Archive for September, 2012

AUSTRALIAS NEWCREST MINING & A $9B WAFI-GOLPU GOLD MINE OPERATION IN PAPUA NEW GUINEA

Saturday, September 29th, 2012
WAFI-GAFU GOLD MINING IN PAPUA NEW GUINEA TO BE HUGE
harmony_wafi_golpu

Johannesburg-based Harmony Gold Mining  (NYSE:HMY) has outlined the potential of the Wafi-Golpu project, a 50-50 JV with Australia’s Newcrest Mining in Papua New Guinea, saying in a presentation the deposit could support a $9.8 billion mine with peak annual production of 560,000 gold ounces and 335,000 tonnes of copper.

The mine with a 26-year mine life will cost $4.85 billion to bring to production with annual output at 490,000 ounces of gold and 290,000 tonnes of copper with start-up in 2019 followed by expansion.
Groper Career Test

The economics of the mainly underground mine located 80 km from the port of Lae is sweet – gold output will cost a negative $2,600 an ounce while copper would be extracted for just $0.54 a pound. Copper was trading at $3.76 in New York on Friday.

The market has been anticipating great things from  Wafi-Golpu. Harmony’s 2007 pre-feasibility study showed a 1.3 million oz gold and below 1 million tonnes of copper. This has now grown to contain roughly 12.4 million ounces of gold and 5.4 million tonnes of copper.

Harmony Gold says the site is highly prospective and will embark on a feasibility study next year with a focus on enhancing gold recovery which is pegged at 61% at the moment and a $400 million drilling program.  Discussions with local landowners are also ongoing.

Harmony Gold’s Australian partners Newcrest’s (TSX:NM, ASX:NCM) Lihir gold mine in Papua New Guinea has run into trouble with landowners over compensation and the 600,000 gold oz per year mine had to be briefly shut in August.

The government of PNG has the option to take a 30% stake in the Wafi-Golpu mine at cost.
GlobalOption - Your option to trade

Sourced & published by Henry Sapiecha

NASA INVESTIGATES ASTEROIDS PRECIOUS METAL MINING

Saturday, September 29th, 2012

MINING OF PRECIOUS METALS ON ASTEROIDS POSSIBLE SAYS NASA
Gold Company


Only five months after Google’s billionaire co-founders and filmmaker James Cameron officially launched their asteroid mining focused Planetary Resources company, the U.S. National Aeronautics and Space Administration (NASA) is funding a study to evaluate how viable the endeavour really is.

Artist concept of the Robotic Asteroid Prospector by Marc Cohen et al.

According to Universe Today, space architect Marc Cohen will lead the research project, with the help of two trajectory and robotics specialists and a mineral economist.

Their jointed proposal, says NASA, will look at the fundamentals of some major questions facing the asteroid mining industry, such as the most suitable kinds of spacecraft needed, as well as the technology and business model required for a space mining project.

The team will design a mission, using a robotic miner that would launch from one of the Earth-Moon Lagrange Points (EMLP) and intercept a near Earth asteroid, mine its resources on site, and then return to the EMLP to eventually ship the mined materials to Earth.

By designing a mission, the study may be able to determine whether there is a business case for asteroid mining, but Cohen himself is sceptical of finding a positive answer to that question.

GlobalOption - Your option to trade

Asteroids are rich in valuable minerals. An M-type asteroid, the third most common type, just one km diameter could contain more than two billion tons of iron ore and nickel. And, notes the company, they are not very far away.

In February this year, the heads of the world’s five largest space agencies gathered in Canada to discuss interplanetary mining, particularly the viability of mining the Moon.

Several countries, including China, have already expressed an interest in mining the moon’s resources and a number of prototype machines already exist.

However, the question of who owns asteroids and other celestial bodies remains unanswered
Eztrader - The best on Binary Options Platform

Sourced & published by Henry Sapiecha

Categories
Search