Australias mining industry still riding the storm

first_imgThe dreaded rent resource tax saga – coupled by elections which resulted in a hung parliament, with five tax supporters sitting in the balance of power, has battered Australia’s mining share index recently. From Rio Tinto’s head to the Australian Institute of Geoscientists there have been few, in the mining industry at least, who have not expressed their worry over Australia’s mining future. However, despite this year’s setbacks and next year’s hurdles, the long term potential of the country’s mining companies and assets is still very healthy -a point that Australian miners have been increasingly determined to prove in the latest issue of International Mining Project News. Certainly Gindalbie’s Karara project has not had difficulty in finding funds, which is hardly surprising with a predicted production of 9 plus Bt over a 30 year life of mine, and the company is quickly moving towards its production goal with the award of another multi-million dollar construction contract. Although not as quickly as the Randalls gold project which has been travelling on a whirlwind deposit to report extensive drilling results, ranging from 2.89 g/t to 51.25 g/t, while on the verge of its first gold pour. This last deposit’s transition from uninspiring to high grade confirms the underground potential beneath Integra Mining’s feet as well as providing a glittering reminder of what may yet lay undiscovered.Venturex Resources has revealed more of those riches in the Pilbara region with drilling results that include 8 m at 256.3 g/t silver and strong lead, zinc and copper mineralisation. The results will prove useful for the company’s revised JORC, expected for the next issue of International Mining Project News, and should help upgrade the open pit resource. Brockman Resources also has some very pure answers from its metallurgical sinter testwork program on the company’s flagship iron ore project – reaffirming the Pilbara region’s well known potential to Chinese steel mills and leaving Brockman close to completing its DFS.Cortona have been facing climate change head on at its wholly owned gold project in New South Wales with plans to drastically cut material and waste movement. While still having to persevere through bad weather the environmentally minded company has managed to stay on track for its expected resource upgrade. Since its own Swedish surprise Avalon Minerals has been re-evaluating its options and is on the lookout for investors to help fund further exploration and development of its flagship copper/iron project. In the meantime the company has rewarded one of its experienced employees, for his role in leading the resource drill-out and expanded PFS which led to the significantly increased resource, with the position of MD.Mundo Minerals have already secured financing for an upgraded treatment facility at its Engenho gold project and are looking forward to bringing another pit into production with a new COO direct from Gold Fields. These twin developments should give the company extra momentum as it reaches towards a 100,000 oz/y target.Centaurus Metals has also been enjoying Brazil with testwork results and a completed RC and diamond drilling program paving the way for a maiden JORC estimate to be completed at its iron ore project before the end of October. Not far away, in Chile, Antofagasta Minerals and Carbon Energy have been feeling the benefits of underground coal gasification technology as the proposed project at the Mulpun deposit obtains environmental approval.All this and much more in International Mining Project News…To receive the full 30+ page report, subscriptions to this service can be registered and paid for on-line (SUBSCRIBE TO IM PROJECT NEWS BUTTON), or contact [email protected] for a free trial copy.last_img read more