angle. We’ve Diamond holes targeting deeper miner-

wide copper-rich zone close to surface. had some quite high hits there, but we haven’t alisation intersected 4.6m @ 4.76% copper

The hole ended in mineralisation, when been able to join anything together. equivalent from 87m and 5.3m @ 3.52% from

drilling conditions caused the hole to collapse, “Now that we’ve got a reinterpretation that 83.7m.

but the company was still able to salvage as- we can work with, it’s going to allow us to Heeks said the drilling extended 150 further

says of 28m @ 3.37% copper and 5.43 g/t sil- move 117 into our resource calculations for to the west, which would enhance the eco-

ver, including 16m @ 5.08% copper and 7.5 the first time. But it also allows us to target nomics of the project.

g/t silver. holes a hell of a lot better. We looked at this “We believe we’ve intercepted the top of the

Managing director Ron Heeks said Geopa- for about six months, wondering where to drill feeder zone that may have provided a path-

cific believed Prospect 160’s thicker zone was and what was going on. Once you know what way for the mineralisation forming the shal-

now estimated to be more than 40m wide. is going on, it makes it a lot easier to know low dipping mineralisation lying to the east of

“The top of the 40m thick zone is only 40m where to drill.” Prospect 150,” he said.

from surface and dips at a shallow angle of 30 That clarity helped Geopacific achieve in- “Understanding the source of the minerali-

degrees to the north-west,” he said. tercepts of 11.9m @ 2.27% copper equivalent sation will assist us in identifying repetitions at

At the time of print, Geopacific was drilling from 87m, including 5.5m @ 4.22% copper depth and along strike.”

80m deep pre-collars into the prospect, which equivalent from 87.9m, 2.1m @ 3.01% copper Heeks said the theme for the remainder of

Heeks said would be tailed with diamond drill- equivalent from 38.9m and 3.5m @ 1.88% 2015 was “to keep on drilling”.

ing at a later stage. copper equivalent from 21.9m during its most Geopacific’s focus would remain at pros-

“That will get us down pects 160 and 117, but it

there quicker,” he said. would also start formative

“Over the next few weeks work at its budding copper-

that will be the job, to chase gold Prospect 120 propo-

that thicker zone down to sition and continue wide-

the north-west and see what spread geophysics of Kou

goes on.” Sa’s land position.

Recent drilling coupled “We have a plan of tying

with new and re-interpreted all of that together in late

geophysics of Kou Sa’s Pros- January, starting resource

pect 117 has also reaped re- development and finalising

wards for Geopacific. where we are on the scop-

Heeks said the drilling and ing study,” Heeks said.

geophysics prompted a re- – Rhys Dickinson
evaluation of 117’s minerali-

sation model.

“For a long time we

thought we had east-west

zones,” Heeks said.

“I was never really com-

fortable with that theory and

then (exploration manager

Prayogo Hargyono) had a Geopacific has built impressive copper-gold intersects from its flagship Kou Sa project

AUSTRALIA’S PAYDIRT DECEMBER 2015 - JANUARY 2016 PAGE 107

REGIONAL ROUNDUP

Steady Cinovec readying
for lithium take-off

European Metals Holdings Ltd might ap- company in June and has since increased
pear to be taking a long time to drill out
its Cinovec lithium project, but things are its stake to approximately 12%.
happening quickly for the Czech Republic
developer. “I always thought we would dual-list

At the time of print, the company was the company on AIM, simply because of
about halfway through the first stage of
a 13-hole, 5,400m resource drilling pro- where the project is,” Coughlan said.
gramme at Cinovec, which managing
director Keith Coughlan said aimed to “That plan was accelerated when REM
convert a significant chunk of the project’s
inferred resource to an indicated status. and other key London-based investors be-

The drilling also sought to provide ad- came shareholders. Also, there seemed to
ditional core samples for further metal-
lurgical test work, which would contribute be a valuation mismatch between the ASX
to the finalisation of the project’s process
flow route and optimisation of Cinovec’s and other exchanges. Since we made the
entire metal chain recovery, which will
maximise the value of its key lithium, tin, decision to list on AIM our share price has
potash and tungsten products.
doubled. Part of that could just be improv-
Coughlan said the pace of the drilling
programme, which started in late August, ing the awareness. Some Aussie-listed
was more strategic than sluggish.
lithium companies have had a good run
“It’s going pretty slowly and that’s de-
liberate,” Coughlan told Paydirt. “We are at the same time which helps, but I think
drilling the first few holes, getting the infor-
mation together, doing the met work and people in the general investing community
then going back to do more drilling. That
will fit nicely with the season over there – are just starting to wake up to the lithium
we would rather not be drilling in January
or February.” sector and we are still very modestly val-

Coughlan hoped the completion of Ci- ued compared to all of our peers.
novec’s first few resource definition holes
would coincide with the receipt of the com- “The project is in Europe, so I would
pany’s first mini-plant results.
have only considered another European
On October 20, European Metals an-
nounced it had recovered 420kg of lithium listing, perhaps in Frankfurt, as the project
mica concentrate from Cinovec by way of
magnetic separation to test at Lithium Aus- is on the border of Germany. But I think
tralia NL’s mini-plant in Perth.
AIM is a better-known exchange and the
The bulk sample was ground to 1,200 mi-
cron and run through a high density dry mag- fact that we now have REM as investors, it
netic separator, producing concentrate aver-
aging 2.5% lithium carbonate. just makes sense.”

The concentrate was European Metals’ buoyant mood follow-
then ground to 80%, pass-
ing 30 micron, before pack- ing its stock price climb almost spilled into
aging and transport to Lithi-
um Australia. absolute euphoria following the release of
Lithium mica concentrate Citi’s Lithium: The Future is Electric report
The mini-plant run is de-
signed to produce lithium in October.
carbonate and by-products
on a continuous basis to “There seems to be a growing demand for The report foreshadowed a looming appre-
further refine process in-
puts and produce samples lithium hydroxide among some end-users,” ciation in lithium’s demand and spot price by
for market evaluation.
Coughlan said. 2017, as electric cars came to the fore and in-
Coughlan said it would
also investigate the viability “Tesla Motors, for example, is committed dustry and households require more lithium-
of producing lithium hydrox-
ide in addition to the battery to hydroxide. The agreement they have with powered products.
grade lithium carbonate Ci-
novec already produced. Bacanora Minerals [Ltd] is purely related to Most notably, the report concluded the an-

hydroxide. Lithium Australia has informed us ticipated gap in supply could not be satisfied

we can produce hydroxide from the lithium by existing producers.

carbonate. It’s not expensive to do so, but we “There seems to be a general consensus

just want to explore what it looks like straight that new players will need to come online in

through the processing plant and what that the next few years to fill this impending supply

does to Cinovec’s by-product credits. We just shortfall,” Coughlan said.

want to make sure we get the metallurgy on “It’s good to see bigger companies and

this project absolutely more credible research houses picking up on

right, because that will be it. That gives some comfort to what we per-

have a big impact on the sonally believe and some sort of credibility to

bottom line.” the business plan as well.”

European Metals ex- Coughlan said the completion of Cinovec’s

pects to receive the mini- current drilling programme would spur on the

plant results in the New PFS, which he expected to be ready for sub-

Year. mission late 2016.

Another significant de- “We anticipate a very good PFS and, in that

velopment in European case, we would look to raise further funds and

Metals’ story is its pending move straight to the next stage,” he said.

AIM listing. – Rhys Dickinson
Coughlan said the idea

was first pitched by its

major shareholder, Lon-

don-based Rare Earth

Minerals plc (REM), which

Keith Coughlan acquired 6.65% of the

PAGE 108 DECEMBER 2015 - JANUARY 2016 AUSTRALIA’S PAYDIRT

EUROPE

Dynamic Greenland approaches
major milestone

As Greenland Minerals and En- Greenland Minerals will begin the permitting process for Kvanefjeld in early 2016
ergy Ltd closes in on a major
milestone, managing director John tax project NPV is estimated at $US1.4 billion sometimes it’s important to be realistic in your
Mair can’t help but reflect on every- with an IRR of 21.8%. assumptions.”
thing his company has achieved in
the former Danish colony. Unit costs of $US8.56/kg for rare earth ox- Greenland Minerals has also completed
ides and $US5.77/lb for uranium oxides both concentrator and refinery pilot plant testing in
Greenland Minerals will be- feature in the lowest quartiles for their respec- the past year with encouraging results – none
gin the permitting process for its tive commodities. of which came as a surprise to Mair and his
Kvanefjeld rare earths and uranium team.
project in early 2016 after wrapping Greenland Minerals has since completed
up a robust feasibility study and a number of optimisation studies and cut High rare earth extractions of about 95%
finalising the ESIA documents re- $US118.3 million from the feasibility study were achieved from the refinery pilot plant
quired for a mining licence. capex estimate via proposed reductions to testing, exceeding the 77% assumption in the
blasting, excavation and haulage processes. feasibility study. Uranium extractions were
An official tick of approval from roughly in line with the 85% feasibility esti-
government regulators marks an important A proposal to consolidate the refinery and mate.
moment in not only the company’s short life concentrator plants in a single facility was
but in Greenland’s history, as the country’s also assessed and studies found the compa- Earlier concentrator piloting tests were
first major mining operation looms. ny could save $US2.12 million per year if the funded by EuRare, a collaborative European
scheme was to be adopted. research programme comprising a number of
In 2013, then-Greenland Prime Minister top academics and laboratories, while the re-
Aleqa Hammond moved to overturn a dec- “When it comes to feasibility studies, there finery plant testing was a co-funded arrange-
ades-long ban on uranium exploitation in the is always a component of optimisation that’s ment.
country, paving the way for Mair and his team required to some extent, but it’s not until you
to realise their dream of developing the 1.01bt take a step back from these long work pro- “Because we’re quite advanced on the met-
multi-element resource at Kvanefjeld. grammes to see how you can improve,” Mair allurgical front, we were able to provide bulk
said. sample material and a very confident flow-
Greenland Minerals listed on the ASX in sheet that we could then evaluate at a much
June 2006 and Mair described the past 12 “We looked to provide a comprehensive ini- larger scale,” Mair said.
months as a “critically important” period for tial overview of the capital cost of the project,
both the company and the country as a num- with the aim of continuing to improve that, but “It was a massive benefit to the company
ber of key work programmes concluded. to be able to complete successfully some re-
Greenland Minerals continues to look at optimisa- ally large-scale testwork with some excellent
“It’s important for people to understand that tion strategies in a bid to lower proposed collaboration partners and to have a lot of the
the backdrop to a lot of our progress in Green- production costs for Kvanefjeld costs covered as well.”
land has come during what has been a dy-
namic time for the country,” Mair told Paydirt. Sensing imminent lifts in both rare earths
and uranium prices, as well as investor confi-
“We’ve seen Greenland increase its inde- dence around Kvanefjeld as formal permitting
pendence from Denmark back in 2009, we’ve nears, Greenland Minerals rattled the tin in
seen Greenland interact with the world in a late 2015 and raised $3.1 million to keep the
more proactive manner as it looks to attract company funded for this next phase of work.
investment from large global economies for
resources in particular, but also infrastructure “We saw it fair and reasonable to offer two
as well. shareholders [the chance to participate] via
rights issue because at the end of the day we
“We’ve also seen some important progress just needed to improve our cash position a lit-
made to their regulatory system and that in- tle bit,” Mair said.
cludes having to increase their proficiency to
be able to handle radioactive materials and “We were very successful in doing that
[changes to] political requirements in order to against a very difficult market for rare earths
become a uranium-producing country. and uranium, but I think it shows we’ve got
some very strong supporters out there and
“In many respects, these elements have people recognise that this is a globally sig-
been tied to one individual project and I think nificant asset that is perfectly lined up for the
that underlines the real status Kvanefjeld will next phase.”
ultimately have because it’s a high profile pro-
ject for an emerging resources destination – Michael Washbourne
and a country that’s really trying to build its
mining profile.”

Greenland Minerals completed a feasibil-
ity study in mid-2015, confirming the project
could support production of 7,900 tpa of criti-
cal rare earth oxides and 512 tpa of uranium
oxide as well as by-products such as lantha-
num, cerium and zinc concentrate.

Developing Kvanefjeld carries an initial
capex of $US1.36 billion, including $US1.12
billion for all plant construction costs. Post-

AUSTRALIA’S PAYDIRT DECEMBER 2015 - JANUARY 2016 PAGE 109

SIGNED, SEALED AND DELIVERED

the rest of the world. The ‘Bentley Be Inspired’ award for innova-
tion in mining was presented to the global en-
The METS Industry Growth gineering firm in early November at the pres-
tigious Bentley Awards ceremony in London.
Centre will be one of five cen-
Tetra Tech was recognised for its 3D-mod-
tres established as part of the elling work at Kvanefjeld. The cold climate
development specialists were the main con-
Commonwealth Government’s tributing consultants for the $US1.36 billion
feasibility study.
Innovation and Competitive-
Alliance gears up to
ness Agenda. deliver Moose River

The Commonwealth Govern- Strategic alliance partners Ausenco Ltd
and Duro Felguera SA have executed a MoU
ment will provide $3.5 million with Atlantic Gold Corp to deliver the Moose
River Consolidated gold project in Nova Sco-
per year over four years to sup- tia, Canada.

port the operation of the new Ausenco and Duro Felguera will undertake
detailed engineering on the project and seek
centre, while the State Govern- fixed prices for a large portion of the $C137
million capex estimate.
ment will chip in an additional $6
Ausenco has been working on different as-
million, plus staffing support. pects of the project for the last six years.

“Having the centre here [in Monadelphous
continues contracting
Queensland] gives us access hot streak

Macmahon will take over open-pit mining and mobile equipment to millions of dollars of research Monadelphous Group Ltd has added an-
maintenance services at Telfer from February 2016 and development funding to de- other $150 million of contracts to its portfolio,
velop and commercialise ideas taking the total value of new and additional
work won by the prolific engineering company
New contractor takes from our METS sector and in since July past $600 million.
our universities,” State development minister
In South Australia, Monadelphous has
charge at Telfer Anthony Lynham said. been awarded a contract with Nyrstar Port
“This is about creating new business and Pirie Pty Ltd for the installation of structural,
mechanical and piping works at the Port Pirie
Macmahon Holdings Ltd will begin open-pit export opportunities and jobs in an area smelter. The contract is part of a transforma-
mining and mobile equipment maintenance where we already have a global reputation tion project to redevelop the smelter into an
services at the Telfer gold mine in Western and international markets. The growth cen- advanced multi-metals processing and recov-
ering facility.
Australia from February 2016. tre dovetails with our $180 million Advance
Newcrest Mining Ltd awarded the contract Queensland strategy designed to create the In Western Australia, the company’s main-
knowledge-based jobs of the future, drive tenance and industrial services division has
to Macmahon following a competitive tender productivity improvements and build on our
and due diligence process examining safety, natural advantages.”
experience and capabilities.
Queensland has more than 400 operating
Under the terms of the contract, Macmahon METS companies – more than any other Aus-
will provide a full scope of open-pit mining
tralian state – employing about 60,000 people
and bulk earthworks-related services, includ- and generating gross revenue of about $21
ing drill and blast, mining of waste materials, billion.
equipment hire and subcontractor manage-

ment.

Newcrest will provide diesel and explo-

Tetra Tech scoopssives.
The contract anticipates Macmahon will major international
move on average 35 mtpa of material from the prize
two open-pits, generating about $62 million in
annual revenue.

Macmahon’s capital investment is expected Tetra Tech Proteus has claimed an interna-

to be minimal since it will operate and main- tional award for its innovative work on Green-

tain Newcrest’s existing fleet of equipment. land Minerals and Energy Ltd’s Kvanefjeld

In a good period, Macmahon also secured rare earths and uranium project.

a $US170 million contract to provide mining

services at the Martabe gold mine in Indone-

sia for the next five years.

The contract, awarded by PT Agincourt Re-

sources, will be delivered in a 50-50 JV with

a leading Indonesian contractor. Work will be-

gin in January 2016.

Under the terms of the contract, the JV

will provide the full scope of mining and bulk

earthworks-related services, including drill

and blast, mining of waste materials, equip-

ment hire and subcontractor management.

The contract award also requires the place-

ment and compaction of material on the tail-

ings storage facility embankments as well as

pioneering works associated with access to

new open-pit mining areas.

New growth centre to Tetra Tech Proteus has been recognised for its 3D-modelling work
fire up Queensland on the Kvanefjeld project in Greenland

A new $20 million growth centre in Bris-
bane is tipped to help Queensland’s METS
sector commercialise and export its ideas to

PAGE 110 DECEMBER 2015 - JANUARY 2016 AUSTRALIA’S PAYDIRT

signed a new three-year contract for Australia’s major mining centres and
BP plc, covering the provision of capi-
tal works and maintenance events for as well as a manufacturing facility in
the Kwinana Refinery.
China.
Monadelphous has also signed
a 12-month extension to the Karra- Recent major contracts include the
tha Gas Plant services contract with
Woodside Petroleum Ltd for the pro- Cape Lambert rail and port expansion,
vision of maintenance and shutdown
services and a separate 12-month Glencore’s Ravensworth coal handling
extension to the maintenance services
contract at the Pluto LNG Project. and preparation plant, the Grosvenor/

Banding together to Moranbah CHPP upgrade for Anglo
reduce emissions
American Australia and the Whitehav-
GE and BHP Billiton Ltd have joined
forces to identify innovative solutions to meet en-Maules Creek coal project.
growing global demand for resources while
lowering greenhouse gas emissions. Murray Engineering managing di-

Both companies will evaluate their mining rector Craig Lindsay-Rae said the un-
operations in a concerted effort to maximise
efficiency and optimise energy flows by shar- ion brought together “two like-minded
ing best practice outcomes to improve sector-
wide economic and environmental perfor- companies that will deliver significant
mance.
strategic benefits” for employees and a
The partnership falls under GE’s ecomagi-
nation strategy, which aims to solve global Hampton Transport Services is mining the Castlereagh and combined customer base.
water and energy challenges in economically
sound ways. Jackorite open pits for Excelsior Gold at Kalgoorlie North

GE’s ecomagination initiative was first Under an ore treatment agreement with Qube wins rights to
launched in 2005.
Norton Gold Fields Ltd, a minimum of 500,000 haul Nullagine ore
Magnis makes move on tpa and up to 650,000 tpa from Kalgoorlie
Nachu development
North will be processed at the Paddington mill Pilbara miner BC Iron Ltd has awarded a
Magnis Resources Ltd has signed a MoU over five years. road haulage contract to Qube Bulk Pty Ltd, a
with South Korean-based POSCO E&C out- subsidiary of Qube Holdings Ltd.
lining the basis for co-operation on the pro- Excelsior will review contract extensions to
curement of funding and construction of the cover the mining of other deposits, such as Qube began hauling product from the Nul-
Nachu graphite project in Tanzania. the large Bulletin South open pit, prior to the lagine JV on the operation’s private haul road
scheduled start of mining in 2018. on December 1 following the expiry of the pre-
Under the terms of the agreement, POSCO vious road haulage contract.
is mandated for arranging senior loans Meanwhile, clearing of the 20km haul road
through its associations with financial institu- connecting Excelsior’s open pit deposits to The two-year contract includes an option
tions and will develop a fixed price lump sum the Paddington mill is advancing following the to extend for an additional 12 months at the
for project execution by Q2 2016. award of a construction contract to McAleese discretion of BC Iron (75%) and Nullagine JV
Resource Pty Ltd in late October. partner Fortescue Metals Group Ltd (25%).
Magnis will be responsible for arranging
subordinate debt and equity and the overall BC Iron said the new contract would deliver
co-ordination of project funding as well as up-
dating the resource/reserve definition and a Murray Engineering significant operational savings, with total road
feasibility study to the satisfaction of the lend- acquires SRO Group haulage costs – including fuel and haulage-
ers. related overheads – expected to decrease by
up to 35%.
The graphite hopeful will also advance the
construction contract in parallel to the funding Murray Engineering Pty Ltd has expanded Estimated C1 cash costs of $42-45/wmt for
process.
its service offerings following the acquisition the Nullagine JV in FY16 assumed a certain

of engineering specialists SRO Group Pty Ltd. level of savings would be achieved from the

The acquisition of the Newcastle-based award of the contract to Qube and BC Iron

SRO is expected to generate combined annu- will advise the market if there is any change

al revenues of about $75 million and employ to this guidance following a cost management

more than 230 people in Australia and China. review.

SRO has been operating since 2005 in

Hampton starts digging Qube Holdings will haul ore from the Nullagine JV for BC Iron and Fortescue for the next two years
at Kalgoorlie North

Excelsior Gold Ltd has awarded an open-
pit mining contract to Hampton Transport Ser-
vices Ltd.

Mining of the Castlereagh and Jackorite
open pits within Excelsior’s Kalgoorlie North
gold project began last month. These two pits,
along with Big Blow South and Zoroastrian
Central, are expected to provide 1.36mt @ 2
g/t gold for treatment at the Paddington mill
until mid-2018.

AUSTRALIA’S PAYDIRT DECEMBER 2015 - JANUARY 2016 PAGE 111

COMINGS AND GOINGS

Milan Jerkovic Brisbane-based company that is Plymouth Minerals Ltd has pany secretarial and corporate
commercialising novel minerals appointed Eric Lilford as its advisory services to a number of
Blackham Resources Ltd has processing technology. He was chief operating officer for Africa. ASX and AIM listed companies.
appointed Milan Jerkovic as previously the founder and man- Lilford has more than 25 years’
chairman. Jerkovic is currently aging director of Rockwell Miner- experience in global operating Scott Huffadine has resigned
chairman of Geopacific Resourc- als Pty Ltd, which merged with roles, consulting and investment as managing director of
es Ltd and is a principal of spe- Elementos in 2013. banking. He was previously part- Kingsrose Mining Ltd. Huffadine
cialist mining firm, Xavier Group. ner, corporate finance and na- played a central role in securing
He was chief executive of Straits RungePincockMinarco Ltd tional head of mining for Deloitte the final permits for the compa-
Resources Ltd and has previ- chief executive and manag- Touche Tohmatsu. ny’s Talang Santo project, paving
ously held positions at WMC Re- ing director Richard Matthews the way for the start of production
sources Ltd, BHP Billiton Ltd and has been appointed as director of Rob Reynolds and Peter Ni- in July 2014. Huffadine will work
Nord Pacific Ltd. the Mining Equipment, Technol- cholson have resigned as di- with the company’s board and
ogy and Services (METS) Growth rectors of Global Geoscience Ltd. management in a hand over ca-
Stonewall Resources Ltd has Centre. The METS Growth Cen- Reynolds has also stepped down pacity until the end of January.
appointed George Jenkins as tre is an industry-led, govern- from his role as chairman of the
chief executive for the company’s ment-funded initiative that forms company. Reynolds worked for Gindalbie Metals Ltd has ap-
wholly-owned South African sub- part of the Federal Government’s Global Geoscience for more than pointed Chris Stevens as its
sidiary, Stonewall Mining Pty Ltd. innovation and competitiveness eight years and Nicholson was a new business development man-
Jenkins was most recently chief agenda. Matthews’ appointment founding shareholder of Global ager. He will also assume the role
operating officer for Australian is for a period of two years. Geoscience. Barnaby Egerton- of acting chief executive for six
unlisted company, Aard Metals Warburton and Gabriel Chiappini months following the death of Mi-
and has previously worked for Richard Matthews have been appointed as direc- chael O’Neill. Stevens was most
JCI, Vale Australia and AMCOAL. tors of the company following the recently PwC’s West Australian
Crossland Strategic Metals Ltd pair’s resignations. mining consulting leader and pri-
Atrum Coal NL has appointed has appointed Eric Vesel as or to that was Asia Iron’s general
Ann Marie Hann as vice pres- a non-executive director. Vesel Cardinal Resources Ltd has manager, commercial.
ident, external relations. Hann was formerly Avocet Mining plc’s appointed Mark Connelly as
previously served as president chief operating officer and was non-executive chairman. Connel- Bruno Seneque
of two national natural resource responsible for its development ly is the former managing director
industry associations, including of the Penjom gold mine in Ma- and chief executive of Papillion Tyranna Resources Ltd has
the Coal Association of Canada. laysia and North Lanut gold mine Resources and was previously appointed Bruno Seneque as
She was also formerly the Gov- in Indonesia. He is currently a Endeavour Mining Corporation’s its managing director. Seneque
ernment of Newfoundland and mining consultant and business chief operating officer. Connelly was previously managing direc-
Labrador’s Deputy Minister of En- advisor based in Kuala Lumpur. replaces Alex Pismiris, who re- tor of Fox Resources Ltd, which
vironment and Labour and presi- signed from the board. operated Karratha’s Radio Hill
dent of the Workers’ Compensa- Black Ridge Mining NL has ap- nickel-copper mine. Ian Finch
tion Boards of Canada. pointed company secretary Lia Darby has resigned as has resigned as Tyranna’s chief
Graeme Smith to its board of a non-executive director of executive to take up the position
Ann Marie Hann directors. Smith is a principal at Global Metals Exploration NL. of non-executive chairman.
FinLaw Corporate Services and Darby was a founding director of
Elementos Ltd has appointed currently holds a range of chief fi- the company and has also held Venturex Resources Ltd has
Christopher Dunks as a nancial officer and company sec- the roles of chairman and man- appointed John Nitschke
non-executive director. Dunks retary roles with numerous min- aging director. She has stepped as its new managing direc-
is currently managing direc- ing and resources companies. He down to focus on other interests, tor. Nitschke was previously an
tor of Synergen Met Pty Ltd, a is also a director of Anglo Austral- including her directorship of Con- executive general manager of
ian Resources NL. dor Blanco Mines Ltd. Darby will projects and technical services
be replaced on the board by com- for Oz Minerals Ltd, Oxiana Ltd,
Carbine Resources Ltd has pany secretary, Keith Bowker. Newmont Australia Pacific and
appointed Terry Moylan as the Normandy Group.
chief operating officer. Moylan Sheffield Resources Ltd has
will oversee the progressions of appointed Bruce McFadzean Energy Resources of Australia
Carbine’s Mount Morgan gold as managing director. Mc- Ltd has appointed Peter Man-
and copper project through final Fadzean’s appointment triggered sell, Shane Charles and Paul
feasibility and mine construction a board restructure, with previous Dowd as independent non-exec-
activities. Moylan was previously managing director Bruce McQuit- utive directors of the company.
the general manager of projects ty transitioning to a non-executive
and business development for director role while former execu-
Norton Gold Fields Ltd. tive chairman Will Burbury will
become Sheffield’s non-execu-
tive chairman. Meanwhile, Jim
Netterfield has been appointed
project manager for the Thunder-
bird mineral sands project. Net-
terfield will take responsibility for
delivering Thunderbird’s DFS.

Horseshoe Metals Ltd has
appointed Shannon Coates
as company secretary following
the resignation of Neil Marston.
Coates currently provides com-

PAGE 112 DECEMBER 2015 - JANUARY 2016 AUSTRALIA’S PAYDIRT

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LEFTFIELD

On your bike Australia

When Australia’s donated bikes in its the Bicycle Empowerment Network will use its
Mining Indaba Perth workshop and contents to establish a business venture in the
Cape Flats. Eight of B4H’s containers have
delegates land in send them to commu- gone to Namibia but such was the success of
the first South African shipment to a remote
Cape Town in Febru- nities in Africa through community in KwaZulu-Natal, the group has
expanded its presence in the Rainbow Nation.
ary, they may realise the Bicycle Empower-
“A contact at a London-based NGO thought
their old bikes have ment Network for use B4H was a great idea and got in touch with
us,” Tucker said. “They had seen lots of sec-
beaten them there in communities. ondary school students walking more than
2km each way to school so the idea of having
after Perth charity Bi- “It is not just a load a bike was a brilliant one. Kids received them
based on their community effort.”
cycles for Humanity’s of old bikes being
Organised entirely by volunteers, B4H has
recent container ship- done up and given received corporate support from the likes
of KPMG, Woodside Petroleum Ltd, Iluka
ment to the city. to people,” Tucker Resources Ltd, AngloGold Ashanti Ltd and
B2Gold Corp but Tucker said the group con-
Bicycles for Hu- told Paydirt. “We are tinued to survive by the effort of volunteers.

manity Perth (B4H) – shipping all the equip- For more information on Bicycles for Hu-
manity Perth, please visit www.bicyclesforhu-
established by former ment needed to set up manity/perth

Barrick Australia ex- an entire bike shop

ecutive David Tucker business in the com-

– has sent 10 con- munities. It gives peo-

tainers full of bikes to Foreign Minister Julie Bishop chats with Bicycles ple the tools and the

Africa in the last four for Humanity Perth founder David Tucker wherewithal to set up

years with the latest a sustainable devel-

set to head to Cape Town before the end of opment project for their community.”

2015. The latest B4H container will be shipped

B4H’s concept is a simple one; refurbish to Cape Town, host to Mining Indaba, where

INDEX

Acacia 76, 77 CYU 72 IMX 96 Randgold 30-32, 95
African Phosphate 90 Independence 11, 76 Resolute 40
Agama 85 REM
Algold 46 Danakali 90-91 Kibaran 4, 40, 48, 80 Rio Tinto 108
Amplats DRDGold 56-57 Kingsgate 17 Rubicon 8
Anglo American 7, 22, 33 Kingsrose 112 Ruby
Anglo Australian 102, 111 Elemental 90, 92, 93 Kefi 84
AngloGold Ashanti Elementos 112 100 99
Aquarius 112 Endeavour 112
Archer 21, 30-32 Equatorial Potash 93 Legend 11 S2 Resources 11
ARM 22-23, 33 ERA 112 Lincoln 16 Sarama 75-77
Atlantic Gold European Metals 108 Lithium Australia 108 Savary
Atlas Iron 16 Evolution 59 Lonmin 7, 22 Sasol 76
Atrum Coal 63 Excelsior Gold 111 Lucapa 66-68 Sheffield 63
Avenira 110 Sibanye 112
Avocet 13 Fertoz 93 Magnis 49, 80, 111 South32 20-27, 33, 57
Azumah 112 FMG 111 Manas 106 Straits
90-91 Fox 112 Marmota StratMin 5
112 Freeport 8, 57 Metals of Africa 10, 17 Stonewall 112
78 Millennium 71, 80, 99 Sundance 79
Minbos Syrah 112
Bacanora 108 Minotaur 13 86
Mintails 90 51, 80, 99
Mozambi 19
Bannerman 52-53 Gem Diamonds 66 56
80
Barrick 31, 59 Geopacific 107, 112 Tawana 83
Tirupati 79
Base 38 Gindalbie 112 Toro Gold 82
Triton 80
Bass 79 Glencore 33, 72, 102, 111 Tyranna 112

BC Iron 111 Global Geoscience 112

Black Ridge 112 Global Metals 112 Newcrest 60, 82, 110

Black Rock 80 Gold Fields 20, 21, 36 Newmont 11, 30, 59, 74, 112

Blackham 112 Gold One 21, 23, 56 Northam Platinum 33 Universal 98

BHP Billiton 5, 83, 102, 111, 112 Greenland Minerals 109, 110 Northern Star 11, 59

Boss 46 Gryphon 46, 75 Norton 111, 112 Vale 5, 102, 112
Valence 16
Burey 70, 71 Venturex 112

Carbine 112 Harmony Gold 12, 20-22 33, Orion Gold 85
Cardinal 74, 112 57, 58, 60-63 Oz 18-19, 112
Centamin Highfield
Central Rand 95 Horseshoe 55 Walkabout 50-51
Codelco 56-57 Hot Chili 112
Condor Blanco 104 Peak 97 West Wits 56-57
Crossland 104 Perseus 89
112 Plymouth 90, 93, 112 White Rivers 58-59, 62
112 Predictive 82
PT Agincourt 110 Woodside 111

IchorCoal 98 WPG 17
Impala 33

PAGE 114 DECEMBER 2015 - JANUARY 2016 AUSTRALIA’S PAYDIRT



paydirt

front and back cover
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