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Mergers dominate the news
A big mining merger reached part of a conclusion at the end of July. The Canadian Press announced on July 28 that nickel giant Inco Ltd. conceded defeat in its bid for Falconbridge Ltd. Xstrata, the acquisitive Swiss-miner, should now be clear to bid for Falconbridge. It already owns 20 percent of the Canadian company.
In May, Xstrata beat Phelps Dodge, Grupo Mexico and a few other large mining companies and bought BHP Billiton's Tintaya copper mine in Peru for US$750 million. Australia Associated Press reported that BHP Billiton gave up the mine since it did not meet its criteria of being a core asset, that is a mine that has a low cost and long life.
Lots more merger action is still to come. Teck Cominco Ltd., the British Columbia-based miner, put together an offer for Inco a while ago on the condition that the bid for Falconbridge is either withdrawn or fails. Now that conditions are met, Teck Cominco is pushing ahead. Canadian Press announced on July 31 that Teck Cominco revised its takeover offer for Inco by offering more cash and less stock. The offer is valued at Can$82.50 a share. Phelps Dodge has its own offer on the table for Inco. And if your head is not spinning already, the Globe and Mail and Bloomberg announced that Grupo Mexico may make a play for Phelps Dodge.
Jittery commodity markets pushed up copper after BHP Billiton Ltd. announced that Escondida mine will be shutting down due to a strike. Bloomberg reports that Escondida accounted for 8.5 percent of worldwide copper production last year. Gold did not really go up or down in July. Rather, it seems to be seeking direction. Gold had support since it is viewed as a hedge against political turmoil and a troubled American economy. However, the U.S. Federal Reserve propped up the dollar by raising interest rates. And the Fed may do it again, making the markets less likely to see gold as a hedge against inflation.
Check the news section each day for the latest mining stories. You can also subscribe to our Headline News Digest. News subscribers can sign up for our specialty publications, Diamond Digest and Gold Digest.
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The Global Mining Summit, September 24-26 2006, Dallas Doral Tesoro, Dallas TX, USA
This summit will bring together leading mining service providers with senior decision makers to discuss the latest trends and developments. Over three days and two nights Global Mining 2006 will offer executives a unique opportunity to interact with other leading mining solution providers in a series of proactive one-to-one business meetings, conference presentations and informal networking in a professionally focused environment. In an era of constant economic change in global mining operations this innovative summit will facilitate the exploration of key concerns to those attending in the most effective format. more »
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Mining Salary Review
The following review discusses salaries, wages, and benefits in the mining industry. Considered are historical mine costs, salaries and wages and the general cost of living. The review provides a personal overview of salaries versus income earned from property investment. The review provides advice to younger mining engineers who are making decisions about career choices and options in the international mining industry. more »
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This course by Alastair Sinclair (Professor Emeritus of geological engineering at the University of British Columbia) provides comprehensive coverage of the empirical methods of mineral reserve estimation and their application in the contexts of ore estimation, mine planning and grade control. The course provides a basis for integrating and balancing these functions so as to achieve an efficient mining operation. (approximate course duration 18 hrs). more »
This introductory course on cyanide by Terry Mudder, Mike Botz and Karen Hagelstein (specialist consultants in cyanide usage and treatment) provides a non-technical introduction to the use and management of cyanide on a global basis, including gold production, cyanide chemistry, analysis, toxicity, treatment, risks, and management (approximate course duration 5 hrs). more »
Close to 50 online interactive tools for mining applications are now freely available, covering applications in exploration, rock mechanics, engineering, mining methods, hydrogeology, finance, mineral processing and more. From a rock mass rating (RMR) tool ... to flow in a confined aquifer ... to assessment of blasting damage. more »
On May 2, 1972, a fire broke out deep inside the Sunshine Mine, in Kellogg, Idaho, while nearly 175 men were at work. Nearly half the workers made it out safely, and there were 91 deaths.
This poignant book offers a detailed account of the fire, the toll it took on the small mining community, and the nail-bitingly suspenseful rescue operation to save the lives of two men trapped in the "deep dark" mine who survived for more than a week by eating the bagged lunches of their dead coworkers.
Olsen, author of a number of books in the true-crime genre, brings his considerable narrative skills to bear in this true-adventure tale. He tells the story in remarkably vivid detail, forcing the reader to experience the horror of the deep dark and to feel the exhilaration of the successful rescue. Review by David Pitt of Booklist. more »
Joke of the Month
It's a dog's life!!!
It is common practice in England to ring a telephone by signaling extra voltage across one side of the two wire circuit and ground (earth in England). When the subscriber answers the phone, it switches to the two wire circuit for conversation. This method allows two parties on the same line to be signaled without disturbing each other.
Anyway, an elderly lady with several pets called to say that her telephone failed to ring when her friends called and on the few occasions when it did ring her dog always barked first just before the ring. Pat proceeded to the scene, curious to see this psychic dog.
He climbed the nearby pole, hooked his test set to the lady's line, and dialed the number. The phone didn't ring. He tried again. The dog barked loudly, followed by a ringing telephone. Climbing down the pole the amazed Pat found:
- The dog was tied to the telephone systems ground post via a metal chain and collar.
- The dog was receiving 90 volts of signaling current.
- After several such jolts, the dog would start barking and urinating on the ground.
- The wet ground now completed the circuit and the phone would ring!
If you have any humorous stories aboutmining or just want to inflict misery on our readers with jokes worse then mine, we would love to get your input. Please email the editor with the subject line marked "InfoMiner Jokes".
The Goldstrike Property is located in Eureka County, Nevada and covers approximately 9,921 acres. The property consists of the Betze-Post open pit mine and the Meikle and Rodeo undground mines. For the last decade, Goldstrike has produced about 2 million ounces of gold and is still Barrick's largest producer.
The property was first mined in 1976; the Post deposit was discovered in 1982. The Betze deposit was discovered in 1987 soon after Barrick bought the Goldstrike Property. The Meikle and Rodeo orebodies currently make up Goldstrike underground, a high-grade orebody that was discovered in 1989 and began production in 1996. The underground and open pit mines are a mile apart.
The open pit mine is a truck-and-shovel operation using advanced mining equipment. Since the mine began production it has produced over 20 million ounces of gold. The underground mine is a trackless operation, using both long-hole open stoping and drift-and-fill mining methods.
Processing facilities consist of an autoclave and a roaster with a combined design capacity of 33,000 to 35,000 tons per day. Gold is processed into doré on site and shipped to an outside refinery for processing into gold bullion.
The open pit mine has existing reserves of 16-million ounces and an expected minimum mine life of about 16 years. The Meikle and Rodeo orebodies have reserves of almost 3-million ounces and an expected remaining mine life of about five years. more »
Mine Site provides in depth information on over 50 mine's, including reserves/resources, production, mining and processing methods as well as news, links and supplier information. You can also view the Minesite
pages of other mines by visiting the Minesite homepage. Feel free to contact us with any comments or suggestions you may have for Minesites.
Supplier Editorials
CoMatrix™ Tower: Excellent Organic Recovery, Plus 5X Flow Rate of Standard SX Filters
Increase your copper solvent extraction efficiency while lowering cost. Consider SpinTek!
The SpinTek CoMatrix™ system is specifically designed to provide excellent organic recovery and electrolyte filtering for the solvent extraction(SX) market. The system is designed to operate at five times the flow rate of traditional SX filters.
This filtration system translates to a 65% cost reduction and reduced backwash volumes of 70%.
The CoMatrix™ systems are free standing, self-contained units available in a variety of standard sizes with individual unit flow rates of up to 3,300 gpm (750 m3/hr). Multiple units can provide for much higher flow rates. All vessels, media, piping, instruments and controls are provided for a completely automatic and operational filtration system. more »
New copper processing technology for Cobre Las Cruces, Spain
Outokumpu Technology has been chosen as lead technology supplier for the greenfield copper
processing plant being built near Seville by Cobre Las Cruces S.A., a subsidiary of Inmet
Mining Corporation. The value of Outokumpu Technology’s delivery is approximately EUR 45
million.
After successful basic engineering for the copper plant completed earlier, Outokumpu
Technology’s scope of technology delivery covers process know-how and key equipment in
grinding, thickening, leaching, Outokumpu VSFTM solvent extraction, tankfarm and
electrowinning plant. Outokumpu Technology will also provide related supervisory services for
all implementation phases from installation to commissioning. more (pdf) »
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