Mining and Exploration

There is no escaping the fact that extraction of mineral resources from the earth and its oceans is not sustainable in the long-term. However, there are ways in which the industry can work to a more sustainable model.

Anadarko Petroleum has announced the discovery of a “significant” natural gas accumulation at one of its wells offshore Mozambique.

The discovery was made in the Offshore Area 1 of the Rovuma Basin. The Atum discovery well encountered more than 300 net feet (92 metres) of natural gas pay in two high-quality Oligocene fan systems, the company said.

Harry Winston Diamond Corporation announced its first quarter Fiscal 2013 results today for the quarter ending 30 April 2012. 

Consolidated sales increased 34 percent to $192.5 million for the first quarter compared to $143.9 million for the comparable quarter of the prior year. Operating profit was $18.7 million compared to $4.7 million in the comparable quarter of last year.

Alan Swaby looks at a Chilean coal project that is going to create a greater level of energy security while increasing the economic activity of a region that has long been stagnated.

Canada's building trade unions and the Canadian Association of Petroleum Producers (CAPP) today announced a joint agreement to advance the long-term competitiveness of the oil sands industry, with particular focus on developing a stronger skilled trades workforce.

South Africa’s Barloworld has agreed to acquire the Bucyrus equipment distribution and support business in South Africa and Botswana from Caterpillar Global Mining.

The deal, which is valued at approximately $115 million, will also see Barloworld take over Caterpillar’s agreements with Eqstra NH Equipment and Eqstra Botswana for the purchase of Eqstra’s South Africa and Botswana Bucyrus distributorship and mining services businesses.

Pan African Resources has agreed to buy Evander Gold Mines from Harmony Gold for R1.5 billion.

Evander, currently a wholly owned subsidiary of Harmony, mines and produces gold and related products and is located in Mpumulanga, South Africa.

Mexico’s leading infrastructure and construction firm Empresas ICA (Ingenieros Civiles Asociados) has acquired 51 percent of the Peruvian mining construction firm San Martin.

The decision to acquire a majority stake in San Martin Contratistas Generales, Peru's largest construction services company for the mining industry, is part of ICA’s international strategy to move toward deeper involvement in the dynamic mining sector, said chief operating officer Alonso Quintana.

EnQuest has signed an agreement to farm out a 35 per cent interest in its UK Alma and Galia oil field developments to the Kuwait Foreign Petroleum Exploration Company.

Under the terms of the deal, the Kuwait Foreign Petroleum Exploration Company (KUFPEC) will invest approximately US$500 million (around £300 million) in cash, comprised of up to $182 million in future contributions for past costs, a development carry for EnQuest, and KUFPEC’s direct share of the development costs.

Taseko Mines is now engaged in the third phase of modernisation at Canada’s second largest open pit copper-molybdenum mine.