Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr
Issue link: https://emj.epubxp.com/i/102812
NEWS-LEADING DEVELOPMENTS beaches are safe for recreational activities, and the fish in the river system are as safe or safer to eat than fish in other water bodies in Washington state. TAI has commissioned a study by experts in natural resource damage assessment and on the basis of that study it estimates that the compensable value of any damage will not be material." However, the company said, there can be no assurance that Teck or its affiliates will not be faced with further liability. If remediation is required and damage to resources is found, the cost of remediation may be material. (PDAC 2013 - from p. 5) 12-year mine life (See September 2012 E&MJ;, p. 52). Daniel G. Wood is the recipient of this year's Thayer Lindsley Award for international mineral discoveries. Wood retired from mineral exploration in late 2008 after 24 years with BHP and almost 18 years with Newcrest Mining Ltd., leading teams exploring for a range of mineral resources in Australia, SE Asia/SW Pacific and the Americas. Their efforts produced coal, gold, gold-copper and copper-molybdenum discoveries in Australia, Indonesia and Peru, including the large Cadia gold-copper deposits in NSW. Ronald P. Gagel is the recipient of this year's Distinguished Service Award. Gagel is receiving the award for his outstanding contribution to the mineral industry in the field of finance, and for his contributions to the PDAC. He was part of the team that successfully lobbied the federal government to implement the Mineral Exploration Tax Credit, and is the chair of the Mining Industry Task Force on International Financial Reporting Standards. Cameco Corp. is the recipient of this year's Environmental and Social Responsibility Award. Cameco is receiving the award for its outstanding accomplishments in establishing good community relations to support its exploration and mining operations. Cameco's five-pillar CSR model is designed to ensure local community support and proactive environmental stewardship, and has led to recognition as an industry leader in CSR by Aboriginal associations and industry rankings. Windigo Catering LP is the winner of this year's Skookum Jim Award for Aboriginal achievement in the mineral industry. Located in northwestern Ontario, the company is solely owned by Windigo First Nations and boasts an 83% First Nations employment rate. Windigo specializes in providing catering services to industry, including remote camps, and is currently providing camp management, catering, housekeeping, laundry and light maintenance services to Goldcorp's Musselwhite mine at its remote fly-in camp on Opapimiskan Lake. health and safety to communications to geophysics. The trade show features 415 companies, organizations and governments promoting technology, products, services and mining jurisdictions worldwide. The opportunity for convention delegates to learn about the global mineral sector while walking the aisles of the trade show floor is phenomenal. The trade show receptions on Monday and Tuesday afternoon give attendees the chance to network over a glass of wine or beer on the show floor. There is no shortage of social events at the convention, including the Awards Evening, Mining Night and the Gala. Other ticketed events include a series of three luncheons running Monday to Wednesday that feature popular speakers such as the Honorable Perrin Beatty, president and CEO of the Canadian Chamber of Commerce, who will be speaking at the Innovation Luncheon. Recipients of the 2013 awards will be honored at the PDAC's awards evening on March 4, 2013, at the Fairmont Royal York Hotel. Pretium Resources is the recipient of this year's Bill Dennis Award for a Canadian mineral discovery or prospecting success. Pretium is receiving the award for advancing the Brucejack Property's Valley of the Kings, which was first discovered in 2009, into a world-class, high-grade gold deposit. Since 2011, Pretium's successful exploration program has seen the highgrade Indicated Mineral Resource Base for the Valley of the Kings grow to the current 8.5 million oz of gold. New Gold Inc. is the recipient of this year's Viola R. MacMillan Award for company or mine development. New Gold is receiving the award for demonstrating leadership in management and excellence in best practices in bringing the New Afton mine to production. Located in Kamloops, B.C., New Afton is a large underground copper-gold deposit that is expected to produce, on average, 85,000 oz of gold and 75 million lb of copper per year over a 6 E&MJ; • JANUARY 2013 Freeport-McMoRan Acquiring Two Oil and Gas Companies Freeport-McMoRan Copper & Gold Inc. (FCX), Plains Exploration & Production Co. (PXP), and McMoRan Exploration Co. (MMR) announced December 5, 2012, the signing of definitive merger agreements under which FCX will acquire PXP for approximately $6.9 billion in cash and stock and MMR for approximately $3.4 billion in cash, or $2.1 billion net of the 36% of the MMR interests currently owned by FCX and PXP. FCX is the world's largest publicly traded copper producer, with assets that include the world-class Grasberg minerals district in Indonesia, the large-scale Morenci minerals district in North America, the Cerro Verde and El Abra operations in South America, the high-potential Tenke Fungurume minerals district in the Democratic Republic of Congo, and a leading global molybdenum business. "The addition of a high-quality, U.S.focused oil and gas resource base is expected to provide exposure to energy markets with positive fundamentals, strong margins and cash flows, exploration leverage, and financially attractive long-term investment opportunities," FCX said in announcing the transactions. On a pro forma basis for 2013, mining is expected to generate approximately 74% and oil and gas 26% of the combined company's estimated EBITDA, with 48% of combined EBITDA coming from U.S. operations. PXP's major assets include established oil production facilities in California, a growing production profile in the onshore Eagle Ford trend in Texas, significant production facilities and growth potential in the Gulf of Mexico, and large onshore resources in the Haynesville natural gas trend in Louisiana. MMR is engaged in the exploration, development, and production of natural gas and oil in the shallow waters of the Gulf of Mexico shelf and onshore in the Gulf Coast area. The corporate headquarters of the combined company will be located in Phoenix, Arizona, and the combined company will maintain offices in Houston, Texas, and New Orleans, Louisiana, to support its oil and gas operations and existing administrative functions. The investment community responded negatively to the announcement of the FCX transactions, and in the immediate aftermath of the announcement, FCX shares sold off from above $38/share to under $31/share, before recovering to around $33.50/share on December 21. www.e-mj.com