Oyu

Rio Tinto agrees $4.2bn financing deal to expand Mongolia’s Oyu Tolgoi copper mine

Rio Tinto reportedly agreed a $4.2bn financing deal to expand its Oyu Tolgoi copper mine in South Gobi, Mongolia.

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As part of its plans for the $5.4bn Oyu Tolgoi mine expansion, the company will build more than 200km of tunnels to access ores at the deposit during next five to seven years.

Following the expansion, the mine’s lifespan is expected to extend past 2100.

Sedgman secures contract to perform works at BHP Billiton’s $3.2bn Jimblebar mine in Australia

BHP Billiton Iron Ore (BHPBIO) awarded a $145m engineering procurement construction and commissioning contract to Sedgman Civmec joint venture (SCJV) to carry out works at its 100%-owned $3.2bn Jimblebar iron ore mine in Western Australia.

Under the contract, Sedgman will perform civil, structural, mechanical, piping, electrical and commissioning works and install a new primary crusher, as well as additional conveyor capacity at the mine located in the Pilbara region.

In April 2014, BHP Billiton officially opened the Jimblebar iron ore mine 40km east of Newman in the Pilbara region.

Barrick Gold seals $610m gold and silver streaming deal with Royal Gold subsidiary

Barrick Gold completed its $610m gold and silver streaming deal with RGLD Gold, relating to production at Pueblo Viejo mine in the Dominican Republic.

The agreement relates to Barrick’s 60% stake in the Pueblo Viejo mine. Proceeds from the transaction will be used by Barrick to cut debt.

Under the agreement, Barrick will sell gold and silver to Royal Gold equivalent to 7.5% of its stake in the gold produced at the mine until the delivery of 990,000oz of gold.

CSIRO unveils new Lab-at-Rig technology for mining industry

Lab-at-Rig

The Commonwealth Scientific and Industrial Research Organisation (CSIRO) teamed-up with Imdex and Olympus Scientific Solutions Americas, as part of the Deep Exploration Technologies Cooperative Research Centre (DET CRC), to introduce new technology for miners.

The new Lab-at-Rig technology enables analysis of chemistry and mineralogy of rocks found within a drill hole within a short space of time after drilling.

Offering the relevant sampling methods and quality control current processes use, the technology features automated analysis of mineralogy of drill-hole cuttings directly from the drill site.

OceanaGold to acquire Canada’s Romarco Minerals for $641m

Headframe

Australian company OceanaGold was set to buy Canada-based Romarco Minerals in C$856m deal ($641m) following approval from shareholders.

Under the arrangement, Romarco shareholders are set to receive 0.241 of an OceanaGold common share for each Romarco common share held.

Announced in July, the acquisition was expected to close on 1 October, pending approval by the Supreme Court of British Columbia.

Caterpillar may cut 10,000 jobs by 2018

US-based mining and construction equipment manufacturer Caterpillar announced plans to reduce its workforce by 4,000 globally by the end of 2016, with a total possible workforce reduction of more than 10,000 by 2018.

The jobs are being cut as part of company’s latest cost reduction plan, with redundancies set to begin in towards the end of this year, aimed at minimising operating costs by $1.5bn per year.

This year, the company’s sales and revenues are expected to be around $48bn, or $1bn lower compared with the previous outlook of $49bn.

Lynxrail to install ATEx technology on Roy Hill iron ore project’s rail line, Australia

ATEx

Lynxrail was selected to install its Automated Train Examiner (ATEx) technology on the new Roy Hill iron ore mining project’s rail line in the Pilbara region of Western Australia.

The Roy Hill mine project is located in the Chichester Range and has indicated and inferred reserves of more than 2.4 billion tonnes.

Roy Hill’s 344km standard gauge, single line, heavy-haul railway has been built to transport 55Mtpa of iron ore from the Roy Hill Mine to the dedicated Port stockyard facility, in the Boodarie Industrial Estate south of Port Hedland.

US Senators to introduce new Gold King Mine spill legislation

Gold King Mine

US Senators introduced a new bill to help the Navajo Nation and communities in north-west New Mexico and south-west Colorado recover from the Gold King Mine spill.

The bill was introduced by US Senators Tom Udall and Martin Heinrich and Representative Ben Ray Luján of New Mexico, and Senator Michael Bennet of Colorado.

The Gold King Mine wastewater spill at Silverton, Colorado, released toxic wastewater into the Animas and San Juan rivers in August.