Rio Tinto Limited (RIO) said it has completed the sale of its Corumbá iron ore mine in Brazil and the associated river logistics operations to Vale S.A. for a total of US$750 million. The mining giant said the Corumbá divestment was part of a larger transaction that included the Potasio Rio Colorado potash project in Argentina and the Regina exploration assets in Canada. The company said the potash transaction closed on 5 February 2009 for a cash consideration of US$850 million. Rio Tinto has announced asset sales of US$6.6 billion over the past 18 months. The company has also received a binding offer from Amcor for US$2.025 billion for Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions.
Liberty Resources Limited (LBY) reported that its Inferred Coal Resource has increased from 338 to 3,166 million tonnes of thermal coal. The company said the coal was identified at its Merival, Andrew and Lauren and most significantly at its Westgrove projects in Queensland. Liberty said the inferred resources were part of the broader exploration potential target tonnage of 280 - 350 billion tones (Bt).
Gunns Limited (GNS) said it has submitted a conditional proposal to the liquidator of Timbercorp Limited. The forestry company said it is anticipated the proposal would encompass Gunns, together with a joint venture partner, acquiring the land, trees and forestry operations businesses from Timbercorp. Gunns said it has held discussions with potential providers of debt and a joint venture partner in relation to the potential acquisition.
United Minerals Corporation (UMC) said it had recorded a significant increase to the total and Direct Shipping Ore (“DSO”) resource at its 100% owned Railway Iron Ore Deposit in the Pilbara region of Western Australia. Since a February 2009 announcement the junior miner reported an increase of 29% in the total resource category to 158Mt at 58.03%Fe (Indicated and Inferred Category), as well as an increase of 32% in DSO Bedded Marra Mamba ore to 100.7Mt at 60.3%Fe.
Ramelius Resources Limited (RMS) said that visible gold has been intersected in ore development drives at its Wattle Dam gold mine in Western Australia. The miner reaffirmed that the presence of visible gold in such quantities validated the very high grade drill results that Ramelius has achieved in previous RC and diamond drilling. Ore development driving on the 225RL has intersected significant visible gold as it approaches the high grade core of the ore body, where previous drilling has intersected 16 metres at 482 g/t Au and 9 metres at 454 g/t Au, the company said in a statement.
