#Official Mining Thread

[monotonehell]

Hey! That's this weekend! *contemplates*

[Wayno]

Hey! That's this weekend! *contemplates*

nothing could be funner than hangin' out with a bunch of bearded mining geeks (and no, i don't have a beard)

[monotonehell]

Hey! That's this weekend! *contemplates*

nothing could be funner than hangin' out with a bunch of bearded mining geeks (and no, i don't have a beard)

How quickly could you grow one? We need to blend in.

[Ben]

Hopeully a start of many relocations.

New exploration head office

Published: 10 Oct 2008 Category: Investing in SA

ASX-listed copper exploration company Copper Range Limited is moving its head office from Sydney to Adelaide, to be closer to its South Australian tenements.

Managing director Rob Scargill says the company is focused on exploring for giant copper-gold targets on the Gawler Craton, exploiting short-term cash flow opportunities on the Adelaide Fold Belt.

The company’s Gawler Craton tenements are in prospective locations around BHP Billiton’s massive Olympic Dam mine and the Carrapateena deposit.

Copper Range’s current exploration includes areas around the historic copper towns of Kapunda and Burra, as well as sites near Hawker and Peterborough in the State’s Mid North.

While the focus is on copper-gold, the company has recently reported high-grade iron assay results that are being investigated.

[joshzxzx]

This is AWESOME news....

Any idea on how many jobs will be created???

[Wayno]

i believe BHP will announce their ODX plans either tomorrow (during an Adelaide based mining event focused on uranium) or on Oct 31 when a bunch of analysts visit ODX as the final stopover in their examination of BHP's australian operations.

[UrbanSG]

It is an exploration company so it will be a relatively minor head office move and low staff numbers but it is still a positive move. Plus in an article in the afr today every other capital is experiencing a decrease in office space demand apart from Adelaide. Hopefully that trend can continue despite the credit crunch but it may start to slow and reverse soon depending on the timelines and staging of mine developments.

Looks like the ODX announcement may occur tomorrow according to this portion of an article from the Press Digest today:

BHP Billiton senior executive Graeme Hunt will tomorrow give a speech in Adelaide, with observers expecting an update on the miner's giant Olympic Dam copper, gold and uranium project in South Australia. While takeover target Rio Tinto's two troubled overseas iron ore and copper-gold projects account for only a portion of Rio's growth potential, Olympic Dam accounts for between 50 to 75 percent of BHP's medium-term copper growth capability. BHP chairman Don Argus said recently Olympic Dam's input costs were 'rising very fast.'

[UrbanSG]

From the adelaidenow website:

South Australia's Honeymoon uranium mine wins Japanese investment
CAMERON ENGLAND, CHIEF BUSINESS REPORTER
October 16, 2008 11:40am

THE Honeymoon uranium mine is back on track after Japanese company Mitsui committed $104 million to the stalled project.

South African company Uranium One announced today it has struck a deal with Mitsui which would allow it to bring the mine into production by 2010.

The development of the mine, 80km northwest of Broken Hill, was put on hold in May when Uranium One said it was looking for a partner to help develop the project.

Uranium One executive vice president Australia and Asia Greg Cochran said yesterday the final planning for the construction and operation of the project would now be completed by the end of the year, with site development resuming early next year.

The mine is expected to create about 60 jobs for its seven year life and produce about 400 tonnes if uranium oxide a year.

Mr Cochran said Mitusi's investment was a huge vote of confidence in South Australia's uranium industry.

"This agreement...brings a highly respected Japanese trading house with a long history in the nuclear business to the State.

"This will be of tremendous long-term benefit to the State's industry and economy and is also the first major overseas investment in Australian mining since the current global financial malaise began.'' Premier Mike Rann welcomed the agreement.

"The decision by an overseas investor to commit millions of dollars to develop this mine amid the current global uncertainty hgihlights the confidence resource companuies have in South Australia,'' he said.

Mitsui has 159 offices in 68 countries and has investments in Australia in resources, forestry and meat.

The deal also covers Uranium One's nearby Gould's Dam and Billeroo projects as well as other prospective tenements in SA.

The deal is conditional on approval by the Foreign Investment Review Board.

[Wayno]

From the adelaidenow website:

South Australia's Honeymoon uranium mine wins Japanese investment
...
The deal is conditional on approval by the Foreign Investment Review Board.

bring out the rubber stamp!

[skyliner]

Was talking to staff members today and one mentioned reading on the net about the USA and China making deals with SA for uranium for greatly expanded nuclear power industries.

Tried to search for info but ran out of time. Has anyone else heard anything about this? Wayno?? Will try for more info tomorrow.

May be libked to the forthcoming BHP announcement about OD.

SA - STATE ON THE MOVE

[Wayno]

Was talking to staff members today and one mentioned reading on the net about the USA and China making deals with SA for uranium for greatly expanded nuclear power industries.

Tried to search for info but ran out of time. Has anyone else heard anything about this? Wayno?? Will try for more info tomorrow.

May be libked to the forthcoming BHP announcement about OD.

SA - STATE ON THE MOVE

see urbansg's post above about japan buying into the honeymoon uranium mine...it's a sign of things to come (very very good things that is)

[UrbanSG]

Pretty much knew all this already. BHP needs to get some more solid details out about this proposal, it is really dragging on now. We are going to be waiting a long time before those big projected numbers come into play with a 5 stage expansion.

This from bloomberg:

BHP Studies 5-Stage Olympic Dam Expansion, Hunt Says
By Rebecca Keenan
Oct. 17 (Bloomberg)

BHP Billiton Ltd., the world's largest mining company, is studying a five-stage expansion of its Olympic Dam mine and will make a development decision based on the long- term demand outlook for metals such as copper and uranium.

``We have to make decisions now on how we see demand 20 years out,'' BHP uranium unit President Graeme Hunt, who's in charge of the Australian mine, said today at an industry briefing in Adelaide. ``This is not a project we can move too quickly with.''

The cost of Olympic Dam, the world's biggest uranium deposit and fourth-largest copper lode, may rise threefold to as much as $15 billion, according to estimates last year by Merrill Lynch & Co. and JPMorgan Chase & Co. Metal prices have plunged 41 percent this half on concern the worst financial crisis since the Great Depression may tip the global economy into recession.

``Obviously it's a very big investment,'' Hunt said. ``What's important is that we take it a step at a time. We need to get it right.''

BHP dropped 2.3 percent to A$25.21 at 1:52 p.m. Sydney time on the Australian stock exchange. A final decision on the project is expected to be made in early 2010, Hunt said.

``Olympic Dam is a relatively complex orebody, so there remains uncertainty about the size, cost, timing and eventual configuration of the expansion,'' BHP said in its U.S. annual report sent to the exchange on Sept. 16.

[frank1]

BHP Studies 5-Stage Olympic Dam Expansion, Hunt Says
By Rebecca Keenan
Oct. 17 (Bloomberg)

A final decision on the project is expected to be made in early 2010, Hunt said.

Looks like we will be waiting a little longer for the announcement of this project.

[Wayno]

BHP Studies 5-Stage Olympic Dam Expansion, Hunt Says
By Rebecca Keenan
Oct. 17 (Bloomberg)

This is a nothing news article. Rebecca Keenan should be ashamed. I realise Hunt did not give much away, but everyone already knows the mine will ramp up in multiple stages - it's simply too big to do otherwise...

[skyliner]

Was talking to staff members today and one mentioned reading on the net about the USA and China making deals with SA for uranium for greatly expanded nuclear power industries.

Tried to search for info but ran out of time. Has anyone else heard anything about this? Wayno?? Will try for more info tomorrow.

May be libked to the forthcoming BHP announcement about OD.

SA - STATE ON THE MOVE

see urbansg's post above about japan buying into the honeymoon uranium mine...it's a sign of things to come (very very good things that is)

As said, checked out the staff member again today -said it was on the news sites of one of NBC, CNN or 9MSN on 15/10/08. Still have not trawled these sites as yet.

I'm with you Wayno, I think good things are coming for SA - especially in the light of ramped up nuclear power industries in USA and China. Russian deal seems to be being reconsidered since their misbehaviour not long ago.

SA - STATE ON THE MOVE