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NEWS-LEADING DEVELOPMENTS Bankruptcy Code Chapter 11 restructuring proceedings. Great Basin Gold Ltd. is itself in creditor protection proceedings in Canada, and its South African subsidiaries have sought creditor protection in South Africa with respect to its Burnstone mine operations. Rodeo Creek's Nevada operations include the Hollister gold mine located in the north-eastern part of the Carlin Trend, approximately 80 km from Elko, Nevada, USA, and its Esmeralda property located near the Nevada-California border 467 km southwest of Hollister. The companies expected no interruptions in day-to-day business and remained focused on continuing trial mining operations at the Hollister mine and related ore milling at Esmeralda. Rodeo Creek and its affiliates will seek to auction their assets and operations including the Hollister mine and the Esmeralda mill as a going concern, while stabilizing the operations and maintaining employment and current benefits programs. To ensure continued access to funds sufficient to maintain operations and pay vendors, the filing allows the company to seek court approval for a $9 million Debtor-in-Possession facility. The companies believe this facility will allow operations to continue during the Chapter 11 proceeding, with funds sufficient to pay vendors and employees in the ordinary course of business. Amplats Miners Return to Work Following February Strike, Talks Continue Officials at Anglo American Platinum Ltd. (Amplats) have confirmed their Rustenburg, Union and Amandelbult mining operations have resumed after employees returned to work as talks with union officials continue. Company officials said the resumption followed an illegal work stoppage—leading to a loss of 3,886 oz of platinum—after a February incident at Siphumelele in Rustenburg in which 15 employees sustained injuries. Amplats officials say they are engaged in discussions with South Africa's Department of Mineral Resources, its Chamber of Mines and organized labor representatives to ensure safety for its employees across the platinum industry. Anglo American Platinum and Department of Mineral Resources officials, meanwhile, have also extended bilateral talks with organ10 E&MJ; • APRIL 2013 ized labor (NUM, AMCU, NUMSA and UASA) for a further 30 days. "We have made progress and have had constructive discussions with our stakeholders." However, "we will continue to engage constructively with all of our stakeholders and will communicate progress updates as and when appropriate," said Amplats CEO Chris Griffith. Hanlong's Bid for Sundance Jeopardized by Murder Investigation Sundance Resources announced its pending takeover by the Hanlong Group is in peril as CEO Liu Han has been detained by Chinese authorities amid a murder investigation. Officials of the Australian company could not say why the chairman of the Sichuan-based private company had been arrested. Chinese media, however, are reporting Liu was being held for harboring his brother—who himself had since been arrested for murder. In August, Sundance Resources said it accepted a revised takeover bid from Hanlong, valuing the deal at $1.4 billion. The acquisition would have given Hanlong control over the Mbalam iron ore mine, straddling the border between Cameroon and the Republic of Congo. (See related story on p. 14.) Having presided over the world's second-biggest economy since 2009— and likely to beat the U.S. as No. 1 soon—the Chinese government has encouraged companies to secure energy and raw materials worldwide. Hanlong is a diversified company with minerals and assets of more than $3.2 billion, according to its website. Sundance and Hanlong had previously entered into a consultation period wherein either party was eligible to withdraw; the arrest stalled the process. Philippines Lifts Moratorium for New Mining Applications The Philippines lifted its two-year ban on new mining applications, removing a setback for mining companies looking to develop the country's vast mineral reserves. The resource-rich Southeast Asian nation ranks third in the world in gold, fourth in copper and fifth in nickel, according to the Philippines Mines and Geosciences Bureau. Development of mineral resources stalled as the government reviewed mine policies and differences between regional and national regulations. The government is also seeking to raise mining royalties through regulation. The environment secretary approved a recommendation by the mining regulator for the January 2011 moratorium on exploration applications to be lifted, according to Reuters. The regulator, the Mines and Geosciences Bureau, which expects funds for new mine projects and expansion to reach $700 million to $1 billion this year, started accepting new mining applications on March 18. In a statement, the Chamber of Mines of the Philippines, which represents the country's biggest miners, said the move shows the government was responding to the industry's call for a "stable policy and investment environment." Investment in mining, which once made up a fifth of the country's exports, amounted to $3.8 billion in the six years to 2011. Last year, investments were just $500 million against a government forecast of $2 billion. Australia-based Sundance Resources' most valuable asset is its Mbalam project, strategically located in an emerging iron ore province in southeast Cameroon. Sundance's announced takeover by Chinese company Hanlong Group has been hampered by legal problems involving Hanlong's CEO, Liu Han. www.e-mj.com