2015 July Paydirt

EUROPE

Wolf disproves euro sceptics

Speaking to Wolf Minerals Ltd have fallen by a third in a 12-month
managing director Russell Clark,
you sometimes get the feeling he is period. 
presenting his own special mining
edition of Mythbusters. However, Clark said while other

Clark is revelling in his company’s commodities had suffered price de-
ability to dispel many of the myths
and misconceptions that have grown preciation because of oversupply,
up around its Hemerdon tungsten
project near Plymouth in south-west tungsten had experienced softening
England.
demand. 
“For years, people’s response to
the Wolf story was: ‘England? You’ll “The price has come off a lot but
never get it done with the permitting
issues, community opposition, envi- the broader fundamentals are good,”
ronmental problems’,” Clark told Pay-
dirt last month. “And it is quite chal- he said. “In other commodities, price
lenging putting the project together.
The environmental permitting, buy- falls have been because of oversup-
ing properties, project finance and
raising $180 million when your market cap is ply. In tungsten it is demand which
only $50 million, but we have done it and com-
missioning has already started.” has softened. It’s main applications

First dirt went through the Hemerdon plant are in cutting tools, etc and there is
in mid-June and EPCM contractor GR Engi-
neering Services is preparing to hand over less going into drill bits at the mo-
the keys to the project on August 8. 
ment. One trader told me he used to
“They built it on time, on budget and with an
excellent safer record; you can’t ask for more send 100 tpm to the fracking industry
than that,” Clark said. “I think the fact that we
are building in a downturn has meant that we Wolf is expected to produce first concentrate from but that has shrunk to less than 2 tpm
had their best team on the job as well.”
Hemerdon in September now.
But how was it achieved? How did the com-
pany go about winning government and com- “However, over the last 19 years
munity support for a project that is in an idyllic
part of England? Clark said. “There are opportunities for selec- tungsten demand has exceeded GDP growth

“Going back to the earliest days of the pro- tive mining and we recently added 34% to re- so we remain confident.”
ject [Wolf acquired Hemerdon in 2007] we
have spent a lot of time with the local com- serves by steepening the put walls which we The depressed nature of the tungsten
munity; speaking to landowners, the county
council and the parish councils. It had taken were able to achieve after some geotechnical space may lead to speculation Wolf will move
a lot of effort but we are seeing the benefits
now,” Clark said. drilling.” to acquire some of its peers, but Clark said

Clark said Wolf’s strategy had been about The biggest boost to the project’s produc- Hemerdon would remain the focus. 
open engagement with the local community. 
tivity will come from adjustments to the plan- “The best opportunity for Wolf is at Hemer-
“We always keep them informed and we
have had open days and information sessions ning permission. don; that’s where the easy free kicks are,” he
to bring the community closer to the project.
In an ideal world, this is their mine, not ours.” “The planning permit allows for a 5.5-day said. 

The city of Plymouth suffers from some of week but we are close to receiving permis- Wolf is fully funded through to first cash
the highest unemployment rates in southern
England and with the region’s kaolin industry sion from the council to allow us to run 24/7,” flow, a rarity in any commodity space at the
winding down, the arrival of Hemerdon has
given the local economy an unlikely boost. Clark said. “That will deliver a 25% kick to pro- moment. 

“We had 900 applicants for 50 operating duction and give us the potential to increase The company also enjoys strong support
positions and have been able to attract highly
skilled workers from the armed forces and recoveries because plants don’t like being from its share register on which the top three
the local clay industry. This area has a long
history of mining; the local pub is The Miners’ turned on and off, especially during the com- shareholders – Resource Capital Fund, TTI (a
Arms,” Clark said.
missioning phase.” subsidiary of Todd Corporation) and Traxys –
With commissioning started, Wolf is now
preparing itself for handover in August and The current production schedule is set at 3 hold 80%.
first concentrate production in September.
However, a recent fall in tungsten prices has mtpa, producing 3,450 tpa in tungsten in con- “They are very strong supporters and hap-
meant the company is adjusting its production
strategy at Hemerdon. centrate and 460 tpa tin in concentrate. Dev- py for us to remain focused on Hemerdon be-

“We will cut our cloth to suit the price,” on County Council has approved a six-month cause when the market turns this is going to

trial of operating on a 24/7 basis.  be a money-making machine.”

“The shift to seven days would be like buy- The presence of three major shareholders

ing another mine,” Clark said.  means Wolf’s marketing is largely focused on

Other opportunities for expansion also exist the retail investor space. Clark said it was still

at Hemerdon.  a battle to convince brokers, analysts and in-

“The deposit is open at depth but con- vestors of the merits of tungsten. 

strained by planning permission. It is also “The problem from gaining traction in the

open to the south-east but we are working retail space is that while one gold analyst can

through process to change the planning per- cover and have a watching brief of up to 50

mission. Now that we are in commissioning, companies, a tungsten analyst would only

the council is very positive and is working have two or three stocks to cover. It is hard to

closely with us,” Clark said.  convince them when they don’t really under-

“There is potential for an extra two or three stand the market,” he said.

years there and drilling is only down to 200m “It is a matter of understanding tungsten. It

apart from two holes which were still in miner- is not an LME metal; it is sold in metric tonne

alisation at 400m.” units (10kg) not tonnes and the product is not

The extra production gained from the move tungsten but APT. So, a lot of my time is spent

to 24/7 operations will also give Wolf greater getting people to recognise what tungsten is,

flexibility. that the fundamentals are quite strong and

The company currently has 80% of its pro- that we are operating in a low-risk jurisdic-

duction tied to two off-take agreements. Clark tion.”

said the increased production would leave That process is ongoing but with first pro-

1,300 tpa available for delivery to either off- duction set for later this year, it may be good,

take partner (GTP and Wolfram Bergbau und old-fashioned positive cash flow which will be

Hutten) or to the spot market. enough to convince investors of Wolf’s merits. 

The security of the two off-take agreements – Dominic Piper
is vital for Wolf at a time when tungsten prices

AUSTRALIA’S PAYDIRT JULY 2015 PAGE 101

SIGNED, SEALED AND DELIVERED

mining giants Rio Tinto ticular focus on reducing assay and sampling
costs as well as improving the turnaround
Ltd and additional work time for sample analysis.

at the anticipated Roy Hill Since the lab was established, the turna-
round time has reduced from more than one
iron ore project in West- month to just 72 hours.

ern Australia. The lab has the capacity to analyse 450
samples (9t of copper ore) per week. When
Under a direct Rio Tinto functioning at full capacity, only 56kg of sam-
ple is brought to the surface daily for XRF
contract, Civmec will car- analysis, as opposed to 1,800kg daily when
there was no underground lab.
ry out development of a
The 56kg of sample is easily carried by
new fuel facility between the operators to the surface section. This al-
leviates the logistical issues involved when
Rio Tinto’s Brockman 2 transporting 1,800kg from underground to the
mine’s chemical laboratory.
and Brockman 4 mine
Easternwell secures
operations in the Pilbara. new iron ore contract

The contract is due for Transfield Services subsidiary Easternwell
has been awarded a new drilling services
completion in September agreement with BHP Billiton Ltd’s iron ore di-
vision.
and will involve up to 90
The agreement is for the supply of dual ro-
workers at its peak. tary drilling services as part of the dewatering
drilling programmes, including drilling and in-
Civmec will also carry stallation of production and monitoring bores
at BHP Billiton Iron Ore’s operations in the
out bulk earthworks and Pilbara.

trenching for Samsung The 12-month contract started early last
month.
C&T at Roy Hill, includ-
Centrex hits the ground
ing excavation and back- running at Oxley
Sirius chief operating officer Rob Dennis at the site of the filling of at least 36km of
Centrex Metals Ltd has appointed two en-
proposed Nova nickel processing and paste fill plant trenching, installation of gineering houses to complete the first phases
of work on its recently acquired Oxley potash
Sirius awards plant and conduits and cable into project near Geraldton in Western Australia.
powerline contracts trenches and provision of other electrical ser-
vices. Amec Foster Wheeler plc will undertake a
technical literature review of processing route
Additionally, the company has secured options to extract potassium from the potash
feldspar which comprises up to 90% of the
Sirius Resources NL has contracted GR contracts with GE Oil & Gas to complete fab- Oxley mineralisation.
Engineering Services Ltd to design and con- rication and testing of Gorgon’s subsea pig
struct the mineral processing and paste fill launcher/receiver and FMC Technologies for Following the review, Amec Foster Wheeler
plant at its Nova nickel project in Western the fabrication, surface treatment and testing
Australia. of a production manifold at the Persephone
project on Australia’s North West Shelf.
The $114 million contract is scheduled for
completion in November 2016. Sedgman Ltd has also contracted Civmec
to undertake structural, mechanical, plate-
Sirius, which is to be taken over by Inde- work and piping installation works for a new
pendence Group NL, has also entered into a filtration plant at Alcoa’s Kwinana operations,
contract with Future Power WA Pty Ltd for the south of Perth.
construction of the 11,000 volt overhead pow-

erline at the project. Set Point reduces lab
The powerline contract is valued at about turnaround time

$3 million.

Sedgman staying put at Set Point Laboratories has secured the la-

Agnew until 2017 bour contract for an innovative underground
laboratory for Palabora Mining Company Ltd

Gold Fields Ltd has renewed Sedgman in Phalaborwa, South Africa.
Ltd’s crushing and screening contract at the The company has been tasked with manag-
Agnew gold mine for another three years.
ing and operating the laboratory, with a par-

The contract renewal extends the effective

operating term until September 2017, with $23

million worth of revenue expected to be gen-

erated over that period.

Sedgman has been present at Agnew, near

Leinster in Western Australia, since 1997.

The crushing and screen facility is currently

scheduled to crush about 1.2 mtpa of ore from

the underground mines.

Civmec lands $68 Set Point is managing Palabora Mining’s innovative
million contracting underground laboratory in South Africa
package

Integrated construction and engineering
services provider Civmec Ltd was celebrating
last month after securing new projects and
additional work for existing contracts totalling
$68 million.

The lucrative package included a deal with

PAGE 102 JULY 2015 AUSTRALIA’S PAYDIRT

will scope a bench-scale testwork programme by members of the Cameroon Government, Boart Longyear is expected to start distributing
for the priority process routes and will aid in including Water Resources and Energy Minis- the TruProbe product from early next year
the appointment of the facility to carry out the ter Atangana Kouna Basile, and senior execu-
testwork in the second half of 2015. tives from Eneo Cameroon SA, the country’s The new technology involves drilling con-
integrated utility company, as well as Victoria tractors using gamma geophysical survey
Clough Ltd will complete a conceptual Oil and Gas and its wholly owned subsidiary sensors inside drill strings to help mining com-
study into the construction of a nitric acid Gaz du Cameroun. panies identify precious metals and minerals.
plant at the Oxley site for potential production
of high-value potassium nitrate fertiliser. Empired logs on to Rio Boart Longyear strategic information direc-
for five years tor Michael Ravella said the TruProbe tech-
The conceptual study will consider sourc- nology would offer “immediate and signifi-
ing ammonia from third-party plants and is IT services company Empired Ltd has se- cant” cost and time savings.
expected to be completed in mid-2015. cured a contract to provide application man-
aged services to Rio Tinto Ltd. Key appointments for
Early finish for Gruyere PFS
Macmahon at Waihi Under the terms of the five-year contract,
valued at about $20 million, Empired will pro- Gold Road Resources Ltd has appointed
Macmahon Holdings Ltd’s mining contract vide application support and project services two leading consulting firms to help complete
with Newmont Waihi Gold at the Martha mine to more than 170 unique applications span- the PFS for the Gruyere project in Western
in New Zealand has concluded. ning a number of technologies, including Leg- Australia.
acy Platforms, Oracle and Microsoft products.
The two-year contract, valued at about $38 GR Engineering Services Ltd has been ap-
million, was slated to finish in April 2016, but The applications are largely technical sys- pointed process engineers and will undertake
following a slip on the north wall of the Martha tems used in the management of field opera- the process plant and infrastructure design
open pit, Newmont has determined that geo- tions spanning mining, processing, rail and and cost estimation.
technical investigations will take considerable port facilities.
time to establish when safe production can The services company also provided
restart. Boart Longyear to key process plant and costing input for the
distribute TruProbe Gruyere scoping study.
The revised contract ended late last month.
Macmahon had been operating on site since An Australian-designed product will soon AMC Consultants Pty Ltd has been ap-
1998. be available to the world’s biggest mining and pointed as the project’s mining consultants
drilling companies. and will carry out open-pit mine optimisation,
Under the terms of the contract, Macmahon design, planning and scheduling as well as
will receive an early termination payment. The TruProbe is expected to be a game- ore reserve calculation.
changing product and was developed by Ad-
Cameroon switched on elaide-based Deep Exploration Technologies The successful completion of the tempo-
for reliable power Cooperative Research Centre (DETCRC), rary gas power plants is expected to provide
which has signed an exclusive commerciali- Cameroon with a reliable and sustainable
A series of temporary natural gas power sation deal with Boart Longyear to distribute source of electricity that will power the African
plants with a combined capacity of 50MW the product from next year. nation as it works to enhance its infrastructure
were recently inaugurated at the Logbaba and construct additional facilities to support
power plant site in Douala, Cameroon. BHP Billiton Ltd will be among a host of its industries, including mining.
companies to receive preferential access to
The rental gas power plants were installed the new technology, which is expected to be
and commissioned by Altaaqa Global, a sub- available and operational during the first quar-
sidiary of Zahid Group, within 21 days of the ter of 2016.
equipment arriving at the proposed sites.

The inauguration ceremony was attended

It took just 21 days to install and commission these rental gas power plants with
a combined capacity of 50MW in Cameroon

AUSTRALIA’S PAYDIRT JULY 2015 PAGE 103

COMINGS AND GOINGS

Blackham Resources Ltd has company. Tumur is a Mongolian gyle Diamonds Ltd where he led of technical director of El Aouj
appointed Peter Rozenau- national and resides in country. the turnaround of the company in Mining Company. The company
ers, Orion Mine Finance’s portfo- He is the co-founder and a former 1998. has also appointed Nicholas
lio manager, as a non-executive managing director of Hunnu Coal Ogden as a director. Ogden has
director of the company. Ro- Ltd and a founding shareholder of Mustang Resources Ltd has more than nine years’ experience
zenauers was previously a sen- Haranga. appointed Cobus Van Wyk in senior legal roles with Glen-
ior investment manager for the as its new executive director. core, specifically in its coal and
Red Kite Group’s mine finance Argent Minerals Ltd has ap- Van Wyk is currently the chief iron ore departments.
division and managing director pointed Sarah Shipway as executive of the Regis group of
and head of Asian commodities a non-executive director of the companies in South Africa, which Arrium Ltd has appointed Doug
distribution for Barclays Capital in company. Shipway, who was is responsible for Mustang’s dia- Ritchie to its board as a non-
Singapore. appointed Argent’s company mond and graphite projects in executive director. Ritchie is cur-
secretary in November 2013, re- Mozambique. Mark Freeman has rently the chairman of UniQuest
Berkley Resources Ltd has places Marcus Michael in the role resigned as a director of the com- Ltd and director Jinchuan Group
appointed Paul Atherly as its following his passing. Shipway pany following its re-listing on the International Resources Ltd and
new managing director. Atherly was also recently appointed as a ASX. was formerly a senior executive
was formerly managing director non-executive director of Beacon with the Rio Tinto Group.
of ASX and AIM-listed Leyshon Minerals Ltd and St George Min- Lachlan Reynolds has resigned
Resources Ltd, where he was ing Ltd. as Namibian Copper NL’s Metallica Minerals Ltd has
responsible for the exploration, managing director. The company appointed Barry Casson as
development and successful sale Yavuz Atasoy is yet to appoint Reynolds’ re- an independent non-executive
of its Zheng Guang gold-zinc pro- placement. chairman. Casson was appointed
ject in Northern China. Until re- Gekko Systems has appointed to Metallica’s board as an inde-
cently he was also the chairman Renaldo Maras as its new Heron Resources Ltd has ap- pendent non-executive director
of the British Chamber of Com- group manager: global perfor- pointed Andrew Lawry as its in December 2010 and has more
merce in China, vice chairman of mance and Yavuz Atasoy as its chief operating officer. Lawry will than 40 years of board, execu-
the China Britain Business Coun- senior metallurgist and process be responsible for the develop- tive management and corporate
cil in London and served on the engineer. Maras was most re- ment of the Woodlawn zinc-cop- finance experience.
European Union Energy Working cently a consultant for Partners per project in New South Wales.
Group in Beijing. in Performance International and Lawry has previously worked for Alvars Lee has resigned as di-
was previously managing director the likes of Polymetals Mining Ltd rector of Lamboo Resources
Xanadu Mines Ltd has ap- of Orica CIS and chief executive and Newcreast Mining Ltd and Ltd. Lee joined Lamboo’s board
pointed Marcus Engelbrecht of Nova Industries. most notably managed the suc- in September, 2014 after con-
as a non-executive director of cessful retreatment of Tasmania’s sulting with the company on its
the company. Englebrecht will Renaldo Maras Hellyer base metals tailings pro- Hengda transaction. Lamboo has
serve as the nominee of Asia ject in 2006. appointed Garry Plowright as a
Capital Advisors Pte Ltd follow- Stonehenge Metals Ltd has ap- non-executive director.
ing its $13.6 million investment pointed Brendon Hammond Sara Kelly has resigned as
in Xanadu. He spent 20 years as its new chairman. Hammond Compass Resources Ltd’s Unity Mining Ltd has appointed
at BHP Billiton Ltd, where he spent 24 years with Rio Tinto Ltd company secretary. She will be Frank Terranova as a non-ex-
assumed the role of chief finan- as a metallurgist at the Rossing replaced by John Allen. ecutive director of the company.
cial officer for the company’s uranium mine in Namibia and the Terranova is a former managing
diamonds and specialty products Argyle diamond mine in Western Talga Resources Ltd has ap- director of Allied Gold Mining plc
business. Australia. He was also general pointed Peter Bartsch as its and Polymetals Mining Ltd and
manager operations and subse- new manager – metallurgy. Bar- is currently chairman of Taruga
Elysium Resources Ltd has quently managing director of Ar- tsch will lead Talga’s process Gold Ltd and Chesser Resources
appointed Dean Pontin to its design and development as the Ltd.
board of directors. Pontin is Elysi- company moves to expand its
um’s current project development technology team for the commis- Andrew McKee has resigned
manager for its Burraga copper sioning of its German graphene as non-executive director of
project and recently became the demonstration plant and full- Metals of Africa Ltd. McKee left
company’s largest shareholder. scale operation in Sweden. the role to pursue research and
Mark Ohlsson has resigned from development opportunities within
Elysium’s board, but will continue Mining Projects Group Ltd has the graphene and graphite indus-
in his role as company secretary. appointed Sarah Dowling as tries. Metals of Africa will retain
a geological consultant. Dowl- McKee as a consultant on a non-
Cove Resources Ltd has ap- ing is a renowned specialist in exclusive basis.
pointed Marcus Gracey to komatiite-hosted nickel sulphide
its board as a non-executive di- mineralisation and exploration Peter McNeil has resigned as
rector. Gracey is an experienced and has previously worked in a managing director of Frontier
corporate lawyer and ASX com- similar role with Australian Con- Resources Ltd. McNeil, who will
pany director and his background solidated Minerals Ltd and Jubi- remain chairman of the board
includes directorships and execu- lee Mines NL. and assume the role of non-exec-
tive roles with both listed and pri- utive director, will be replaced by
vate companies across a number Sphere Minerals Ltd has ap- Paige McNeil, who was formerly
of market sectors, including en- pointed Jonathan Romcke Frontier’s executive director –
ergy and resources and technol- as its managing director. Rom- corporate. The company has
ogy. cke was recently appointed to also appointed Peter Swiridiuk
Sphere’s board following his in- as executive director – technical
Haranga Resources Ltd has volvement in the company’s op- and Walton Naezon as executive
appointed George Tumur as erations as project manager for director of the board.
a non-executive director of the El Aouj and subsequent position

PAGE 104 JULY 2015 AUSTRALIA’S PAYDIRT

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LEFTFIELD

Gruyere named top discovery

Gold Road Resources Ltd has been recog- “The development of a gold camp scale environmental assessment of resource devel-
nised with the prestigious Association of targeting framework and the systematic as- opment in the banded ironstone formations of
Mining and Exploration Companies (AMEC) sessment of priority targets resulted in the south-western Australia.
Prospector Award for its Gruyere gold discov- initial discovery of Gruyere. Hard work, smart
ery. thinking and execution of the plan has seen Kalgoorlie Miner chief of staff Jasmine
Gruyere grow to be one of the largest unde- Bamford won the Print Media Award for her
The company’s exploration team of Ziggy veloped gold projects in Australia today.” coverage of rates gouging on exploration li-
Lubieniecki, Kyle Prentice and Justin Os- censes, while SNL Metals & Mining senior
borne was rewarded for their discovery of the Gold Road saw off tough competition from reporter Angela Kean took out the Online/
97mt @ 1.23 g/t gold for 3.84 moz resource in Rox Resources Ltd’s Fisher East nickel dis- Digital Media Award for her story about the
the Yarmana Belt. covery and Sirius Resources NL’s Baloo gold impact of the iron ore price crash on Austral-
discovery to win the award. ian miners.
High quality geological modelling and ex-
tensional targeting enabled the low-cost dis- Recent winners of the Prospector Award Two people were also inducted into the
covery, which was made in just 12 months include Allan Kelly and Heath Hellewell from Australian Prospectors & Miners Hall of Fame
from start to finish. Doray Minerals Ltd for the Wilbur Lode and during the awards ceremony held at Crown
Andy Well gold projects and Sirius managing Perth after the annual AMEC Convention.
Gold Road executive chairman Ian Murray director Mark Bennett for the Nova-Bollinger
was pleased to see Gruyere recognised as an nickel deposit. Cecil (Frank) Hughes was inducted into the
outstanding discovery. Heroes category and John Agnew into the Di-
The Environment Award went to Mineral rectors and Management category.
“Exploration is an extremely difficult and Resources Ltd, in collaboration with Curtin
challenging enterprise at the best of times,” University, for its biodiversity modelling for
Murray said.

INDEX

Acacia 29, 93 Energia 53 Metallica 104 Regis 23, 42
African Rainbow 7 Metallum 85
Alacer Evolution 4, 22-29, 30, 31, 42, 53 Metals of Africa Renaissance 68
Alcoa 23, 42 Metals X 104
Anatolia 66, 102 Mincor 23, 65 Resolute 53
Anglo American Minera Gold
AngloGold Ashanti 21 First Quantum 79, 92 Mining Projects Group 49 Rio Tinto 5, 14, 16, 53, 77, 98,
Antipodes 47, 81, 98 Fitzroy 70 MMG 84, 86
Arafura FMG Molycorp 102-103, 104
Arena Exploration 5, 28, 96 Frontier 14, 52, 53, 64 Monax 104
Argent 18 104 Mount Ridley 58, 78 RMG 85
Argonaut MRG
Arrium 44-45 Mungana 45 Rox 49
Asian Mineral 72 Mustang 38
Atlas Iron Geopacific 14 40 S2 Resources 4, 30, 36-37, 62
Aurelia 104 Glencore 4, 38, 59, 104 52
Aurora 57 Gold Fields Sandfire 57
AusQuest Gold Road 36, 65, 102 8
Australian Bauxite 104 Gold Standard 4, 8, 51, 53, 103 104 Saracen 42
Azure 99 Goldcorp
Golden Rim 17 Sibanye 96
6, 13, 64, 65 Grange 82
59 Grupo Mexico 60 Silver Wheaton 82
60 71
83 77, 82 Sirius 4, 8, 29, 30-33, 36-37, 38,

66-67 40, 42, 53, 58, 62, 102
77
Namibian Copper 104 SolGold 74, 81, 86

Nautilus 8 South32 52, 62

New Gold 29 Southern Copper 83

Hanking Gold 29 Newcrest 17, 23-25, 27, 29, Sphere 104
Haranga 104
Heron 104 81, 104 St George Mining 104
Horshoe
Hot Chili 71 Newera 72 Stavely 29
Hunnu Coal 78
B2Gold 29, 87 104 Newmont 17, 18, 23, 31, 102 Stonehenge 104

Barrick 4, 22, 24, 30, 53 Norilsk 42 Syrah 92

BC Iron 4, 64 Northern Star 23, 30, 31, 42,

Beacon 104 52, 53 Talga 104

Berkley 104 IAMGold 96 Norton 65 Talisman 57

Blackham 104 Iluka 38 Taruga Gold 104

BHP Billiton 14, 52, 53, 58, 62, 66, IMX 93 Oakdale 47 Teck 70, 77, 98

102-103, 104 Independence 4, 8, 30-33, 36-37, OceanaGold 16-17, 18, 19, 23, 42 Trans-Tasman Resources 19

38, 40, 42, 49, 53, 102 Oro Verde 87

Carbine 70 Ivanhoes Mines 81 Oz 17 Unity 104
Centrex 102 Uranium Resources 21
Chesser 104
Codelco KBL 50 Palabora 102
Compass 89 Kibaran 93
Condor Gold 104 Kidman 50 Paladin 53 Vale 9
Consolidated Zinc Kingsgate 53 Valence 46
Cove 87 Kinross 74 PanAust 98 Variscan 100
Cradle 72 Ventnor 57
104 Panoramic 62 Vimy 4, 53
93
Peak 93

Peninsula Energy 20

La Mancha 4, 22-25, 28 Peninsula Mines 60
Lamboo 104
Latin Resources Phoenix Gold 28 - 29 Walkabout 93
Leyshon 79, 88 Western Areas 4, 38, 58
Detour Gold 29 Lonmin 104 Predictive Discovery 60 Wolf
Discovery Metals 97 Lucapa 96 101
Doray 48 Lynas 16
45 Quintana 50

Xanadu 98, 104

Eldorado 27, 29 Magnis 93 Ram 40 Zahena 79, 83
Elysium 104 Ramelius 53 Zenith 70
Emmerson Randgold 58
23, 28

PAGE 106 JULY 2015 AUSTRALIA’S PAYDIRT



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