Sino Gold Mining Limited (SGX) said operations at its White Mountain Mine in China have been suspended as a result of a group of farmers blocking road access to the mine. The company said the farmers are seeking compensation on the basis that water discharged from the underground mine is causing them concern. Sino Gold said a water monitoring-program is in place at White Mountain, which the mine implemented in consultation with the Environmental Protection Bureau. The company added that recent independent testing of the water in the creek above and down stream from the mine has confirmed that claims raised by the protesters are without foundation. Sino Gold said it is working with the relevant authorities to resolve the situation and is optimistic that full gold production would resume shortly.
WorleyParsons Limited (WOR) said its Canadian subsidiary, WorleyParsons Canada Services Ltd., has been awarded a five-year contract renewal, with a five-year extension option, for the Syncrude CoSyn and Imperial Oil upstream alliances. The Australian oil-field engineering firm said about 720 of its employees are involved on the alliance project teams in Alberta, with an expected annual revenue of approximately CAD 100 million. For the past 18 years the alliance has involved providing a full range of engineering services to Brownfield projects at the Syncrude and Imperial Oil upstream facilities.
Coeur d’Alene Mines Corporation (CXC) announced that Standard & Poor's Ratings Services raised its corporate credit rating on the company to 'B-' from 'CCC'. S&P also raised the ratings on the company's $180 million senior unsecured notes due 2024 and $230 million senior unsecured notes due 2028 to 'CCC+' from 'CCC-'. Coeur d’Alene said the ratings upgrades reflected its improved financial structure and the impact the company’s two new large mines are now having on production levels and cash flow. S&P said it expects significant improvement in Coeur’s' financial performance for the remainder of 2009 and throughout 2010 due to the ramp up of the low-cost Palemarjo mine.
Rheochem Plc (RHE) said it has been awarded a contract to supply drilling fluids and related services to Origin Energy Limited subsidiary Origin Energy Resources Limited for its conventional onshore drilling campaign in the North Perth Basin, off Western Australia. The contract is for two firm wells with the potential for a further two wells contingent on drilling results.
