Rio Tinto Limited (RIO) said it has given notice to complete the second tranche of its investment in Ivanhoe Mines Limited, therefore increasing its holding in the Canadian company from 9.9% to 19.7%. The tranche consists of 46.3 million shares at a subscription price of US$8.38, for a total consideration of US$388 million. Rio said the announcement follows the signing of an investment agreement with the Government of Mongolia last week for the development of the Oyu Tolgoi copper-gold complex. The company said the increased its investment in Ivanhoe would allow it to work with the Government of Mongolia to progress the development of Oyu Tolgoi as quickly as possible.
Energy Resources of Australia Limited (ERA) increased the number of tonnes milled by 17% in the third quarter 09 from the previous corresponding period, to 568,000 tonnes. The increase represents higher plant utilisation with the actual amount of ore mined falling by around 24%. ERA, the world’s fourth largest uranium producer which is around 64% owned by Rio Tinto, produced 1,405 tonnes of uranium oxide.
Western Areas NL (WSA) upgraded its mineral resources at Flying Fox by 11% in contained nickel from the published mineral resources as at 30 June 2009, after mining depletion. The company said high grade mineral resources at Flying Fox now comprise just over 1.58 million tonnes at an average grade of 6% nickel, containing 95,370 tonnes nickel. Western Areas announced revised mineral resource estimates for the Flying Fox T4 and T5 deposits as well as initial mineral resource estimates for the T6 and T7 nickel deposits. The company said based on the revised mineral resources, ore reserves for T4 and T5 are being upgraded which is expected to have a positive impact on mine production and grade from early 2010 onwards.
Talisman Mining Limited (TLM) and Shaw River Resources Limited (SRR) have reached an agreement whereby Shaw River can earn up to a 70% interest in Talisman’s Wandanya, Yilgalong and Gangarrigan manganese projects in the East Pilbara. Under the terms of the farm out agreement, Shaw River would spend $300,000 in exploration expenditure over the next two years to evaluate key target areas within the three projects. Among other terms Shaw is required to make an up-front payment to Talisman of one million Shaw River shares and $50,000 in cash. Talisman said the agreement provided it with an opportunity to secure focused exploration funding to progress the company’s East Pilbara manganese portfolio, while retaining exposure to future exploration success.
Green Rock Energy (GRK) announced that along with BHP Billiton Worsley Alumina Pty Ltd, they have been granted three new Geothermal Exploration Permits in Western Australia. Green Rock said it has been appointed operator of all three permits which are located within the Collie Basin. The company added that the objective is to prove the technical and commercial viability of recovering geothermal energy from the permits, contributing to a reduction in the carbon footprint from existing local operations.
