July 20, 2008
July 20th (Manila Standard Today) – Atlas Consolidated Mining and Development Corp. is close to securing a copper supply agreement with either Japan, China or India within the next six weeks.
“I suspect that within the next six weeks we already have off-take agreements for copper concentrate sales. We’re talking with a lot of companies. I say there is a lot of interest in copper, nowadays,” said Atlas executive vice president Martin Buckingham.
Atlas said it would start commercial production of copper concentrate in its Toledo project in Cebu by mid-August after commissioning its facilities and equipment for actual operation this month.
The initial phase of the project calls for processing of 20,000 metric tons of copper ore daily at the newly rehabilitated Carmen mine.
Atlas is conducting open-pit mining in South Luropan ore body with over 150,000 metric tons on stockpile and about 600,000 MT already exposed.
“With this start-up, our company will begin a historic journey of bringing the Toledo mine to equal, if not surpass, the previous operations of Atlas,” said company chairman and president Alfredo Ramos.
The mine will process 42,000 tons per day and produce up to 130 million pounds of copper, 70,000 ounces of gold, 260,000 oz. of silver, 160,000 dry metric tons of pyrite and 440,000 dmt of iron ore magnetite yearly.
An Atlas subsidiary, Carmen Copper Corp., is operating the Toledo copper mine. A financing partner from Singapore, Crescent Asian Special Opportunity Portfolio, owns nearly 35 percent of Carmen Copper.
May 29 (Iron Ore Daily Post/Press Release) – Red River Resources Limited (ASX code: RVR) is pleased to announce that its 50:50 joint venture partner, Iron Mountain Mining Limited (ASX code: IRM), has commenced a Reverse Circulation (RC) drilling program to test a number of potential magnetite targets identified through surface rock chip sampling and ground magnetic surveys in the region surrounding the Kara magnetite/tungsten mine, 30 kilometres south of the port of Burnie in northern Tasmania.
The program will consist of up to 100 holes to test six target areas, each of which is coincident with magnetic highs on aeromagnetic surveys. Historic drilling has indicated the presence of magnetite at a number of these target areas.
The aim of the program is to define the boundaries of the magnetite pods, their depth potential and their continuity. The program will also test the presence of a high grade cap on the pods, which could potentially be mined as direct shipping iron ore (DSO), overlying a lower grade material which would require beneficiation to produce a saleable magnetite iron ore product.
The drilling program also has a high likelihood of encountering tungsten mineralisation similar to that encountered at Kara.
May 28, 2008
May 28 (The Sydney Morning Herald) – The iron ore entrepreneur has confirmed a mid-tier resources company is in the works.
Amid whispers in Perth that iron ore entrepreneur Clive Palmer is planning to float a $2billion-plus company, he has confirmed he is working to form a new mid-tier resources play, which could be listed.
“We’re setting up another major international business at the moment,” he told Xchange. “We’re looking at iron ore, steel, oil and gas and base metals such as nickel and other things.”
Palmer added that he had recently visited the US and Papua New Guinea and was looking at major oil and gas projects throughout Asia.
He said he aimed for the new company to own between 10 and 12 projects to fill the void in the mid-tier mining sector brought on by the takeovers of WMC Resources and MIM. Each project could be as big as the 1 billion tonne magnetite parcels he has sold to the Chinese and Australasian Resources in the Pilbara.
May 28 (PR Newswire) – Gemco Minerals Inc. is pleased to announce that through its wholly owned subsidiary company, Firstline Recovery Systems Inc. (Firstline), it has entered into an Exclusive Supply Agreement with A. Teichert and Son Inc., a California corporation doing business as Teichert Aggregates
(Teichert). This contract pertains to the exclusive distribution rights of the minerals known as Ilmenite and Magnetite. These rights allow Firstline to distribute and sell this product as a blast medium in the industrial
abrasive industry in both Western U.S. and Canada. Firstline has been working with Teichert for over a year to finalize this Agreement and is now satisfied with its terms.
Teichert produces Ilmenite and Magnetite as a by-product from its aggregate mining operations. Mr. Ron Stickel, Manager of Business Development and Geologic Services with Teichert, states there is currently
an estimated 25,000 tons of the minerals stored on-site at the plant in Sacramento, California.
The effective commencement date of production is dependent on Firstline first obtaining California Air Regulation Board (CARB) standard approval for the use of these products as a blast medium and then establishing a drying, screening and bagging plant at a nearby location. In conjunction with Teichert, Firstline has initiated the CARB test and Firstline management is negotiating with a U.S. company for a site on which to locate the screening, drying and bagging facility.
The Term of this Agreement is for a period of 5 years with an option for an additional 5 years, with mutual agreement of both parties. As part of the Agreement, Firstline has agreed to minimum tonnage conditions per contract year in order to maintain fixed pricing terms.