Mining and Exploration

South African mining giant Gold Fields has acquired a 40 per cent interest in the gold-copper Far Southeast Project in the Philippines, it has been announced.

In September 2010, Gold Fields entered into two option agreements with Lepanto Consolidated Mining Company, which owns 60 per cent of Far Southeast; and Liberty Express Assets, which owns 40 per cent. The agreements granted Gold Fields an option to acquire a 60 per cent interest in Far Southeast for a total of $340 million.

Jacques Perron, president and CEO of St Andrew Goldfields, talks about the company’s progress in bringing three mines into production in the Timmins area of Ontario, and prospects for further development.

The city of Timmins in northeast Ontario celebrates its centenary this year. Founded in 1912 by Noah Timmins after gold was found in the Porcupine Camp, it has since earned itself a reputation as the city with a heart of gold, lying within the Abitibi greenstone belt, the heart of gold production in Canada.

Shell Iraq is part of a consortium working to significantly increase production at the Majnoon oil field in southern Iraq. But the project has not been easy: some of the major challenges to date have included de-mining, safety and marsh preservation, as Becky Done discovers.

Turkish mine Çayeli Bakir is the only mine in the north-eastern province of Rize. Jane McCallion talks to managing director Iain Anderson about the mine’s recent multi-million dollar capital investment programme and its close relationship with the local community.

Çayeli Bakir is an underground copper and zinc mine located in the north-east of Turkey, close to the Black Sea coast. The facility, a wholly owned subsidiary of Canada’s Inmet Mining, became operational in 1994 and is expected to run until at least 2017.

Wessex Exploration has received a surprise takeover offer from French oil major Total, sending the Bristol-based company’s shares rocketing by over 30 per cent.

Total said it is looking to buy Wessex, which has interests in the south of England and offshore Africa, for around £71 million.

Atacama Pacific has entered into an option agreement with AMX de Chile to explore for and acquire water use rights near its Cerro Maricunga gold project.

"We are very pleased to have taken another significant step forward towards the potential development of the Cerro Maricunga project," said Carl Hansen, president and CEO of Atacama Pacific.

Providence Resources has announced that its Barryroe well has delivered the first commercial flow rate of oil offshore Ireland.

Barryroe is located at a depth of 100 metres in the North Celtic Sea Basin, approximately 50 kilometres offshore southern Ireland. Oil and gas is successfully flowing from the well at double the rate expected.

Providence holds an 80 per cent interest in Barryroe, with Lansdowne Oil & Gas holding the remaining 20 per cent.

In the 15 months since listing on the Australian Securities Exchange, junior exploration company Radar Iron (ASX: RAD) has established a pipeline of iron ore prospects in the Yilgarn region of Western Australia. Managing director Jonathan Lea talks to Gay Sutton about the thrill of the chase.

With more than half a million ounces of gold resource outlined in its 614 square kilometre properties in New South Wales, and the expectation of going on to discover 10 times that amount, Hill End Gold is on the brink of commencing production.

Morano Resources has entered into an option agreement to purchase Zarmadan Resources Corporation and its Rumri gold project in Tajikistan, it has been announced.

The Rumri project is located in the Tavildara region of Tajikistan, about 250 kilometres east of Dushanbe, near the village of Sangvor in the southern Tien Shan gold belt. The belt hosts a number of world-class gold deposits and globally significant gold producers.