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| Australia Red 5 Plans To Build Philippine Gold Proj 2Q 06 |
 MANILA (Dow Jones)--Australian miner Red 5 Ltd. (redna.au) expects to start mining construction at its Siana Gold Project in southern Philippines within the second quarter of next year, a company official said Tuesday.
Colin Jackson, non-executive director and board member of Red 5, said the pre-feasibility study on the Siana Gold project will be completed in the next two months, and the company's board is likely to give the greenlight early next year.
"We're in the process of finalizing within the next two months technical and financial viability of the project and assuming all goes well, we will start construction between April to June next year. We can start pouring gold 24 months after that," Jackson told reporters.
The company is currently holding discussions with seven foreign banks, including ABN Amro Bank and MacQuarie Bank Ltd. (MBL.AU), to seek financial assistance for the project, Jackson said.
The cost of development for the Siana Gold Project is estimated around $35 million.
(ported from http://sg.biz.yahoo.com)
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· Alex Amadeo on October 11 2005 16:48:56 ·
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| Southeast Asia : Bigger slice in metal boom |
No longer satisfied with a small fraction of the $110 billion-a-year world trade in mineral commodities, state-owned and private mining companies across southeast Asia are aiming to forge closer ties to capitalise on surging metals prices.
The shift from go-it-alone operations comes as prices of metals from copper and nickel to molybdenum soar in response to high demand from fast-industrialising China and other countries in Asia.
"All the more important for us as an association is to continue to cooperate with one another and strengthen our relationships to create more business opportunities for our countries, industries and individual companies," said Benjamin Philip Romualdez, president of Philippines miner Benguet Corp.
The southeast Asian region reaps about $5 billion a year in revenues from mining, a figure Romualdez predicts could triple by the end of the decade.
"The mining-industry is experiencing unprecedented heights, partly because of the surging demand in China, India, Korea and Japan, all our Asian neighbours," said Romualdez, who is also president of the ASEAN Federation of Mining Associations.
(ported from http://www.hindustantimes.com story by James Regan - Reuters)
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· Alex Amadeo on October 11 2005 04:46:30
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| Mining's Revival |
 This week, Benjamin Philip Romualdez hosts the 6th Asia Pacific Mining Conference and Exhibition for some 300 delegates. He does so in his capacity as president and CEO of Benguet Corp., president of the Chamber of Mines and president of the ASEAN Federation of Mining Associations.
The meeting is a milestone because it seeks to project the Philippines as an inviting place for the mining industry. It caps some 12 road shows conducted by the Chamber of Mines and the government in 10 countries in the last 12 months.
The last time a mine was opened in the Philippines was 17 years ago. Funded, managed and operated by industry giant Benguet Corp., Dizon Copper-Silver Mines in San Marcelino, Zambales, became the darling of the stock market, bringing awesome windfall to Benguet, the Dizon family and stockbrokers. In 1997 just before the Asian crisis, the copper mine stopped operations and Benguet incurred losses and had to restructure its loans to avoid default. It also went into the water business and real-estate development.
(ported from http://www.abs-cbnnews.com story by Tony Lopez)
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· Alex Amadeo on October 10 2005 06:32:17
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| Mittal rolls out world?s largest steel plant |
RANCHI: The world?s largest and ?most global? steel company has set foot in India. Finally. On Saturday at a glittering high-voltage ceremony chock-a-block full with ministers, bureaucrats and paparazzi, Mittal Steel entered into an MoU with the state of Jharkhand to set up an integrated steel plant of 12 million tonnes at a total investment of Rs 40,000 crore or $ 9.3 billion!
Star attraction most certainly was Lakshmi Narayan Mittal, the world?s top steel maker, who flew in with family, to end speculation and launch a new phase of the country?s steel making history. The Mittal venture also includes a proposal by Mittal Steel to undertake large scale mining operations of both iron ore and coal, in what is India?s richest state in terms of mineral reserves.
In what also marks the group?s grand homecoming, Lakshmi Mittal said he has decided to focus on the young, resource-rich state of Jharkhand as part of his India investment plan. ?The timing is right. The economic climate perfect. We would like to focus on Jharkhand right now? he said.
?I am sure our decision to invest here will place Jharkhand firmly on the global business map. In turn, it would also trigger a spate of investment into the state. Few people had heard of Jharkhand before. Earlier, they would ask Jharkhand ... what?. That will now change in a big way? Mittal, who is the chairman of Mittal Steel, told ET after signing the MoU at chief minister Arjun Munda?s official residence.
(ported from http://economictimes.indiatimes.com story by Rakhi Mazumdar and Runa Rajeev Kumar)
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· Alex Amadeo on October 09 2005 04:01:02
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| Benguet taps Citigroup as adviser for Kingking project |
MINING firm Benguet Corp. and joint-venture partner Nationwide Development Corp. (Nadecor) have chosen Citigroup Financial as adviser in raising $500 million in additional capital to develop its Kingking gold project in Compostela Valley province in Mindanao, Benguet told the stock exchange Friday.
"This is the best time to develop the Kingking gold project as the demand from the economies of Japan, China and Korea is on the high side," Benguet president Philip Benjamin Romualdez said in a disclosure statement. "Both partners were approached by different groups in developing this project and to secure the most beneficial arrangement we have engaged the services of Citigroup."
Romualdez earlier announced that the partners were in talks with 40 foreign mining companies to raise capital for a copper and gold project in Compostela Valley, with start of operations targeted for next year.
Romualdez said the investment would be a combination of equity and project financing, which Citigroup would evaluate in the coming months.
(ported from http://money.inq7.net - Inquirer News Service)
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· Alex Amadeo on October 08 2005 08:53:52
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| ElDore Mining closes IPO oversubscribed |
New Philippines-focused gold and copper explorer ElDore Mining Corporation Ltd is preparing for its Australian Stock Exchange debut after closing its initial public offer (IPO) oversubscribed.
ElDore raised $4 million via the issue of 25 cent shares in its IPO, including $1 million from oversubscriptions, with the company due to list on the ASX later this month.
The Sydney-based explorer plans to use the cash to further investigate the Nalesbitan gold mine in the Philippines.
It acquired a 72.22 per cent stake in Sagacity Holdings, which has a 40 per cent interest in the Nalesbitan project.
Sagacity can increase its stake to 90 per cent if it enters into an agreement with the Philippines government, bumping ElDore's stake of Nalesbitan up to 65 per cent.
(ported from http://www.theage.com.au)
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· Alex Amadeo on October 07 2005 11:57:16
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| Australian firm?s gold gamble pans out |
 A crowd stands around a gas furnace in silence as a masked worker pours a hot glowing liquid into a metal bar mould. Some of the molten metal splashes outside of the mould and is caught by a sink. Here every drop counts. Then, the worker lifts the bar mould out of a water container and taps the metal mould with a long metal bar on a large table. The silver-bronze bar?s surface looks rough, like a sponge, but this 11-kilogram ore bar contains around three kilos of pure gold ? the rest is silver ore. The bar will be sold for some US$50,000 (Bt2 million).
This scene took place at the first modern goldmine in Thailand. Akara Mining Ltd, 100-per-cent owed by Australia?s Kingsgate Consolidated, mines gold in an area straddling Phichit and Phetchabun provinces, 280 kilometres north of Bangkok.
Ross Smyth-Kirk, Kingsgate?s chairman, asked visitors including Australia?s ambassador, William Paterson, to hold the ore bar, which will be air-freighted to overseas refineries where it will be processed into gold bullion.
(ported at http://nationmultimedia.com/ story by Jeerawat Na Thalang)
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· Alex Amadeo on October 07 2005 09:49:43
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| Oxiana casts an eye over Philippines |
After successfully developing the Sepon gold project in Laos, Oxiana is looking to other countries to expand its operations in the Asia-Pacific region.
In a speech to the Asia Society in Sydney yesterday, managing director Owen Hegarty spoke of great prospects in the Philippines, an investment destination long overlooked until the ban on foreign ownership of mines was removed recently.
Many in the Australian mining industry, including Mr Hegarty, will be travelling to Manila next week for the sixth Asia Pacific Mining Conference and Exhibition, at which the Philippine President, Gloria Arroyo, is scheduled to speak.
Oxiana already owns some copper and gold exploration properties in the Philippines and the company has said it is "looking at a number of corporate opportunities that will unlock significant value" in the country.
ported from http://www.smh.com.au story by Jamie Freed
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· Alex Amadeo on October 05 2005 12:39:27
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| Atlas Mining says Carmen Copper mine repair underway |
Atlas Consolidated Mining and Development Corp. said initial repair works at the mining site of unit Carmen Copper Corp. in Cebu in central Philippines are ahead of schedule and expected to be completed by end-October.
Atlas earlier said it was planning to offer shares of Carmen Copper to the public before the year-ends or in early 2006. The company reportedly hopes to raise from the initial public offering about half of the 150 million dollars needed to rehabilitate copper mines in Cebu, where operations had been suspended since 1994.
In its statement to the stock exchange, Atlas did not say when mining operations in Cebu would resume.
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· Alex Amadeo on October 05 2005 10:20:40
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| Mars technology could help mining industry |
The Arizona State University Mars program gained plenty of headlines by developing instruments that explored the surface of the Red Planet.
For their next trick, university researchers are seeking uses for that same technology closer to home, and they believe it has applications in the mining industry.
The Mars Space Flight Facility on the Tempe campus developed two complex instruments that have been used on recent Mars probes. The Thermal Emission Imaging System, or THEMIS, was bolted onto the Mars Odyssey, which has been in orbit around Mars since 2001. It contains infrared and visible-light cameras that have been used to look down for minerals that suggest the presence of water, and therefore the possibility of life, on the planet?s surface.
(ported from eastvalleytribune.com story by Ed Taylor)
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· Alex Amadeo on October 03 2005 21:19:40
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| Philippine Mine Exports First Gold and Silver to Hong Kong |
Legaspi City - The Rapu-Rapu Mineral Inc. (RPM), a new mining firm in Albay province, has made an initial export 420 kilos of gold and silver to Hong Kong, according to the Mines and Geosciences Bureau(MGB).
Reynulfo A. Juan, MGB Bicol regional director, said the first shipment made during the first three weeks of September by the Australian-owned mining firm, consisted of 90% gold and 10% silver. The gold and silver will be refined in Hong Kong.
RPMI was one of the first mining companies to respond to an invitation by the Arroyo administration to invest in the country after the Supreme Court ruled that foreign investors could engage in mining.
(ported from http://biz.yahoo.com)
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· Alex Amadeo on October 03 2005 17:17:27
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