Freeport-McMoRan Confirms Plan To Sell Assets
Jul 24 14
Freeport-McMoRan Inc. (NYSE:FCX) is looking to sell assets that lack the growth potential of the remainder of its portfolio, Chief Executive Officer Richard Adkerson said. "We're looking at... assets that don't have the growth profiles that our other assets have, and seeing if there are aggressive buyers who will step up and pay good prices for them," he said about potential sale of its Candelaria copper mine in Chile's Atacama region. Adkerson listed "five world-class operations" - mines with potential capacity to grow to 1Boz of copper per year: Peru'sCerro Verde, Chile's El Abra, Morenci in the US, Tenge Fungurume in DR Congo and Indonesia's Grasberg. "We are focused on debt reduction. And if we find assets that don't undermine our ability to grow in the future, and where we have buyers that will pay reasonable prices in relation to cash flows they generate, we will execute those transactions," Adkerson said. Canada's The Globe and Mail said Lundin Mining Corporation (TSX:LUN) would partner with Franco-Nevada Corporation (TSX:FNV) to close a CAD 3 billion.
Lundin Mining Announces First Ore Shipment at Eagle Mine
Jul 16 14
Lundin Mining Corporation provided an update on the final stages of construction and mine operations commencement of the high grade Eagle nickel-copper project, as well as an exploration update on the Eagle East nickel-copper deposit located in the Upper Peninsula of Michigan, USA. The project reached a key milestone through the delivery of first ore from mine to mill for plant commissioning. With this achievement the project remains well on schedule for first concentrate production in early fourth quarter of 2014. Recent project highlights include: Mine surface facility construction is 100% complete, and underground development to facilitate production ramp-up is on track. The ore haulage route agreement through the City of Marquette was approved by the Marquette City Commission in May. Ore shipments to the mill commenced in early July as scheduled. Mill site construction is over 90% complete and commissioning with first feed is expected within the next 8 weeks. Commencement and ramp-up of concentrate production is expected by early fourth quarter of 2014, with full commercial production expected during second quarter of 2015. Negotiations for off-take of nickel and copper concentrates have resulted in sales agreements for a significant portion of the production with competitive terms. Total capital cost forecast remains at $400 million, with final costs expected to come in on or slightly under budget. The number of employees and contractors onsite for construction and operations peaked at over 700 in the second quarter with over 75% local employee content. Operational readiness is on plan, with recruitment 100% complete. As of July 1st Eagle has worked over 700,000 hours since its last lost-time injury, achieving the best safety record across all company operations. The drilling intersected deep semi-massive sulphide and intrusive breccia interpreted to be the feeder dyke to Eagle East. A summary of the composite intervals from the first two down plunge holes drilled is shown below, along with preliminary sections showing location of the two holes. Highlights include: 34.58 meters at 1.33% nickel and 1.02% copper (DDH 08EA222C, 832.68 meters to 867.26 meters); 9.18 meters at 1.62% nickel, 1.32% copper (DDH 08EA222C, 867.26 meters to 876.44 meters); 23.79 meters at 1.44% nickel and 1.06% copper (DDH 08EA222D, 839.45 meters to 863.24 meters); 6.5 meters at 1.67% nickel and 1.89% copper (DDH 08EA222D, 932.21 meters to 938.71 meters); Eagle East hosts disseminated mineralisation along the keel and margins of the intrusion. Grades are typically in the range of 0.3% to 1% nickel and 0.3% to 0.7% copper. Thin massive sulphide occurs along the base of the intrusion and ranges in thickness from centimeters to almost three meters. To date, no Mineral Resource has been defined at Eagle East. The semi-massive sulphide breccia character and higher grade metal content in the new intercepts from Eagle East are similar to parts of the Eagle Mine deposit. They are evidence that with depth, Eagle East becomes more analogous to the Eagle deposit than the Company previously thought, which increases its potential for higher grade mineralization significantly. Higher grade mineralization has now been encountered in three deviation holes plunging more than 200 m down dip from the bottom of previously drilled mineral intercepts. Assay results from one other deviation hole are pending and deep directional drilling at Eagle East will continue into the third quarter. Sampling and Analytical Protocol: NQ sized drill core was logged, cut in half with a diamond saw and sampled by Company personnel at its facilities in Negaunee. Mineralized intervals are analyzed for a multi--element suite using industry standard ICP methods at ALS Chemex Laboratory, Vancouver. A standardised protocol of quality control sample insertion using certified reference material, blanks and duplicates are used to monitor the quality of the sampling process and assay results.
Lundin Mining Confirms Plan To Acquire Freeport-Mcmoran's Candelaria Mine
Jul 14 14
Lundin Mining Corporation (TSX:LUN) is looking to acquire Candelaria Mine from Freeport-McMoRan Inc. (NYSE:FCX). Lundin Mining revealed the information on request on NASDAQ OMX Exchange that it has been actively pursuing potential acquisition of advanced stage projects or an operating mine. But there is no assurance that Lundin Mining will proceed with a transaction. As a general policy Lundin Mining does not comment publicly about acquisition negotiations and intends to make no further comment on a possible transaction unless any such comment is warranted or as required by applicable law.