Showing posts with label gold mine. Show all posts
Showing posts with label gold mine. Show all posts

Friday, May 22, 2015

Minera IRL Limited: Appointment of Interim CEO and Non-Executive Director and Update on Filing of 31 December 2014 Financial Statements

LIMA, PERU--(Marketwired – - May 5, 2015) - Minera IRL Limited ("Minera IRL" or the "Company") (IRL.TO) (MIRL.L) (MIRL.L) is pleased to announce the appointment of Dr Diego Benavides as interim CEO and Mr Robin Fryer as an independent non-executive director of the Company with immediate effect.

Dr Benavides is a founding executive of the Company and has to-date held the following positions in the Company's subsidiaries: Executive President/General Manager of Minera IRL S.A. (Peru) and Compañía Minera Kuri Kullu S.A (Peru); Chairman of the Board of Minera IRL Argentina S.A. and Minera IRL Chile S.A. He is a lawyer by training with extensive experience in the Latin American mining industry.

Mr Fryer had a long and distinguished career with Deloitte LLP where he led the global mining and metals industry practice. He is a chartered accountant and US certified public accountant, and is an independent non-executive director and chair of the audit committee of Shanta Gold Limited.

Further details on Dr Benavides and Mr Fryer are set out in the Appendix to this release.

Commenting on the appointments, Mr. Hodges, Executive Chairman of Minera IRL, stated: "This has been a difficult period for Minera IRL, and challenges remain, however with these appointments, we are moving forward to continue building towards the future.

The board is pleased that Diego has agreed to assume the role of interim CEO and looks forward to working with him in this new capacity, and on behalf of all of the directors we are delighted to welcome Robin to Minera IRL. We are fortunate to have secured someone with Robin's financial experience, which importantly includes an understanding of mining operations in South America."

Updated notice of its results for the financial year ended 31 December 2014

The Company expects to announce its audited results for the financial year ended 31 December 2014 within the required filing deadline of 30 June 2015 (previously announced the end of April 2015). Minera IRL is considered a "designated foreign issuer" as such term is defined by Canadian Securities Regulators in National Instrument 71-102 - Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and as such is subject to the foreign regulatory requirements of the AIM market of the London Stock Exchange plc ("AIM"). Under the AIM Rules for Companies, the Company is required to publish its annual audited accounts which must be sent to shareholders within six months of its financial year end.

Appendix: Diego Francisco Helge Pablo Christian Benavides Norlander

 

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In terms of the appointment of Dr Diego Francisco Helge Pablo Christian Benavides Norlander (aged 62) to the Board, there is no further information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies, save for the following:

Current directorships/partnerships:

Ingeniería y Tecnología Minero Metalúrgica S.A.

Past directorships/partnerships:

None

Under Peruvian law, all assets earned during a marriage, with a few exceptions, are commonly held in a legal entity separate from the two people within the marriage (the "Marriage"). On 25 April 2000, the Marriage of Diego Pablo Francisco Helge Christian Benavides Norlander and his then wife (from whom he was subsequently divorced) was declared insolvent under Peruvian law. That situation has been addressed by Mr. Benavides, who paid all the creditors in full. Therefore Mr. Benavides has never personally been declared insolvent and is completely able, without any limitations, to exercise fully his powers and rights under Peruvian law, including acting as officer, executive or director of companies.

Dr Benavides currently holds 1,782,600 shares and 1,100,000 options in Minera IRL Limited.

Appendix: Robin Anthony Fryer

In terms of the appointment of Mr Robin Anthony Fryer (aged 68) to the Board, there is no further information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies, save for the following:

Current directorships/partnerships:

Shanta Gold Limited

Past directorships/partnerships:

Partner of Deloitte LLP until 31 May 2009

About Minera IRL Limited

Minera IRL Limited is an AIM, TSX and BVL listed precious metals mining and exploration company with operations in Latin America. Minera IRL is led by a management team with extensive operating experience in South America. In Peru, the Company operates the Corihuarmi Gold Mine and is advancing its flagship Ollachea Gold Project towards production. For more information, please visit www.minera-irl.com.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

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Contact:

Minera IRL
Daryl Hodges (Executive Chairman)
+1 (647) 271-3817
Minera IRL
Diego Benavides (Interim CEO)
+ (511) 418-1230
Minera IRL
Brad Boland (CFO)
+1 (416) 907-7363
Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Henry Fitzgerald-O'Connor
Chris Fincken
+ 44 (0)20 7523 8000
Buchanan (Financial PR, London)
Bobby Morse
Gordon Poole
+44 (0)20 7466 5000

Thursday, November 22, 2012

Gold Fields weighs alternatives for Peru’s Chucapaca mine

Cecilia Jamasmie

South African miner Gold Fields (NYSE, JSE:GFI) revealed its initial plan to develop a gold deposit into an open-pit mine in isn't feasible.

The miner, world’s number 4 gold producer, is working on the nearly $1.2 billion Chucapaca gold project in a 51%-49% venture with local miner Buenaventura.

"The partners have studied the viability of a large open-pit operation capable of sustaining a 30,000 tonnes per day throughput. A first draft of the feasibility study has been completed and as a result of relatively high capital and operating costs this option would not have delivered acceptable project returns," the companies said in a joint press release.

Gold Fields said that future studies would focus on other options to develop the deposit, including underground mining or a combined model of open pit and underground.

Earlier this year, the South African company said it expected to start producing gold in Chucapaca in the second half of 2015, depending on negotiations with communities and regulatory permits.

Chucapaca has estimated resources of 7.6 million ounces of gold and equivalents.

Tuesday, September 4, 2012

Gold mine cash costs jumped 19% in H1 2012- GFMS

According to the metals consultancy, while gold production was roughly flat during the period average total cash costs rose to $727 per ounce.

While global gold mine production was at best flat in the first half of 2012, average total cash costs jumped 19% to a new high of $727 per ounce.

According to Thomson Reuters GFMS's Gold Survey 2012 Update 1, some of the reasons behind the hiatus in production are declining grades across the industry, construction and commissioning delays and slower than expected ramp-ups of output at a number of properties. Added to this, the group said, were exogenous factors like geotechnical problems, extreme weather and labour strikes.

But, the consultancy says, "These are not the only headwinds producers have to face. The relative stagnation of the gold price, coupled with further rises in production costs, has seen producers' cash margins eroded by 16% over the past nine months, while upward revisions to capital expenditure forecasts will place additional pressure on free cash flow going forward."

And, while higher gold prices year on year have seen average producer margins rise 11% over the period, GFMS is quick to point out that "on a quarterly basis margins have in fact declined for the last three quarters."

Continued cost inflation and falling prices also meant that average cash margins have fallen sharply from above $1000/oz in Q3 2011 to just below $900/oz in the second quarter of 2012.

If one adds to this the 6% jump in depreciation and amortisation costs to $203/oz then GFMS's proprietary 'all-in cost' metric which is designed to reflect the full marginal cost of mine production rose to $1,050/oz during the period.

Looking across the various gold mining regions of the globe, Africa topped the production lists with the largest regional gain over the period - and this despite a 5% fall in production from South Africa. While, South African production fell to 93 tonnes on the back of a number of Section 54 safety stoppages and lower mill head grades, the continent as a whole saw production increase 9 tonnes to 297 tonnes.

The US produced 112 tonnes of gold over the half year, 4% less than the comparable period last year with the heaviest falls coming from the Goldstrike and Bingham Canyon mines, while Canadian production also declined, albeit only slightly, coming in at 52 tonnes for the period.

Peru and Mexico recorded the second and third strongest increases in output growth, each of them adding 5 tonnes to their production for the period. This helped the region record an overall increase despite losses in Argentina and Guatemala.

Australian gold production fell 5% to 123 tonnes on the back of poor output at a number of operations, while, in Asia, Chinese mine production grew by 13 tonnes, or 5% year on year.

LOOKING AHEAD

While growth has slowed in 2012, GFMS does not believe that the world has reached peak mine supply. Rather it expects, "a broad trend of growth to continue into 2013, albeit at a slower rate than we had expected 12 months ago, as gold miners continue to progress current development projects."

Friday, July 13, 2012

Gold miners should up dividends - pockets of value in platinum

*George Topping and **Michael Scoon discuss gold company dividends, how supply shortages are shaping the landscape for platinum group metals and their views on iron ore and zinc. Gold Report interview.

The Gold Report: George and Michael, we're here today to discuss platinum group metals (PGMs), as well as some bulk commodities. It's no surprise that each of the 15 commodities you follow has suffered double-digit price declines over the last year, except for potash, which was up about 9%, and gold, which was up a mere 3%. The hardest hit was nickel, down more than 27%. With commodity price performances like that, why should investors stay in the mine commodity sector?

George Topping: Investors are focused on the immediate economic conditions rather than seeing commodities as a store of value during times of currency debasement. Make no mistake about it; the only way out of the current predicament is the printing of money and the debasement of currencies. This short-term focus on European worries and investors reducing risk is putting pressure on most metal prices, but it won't last. As weak as the global economy is, it is interesting that commodities are still historically strong.

TGR: Is what's happening in the market a bit of an overreaction?

GT: Yes, it is. The market is too focused on the short term instead of the consequences of the solution to the economic woes.

TGR: George, you're on the record as saying that large gold companies need to materially boost their dividends in order to compete with gold exchange traded funds (ETFs), which are funneling away billions of investment dollars. How high do dividends need to be to staunch the bleeding?

GT: I'd aim for a 5% dividend yield to attract fund flows back into the sector.

TGR: Big mining companies have dividends that are much higher than the gold companies. Why haven't gold companies taken that approach?

GT: The gold companies have been trying to grow gold production at any price. We call it "GAAP," growth at any price. Circumstances have changed. Growth is now unaffordable due to inflation. Capital costs have doubled in the last four years. It's time for the gold mining companies to wake up, stop building these new $6 billion mining projects and pay more dividends to shareholders.

TGR: PGM-focused companies are also losing dollars to ETFs. Should they raise dividends, too?

GT: Unfortunately, it's a different situation for PGMs. PGM prices are not high enough for most of these companies to generate sufficient cash flow to pay a healthy dividend.

TGR: How do these companies lure investment dollars?

GT: They should take some free cash flow and invest it in operational improvements. Don't build new mines. Improve existing mines through capital injection, by updating equipment and providing incentives to the workforce. They need to bring about profits per ton rather than focusing on headline production.

TGR: The prices for platinum and palladium are both down more than 20% since June 2011. Is there any relief in sight?

GT: Yes, we're finally starting to see closures. The mining industry in South Africa, which produces 70% of the world's platinum and 35% of the world's palladium, has been disseminated. It won't be long before prices start to move higher.

TGR: The region has also had issues with electrical blackouts and whispers of nationalization. How are those issues affecting supply?

GT: I was in South Africa recently and I'm not impressed with the way the country is going. Corruption is rife. I must have taken about 15 taxi rides and all 15 taxi drivers told me corruption was endemic such that you couldn't move without paying a policeman or civil servant-jobs that they are meant to provide you for free. Safety inspections are another issue. The competence of inspectors is a problem. It affects the industry very negatively.

If I were a mine manager or a chief executive of a platinum company, I'd aim for the highest grade I can find now because I don't know what's going to happen next. I don't want to leave money in the ground for five years. I'd also be less likely to invest in the next generations of shafts. I wouldn't spend a couple of billion dollars when I wouldn't see the first cash flow for the next six years. I'd be looking outside of the country for growth. It's negative in the short term, but it's going to get even more negative as the consequences of that lack of investment become clear.

TGR: Are those problems creating a lot of value in the space or is it just too risky for investors?

GT: There are pockets of value. Companies that have shallow ore, are closer to cash flows and have large resources are the ones that are likely to get taken out. Rather than spending a couple of billion dollars on deep shafts, it's easier to buy any available assets with shallow ore next to an existing operation.

TGR: Are you more bullish on platinum or palladium?

GT: Platinum, mostly because production is challenged in South Africa. Platinum also has a major jewelry role, particularly in China. There's a tremendous amount of growth to come. Palladium will do well, but platinum is safer in the long term.

TGR: The biggest single use for both of these metals is in catalytic converters in automobiles. How far off is global economic growth for that application?

GT: The weightings of platinum, palladium and rhodium in catalytic converters are generally increasing. As countries become more developed, they become more environmentally conscious. There should be a tightening on auto catalytic converters in developing nations just as we have had here. There should be increased usage based on that. In fact, last year North American and European governments mandated that large and off-road trucks have to have catalytic converters.

TGR: Let's move to iron. Overall iron ore prices were down 8% in the second quarter, mostly on weak demand from Chinese steelmakers. Do you expect that price weakness to continue in the near term?

Michael Scoon: Yes. The summer is a seasonally weaker period for all industrial commodities. Low-volume trading activity in the spot market can result in price volatility on any given day, but year-to-date the price has averaged about $145/tonne. And, as you said, prices are down about 8% over the quarter. However, I saw a report this morning that the spread between bid and ask-on-the-spot exchange has narrowed substantially.

TGR: The iron ore market used to be governed by yearlong contracts, but Chinese steelmakers would default on those in order to take advantage of lower near-term prices. Do you think we'll get back to the point where the prices are set for a year or will the spot market continue to dominate as it is now?

MS: The spot market is here to stay for the foreseeable future. It was quite an undertaking to change the term of the contracts. Today, there's a substantial amount of iron ore transacted on either monthly or quarterly pricing. Shorter-term contracts are going to be the way of the future.

TGR: What's Stifel Nicolaus's forecast for iron ore prices through 2013?

MS: I forecast prices softening in the summer months in line with the 8% decline over the 2Q12. I see prices remaining soft in the third quarter, but recovering in the fourth quarter to average around $140/mt in 2012. Prices could fall in 2013 to $131/mt, but settle around $125-130/mt in the long term, based on the marginal cost of production.

Over the course of the next five years, new supply from the three major producers may push the high-cost producers off the cost curve into uneconomic territory. However, the Big Three will be incentivized to keep that marginal cost of production high as they sell more iron ore into shorter-term contracts.

TGR: The Big Three carry a reasonably high dividend-at least relative to the mining space. In 2009 and 2010, and even into 2011, steelmakers were going downstream and buying iron ore companies to control the cost of their raw materials. Does that trend have any momentum left?

MS: That trend does have some momentum left in it. The number of transactions has slowed as steelmakers aren't as active as they were. However, large new sources of iron ore supply are coming from risky jurisdictions, such as West Africa. Steel producers will continue to look for joint ventures or to own projects in safe jurisdictions to help control their supply. Steel producers want to avoid being caught in a supply squeeze. It's to their benefit to secure 30-50% of their iron ore requirement through joint venture partners and offtake agreements in order to derisk their businesses.

TGR: George, in June 2011 you told Reuters that you believed zinc would be a 2013 story. After reaching roughly $2,200/mt in January 2012, zinc prices have trended steadily lower to around $1,760/mt, or about $0.79/pound (lb). Meanwhile, the London Metals Exchange has almost 1Mmt of zinc in stockpiles that are at a historical high. What underpins your thesis that zinc prices will have climbed dramatically higher by this time next year?

GT: Two things: Nothing cures low prices like low prices. Second, the market is forward looking. In 2013, it will be looking at 2014 and reacting accordingly.

TGR: What's your price forecast for zinc into 2014?

GT: I forecast average prices of $0.90 this year going to $1.08 in 2013 and $1.15 in 2014.

TGR: What is its cost per pound?

GT: About $0.60.

TGR: How does that rank relative to the rest of the industry?

GT: It's in the lower half.

TGR: Do you have any parting thoughts for us today on the natural resources space and the mined commodity space that may allay some investor concerns?

GT: There's been a tremendous selloff in the equities, so much so that most of the commodity stocks are very cheap relative to metal prices. The past is the past. Investors should look forward to stimulus packages in China and Europe. There is a lot more debasement of currencies to come. The commodities will still have a role to play in protecting wealth. We'll continue to see a lot more M&A activity given that share prices have fallen. In the current environment, it's difficult to raise debt and equity financing, so juniors will be driven into the arms of seniors.

TGR: Thanks, gentlemen.

*George Topping joined the Stifel Nicolaus Research Team in connection with Stifel's acquisition of Thomas Weisel Partners LLC in July 2010. Topping joined Thomas Weisel Partners in December 2009 as a senior mining analyst covering base metals. Topping brings 10 years of experience in the mining industry and 14 years as a sell-side analyst. Topping began his mining career in 1985 with a senior South African mining company and worked both in operations and mining strategy roles for the gold and coal sectors. In 1995, Topping became a sell-side analyst covering platinum, coal and base metals with Irish & Menell Rosenberg, a South Africa-based financial services firm. Topping moved to Canada in 1997, where he has continued as an analyst covering base metals, including a six-year tenure at Sprott Securities from 1999-2005, and most recently at Blackmont Capital since 2007. Topping earned his undergraduate degree in mining engineering from the University of Strathclyde in Glasgow, Scotland.

**Michael Scoon joined the Stifel Nicolaus Research Team in connection with Stifel's acquisition of Thomas Weisel Partners LLC in July 2010. Scoon is a research analyst covering basic materials, exploration, development and production companies in the mining sector. He joined the firm in January 2008 and is based in Toronto. Scoon received a Bachelor of Science in accounting and international business from Miami University in Oxford, Ohio, and is a Level III candidate in the Chartered Financial Analyst program.

Article published courtesy of The Gold Report - www.theaureport.com

Wednesday, July 11, 2012

Goldcorp lowers full-year production outlook

Goldcorp revised its 2012 gold production outlook lower on Tuesday due to operational problems at its Red Lake mine in Ontario and its Penasquito mine in Mexico.

Canada's second-largest gold miner said it now expects to produce between 2.35-million and 2.45-million ounces in 2012, down from a previous estimate of 2.6-million ounces. The company's second-quarter output fell slightly to 578 600 oz, compared with 597 100 oz in the year-earlier period.

"We are disappointed with reducing production guidance due to operational issues at our two most important mines," CE Chuck Jeannes said in a statement. "Our focus is on addressing these issues promptly and in a manner supporting the long-term opportunities at these key assets."

Total cash cost guidance was revised down $310/oz to $340/oz of gold on a by-product basis, compared with a previous guidance of $250/oz to $275/oz.

The Vancouver-based miner also revised its 2012 silver forecast to 30-million to 31-million ounces, down from a previous estimate of 34-million ounces.

Goldcorp is facing a water deficit at Penasquito, in the Zacatecas state of Mexico, which has limited plant throughput at the mill. The company is drilling wells and looking to increase the volume of water reclaimed from its tailing facility.

Penasquito is now expected to produce some 370 000 oz to 390 000 oz in 2012, compared with previous guidance of 425 000 oz.

At Red Lake, Goldcorp's top producing mine, 2012 gold output is now expected to be 460 000 oz and 510 000 oz, compared with previous guidance of 650 000 oz. Work is under way on previously announced de-stressing cuts to the rock.

The company, which owns projects throughout the Americas, maintained its production outlook for its other mines.

Edited by: Reuters

Wednesday, July 4, 2012

State of Emergency declared in Peru after 3 killed in mining clash

Peru's government declared a state of emergency in three provinces after three people died and at least 21 suffered injuries Tuesday in a violent protest against a gold mining project that is the South American nation's biggest investment.

It was the second time in five weeks that the government has declared an emergency after anti-mining protests produced fatalities.

Justice Minister Juan Jimenez announced the emergency, which suspends civil liberties, after several thousand protesters attacked a provincial town hall and battled police and soldiers.

Police guarding the municipal building in Celendin, a town in the northern state of Cajamarca, fought back when the protesters attacked and later got help from soldiers, officials said.

Jimenez said two police officers and a solder were wounded by gunfire. Authorities did not say whether police or troops used their weapons.

Three male civilians were killed during the fight, at least two of them by gunshots to the head, Reynaldo Nunez, Cajamarca's health director, told The Associated Press by phone. Most of the injured had received blows, he said.

Nunez said he did not know whether police or soldiers were among the injured.

The local prosecutor said 15 people were arrested.

Celendin is a stronghold of opposition to the proposed $4.8 billion Conga gold mine, which many locals fear will hurt their water supplies. The mine's majority owner is Newmont Mining Co., a U.S. company based in the state of Colorado.

It is one of two main recent flashpoints of opposition against mining in Peru to fall under a government-declared state of emergency. The other is the highlands province of Espinar, near the former Incan capital of Cuzco. The government declared a 30-day state of emergency there on May 29 after two people were killed in a protest against a Swiss-owned copper mine.

In Cajamarca, protesters backed by the regional president, Gregorio Santos, have refused to accept a compromise on Conga proposed by President Ollanta Humala that his government says will protect water supplies.

The compromise includes the construction of four reservoirs to replace reservoirs that are to be destroyed by the project.

Celendin's town manager, Moises Silva, told the AP that violence broke out when construction workers arrived at the town hall and began kicking its main door, prompting police officers to fire tear gas.

"After that, a fierce battle began between the protesters and police, and also soldiers who intervened in support of the police," he said. "You could hear gunshots."

The violence came just days after Yanacocha, the company in charge of Conga, began work on the new reservoirs.

The anti-mining protesters accuse Humala, who was elected one year ago, of betraying a campaign promise he made in Cajamarca that access to clean water would come before mining.

The regional president, Santos, called Tuesday's deaths "the dramatic cost that is paid in politics when one doesn't keep one's word."

Humala's modified message after taking office and moving from left to center on the political spectrum holds that responsible mining can co-exist with environmental protection and provides important revenues that can help lift rural Peruvians from poverty.

Mining accounts for more than 60 percent of Peru's export earnings and has been the engine of a decade-long economic boom.

Monday, June 25, 2012

Newmont accepts stricter conditions for Peru mine

Newmont Mining said on Friday it has accepted a stricter environmental mitigation plan for its $4.8-billion Conga gold mine and could resume work on the massive project.

Conga, the biggest mining project ever proposed in Peru, has been stalled since November because of ongoing protests by community groups who say it would hurt water supplies and cause pollution.

Newmont said that before the mine is built it will first build reservoirs that will guarantee year-round water supplies in towns that currently suffer shortages.

In an attempt to quell protests, the government had hired outside experts to recommend improvements to the company's own environmental impact plan.

President Ollanta Humala said on Thursday that Newmont had "finally identified" with the recommended changes that urged the company to build larger reservoirs that would replace two or more in a string of alpine lakes..

Humala is slated to address the issue on Saturday in a nationwide address where he is expected to call for more mediation to calm dozens of social conflicts over the spoils of natural resources.

"We have ratified our decision to implement the recommendations international auditors made to the environmental impact study for the Conga project," Newmont's head of South America, Carlos Santa Cruz, said in a statement.

"We share the government's call for dialogue, for the vast majority of civil society in Peru," Santa Cruz said in reference to local political leaders in the northern Andean region of Cajamarca who are leading protests to halt the mine. Gregorio Santos, the president of Cajamarca, did not immediately react to Newmont's announcement.

Conga, which is partly owned by local miner Buenaventura , would produce between 580 000 oz/y and 680 000 oz/y of gold.

Peru, which has vast mineral resources, is the second largest producer of copper and sixth of gold, but many mining communities suffer from widespread poverty and complain Peru's decade-long economic boom has passed them by.

Source: Reuters

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Minas Conga Project:

Conga Project - Water First, mine later