Showing posts with label gold mining. Show all posts
Showing posts with label gold mining. 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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0.10+0.01(+11.11%)

TorontoThu, May 21, 2015 3:30 PM EDT

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

Saturday, December 22, 2012

Minera IRL gets community nod for Peru gold project

Following the approval by the Ollachea community general assembly of the environmental impact assessment (EIA) for Minera IRL’s Ollachea gold project, in Peru, the company on Friday said it has now submitted the EIA to Peruvian authorities for assessment.

Minera IRL said it based the EIA on its recently completed Ollachea feasibility study and expects to receive a development permit by the middle of 2013.

"We have received outstanding support from the Ollachea community with a general assembly unanimously approving the EIA thus fulfilling the first requirement of the permitting process,” Minera IRL executive chairperson Courtney Chamberlain said.

The project involves a 1.1-million ton a year underground mine and conventional gold processing plant to produce an average of 113 000 oz of gold a year at full capacity. Building the project would carry a price tag of $177.5-million and a life-of-mine cash operating cost of $499/oz.

Operations are scheduled to start early in 2015.

The company has completed comprehensive environmental baseline studies over the past three years and the information gleaned from these was incorporated into the details of the projected mine, processing and infrastructure plans to evaluate the environmental impact of the operation.

The Ollachea mine would be an underground mine with reduced surface disturbance and impact. The process tailings will be filtered and dry-stacked, further reducing the environment footprint and rehabilitation will blend with the local environment.

A water treatment plant will ensure that all water releases comply with the rigorous Peruvian standards and the company added that careful attention has been given to the key aspect of socio-economic impacts, including planned sustainable development projects.

The project developer said it had used, internationally recognised environmental guidelines in all scenarios to reduce impacts.

The company’s Toronto-listed stock traded at 82 Canadian cents apiece on Friday afternoon.

Edited by: Creamer Media Reporter

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, October 23, 2012

Mahdia Gold to expand project in Omai District, Guyana

Mahdia Gold this week announced that the company has completed its first phase of the expansion of its land holdings in the Omai/Essequibo River area with the execution of an option to acquire 100% of the mineral rights represented by eighteen Prospecting Permits Mediums Scale with a total aggregate surface area of 21,406 acres.

The agreement, negotiated with South American Mining, a private Guyana Company grants, through powers of attorney pursuant to Guyana law, the right to explore and, as warranted convert the rights to Mining Permits or Mining Licenses and thereafter acquire the entire land holding.

The transaction represents a significant expansion of the boundaries of the Company's current assets in the Omai District and the corresponding exploration and development opportunity thereupon.

The Omai expansion is located in a well known gold bearing region and will be evaluated as part of the Company's ongoing redevelopment of the Omai Prospecting License.

This expands the Company's land for exploration and mining purposes, by a multiple of almost 4 times to 28,646 acres in the same area.

The additional exploration opportunity covers regional geological contacts and gold target in bedrock, oxide/ saprolite and alluvial / colluvial environments which the Company's technical team has selected as high priority.

Management of the Company expects this expansion of opportunity to provide significant enhancement in shareholder value during the medium and long term development of the district. Omahi Expansion was closed to modern exploration throughout the previous life cycle of the Omai and exploration work will be coordinated with optimization of the Company's main holdings without the obligation of minimum exploration expenditures associated with Prospecting Licences.

Including an initial payment of Fifty Thousand United States Dollars ($50,000.00) the total consideration for the post option acquisition of 100% of OMAI EXPANSION, will be One Million United States Dollars ($1,000,000.00) and Two Million (2,000,000) Shares of Mahdia Gold Corp.

Monday, September 10, 2012

Gold Mining in Peru

A booming economy with well-defined mining laws...

IT HAS BEEN a tough market for junior Gold Mining shares over the past three years. But Peruvian mining stocks have outperformed the mining indexes. Peru is a booming economy with well-defined mining laws and a vocal mining protest movement that could be playing a constructive role to future development. In this interview with The Gold Report, Maria Belen Vega and Ricardo Carrión of Kallpa Securities in Lima, Peru, analyze the protest situation and clarify the role of mining as one of the leading sectors of the economy. 

The Gold Report: Mining is big business in Peru, but recently there have been a lot of protests. Can you give us an update?

Maria Belen Vega: Regarding the importance of mining in our economy, it's important to highlight that mining is in the interest of government, society and Peru as a whole. Peru is a mining country. To give you some numbers, approximately 5.5% of gross domestic product comes from the mining industry without accounting for the supporting industry. Approximately 30% and 60% of total income tax collection and exports, respectively, come from mining. Also, mining accounts for around 60% of the Lima Stock Exchange's (LSE) main indexes.

Lima Stock Exchange Composition By Sector

The protests started because activists understand that mining is a lucrative industry in Peru. Protestors feel that the communities are not getting their fair share of the profits. To give you an idea, the canon minero regulation establishes that 50% of the funds from income tax collection derived from the mining industry is required to return to the region in which the mine operates. If you take a look, most protests originated in the regions that should have received funds from the canon minero. While some local administrators live very well off these incomes, the investment made from these funds was either not yet executed or not profitable. So it makes sense that the communities want to receive some benefit from mining. 

Gold Production in Peru

Another important issue regarding mining in Peru is water. 

TGR: So that's freshwater supply?

Maria Belen Vega: Yes, water supply is an important issue. Most mining projects in Peru are located in the upper part of the Cordillera de Los Andes, which has a shortage of water. Mines can consume large amounts of water, which often comes from rivers or underground aquifers. The communities are concerned that mining could use too much of a scarce resource because their main activities are livestock and agriculture.

It is interesting to note that the mining protestors don't discuss pollution. Big mines in Peru are strongly regulated and some of them are listed on at least one international exchange. Artisanal miners are mine polluters. There is even a contagion effect where big projects become surrounded by informal miners who create serious pollution problems.

TGR: It sounds as if the opposition to mining is more about political issues and wealth sharing and not so much because of environmental issues.

Maria Belen Vega: Exactly. In Peru, the mining industry has done some of the work in infrastructure and healthcare that should have been done by the government (roads, hospitals, bridges, etc.) in the first place. Therefore, communities are not against the mining industry as a whole, they just want to have a bigger piece of the pie. 

Geographic Distribution of Main Mining Projects in Peru

TGR: It sounds as if the central government is pro-mining. So are the local citizens, but they want more of the benefits. Where do the foreign investors fit into the picture? Investors need to get a fair return for the risk of investing in a mining project.

Ricardo Carrión: Taxes paid by mining companies are one of the largest sources of income for the government. As stated before, 30% of income tax collection derives from mining. The government can't afford to lose that income and it's fully committed to supporting investment in mining. Peru has approximately $50 billion (B) of investments in the mining sector, which is one of the drivers for the country's growth. The $4.8B Conga project is an example. The government has supported the company that owns it while working to improve the project from a social point of view. That is a win-win situation. The result is a better project overall. The government is mediating between companies and communities in a way that supports investment, growth and sustainability.

TGR: That was an example of a large company. Does the government also support smaller mining companies?

Ricardo Carrión: Yes, the government understands that without junior explorers, there won't be big mines. It's not that they are pushing exploration companies to make a discovery. We have clear exploration regulations that are friendly for foreign investors. Last year, Peru implemented new regulations aimed at junior companies. The new regulation is called "Prior Consultation." The regulation requires having an agreement with the community before starting exploration. This is not a big change because that is the way most companies have been doing business for the last decade, but now it is formally part of the Peruvian regulation. As before, without a "Prior Consultation" you can't do anything on the ground. 

Copper Production in Peru

TGR: To wrap things up, can you summarize the mining investment situation in Peru? There are protests, but also positive developments that aren't widely reported in the North American investment markets. Maybe investors need to look past the sensational news, as there may be opportunities. 

Maria Belen Vega: Mining is an important industry for Peru—the government and the people understand this. However, of the $53B in mining investments in Peru, only 3% is local. The other 97% comes mainly from China, US, Canada, Australia and Switzerland. Peru has a capital deficit for mining investment. That's why the Peruvian government is committed to mining and foreign investment. In time, the protests will be resolved between the companies, government and communities so that everybody will benefit from the industry. Everyone is aware that we need this capital, investment, jobs and development. Of course, foreign investors will also benefit from playing a part in the mining industry in Peru.

TGR: Thank you for your time.

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Source: The Gold Report

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."

Monday, August 27, 2012

Brazil halts ruling on use of mercury in gold mining

Brazil’s new regulations on gold mining in the Amazonas State that limit, but don’t outlaw the use of mercury, has scientists and activists up in arms.

Scheduled to go into effect on Aug. 9, the decree passed by the State Council on the Environment in May is awaiting final approval as it has faced increased opposition by stakeholders concerned about mercury’s impact on human health and the environment.

Scientists, reports SciDev Net, have asked President Dilma Rousseff to consider what they deem as more environmentally friendly alternatives, such as the use of cyanide, which they say is less harmful.

Under the new legislation, miners are allowed to use mercury if they obtain a permit and a document “attesting the origin of the mercury within 30 days of the issuance of environmental permits,” according to TerraAmerica.

The use of mercury in small-scale operations, labelled as 'artisanal' mining, in Brazil is controlled, but high. About 50 tons per year are used illegally in gold activities undergoing at the biologically rich Amazon region.

Two weeks ago, Brazil’s Environment and Sustainable Development, Nadia Ferreira, suggested that, with the appropriate environmental license, the use of mercury in gold mining should be allowed in the Amazon for at least another five years.

But the Executive Secretary of the Brazilian Agency for Technological Development of the Mining Industry (ADIMB), Onildo Marini, says the issue of logging the Amazon region for mineral exploration, is considerably less harmful than the use of mercury.

The general coordinator for the Brazilian Environment and Renewable Natural Resources Institute (IBAMA), Rodrigo Dutra, cites research indicating that the mercury used in mining has been permeating the local food chain.

“Carnivorous fish accumulate mercury and humans who eat such fish, eat the metal too,” he told Agência Brasil.

When consumed, mercury can severely damage neurological development in fetuses, even when the mother may show no symptoms. Inhaling mercury may trigger tremors, mood swings, neuromuscular changes, kidney and respiratory failure, and even death.