BAUENSTARK NEWSROOM

Providing industry related news from around the world on the mining, construction, and energy industries.

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THE GUARDIAN ANGEL OF MINERS

Smart helmet detects gas, sends text messages and self-generates SOS alerts…

The dream of any Health and Safety manager and probable every mine worker is about to hit the market. A Spanish company is introducing in Chile a mining helmet that incorporates advanced systems of sensors and communication tools guarantee to locate missing miners and save lives. The piece of gear, created by Presistem, comes —among others features— with detection systems for gas, polluted atmosphere and motion. It also includes various communication systems, such as warnings by vibration, LED lights, sounds, text messaging, and self-generate SOS alerts. No wonder its creator has named it “Angelhelmet.” On top of that, it includes an interactive smart control system, which allows users and managers to constantly monitor workers’ integrity and safety. The smart helmet is already sold in Spain and it will be introduced in Chile next month, creator Darío García told MINING.com. Although he declined commenting on the price tag, he said it would be also available this year in Brazil, Argentina, Peru, Colombia, Mexico and Poland. He added the company is currently in talks with distributors in Australia, South Africa and Germany.

by: Cecilia Jamasmie

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Photo sourced from: leonoticias.com

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EX ORIENTE TO ADD GOLD VENDING MACHINES IN MIDDLE EAST

The German-based company installed machines in Abu Dhabi and Dubai last year and plans more in Dubai, Kuwait, Saudi Arabia and Qatar this year.

Ex Oriente Lux AG plans to increase the number of its “Gold to Go” bullion vending machines located in shopping malls to airports this year as it taps rising Middle East demand. Sixty to 70 of the dispensers may be installed globally by the end this year, compared with about 40 due to be operating by the end of the second quarter, said Thomas Geissler, chief executive officer of the Reutlingen, Germany-based company. It installed machines in Abu Dhabi and Dubai last year and plans more in Dubai, Kuwait, Saudi Arabia and Qatar this year. Gold plunged 28 percent last year, the most since 1981, as some investors lost faith in the metal as a store of value. As investors sold through gold-backed funds, more bullion moved to Asian countries such as China as lower prices boosted demand. The flow to Asia may help build hubs like Dubai, an emirate that now accounts for about 25 percent of global gold trading. “The decrease in gold prices is very good for our business,” Geissler said by phone yesterday from Geneva. “We’ve found very good success in the Middle East. We are concentrating in the Middle East hub and the spread to countries with an affinity to gold.”

Bullion for immediate delivery climbed 4.7 percent to $1,262.45 an ounce in London since the start of January, rebounding from the first annual decline in 13 years. Prices that reached a six-month low of $1,182.52 on Dec. 31 compare with a record $1,921.15 set in September 2011. Gold demand in Dubai grew eightfold in the past six to 10 years, Dubai Gold & Commodities Exchange Chief Executive Officer Gary Anderson has said. The DGCX plans to list a spot gold contract this year to add to its futures offering, Anderson said in October. ETP Holdings Investors sold 869.1 metric tons last year from exchange-traded products traded mostly in the U.S. and Europe, more than was bought in the previous three years combined, data compiled by Bloomberg show. Holdings reached 1,736 tons on Jan. 28, the lowest since October 2009. Ex Oriente also has dispensers in Europe and the U.S. The machines offer gold ingots and coins ranging from 1 gram to 250 grams (8 ounces). While demand from the units has been “quite steady” since last year, turnover at the company’s online bullion brokerage TG-Gold-Super-Markt jumped fivefold to a “couple of tons” last year from 2012, Geissler said. About 90 percent of those sales went to Germany. Sales of 2 tons would be valued at almost $91 million, based on last year’s average price. Goldman Sachs Group Inc. was forecasting gold to fall to $1,050 in 12 months, as of Feb. 3. The Federal Reserve said last week it will trim monthly bond buying to $65 billion, from $75 billion, in its second $10-billion reduction amid a brightening growth outlook. “You can improve the economy as much as you want but debts are also increasing,” Geissler said. “Gold is the ultimate insurance.”

by: Claudia Carpenter /reporter:Nicholas Larkin

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Photo sourced from: luxurylaunches.com

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TAKEOVER: HUDBAY MINERALS SETS SIGHTS ON AUGUSTA'S ROSEMONT PROJECT 

TORONTO – Hudbay Minerals has announced its intention to acquire all of the issued and outstanding common shares it does not already own of Vancouver's Augusta Resource Corp., a deal that values the smaller company at $540 million. Augusta's chief asset is the Rosemont copper-molybdenum-silver development project near Tucson, AZ. Hudbay said in a release that Rosemont is a low cost, long life asset that will enhance Hudbay's position as a leading intermediate base metals producer. Hudbay has the technical and operational expertise as well as the financial capacity to develop and operate the mine to the benefit of all stakeholders. Acquisition of development stage assets in mining friendly jurisdictions is part of Hudbay's growth strategy. As of July 2012, Rosemont has proven and probable reserves of 605,150 million tonnes grading 0.44 Cu, 0.015% Mo and 4.11 g/t Ag. Measured and indicated sulphide resources total 833.8 million tonnes at 0.41% Cu and oxide resources of 57.5 million tonnes at 0.17% Cu. Inferred resources are estimated at 125.7 million tonnes grading 0.40% Cu in the sulphide portion and 1.0 million tonnes grading 0.15% Cu in the oxide portion. At that time the property was estimated to contain 5.9 billion lb of copper and 194 million lb of molybdenum.

The Augusta board will meet this week to consider Hudbay's offer.

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Photo sourced from: www.tucsonsentinel.com

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NASA IS NOW ACCEPTING APPLICATIONS FROM PRIVATE COMPANIES TO MINE THE MOON

In what can be considered giant leap towards mining minerals from the moon, the US National Aeronautics and Space Administration (NASA) has began accepting applications from potential business partners interested in mining the moon. The move, part of a plan unveiled in January, aims to find private financing to help its experts design and build lunar prospecting robots, the first major step required to explore Earth’s natural satellite for valuable resources. Unlike some loaded business figures who have set up their own space mining endeavours, NASA only counts on a budget set by the US government, which has refused to provide any further funding for the so called Lunar Cargo Transportation and Landing by Soft Touchdown (Lunar CATALYST) initiative. In a teleconference late last month, Jason Crusan, director of NASA's advanced exploration systems, said business partners could support commercial activities on the moon while enabling new science and exploration missions of interest to NASA and the larger scientific and academic communities. Experts claim space mining is a necessity as many metals that underpin our modern economy are quickly being depleted. Without any new technological advances, metals like zinc and gold are expected to run out in 100 years, they claim. But the road ahead doesn’t look easy. In fact, a study from Harvard-Smithsonian Center for Astrophysics published last month highlights just how problematic this space mining/travelling business could be.

by: Cecilia Jamasmie

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Photo sourced from: www.planet-science.com

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COLOMBIA’S COAL OUTPUT DOWN 4% IN 2013 DUE TO STRIKES, REBEL ATTACKS

Colombia, the world's fourth largest coal exporter, produced a total of 85.5 million tons of the mineral in 2013, a 4% year-on-year drop that took output below the 89 million target, due mainly to strikes at the country's top two miners and logistics disruption by rebel attacks. From the total, 94.3% was exported, according to the country’s National Mining Agency (ANM). Colombian coal shipments, said the organization, now account for 12% of the country's total exports, placing it second to oil, and overtaking the nation’s more well-known exports, such as coffee and bananas. ANM also noted that mineral production jumped 18% (3.8 million tonnes) in the fourth quarter, compared with the same period in 2012, despite strikes affecting mines in the northern districts of La Guajira and Cesar. $7bn mining investments stalled For months, coal miners operating in Colombia have warned that new regulations paired with delays in environmental approvals have began to affect production and scare investors away. According to the nation’s Large Scale Mining Association, there are about $7.3 billion of expected investments currently stalled. The body, which represents 13 of the country’s largest miners, such as Cerrejón, Cerro Matoso, AngloGold Ashanti (NYSE:AU) and Drummond, claims the recent sanctions against US mining giant Drummond, which saw its coal shipments frozen in early January for not complying with a new environmental law, are damaging Colombia’s embattled mining industry even further. The production drop last year is costly for both private companies and the Colombian government, which counts on mining royalties and taxes calculated largely on the amount of coal produced. Some of the world's top mining companies have operations in Colombia, including Anglo American (LON:AAL) and BHP Billiton (ASX:BHP), which jointly own Cerrejón, the country's largest coal producer.

by: Cecilia Jamasmie

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Photo sourced from: biznes.interia.pl

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MINING TYCOON ANDREW FORREST TRIES, AND FAILS, TO KEEP MINING COMPANIES OFF HIS LAND Australian mining tycoon Andrew Forrest appears to have lost his battle against mining firm Onslow Resources. The West Australian is reporting that a court has shut down Forrest's bid to stop the company from sand mining on his family's cattle station, Minderoo. Onslow Resources has received conditional approval for the operation, the West Australian reports. Forrest cited environmental concerns as his reason for opposing the operations. He also says the mining would negatively effect pastoral livelihoods. Forrest can appeal the decision to the Supreme Court. The mining magnate is fighting other mine projects on his land as well: A proposed uranium mining venture and Chevron's nearly $20 billion Wheatstone LNG project. Under Australian law landowners only own the top meter of soil, "everything underneath, that is owned by the people of Australia," a resource analyst told the South China Morning Post last year. The 52-year-old tycoon is worth about $5 billion, according to Forbes – a fortune he derived while heading iron ore company Fortescue Metals. He and his wife have pledged to give at least half their wealth to charity as part of Bill Gates' Giving Pledge foundation.

by: Ana Komnenic

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Photo sourced from: www.brisbanetimes.com.au

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MONEY LAUNDERING, TERRORISM FINANCING DIAMOND TRADE IN INDIA, ISRAEL, BELGIUM, CANADA AND THE US — REPORT

While the world focuses on Africa, particularly Congo, diamond businesses being used to launder illegal funds are growing closer to home.

A report by Paris-based Financial Action Task Force (FATF), which sets standards to curb money laundering and terrorist financing, said India, Israel, Belgium, Canada and the United States, are the new markets where diamond businesses are used to launder illegal funds worth millions of dollars. The study, based on information provided voluntarily by countries and organizations of the global diamond sector, and drafted in partnership with the Egmont Group of Financial Intelligence Units, is already generating fiery reactions. According to the Antwerp World Diamond Centre (AWDC), the document wasn’t properly researched and “dilutes efforts of trade bodies to create regulated trading environments.” In a statement Wednesday, the organization said that while the study is a good initiative, it misses the mark. AWDC added it couldn’t be considered representative of the whole industry, as it was mapped out using case studies. The World Federation of Diamond Bourses (WFDB), a key global representative body of the industry, also had it say. On Thursday it published a statement claiming the report is “fraught with unfounded accusations and inaccuracies.” The report issued by FATF detailed how India had reported instances where diamond prices were over-valued for purposes of laundering and suspect financing. According to the debated document, in a number of suspect cases of diamond trafficking the funds were transferred to Belgium from accounts in Hong Kong, China, Israel, the United Arab Emirates (UAE), the US and India. In cases of suspicious money laundering through diamond trade, the money came from India, Israel and Switzerland to the UAE.

by: Cecilia Jamasmie

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Photo sourced from: www.israelidiamond.co.il

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THE WORLD'S LARGEST STEELMAKER, 'CAUTIOUSLY OPTIMISTIC'  ABOUT 2014

The world's largest steelmaker, ArcelorMittal (NYSE:MT), has reported a net loss of $2.5 billion for 2013 – a $1.2 billion improvement on the 2012 financial year. The loss is largely the result of impairment charges and restructuring costs. Operating profit – earnings before interest, tax, depreciation and amortisation (EBITDA) – of $6.9 billion were slightly lower than the year before and net debt decreased by more than 25%. The company ended the year with its lowest net debt level since its creation in 2006. Lower steel prices dragged sales down by 5.7% to $79.4 billion. Outlook ArcelorMittal says it's "cautiously optimistic" for 2014 and is forecasting EBITDA earnings of approximately $8 billion. But the steelmaker cautions that this performance hinges on several key conditions. Most importantly, steel shipments need to increase by 3% and marketable iron ore shipments must rise by 15%. Canadian mines, having reached full ramp-up in December, should help boost iron ore volumes. Based on the current economic outlook, especially in regards to European manufacturing activity, ArcelorMittal excepts global steel consumption to grow by as much as 4% this year. The outlook is also based on an average iron ore price in line with the market consensus (approximately $120 per tonne for 62% Fe CFR China) and a moderate improvement in steel margins. "While there remain risks to the global demand picture, ArcelorMittal expects the fundamentals, particularly in our key markets in the developed world, to be more supportive in 2014 than in 2013," the company wrote in its 2013 report. The company is targeting net debt of $15 billion in the medium term and will not increase dividend payments until that point. In a separate announcement, the steelmaker announced a yearly gross dividend of 20 cents per share, to be paid out in July 2014. The Luxembourg-based company's share price spiked early Friday morning on the New York exchange but by mid-afternoon was trading down to Thursday's range of around $17 per share

by: Ana Komnenic

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Photo sourced from: blogs.ft.com /designbuildsource.com.au

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MOROCCAN VILLAGERS STEP UP ACTIONS AGAINST MASSIVE SILVER MINE

A group of Moroccan activists, who have been living on an occupation camp 5,000 feet high in the Atlas Mountains, to oppose the most productive silver mine in Africa, say they are ready to negotiate a settlement, but that no one is listening. The ongoing occupation was brought back to the spotlight last week, after The New York Times published an in-depth feature Imiter, home to the poorest people in the African country. Since August 2011 they have been blocking some of the main wells supplying water for Imiter Metallurgic Company’s operation. They claim the mine, in operations since 1969, is drawing more than its fair share of water and polluting what it uses. Problem is, Imiter Metallurgic is a sister group of Managem, which is indirectly controlled by a holding belonging to Morocco's royal family. But one of their main demands is related to jobs, as they want at least that 75% of the positions to be allocated to their municipality. The company has called such demands unrealistic. Internal sources say processing capacity dropped 40% in 2012 and 30% last year, after the villagers cut off one source of their water. Currently they are using another source in an effort to make up the loss, reports Ethical Consumer.

by: Cecilia Jamasmie

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Photo sourced from: fr.starafrica.com

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BIG WIN FOR CENTERRA: KYRGYZSTAN'S PARLIAMENT APPROVES KUMTOR JOINT VENTURE

Centerra Gold (TSX:CG) and the Kyrgyz Republic have finally made peace, as the country’s Parliament approved Thursday the creation of a joint venture that evenly splits control of the Kumtor gold mine with its Canadian owner. With 60 votes in favour and 35 against, the deal lets Kyrgyzstan trade its current its 32.7% equity interest in Centerra for a 50% stake in a joint venture that would own and operate the mine. The agreement will also give the Asian country the right to increase its participation up to 67% after 2026, local news agency 24 reports. Later in the day Centerra said in a statement that, while the resolution seemed to support the concept of the restructuring described in last year’s terms of agreement (HOA), it also contains “a number of recommendations that are materially inconsistent” with the terms of the document signed last December. Among other things, the resolution calls for further audits of the Kumtor operation and for the Government and the General Prosecutor’s Office to continue pursuing claims for environmental and economic damages, which Centerra disputes. Business leaders fear the parliament’s long-drawn-out dispute over rights with the Canadian firm has frightened off foreign investors. Despite the happy ending, business leaders fear the parliament’s long-drawn-out dispute over rights with the Canadian firm has frightened off foreign investors. “What’s happening with Kumtor signals to the world that we cannot secure property rights and have normal relations with Western countries,” prominent businessman Emil Umetaliev told EurasiaNet.org in November. Kumtor employs more than 2,700 locals, many of whom are said to have lobbied before the Parliament to pass the resolution. Yesterday Centerra reported a dive in its proven and probable gold reserves, which decreased by 53,000 ounces to a total 10.2 million ounces, compared to 11.1 million ounces in 2012. The miner's measured and indicated resources at the end of 2013 were estimated to total 5.5 million gold ounces, a 378,000-ounce increase over year-end 2012. All 2013 year-end reserves were estimated using a gold price of $1,300 per ounce.

by: Cecilia Jamasmie

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Photo sourced from: www.mining.com

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BHP BILLITON COULD PUT AS MUCH AS $1 BILLION INTO TRINIDAD AND TOBAGO DEEP WATER EXPLORATION

BHP Billiton – one of the world's largest resources companies – has plans to invest up to $1 billion in oil exploration in Trinidad and Tobago, according to the Trinidad Express. Speaking at an energy conference on Monday, BHP's Trinidad manager Vincent Pereira said the company was "very optimistic" about business on the island nation and that it "remains an important part of BHP Billiton’s global petroleum portfolio." The country's deep water oil reserves are largely untested and BHP will start 3D seismic surveys later this year. The funds will go toward a new "deep water exploration phase." About half a billion will go toward the first phase and the rest to optional steps thereafter, according to Trinidad Express. BHP's Caribbean ambitions will represent the "world's biggest pre-drill, or seismic, exploration program," The Australian reported last week, though budget estimates at the time were reported to be about $200 million. Trinidad and Tobago is the largest oil and natural gas producer in the Caribbean. In 2012 it was also the world's sixth largest liquefied natural gas (LNG) exporter and it is the largest LNG exporter to the US, according to the US Energy Information Administration. Pereira said its still unclear whether the designated deep water blocks are more prospective for oil or gas. "Whether oil or gas is discovered, we will be looking for sufficient quantities to make any discovery commercially feasible,” he said, as reported by Trinidad Express. The company hadn't put much emphasis on deep water plays in Trinidad and Tobago until recently when the country's fiscal terms became more "consistent with [the company's ability to make money," president of BHP’s petroleum and potash unit Tim Cutt said last December. "The terms are now satisfactory," he said, as reported by Bloomberg.

by: Ana Komnenic

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Photo sourced from: news.co.tt

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DETOUR LAKE SITTING ON 15.5M OZ OF RESERVES

ONTARIO – Detour Gold Corp. has updated its plans for the Detour Lake gold mine 185 km northeast of Cochrane, counting 15.5 million oz contained in current mineral reserves (476 million tonnes grading 1.02 g/t Au). That level of reserves will support a further 21.7 years of mining the open pit, even though mill throughput is increasing to 61,000 t/d in 2017 from the current rate of 55,000 t/d. Block A measured and indicated in-pit resources total 54 million tonnes at 1.15 g/t Au, or another 2 million oz. Here are some other numbers to contemplate: Annual gold production for the life of the mine will average 660,000 oz at total cash costs of $723 per oz sold. Until the mill expands, annual production is expected to be 600,000 oz at total cash costs of $759. Detour Gold anticipates spending $1.4 billion on sustaining capital plus $614 million for deferred stripping. The project has an undiscounted pre-tax net cash flow of $6.5 billion and after-tax net cash flow of $5.1 billion. Company COO Pierre Beaudoin said he is "very pleased" with the mine plan for Detour Lake. He added that further improvements are expected.

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Photo sourced from: www.detourgold.com

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‘MONEY COMING BACK TO MINING'

“Money is coming back into mining,” according to VSA Capital chief executive Andrew Monk, who addressed the Mining Indaba Investment Forum in Cape Town this week. Monk highlighted what he described as “a growing trend” among fund managers willing to invest in mining, which has been initially led by the generalist funds. In addition, he said trading houses were having an increasing influence as a source of capital. “With more stable markets and 2013 behind us, the trends for mining investment and funding are overall positive,” Monk said. “It is particularly interesting to see a growing interest among investors in technology metals, especially tungsten, lithium and zinc.”

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Photo sourced from: www.mining-journal.com

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COPPER MOUNTAIN MINING CORP SAYS SECONDARY CRUSHER NEARING SUMMER START

Copper Mountain Mining Corp. of Vancouver says the secondary crusher at its Copper Mountain mine is scheduled for start-up this summer. Construction is underway and on schedule. The total cost of installing the secondary crusher is reported to be $40 million. Once installed, it will reduce all of the mill feed to the 50-mm range. The company notes that it has confirmed milling with finer feed will be key to operating consistently at the designed capacity of 35,000 t/d. Copper Mountain took measures last year to increase mill throughput including a temporary increase in the powder factor and the addition of three portable crushers. Uptime in the mill also increased to 95% in Q4 from 86% in Q1 2013. In 2013 the Copper Mountain mine near Princeton produced 66.2 million lb of copper, 21,600 oz of gold, and 320,400 oz of silver. The mill averaged 87.8% operating time for the year and a total of 10.1 million tonnes of ore was milled at an average grade of 0.35 % Cu.

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TROUBLE WITH INDONESIAN GOVERNMENT LEADS TO NEWMONT MINING DOWNGRADE

Newmont Mining (NYSE:NEM) made it clear last week that its problems with the Indonesian government were pressing: CEO Gary Goldberg said the company might curtail operations if the issue over a new export tax isn't resolved over the next few months, Reuters reported. Now analysts at JP Morgan have downgraded the world's second biggest gold miner from an 'overweight' to a 'neutral' rating, citing the Indonesian impasse as a reason. "Newmont reported a strong Q4 result but this was overshadowed by the demands of the Indonesian host government on Newmont’s Batu Hijau project for more domestic value add via the local smelting of the concentrate," the research note read, as reported by Barron's Blog. Indonesia recently introduced highly controversial restrictions on ore shipments in order to the boost the domestic processing industry. It also hiked the export tax on metal concentrates; for copper, this will rise the tax to a maximum of 60% of a shipment's value by the second half of 2016, according to Reuters. Newmont claims that it is exempt from these taxes based on its initial 'Contract of Work' with the Indonesian government and argues that it is not economically viable for the company to build its own smelter, though it has negotiated and signed conditional concentrate supply agreements with two Indonesian companies that plan on building their own copper smelters. Analysts say that the Indonesian government has created a "very uncertain" investment climate, but that it's not the only one: The researchers point to the Dominican Republic and Ecuador as examples of governments becoming increasingly concerned about how much they're getting from the resource extraction industry. Meanwhile, TD Securities cut its price target for Newmont from $28 to $24, according to Ticker Report. Analysts at Sterne Agee have cut their price target for the company to $30, but have a 'buy' rating on the stock. Analysts at RBC already downgraded the miner last week after the company released production targets for 2014. Newmont's share price was unchanged on Tuesday, trading at $21.02. Over the past five days the miner has dropped around 16%. The share price has lost more than half its value over the past 12 months.

by: Ana Komnenic

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Photo sourced from: www.businessweek.com

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DOMINION DIAMOND CORP TO SELL DIAMONDS ONLINE FROM CANADIAN MINES DIAVIK AND EKATI

Dominion Diamond Corp (TSX, NYSE:DDC), the world's largest diamond mining company by market cap, is said to be planning the launch of an online sales platform for polished gems unearthed at its legendary Canadian mines Diavik and Ekati. Delivering an update for both operations Monday, the company said this year it will produce about 7% fewer carats from Diavik mine, in Canada’s Northwest Territories, resulting in cost savings of roughly 16% as underground development at the site wound down. Based on Diavik’s current reserves, the updated mine plan could support mining until 2023, after which Dominion would spend about Cdn$188 million in reclamation costs, a task expected to be complete by 2030. At its 80%-owned Ekati mine, Dominion expects to produce 1.22 million carats from the Fox, Misery, Pigeon and Lynx open pits and the Koala and Koala North underground operations. The plan will give this mine an extra six years of productive life. While the firm did not mention its plans to launch a business-to-business platform, reports indicate the move would help Dominion gain some understanding into the polished diamond markets, which it drew away from, after it sold its Harry Winston jewellery brand to Swatch Group AG last year.

by: Cecilia Jamasmie

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Photo sourced from: www.cbc.ca

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CAMECO SELLS INTEREST IN BRUCE POWER

ONTARIO – Saskatoon-based Cameco, one of the world's largest uranium producers, has agreed to sell its 31.6% interest in Bruce Power LP to BPC Generation Infrastructure Trust (Borealis). BPC, one of the partners in Bruce Power, has agreed to pay $450 million for Cameco's share. Bruce Power operates four of the eight reactors at the Bruce nuclear generating facility in Tiverton, ON. Bruce – soon to have a capacity of 6,300 MW – is the largest facility of its kind in North America. It current supplies 3,000 MW to its customers. Tim Gitzel, Cameco president and CEO, said in a release, "We believe the best option for our shareholders is to sell our interest in Bruce Power and continue to reinvest in our core uranium business where we see strong potential for growth." Cameco (Cameco.com) holds a 50% interest in the Cigar Lake uranium mine in Saskatchewan. Jet boring began in December 2013 and the first ore production is scheduled for Q1 2014.

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