Engineering & Mining Journal

JUL 2019

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

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REGIONAL NEWS - ASIA JULY 2019 • E&MJ 15 WMI Signs Rare Earth Deal With Zetai Didier Rault, an international financier, founder and chairman of World Mining Investment (WMI), recently signed an ex- clusive partnership agreement with Zetai, a Chinese mining company, to develop and manage a rare earth minerals project located in Guangxi province, China. The financing stage of the projects is currently under way with mining operations to start in mid-2020. The 37.7-km 2 heavy rare earth mine contains an ion-absorbed rare earth ore with a full-phase grade of 0.09% (REO), and a single-phase ore grade of 0.075%- 0.108% (REO). The pattern of the mine is Yttrium-rich Europium-type rare earth ore, and the rare earth reserves of the en- tire area is 340,000 tons (REO). Based on exploration results and available data, the rare earth resources are estimated to be about 350,000 tons of all-phase rare earth oxide. A total of 250,000 tons of rare earth oxide can be extracted, with a current market value of RMB 58 billion ($8.4 billion). "This heavy rare earth project is a unique investment opportunity," Rault said. "The value of rare earth materials continues to rise based on global demand and limited supply and we're confident that this project will create ongoing revenue and profits." "We are excited to partner with Mr. Rault, who brings his extensive expertise, international experience, and proven track record to this project," said Du, chairman of Zetai. "We're confident that this proj- ect will be greatly beneficial to China, and we look forward to a long-term partnership with Mr. Rault to develop other mining projects in Africa and Southeast Asia." Commercial Production Alacer Gold has declared commercial processing plant in eastern Turkey. The - ing oxide ore via heap leaching since 2010 and produced in 170,865 ounces (oz) 2018. Combined production from processing of oxide and sulphide ores in 2019 is forecast to be in the range of 315,000 ounces (oz) to 415,000 oz. province about 550 km east of Ankara, Turkey. Alacer holds an 80% interest in the mine. Lidya Madencilik holds the re- maining 20%. Alacer based its declaration of com- - phide plant on several measures, in- cluding throughput, gold recovery rate, production, costs, and overall plant re- liability. During May, the sulphide plant averaged a throughput rate of more than 80%, gold recovery was greater than 93%, and plant utilization was greater than 85%. More than 22,000 oz of gold were recovered, and processing costs were in line with expectations. Overriding these measures was Alac- er's assessment that the sulphide plant will continue to operate consistently and sustainably as it ramps up to full capacity. "Performance to date provides us with the confidence to reaffirm sulphide plant production in the range of 230,000 to 270,000 oz in 2019 at total cash costs of $425 to $574/ox," said Alacer President and CEO Rod Antal. Proven and probable gold reserves of almost 3.7 million contained oz and mea- sured and indicated resources of almost 5.6 million oz provide the foundation for s projected 20-year operating life. Vedanta Bags 2 Copper Reserves in Maharashtra By Ajoy K. Das KOLKATA, India—Two copper deposits in India were put up for competitive bid- ding by the Maharashtra government in February via e-auction and Vedanta has emerged as the preferred bidder for both of these assets. The state government put up the block offers for two composite licenses for the Thanewasna block covering 768 hectares and the Dubarpeth block covering 816 hectares. In a related development, Sterlite Copper, a Vedanta subsidiary, expected to resume operations of its copper smelt- er at Tuticorin in southern state of Tamil Nadu over the next two months. Sterlite's Tuticorin smelter was closed down by the local government during May 2018 when six people were killed after police opened fire on a crowd of people protesting pollution caused by the plant. The National Green Tribunal (NGT) overturned the order of the local gov- ernment to permanently close down the plant and directed the government to en- sure resumption of the operation. Production capacity plant during May averages more than 80%. Processing costs met expectations and more than 22,000 oz of gold were recovered.

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