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Platinum

2013-12-06T02:39:00.000+02:00

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News
SA platinum in troubled waters - Wednesday, January 25, 2012
5,000 Implats workers on strike at Rustenburg - Monday, January 23, 2012
Friedland to storm back with IvanPlats - Monday, January 16, 2012

Global mine platinum production is expected to reach 7,3 million ounces in 2007 from seven million ounces in 2006, led again by South Africa, which drove the six percent increase in output in 2006. Johnson Matthey's review in May 2007 of the platinum and palladium markets concludes that platinum should during 2007 continue its ten year record of continuous growth, with the auto industry continuing to consume increasing amounts of platinum in emission control catalyst. Demand is likely to be increased further by increasing Asian automotive production.
Johnson Matthey estimates 2006 supplies at 6,79 million oz, up from 6,64 million oz in 2005, with the increase accounted for by rising mine supplies from South Africa, notably from the two new mines Everest and Two Rivers (Aquarius and Impala), while Anglo Platinum contributed an additional 180,000 oz.
Russian and North American supplies were both slightly reduced. If scrapped autocatalysts are added into the supply side, then supplies increased from 7,41 million oz to 7,64 milling oz. Demand grew from 7,47 million oz to 7,63 million oz, a rise of 2.1 % and giving a very small surplus of 10,000 ounces.
An estimated 2.5 million oz of platinum from junior projects in South Africa could come on to the market in five years, combined with two million more oz from expansions by the major companies, Investec platinum analyst Leon Esterhuizen said in July, 2007. According to Investec’s Junior Platinum Project Review, the current platinum supply of eight million oz/year could grow by 50% over the next five years. It is unlikely that demand will keep pace with this size of increase.
Processing problems, strikes and closures related to safety issues knocked South African platinum production which is expected to be 7% below forecasts in 2007, said Johnson Matthey in November, 2007. The market would change course in 2007 and see a deficit of 265 000 ounces. It had a surplus of 65 000 ounces in 2006 after seven successive years of deficits.
The outcome was that platinum shipments from South Africa were, at an estimated 5,2 million oz, likely to be 70,000 oz lower year-on-year. Global platinum supplies were expected to fall 2% to 6,66 million oz.

The Zurich Cantonal Bank (ZKB) announced in April 2007 that it is launching ETF's backed by physical supplies of platinum, palladium and silver. The ETF's will begin trading on the Swiss Exchange from 10 May 2007. ZKB envisages an ETF accounting for 70,000 oz of platinum and 200,000 oz of palladium in the first year and has already bought, paid for and stored that metal. Three days later, London-based ETF Securities announced that it would be opening a similar fund on the London Stock Exchange on 24 April 2007.

Charlize Theron wearing platinum earrings
Source: Platinum Today

Note on the geology of the Bushveld Complex, South Africa

The Bushveld Complex is the world's largest source of platinum group metals (PGMs). (In 2006 South Africa supplied 77,5% of global supply - 5,4 million oz of the total 7 million oz of supply and 7,02 million oz of demand.) It is an igneous intrusion measuring approximately 450 km east to west and 300 km north to south, with a thickness of between 7 and 9 km. The complex comprises a variety of diverse igneous rocks which range in composition from ultramafic to felsic, with the lateral persistence and regularity of its layers an outstanding characteristic. The Rustenburg Layered Suite, in which both the Merensky Reef and the UG2 Chromitite Layer are found, comprises a well-layered ultramafic to mafic succession. These two horizons are exploited for PGMs and base metals. The PGMs - platinum, palladium, rhodium, ruthenium, osmium and iridium - are recovered along with small amounts of gold, and quantities of associated nickel, copper and cobalt. The Bushveld Igneous Complex is also host to the largest resources of chromium and vanadium in the world.

Note on the geology of the Great Dyke in Zimbabwe

Source: Implats

The Great Dyke in Zimbabwe is a layered complex that extends for 550 km and has a maximum width of 11 km. The stratigraphy is broadly divided between a lower ultramafic and an overlying mafic sequence. The ultramafic sequence hosts the P1 pyroxenite, directly below the mafic-ultramafic contact, which, in turn, hosts the economic PGM-bearing main sulphide zone (MSZ). The MSZ is generally 2 m to 3 m thick.

Zimbabwe platinum poised for a lift-off

Click HERE for THE PLATINUM AND PALLADIUM RESOURCES OF THE BUSHVELD COMPLEX (South African Journal of Science)

Click HERE for PLATINUM-GROUP METAL MINES IN SOUTH AFRICA (Minerals Bureau)

Links to companies mining platinum

Click here for updated mining and exploration information on Platinum in South Africa

Anglo Platinum Ltd mines in South Africa and produced 2,453,200 oz in 2005 from

Rustenburg Platinum Mines (RPM)
Rustenburg Section
Amandelbult Section
Union Section
Northam Platinum Mine (22,5%)
Potgietersrust Platinums (PPRust)
Lebowa Platinum Mines (LEPLATS)
Bafokeng-Rasimone Platinum Mine (BRPM)
Modikwa Platinum Mine (50%, African Rainbow Minerals Ltd - 50%))
Kroondal Pooling and Sharing Agreement ( PSA)

Total reserves, measured and indicated: 290,600,000 oz

Anglo Platinum said in September, 2007, it would sell assets and shares worth R10.9bn to black-owned companies and employees in an effort to meet South Africa’s mining legislation.

The company unveiled three transactions the first of which is to sell 51% of its Lebowa mine in the northern Bushveld to Canadian and Johannesburg-listed Anooraq Resources, as well as 1% in the Ga-Phasha resource – effectively control – in a deal worth R3.6bn.

In the second leg of its empowerment effort, Anglo Platinum will sell a 50% stake in Booysendal, another untapped platinum resource, and its 22.4% stake in Northam Platinum to Johannesburg listed Mvelaphanda Resources. This transaction is estimated to be worth R4bn.

Thirdly, Anglo Platinum announced plans to distribute up to 1.5% of its issued share capital, worth R3.3bn at current market values, to employees in an ESOP.

Anglo Platinum reported a six percent drop in platinum production to 2.47 million oz for 2007 and a 12% reduction in refined platinum to 2.47 million oz. The company is forecasting a decline in production for 2008 to 2.4 million oz because of the power crisis. Anglo Platinum is also unable to give a production forecast for 2009 and 2010 and advised the market to discard the previously used metric of using 5% growth a year.

Impala Platinum Holdings Ltd (JSE:IMP) mines in South Africa and Zimbabwe

and produced 1,815,000 oz in 2005 from

Impala Platinum mine
Marula Platinum mine ( 87,5%, Tubatse Platinum and the Marula Community Trust-15%, Mmakau Mining -7,5%)
Mimosa mine (50%) (Zimbabwe)
Zimplats (86%) (Zimbabwe)

Total reserves, as all categories of mineral resources: 215,100,000 oz
The company has plans to boost production to 2,3 million oz by 2010 and by another 500 000 oz per year of platinum beyond that.

In February, 2007, Impala made a cash takeover bid of 297m pounds (R4.2bn) for African Platinum, the AIM-traded company. Afplats has resources of 92 million oz on the southern portion of the Western Limb of the Bushveld Igneous Complex. It was involved in developing a R2,3bn, 1,35km deep mine at Leeuwkop to produce 300,000 oz of platinum group metals in concentrate for treatment at Impala’s facilities starting in just over four year’s time.

Lonmin plc mines in South Africa and produced 916,420 oz in 2005 from

Western Platinum Mine
Eastern Platinum Mine
Karee Mine
Lonmin Platinum Limpopo (formerly Messina) Mine

Total reserves, as 3PGE+Au: 143,340,000 oz

MMC Norilsk Nickel mines in Russia and produced 3,133,000 oz of palladium and 751,000 oz of platinum in 2005 as by-products of copper-nickel production from

Five underground mines;
Oktyabrskiy Mine
Komsomolskiy Mine
Taymirskiy Mine
Severonkel Mine (Kola Peninsula)
Perchenganikel Mine (Kola Peninsula)

Reserves are reportedly sufficient to support 50 years' output at current rates.

Norilsk is the largest mining and metals company in Russia and is one of the world's largest producers of nickel, palladium, platinum and copper. It had a market capitalization of $36-billion (U.S.) in 2007 and claimed it was the sixth-largest publicly traded mining company in the world, as measured by market capitalization.

Northam Platinum Ltd (JSE:NHM) mines in South Africa and produced 325,214 oz in 2005 from

Northam Platinum Mine

Reserves, as all categories, 3PGE+Au: 30,115,000 oz

The platinum transaction between Northam, Mvela Resources and Anglo Platinum said to have transformed Mvela into the fourth large platinum producer in South Africa, has been found wanting as Northam has found the Booysendal 4PGE resource lower than estimated.
The parties announced in January, 2008, that Northam - more than 60% owned by Mvela after the transaction - will now pay Mvela 4m new shares less for a larger property as its independent due diligence study has found 94 million oz of 4PGE (platinum, palladium, rhodium and gold) on the Booysendal property instead of 112 million oz of 4PGE originally sold to it.

International Nickel Company (CVRD) (NYSE:RIO; TSX:N) mines in Canada and produced 419,000 oz in 2005 as by-product of copper and nickel production

Falconbridge Ltd (Xstrata) [LSE:XTA] mines in Canada

Stillwater Mining Company mines in the USA and produced 554,000 oz in 2005 and anticipated a 5% increase in production in 2007, ranging from 615,000 to 645,000 oz platinum group metals (PGM) at a cash cost ranging from $295/oz to $315/oz, from

Stillwater Mine
East Boulder Mine

Reserves, proven and probable, of platinum and palladium: 24,100,000 oz

[more]

Aquarius Platinum Ltd (AIM:AQP) mines in South Africa and Zimbabwe and produced 327,669 oz in 2005 from

Kroondal Mine
Marikana Mine
Mimosa Mine (50%) (Zimbabwe)
Chromite Tailings Retreatment Plant

Everest Mine being established, planned production 225,000 oz per annum

Total reserves, proved and probable, 3PGE+Au: 9,410,000 oz

African Rainbow Minerals Ltd (JSE:ARM) mines in South Africa and produced 105,482 oz in 2005 from

Modikwa Platinum mine (50%)
Nkomati Nickel mine (50%)

Two Rivers Platinum project (55%) to produce 220,000 oz per year

Kalplats PGM Exploration Project

Reserves, Modikwa, 3PGE+Au: 2,460,000 oz (UG2)

Reserves, Two Rivers, 5PGE+Au: 5,230,000 oz (UG2)

Inferred resource, Kalplats, 3PGE+Au: 2,820,000 oz

Barplats Investments Ltd (Eastplats 74%) mines in South Africa and produced 74,943 oz in concentrate in 2006 from

Crocodile River mine

Total resources, all categories, 89,700,000 t at a grade of 4,40 g/t 3PGE+Au or 12,680,000 oz.

Kennedy's Vale Project:

Indicated UG2 reserve of 152,100,000 t at a grade of 5,41 g/t 5PGE+Au or 26,475,000 oz PGM (11,813,000 oz platinum)

Indicated Merensky Reef reserve of 96,500,000 t at a grade of 3,88/t 5PGE+Au or 12,038,000 oz PGM (10,500,000 oz platinum)

Eland Platinum Holdings Ltd started mining in South Africa

Elandsfontein Platinum Mine. The opencast operation will deliver 160,000 oz of the four platinum group elements, while the underground operations will boost output to 270,000 oz of the four elements. Eland had a stockpile of 60,000 tonnes of ore in March, 2007, which was in line with the schedule for the project just over half way to completion. On 21 December 2006 the mine was awarded a mining right covering both the original Elandsfontein prospecting area, acquired from Rustenburg Platinum Mines Limited, and the contiguous `triangle' land owned by the state. In January 2007, the group announced the following SAMREC-compliant UG2 mineral reserve estimate for Elandsfontein Platinum Mine: 42,029 million tonnes at 3,41 g/t 4E or 4,617 million oz of contained metal (4E). It was announced in January 2007 that the DME had consented to the transfer to Eland Platinum of prospecting rights over the Zilkaatsnek properties, which add approximately 1,5 km of UG2 outcrop to the mine's resource base. Work has begun to determine the nature and extent of theUG2 deposit on the Zilkaatsnek properties.

Total UG2 resource, all categories, 165,400,000 t at a grade of 4,05 g/t 4PGE+AU or 21,580,000 oz.

Eland Platinum Holdings is to sell shares raising R350m, to a Bahrain-registered investment house, Al Rajhi Holdings, taking its overall stake in Eland Platinum to some eight million shares, equal to 11.2% of the listed company.
Diversified miner Xstrata said in August, 2007, that it had made a friendly offer to buy Eland for R7,5-billion (about $1-billion) in cash, or R105 a share

North American Palladium Ltd (acquired by Norilsk) [AMEX:PAL; TSX:PDL] mines in Canada and produced 177 000 oz of palladium in 2005 from

Lac des Iles mine

Inferred reserves of palladium 2,455,000 oz

Zimbabwe Platinum Mines Ltd (Impala) [ASX:ZIM] mines in Zimbabwe and produced 86,800 oz in 2005

Reserves, proved and probable, of 14,100,000 oz platinum

Resource of 140,800,000 oz platinum at a grade of 3.52 g/t.

Zimbabwe Platinum Mines commissioned a new underground mine at Ngezi under phase one of its ambitious US$258 million long-term expansion programme at the end of April 2007. The underground mine, named Bimha Mine, is expected to increase ore production to 4,5 million tonnes per year and boost platinum output to about 160 000 ounces annually when it comes into full production in 2009.
In addition, Zimplats will produce 130 000 ounces of palladium, as well as significant quantities of gold, nickel and copper.

"Mining mogul Rautenbach to develop Zim's third largest platinum mine"

Links to other companies exploring for platinum

Platinum projects (Source: Miningmx)

African Platinum plc ([AIM:APP, being acquired by Implats for R3,7 bn) in South Africa, Botswana, Zimbabwe and Mozambique

The Greater Leeuwkop property in the Bushveld Complex has a resource of 92 million oz of four PGMs.

AfriOre Ltd (TSX:AFO; AIM:AFO, acquired by Lonmin for R3,2 bn) in South Africa

The Akanani project in the Bushveld Complex has a resource of 33,7 million oz of three PGMs.

AIM Resources in South Africa

The Mokopane Project is located within the Platreef zone on the northern limb of the Bushveld Complex. The company has prospecting rights covering an area of 960 hectares and first right of refusal over a further 3,000 hectares. The project area includes five known mineralized areas: Southwest, West, Northwest, Northeast and Far North. In the Southwest area, the mineralised Platreef is approximately 800 metres long and up to 250 metres wide in outcrop, and dips at 25 to 50 degrees towards the southwest. Approximately 15,330 metres of drilling was undertaken by previous explorers from 1989 to 1992, mostly on the Southwest Deposit. The Southwest Deposit has a JORC-compliant Inferred Resource (at a zero cut off grade) estimated to be 39,7 million tonnes at 0,146% nickel, 0,085% copper, 0,22 g/t platinum and 0,33 g/t palladium.

Alba Mineral Resources plc in Scotland, Sweden

Albidon Ltd in Zambia, Malawi and Tanzania

Ambrian Capital plc in Sierra Leone, Ethiopia and Madagascar

Golden Prospect (Ambrian) produced 5 kgs of platinum in 2006 from the Yobodo mining field some 500 km south-west of Addis Ababa, Wollega, Oromia State. Platinum has been mined in Yubdo since the early 1930s.

Anooraq Resources Corporation (TSXv:ARQ; AMEX:ANO) in South Africa

Barrick Gold Corporation (Placer Dome Inc) in South Africa

Barrick Gold Corporation is exploring the Sedibelo platinum project, a large deposit on the eastern limb of the Bushveld Igneous Complex, South Africa. Currently in the pre-feasibility study stage, the deposit contains platinum measured and indicated mineral resources of 3,8 million ounces and inferred resources of 5,3 million ounces, and palladium measured and indicated mineral resources of 1,7 million and inferred resources of 2,5 million ounces (100% basis). Sedibelo’s average platinum to palladium ratio is 2:1. Overall, the average metal breakdown is 60 per cent platinum, 30 per cent palladium, 8.5 per cent rhodium and 1.5 per cent gold. Barrick has a right to earn a 50 percent interest in Sedibelo by funding exploration and completing a feasibility study on the project and then jointly making a construction decision. Its joint venture partner is the Bakgatla Ba-Kgafela tribal community in South Africa. The company drilled 56,000 meters on the property in 2006 and plans to complete the pre-feasibility study by late 2007, at which point work on the feasibility study would begin.

Beartooth Platinum Corporation in the USA and South Africa

Beartooth has an option agreement to acquire a 70% interest in the Doornfontein property. Lenaka Mining (Pty) Ltd, a private South African company, holds the Platinum Group Metals (PGM) mineral exploration rights to the Doornfontein property, a land package totaling approximately 7,500 hectares, located approximately 10 kilometers west of Lonmin's Limpopo mine property in Limpopo Province of South Africa. Under the terms of the deal, in order to earn its interest in the property, Beartooth will pay 100% of the exploration costs incurred on the property until a bankable feasibility study is completed. After that point in time, Lenaka Mining (Pty) Ltd. will pay 30% and Beartooth 70% of all costs to production. The Doornfontein magnetic anomaly was noticed during the acquisition of regional geophysical data in support of Beartooth's 2006 exploration efforts on the Zebediela project, which lies to the east. As with Zebediela, the target at Doornfontein is Bushveld Critical Zone rocks beneath Karoo cover.

Benton Resources Corp in Canada

Caledonia Mining Corporation in South Africa

The Rooipoort PGE/Au/Ni/Cu Prospect was aquired by Eersteling Gold Mines from Rustenburg Platinum, owned by Anglo Platinum Limited. The property is located approximately 30 km southwest of the Eersteling Gold Mine property and is located in an area that saw a surge in platinum group metal exploration along the "Platreef". In 2004, Caledonia purchased and acquired prospecting rights over an additional 342 hectares on the farm Grasvally, immediately adjacent to and south of the Rooipoort property. To date Caledonia has drilled a total of 18,450 meters in 54 holes on the Rooipoort PGE/Au/Ni/Cu Exploration Project. This drilling covers the full 6 km strike length that makes up the project area. Estimated inferred resource is 18,128 million tonnes at a grade of 1,1-1,34 2PGE+Au.

Canadan Royalties Inc in Canada

Central African Mining and Exploration Company plc (CAMEC) in South Africa. The company has acquired 44.5% of Pfula Investments Limited (“Pfula”). Pfula owns the rights to 51% and 40% respectively of the Inkosi and Imbasa Platinum Group Element (“PGE”) projects, located on the western limb of the Bushveld Complex in

South Africa

and is the Black Economic Empowerment Partner of African Platinum plc (“Afplats”) in these projects. The combined inferred resource estimate for the two projects, recently published by Afplats, was 38,8 million oz 4E, i.e. platinum, palladium, rhodium and gold. Pfula has agreed in principle with Afplats to consolidate the Inkosi and Imbasa properties into a new entity. Pfula, as Afplats’ Black Empowerment Partner for the project area, will control a 47% stake post consolidation with Afplats retaining a 53% stake. CAMEC will therefore have a 20.9% interest in the project, representing 8,1 million oz 4E. It is the intention of CAMEC to discuss with Afplats a strategy to ensure the project is advanced in the most efficient and expeditious manner.Drilling and assaying of 14 new exploration boreholes was completed on the Imbasa and Inkosi properties in May 2006. An inferred resource of 181 million tonnes at a grade of 4,6g/t 4E - equivalent to 26,9 million oz 4E - was calculated for the UG2 Reef on the Imbasa and Inkosi areas. An additional inferred resource of 176 million tonnes at a grade of 2,1g/t 4E (11,9 million oz 4E) is contained in the Merensky Reef. This PGE resource lies along strike from Afplats’ flagship Leeuwkop project, which has a measured, indicated and inferred resource of 5 million oz 4E, 8,7 million oz 4E and 39,4 million oz 4E respectively.

Centurion Gold Holdings Inc in South Africa

Duluth Metals Ltd in the USA

Eastern Platinum Ltd in South Africa and Canada

Eastern Platinum (Eastplats) controls the Crocodile River, Spitzkop, Kennedy's Vale and Mareesburg projects in South Africa's Bushveld Complex. In December, 2007, it released revised reserve and resource estimates for its South African properties, totaling more than 100-million ounces of platinum-group metals (PGMs). PGMs ounces attributable to Eastplats amounted to 86-million ounces.

Enterayon, Inc in Canada

Eurasia Mining plc in Russia

Urals. Joint venture with Anglo Platinum. Test-pitting and trial bulk processing of alluvial terrace material has commenced on the Tylai River area, where initial indications are very positive. Reconnaissance work to the north of the current licence area has also been encouraging, with target generation indicating potential of further unexploited alluvial deposits.

Kola Peninsula. Joint venture with Anglo Platinum. Drilling in one of the three licence areas, West Imandra, in progress.

Eurasia Mining said drilling at a license area in northwestern Russia had uncovered a new platinum-group metals deposit. The find was at Volchetundra, where the first $10 million of exploration is funded by Anglo Platinum, London-based Eurasia said on 26 March 2007. The drilling uncovered "several zones of platinum mineralization," with grades of between 1,9 and 11 grams per ton of platinum and palladium, the firm said.

Fieldex Exploration Inc in Canada

First Nickel Inc in Canada

FNX Mining Company Inc in Canada

Goldfields of South Africa Ltd in Finland (Ceded rights)

Goldstream Mining in Tanzania

Great Australian Resources Ltd in South Africa

Great Australian Resources announced on 5 October, 2007, the consolidation of its strategic platinum projects in South Africa after reaching agreement to buy the outstanding 50 per cent shareholding in Platinum Mining Ventures Ltd. The move to 100 per cent will give Great Australian full ownership of the Mooiplats project and two additional grassroots exploration projects.

Hinterland Metals Inc in Canada

International Goldfields Ltd in South Africa

Jubilee Platinum plc in South Africa and Madagascar

In a friendly takeover bid announced on 28 October 2007, Xstrata offered to purchase all of the shares of Jubilee for $23 per share. The offer is due to close on February 15, 2008.

Tjate Project (48%) which comprises a total 5 143 hectares with an inferred resource of 282 million tonnes containing 65 million oz 5 PGE (platinum group elements: platinum, palladium, rhodium, iridium and ruthenium) and gold. Mitsubishi Corporation loan of US$16 million entitles them to a 20% stake. Jubilee plans to raise its stake in Tjate to 63%, subject to regulatory approval. The Tjate project consists of three licenses on properties contiguous both to Anglo Platinum’s [JSE:AMS] Twickenham and Impala Platinum’s [JSE:IMP] Marula mines, which holds out the possibility of joint ventures or consolidation with one of those companies in the future.

Grass Valley Project (70%, MSA Projects (Pty) Ltd-30%) which comprises 663 hectares with five kilometres of potential Platreef identified in outcrop located between the War Springs, Rooipoort and Volspruit deposits. Inferred resource of 93 million tonnes containing 3,6 million oz.

Dullstroom Platinum Project which comprises 2 500 hectares south of Anglo Platinum's Der Brochen Project and on projected Merensky and UG2 overlain by Transvaal Supergroup rocks.

Applied for prospecting rights over Bokfontein JQ448 and Elandsdrift JQ467 PGM properties in the western Bushveld, Buffelsvallei JS170/Zaaiplaats JS157 in the Groblersdal district, Sallies SlootKS718/Swartkop KS720 near Marble Hall.

Jubilee has joint ventures with both Implats and TransAsia Minerals on nickel exploration projects in Madagascar.

Ambodilafa Project (49%- Implats 51%). Jubilee’s 4 kilometres wide by 20 kilometres long Ambodilafa concession is part of an area underlain by mafic-ultramafic rocks. The property is located some 160 kilometres southeast of the Madagascan capital, Antananarivo. Previous regional reconnaissance drilling by others in the area, in 1969, included an intersection of 93 metres of disseminated sulphides, containing pyrrhotite, pentlandite and chalcopyrite. The intersection included a 1,5 metre intercept assaying 2,2% nickel and 0,35% copper. The drill cores were not analysed for their PGE content, but later stream sediment sampling in 1990 defined several drainage catchments in the vicinity of the area drilled, which showed anomalous platinum and palladium values.

Londokomanana Project. Located 150 kilometres north of Antananarivo with an inferred 22-kilometre total strike length of nickel-copper mineralization over north (Antsahabe) and south (Lavatrafo) Londokomanana. Peak trench values have been obtained in Lavatrafo of up to 4,62 g/t 2PGE (platinum and palladium) plus gold, 1,2% nickel and 0,39% copper. The Company has drilled two boreholes, LAV1 and LAV2 in the Lavatrafo property (south Londokomanana) on targets identified by geophysics and geochemistry. The two boreholes, some 150 metres apart on strike, intersected a very thick -58 metre and 75 metre true widths - multi-metal nickel-copper-platinum-palladium-gold formation at relatively shallow - 27 and 73 metres depth.

Lanjanina Concession located in the south-central part of Madagascar approximately 180 kilometres ( 258 road km.) south of Antananarivo and covers an area of 156 km2 (15,600 hectares). Previous exploration identified copper, nickel and platinum group elements in geochemical soil samples and one drill hole located copper and nickel mineralization within pyroxenites and to a lesser extent gabbros and amphibolites

York PGM Project in Sierra Leone. Joint venture (50%) with AIM listed Golden Prospect plc which covers the central section of the Freetown Layered Gabbro Complex, an area with a history of artisanal platinum production. A reconnaissance programme in early 2004 extended the known mineralization (soil samples assaying previously up to 0,84 g/t) of an anomalous 2 m-wide PGM zone to 8,5 km strike length from 5 km, with similar elevated PGMs in soil samples. A second-phase programme of trenching was completed in 2005.

Kodiak Exploration Ltd in Canada

Landore Resources Ltd in Canada

Largo Resources Ltd in Brazil

Lesego Platinum on January 25, 2008, announced an inferred resource estimate of 27-million ounces at its Phoshiri project, on the eastern limb of the Bushveld Complex. Lesego is a 50:50 joint venture between MinEx Projects (37%), and Umbono Platinum and Financial Services (63%), and holds a 100% interest in the Phoshiri project.

Linux Gold Corporation in the USA

Magma Metals Ltd in Australia and Canada

Magma Metals announced in January 2008, the discovery of a PGM zone at its Thunder Bay North project in Canada. The company has had intersections of up to 4.6 metres at 5.01 grams per tonne PGMs at the site, together with the nickel and copper mineralization. Magma Metals stated that the find could mean a new prospective trend that could be 800 metres long and may be linked to the mineralized peridotite bodies at Current Lake and Beaver Lake.

Marathon PGM Corporation in Canada

Mvelaphanda Resources Ltd in South Africa

Mvela Resources currently owns 22.4% of Northam, a platinum group metals (PGMs) mining company listed on the Securities Exchange South Africa (JSE). It currently produces about 325,000 oz per annum platinum, palladium, rhodium and gold (3PGM+Au) from a single operating mine situated on the western limb of the Bushveld Complex. Afripalm Resources, headed by the former CEO Lazarus Zim of Anglo American's South African unit, bought a 31% stake in Mvela Resources for R1, 15 bn in December 2006.
Other projects include,

The Booysendal Joint Venture (50%, Anglo Platinum-50%). Booysendal embraces 138 km2 on 10 contiguous farms at the southern end of the eastern limb of the Bushveld Igneous Complex. Booysendal is underlain by the Merensky and UG2 horizons and has been thoroughly explored by Anglo Platinum. Measured, indicated and inferred resources – after a 24% allowance for geological losses – total 76,800,000 oz on the UG2 horizon and 47,600,000 oz on the Merensky horizon. The platinum transaction between Northam, Mvela Resources and Anglo Platinum said to have transformed Mvela into the fourth large platinum producer in South Africa, has been found wanting as Northam has found the Booysendal 4PGE resource lower than estimated.
The parties announced in January, 2008, that Northam - more than 60% owned by Mvela after the transaction - will now pay Mvela 4m new shares less for a larger property as its independent due diligence study has found 94 million oz of 4PGE (platinum, palladium, rhodium and gold) on the Booysendal property instead of 112 million oz of 4PGE originally sold to it.

The Pandora Joint Venture (7,5%, Lonmin holds balance)

The Dwaalkop Joint Venture (50%, Lonmin-50%) Adjoins Lonmin's Limpopo Mine.

Nkwe Platinum Ltd in South Africa

Garatouw project. Nkwe Platinum Limited acquired a 74% interest in the Genorah farms (De Kom and Garatouw) from Genorah Resources (Pty ) Ltd. The Genorah farms are located down dip from both Anglo American’s Modikwa and Implats’ Marula Platinum Mines. SRK Consulting have reported that the expected target mineralization on these properties is 15 million oz 3PGE + Au oz at depths of 0-1000m and an additional 20 million oz 3PGE + Au at depths of 1000m-2000m. Genorah plans to vend another three neighbouring farms on strike into Nkwe. The three farms will boost Nkwe’s in-situ resources at the project up to 150 million oz. Anglo Platinum has taken the Department of Minerals and Energy and Genorah, the black-owned company and owner of the new-order prospecting rights to the farms, to court to prove it has the rights to the property, which Genorah acquired after the change in South African mineral legislation in 2004. The matter is expected to come before the courts in June 2007. Public comments were made subsequently by Anglo Platinum executives that the world’s largest platinum producer wants to resolve their legal claim over a number of platinum deposits through negotiations with the Department of Minerals and Energy (DME) rather than going through the courts.The disputed platinum deposits include the two Eastern Limb farms Nkwe has in its portfolio and the three in the Genorah stable.

De Wildt Project. Inferred resource of 4,400,000 oz 5 PGE+Au (grade 3,4 g/t)

Pilanesberg Project. Indicated\inferred resource of 4,500,000 oz 3 PGE+Au (grade 3,8 g/t)

Kliprivier Project. Inferred resource of 5,300,000 oz 3 PGE+Au (grade 2,3 g/t)

Ghost Mountain Project. Initial exploratory drilling of target complete. Assays pending.

Doornloop Project. Exploratory drilling of target area currently being undertaken.

Nkwe Platinum's partner, Blue Nightingale Trading 709 (Pty) Ltd (30%), has an interest in the Mphahlele Platinum project adjacent to the Lonmin Limpopo operation. This project contains an inferred resource of 11,8 million oz from surface down to a depth of 1,000m.

North American Palladium Ltd in Canada and Finland

Northern Shield Resources Inc in Canada

Nuinsco Resources Ltd in Canada

Pacific North West Capital Corporation in Canada and USA

River Valley Project in Canada is a joint venture with Anglo Platinum. Approximately nine kilometres of breccia-zone PGE mineralisation with many encouraging intersections defined by drilling. Bulk sampling for metallurgical flotation response test work underway on low-platinum, high palladium content ore. Measured and indicated resources of 30,5 million tonnes containing 953,900 oz of palladium (0,97 g/t), 329,500 oz of platinum (0,34 g/t) and 59,500 oz of gold (0,061 g/t) with an additional 2,3 million tonnes containing 67,000 oz of palladium (0,87g/t), 23, 800 oz of platinum (0,31 g/t) and 4,000 oz of gold (0,05 g/t) of inferred resources using a 0,7 g/t cut off (Pt/Pd) at this stage.

Pan Palladium Ltd in South Africa

Platina Resources Ltd in Australia and Greenland

Platinex Inc in Canada

Platinum Australia Ltd in Australia and South Africa

The Kalplats project, located 330km west of Johannesburg, is a joint venture with African Rainbow Minerals in which the company is earning a 49% interest by completing a bankable feasibility study and providing the right for the project to use the patented Panton metallurgical process to treat the ore. Seven known deposits, together with three other prospects, identified over a 12km strike length of the Stella Layered Intrusive are being explored. The project currently has indicated and inferred resources of 3,4 million oz 3E PGM, including a high grade component of 1,4 million oz 3E PGM, contained within the seven separate deposits. As part of the JV the two companies have applied for a prospecting right covering an area extending approximately 20 km to the north and 18 km to the south of the Kalplats project area, increasing the total strike length held over the Stella Layered Intrusion to almost 50 km. The company believes the existing Kalplats resource will support development of an open pit operation producing 200,000 oz per year 3E PGM, and further success from the drilling programme could increase this to 300,000 oz per year.

Platinum Australia ("PLA") also has an 80% interest in the Smokey Hills Project, on the eastern limb of the Bushveld Complex, with the balance held as to 5% by the local community and 15% by Corridor Mining Resources, a company owned by the Limpopo Provincial Government. It is planned initially as an open cut operation which will progress into a shallow underground mine. During the initial phase of mining, whilst the processing plant is being constructed, PLA proposes to toll treat the ore through a nearby plant to generate early cash flow. This phase would last 9-12 months, after which ore would be treated through the on-site plant at an annual rate of 720,000t to produce approximately 95,000 oz 4E PGM in a flotation concentrate which would be toll treated or sold to any one of a number of smelters in South Africa. Depending on the timing of the issue of the necessary permits, PLA plans to begin construction and mining operations in mid-2007, with plant commissioning 9-12 months later.

Platinum Australia has a two million oz resource in the Kimberley region of Western Australia, where it has partnered Lonmin in developing a process to improve the grade of low-quality concentrate called the Panton Process, which is being piloted in South Africa. A bankable study completed during the lower PGM prices in 2003 is being revised and production should start at the end of 2007. Steady state production will be 40,000 PGM oz a year.

Platinum Group Metals Ltd (PTM) in South Africa and Canada

Western Bushveld Joint Venture (WBJV) Joint Venture with Anglo Platinum and Africa Wide Mining and covers 67 square kilometers bringing together PTM's Onderstepoort and Elandsfontein properties along with portions of Anglo Platinum's Elandsfontein, Frischgewaagd and Koedoesfontein properties. Adjoins both Anglo Platinum's Bafokeng Rasimone Platinum Mine and Styldrift Projects. Indicated Resource of 2,57 million oz platinum, palladium, rhodium, and gold (4E): Merensky Reef 5,81 million tonnes at 6,91 g/t 4E, UG2 Reef 14,63 million tonnes at 2,72 g/t 4E. Platinum Group Metals hopes to complete a bankable feasibility study (BFS) on its Western Bushveld joint venture in the third quarter of 2007, following the completion of its prefeasiblity study, which backed the establishment of a 155 000-oz per year platinum mine.
PTM, which initially planned to complete the bankable feasibility study December 2006, reported that the prefeasiblity study had showed that the deposit could support an underground mine, producing 250 000 oz per year of platinum, palladium, rhodium and gold (4E) in concentrate, over 18 years.
PTM and its partners in the venture, Anglo Platinum (37%) and Africa Wide (26%), said that they expected to make a final decision on building the mine later in 2007, with first production expected in either 2010 or 2013.
The BFS would look into building either a vertical shaft system, estimated to cost R2,14-billion, or an early access decline and vertical shaft system combination, at a cost of R2,04-billion. The vertical shaft option would see first production in 2013, while the decline/shaft combination would fast-track production to start in 2010.
PTM reported that the average life-of-mine cash operating cost to produce and deliver concentrate was estimated at $47/t and $328/4E oz. The scope of the Western Bushveld Joint Venture has been expanded with the formal contribution to the WBJV of a 50% interest in the mineral rights to the adjacent 494 hectare Portion 11 of the Farm Frischgewaagd 96 JQ ("Portion 11") by Rustenburg Platinum Mines Ltd., a subsidiary of Anglo Platinum Limited.
The other 50% interest in the mineral rights to Portion 11 is held by Wesizwe Platinum Limited (JSE: WEZ). Wesizwe has published an independently prepared estimate of mineral resources and a pre-feasibility study that include reference to Portion 11.
The WBJV and Wesizwe also share a total estimated 3,0 million oz inferred resource on a 50/50 basis on the 293 ha property known as RE 4 of the Farm Frischgewaagd 96 JQ adjacent to Portion 11 (18,49 million t grading 5,05 g/t 4E, platinum, palladium, rhodium and gold) as announced by the company on February 7, 2007.

War Springs Property, Northern Limb (70%). Inferred resource of 980,000 oz of platinum, palladium, and gold (29,6 million tonnes grading 1,03 g/t 2PGE+Au (0,31 g/t Pt, 0,63 g/t Pd, 0,09 g/t Au), 0,13% Nickel, 0.11% Copper)

Tweespalk Property, Northern Limb(70%). Initial exploration results at Tweespalk were encouraging with a reef intersection of four metres grading 4,4 g/t 3 PGEs (platinum, palladium, and gold). Further drilling by PTM did not confirm the up-dip continuity of the economic values in this drilling and the results are being evaluated and modelled to determine if further drilling is warranted on Tweespalk.

Platinum Mining Corporation of India (PMCI) in India

Platmin Ltd in South Africa

The Plilanesberg project on its Tuschenkomst and Ruighoek properties has the following resources: Tuschenkomst - a measured and indicated mineral resource estimate of 66,8 million tonnes at 2,09 g/t (3PGE+Au) for a total of 4,49 million oz has been defined by SRK at Tuschenkomst. The mineral resource estimate is in the context of bulk mining; Ruighoek -an indicated mineral resource (0-200m below surface) to 12,0 million t at 3,07 g/t (3PGE+Au) for a total of 1,18 million oz. Lonmin increased its stake in this junior platinum stock to 22%, during July, 2007, at C$9.00 a share. Platmin owns the asset base and uncommitted concentrate to graduate to a 500 000 ounce a year fully integrated PGM (platinum group metal) producer by 2012.

Premium Exploration Inc in the USA

Puma Minerals Corporation in Russia

Ridge Mining plc (AIM:RDG) in South Africa

Ridge Mining was back in the black, posting profit of $9.2 million (R63.7 million) in the six months to June, 2007, compared with a loss of $1.6 million in the same period the previous year. The turnaround was due mainly to the sale of the mining group's Fountain Ridge project for $9.8 million. Earnings in the half-year were also boosted by the receipts of $2 million to settle a dispute on the Tjarte project.

The company is developing the $143 million Blue Ridge mine in Mpumalanga. The mine is expected to start production in the fourth quarter of next year, while a feasibility study for its Sheba Ridge project is expected to be completed in December 2007.

Blue Ridge Project. Eastern limb of Bushveld Complex. Reserves, proved and probable, of 2,8 million oz (at a grade of 2,8 g/t 4E) and an inferred resource of 5,34 million oz 4E. Trial mining commenced in 2005. Entered into an agreement with Imbani Platinum (Pty) Ltd whereby Imbani will earn 78% by arranging finance for the project. After that Zijin Mining of China paid US$15 million for a 20% stake. The mine was originally expected to produce 125,000 oz a year of four platinum group metals, platinum, palladium, rhodium and gold. Iridium and ruthenium were excluded from the calculation but after the sharp increase in the prices of iridium and ruthenium, the inclusion of these metals could increase forecast production to 150,000 oz a year of the six platinum group metals

Sheba's Ridge Project (65%). Eastern limb of Bushveld Complex. Joint venture with Anglo Platinum Ltd. A pre-feasibility study at Sheba’s Ridge, showed a resource of 19 million oz of platinum, palladium and rhodium, together with 1,4 million metric tonnes of nickel and 0,5 million metric tonnes of copper (Pt+ Pd+ Au grade is 0,94 g/t). Feasibility study of the project in which it holds a 60% interest and Anglo Platinum holds 40% commenced in 2005 and should be completed by the end of 2007. Sheba’s Ridge is relatively close to Blue Ridge.
Fountain Ridge Project. Western limb of Bushveld Complex. Holds 51% of Madibeng Platinum (Pty) Ltd (Mmakau Mining-30%, and others hold balance) which has a prospecting licence over 3 238 hectares underlain by UG2. Drilling commenced in 2005, but to focus on its two core projects, Ridge sold its 51% interest in the Fountain Ridge property to Madibeng Platinum for R70 million ($9.7 million) and its interests in Fonte Verde, Rooikraal and Red Bush Ridge to Bushveld Platinum plc for R20 million ($2.77 million) in 2006.

Fonte Verde Project. The mineralization at the Fonte Verde project is contained within a Bushveld Complex satellite body located approximately 50 kilometres south-east of Pretoria.

Red Bush Ridge Project.The Red Bush Ridge, covering 4 462 hectares, comprises the farms Het Fort 329Kt, Corndale 330KT and Landsend 364 KT. The project is down-dip of the Kennedy's Vale project on the Eastern Limb of the Bushveld Complex.

Rusina Mining N. L in Australia and Philippines

Solitario Resources in Brazil

Joint venture with Anglo Platinum Ltd in Pedra Branca. Previous work conducted by Solitario, and the more recent exploration funded by Anglo Platinum, has advanced ten significant PGM targets at the Pedra Branca site to the drill definition stage. The Esbarro prospect is the most advanced with 85 drill holes defining a shallow mineralised zone nearly 800 metres long and up to 200 metres wide. Drill-hole intersections within this zone often exceed 2,5 grams per ton PGM. Upon completion of a staged US$7,0 million work commitment, Anglo Platinum will have the right to earn an additional 9% interest (to 60% total interest) by completing a bankable feasibility study within 18 months of earning its 51% interest. Anglo Platinum can earn a further 5% interest (to 65% total interest) by arranging 100% of the project financing necessary to place the project into commercial production.

Superior Canadian Resources Inc in Canada

Sylvania Resources Ltd

Specialises in extracting platinum group metals and chrome from tailings dumps in South Africa, most of which are owned by Samancor and has a 25% stake in the Chrome Tailings Retreatment Project, in which Aquarius Platinum

has a 50% holding. Platinum production started in June, 2007, from its 74% owned projects, with 690 oz a month. It will build up to almost 6,700 oz/month in 18 months when all four planned platinum recovery plants are in operation. Cash costs are predicted to be roughly half those of the platinum miners.Sylvania is also drilling its portion of the Everest North project. Eastern Platinum owns two thirds of the deposit and Sylvania the other third.The resource estimate is 833,000 oz of platinum group metals in the UG2 reef. Platinum makes up 54%, palladium 34% and rhodium 11% of the metals.

Thundelarra Exploration Ltd in Australia

URSA Major Minerals Inc in Canada

Wallbridge Mining Company Ltd in Canada and the USA

Wesizwe Platinum Ltd in South Africa

Wesizwe's portfolio of exploration assets are primarily located on the western limb of the Bushveld Igneous Complex comprising Ledig 909JQ, and portions of the farms Frischgewaagd 96JQ, , Mimosa 81JQ and Zandrivierspoort 210JP. The total area is 4,676 hectares. The properties are situated near Rustenburg and are to the south of the Pilanesberg Game Reserve and Sun City, and are referred to as the "Pilanesberg Project". The total inferred mineral resources at the time of listing totalled 63,608 million tonnes at an average grade of 5,09 g/t of 4E (comprising platinum, palladium, rhodium and gold), amounting to 10,417 million oz, of which 6,463 million oz were attributable to Wesizwe. Between the listing and the end of September 2006, the resource estimates indicated and inferred resources increased to 73,519 million tonnes at an average grade of 5,03 g/t PGM(4) for the Pilanesburg Project. Wesizwe's attributable oz increased by 12,6 per cent to 7,272 million oz. During this period, the resources attributed to Wesizwe were 1,478 million oz in the indicated category and 5,794 oz in the inferred category. Wesizwe said in September, 2007, that its attributable resource grew by 19.31% to 8.954 million oz of platinum group metals (PGM) in the six months to June, 2007. The total mineral resource at its Pilanesberg project rose 10.7% to 13.470 million ounces.
Wesizwe is conducting a bankable feasibility study, which is expected to be completed in the first quarter of 2008 for the project, which is expected to produce around 260 000 ounces of PGMs a year.

As shares triple, analyst says it’s a good time to sell platinum explorer Wesizwe

Platinum high flyer, Wesizwe, may be rated too highly by the market to attract a cash take-over bid from one of the platinum majors.

Author: Tessa Kruger
Posted: Wednesday , 18 Apr 2007

JOHANNESBURG -
Platinum exploration junior Wesizwe shares are expensive when analysed on the basis of price per resource ounce, making the company an unlikely cash takeover target.

A local analyst said Tuesday that although the share prices of platinum juniors surged over the past few weeks, Wesizwe's performance was exceptional considering its price of US$112.64 per resource ounce (4 PGMs).

The company--with a relatively small resource of 7.2 million ounces on the western limb of the Bushveld complex--did not only climb from R6.45 (US 91-cents) two months ago to an all-time high of R13.70 (US$1.94), but increased steeply from R9.75 (US$1.38) at the beginning of the month April.

Its current price-per-resource ounce exceeded that of other juniors such as Eland Platinum (US$51.06), currently suspected to be in takeover talks, Afplats (US$7.72) for whom Impala has made a bid, and AfriOre, acquired by Lonmin, at US$16.05 per ounce. Wesizwe's price also exceeds that of Eastern Platinum (US$15.92) that has taken over Barplats (US$8.81) and Ridge Mining's price at US$13.26.

"If you consider the platinum junior takeover transactions that were announced this year and the prices that Impala Platinum paid for Afplats, Lonmin paid for AfriOre and Eastern Platinum for Barplats, then there is no chance that a major or other company can make a cash offer for Wesizwe," the analyst said.

Wesizwe was most likely to be bought by a neighbour, but that the deal would have to be done with paper, according to the analyst.

The company is surrounded by the Western Bushveld Joint Venture (WBJV) and Styldrift properties, respectively owned by Platinum Group Metals and Anglo Platinum, and a joint venture between Royal Bafokeng Resources and Anglo Platinum.

The analyst noted that "there has been a rumour of a Wesizwe takeover and a great amount of excitement around corporate action in the platinum industry, but it would not make sense at the price at which it is currently trading."

Wesizwe has not boosted its relative small resource of 7.2 million ounces, nor completed a feasibility study. The spot platinum price should not have a great impact on its share price yet as the company will only start producing platinum in about five years.

"If you really are a long term investor you would have to look at what the price will do in the long term," the analyst advised. He added that there was no other basis to evaluate the explorer than the basis of cost-per-resource ounce, as it had no earnings, turnaround or cash flow yet.

Chief Executive Officer of Wesizwe, Mike Solomon, has stated that the junior company could not be evaluated on this basis.

However, in the analyst's view, now was a good time to sell the share that made a bull run since October, tripling some investors' money.

Solomon told Mineweb earlier that the company would likely be involved in "corporate activity" this year, and that it would like to see one large mine comprising its Ledig-Frisch project and the neighbouring resources of the Western Bushveld Joint Venture. If the projects merged, a platinum mine producing 600,000 ounces of platinum group metals (PGM) annually could result.

Investec Securities platinum analyst Leon Esterhuyzen said there had been a valuation gap in the junior platinum sector, as this was the South African market's first experience of junior mining companies.

He also indicated that investors could not easily expect a repetition of the recent run in the Wesizwe price. (Source: Mineweb)

Wesizwe Platinum announced in April 2007 that had agreed to buy a 26 percent stake in the Western Bushveld joint venture for 650 million rand ($92.50 million).Wesizwe, the investment vehicle for South Africa's Bakubung Ba-Ratheo Tribe, said it would buy African Wide Mineral Prospecting and Exploration Ltd by issuing new shares. That would give it a 26 percent stake in a joint venture with the world's biggest platinum miner Anglo Platinum and Toronto-listed exploration firm Platinum Group Metals.
Wesizwe will issue 62 million shares at 10.48 rand each. The deal also gives it stakes in Platinum Group Metal's exploration projects north of the Western Bushveld project.
Anglo Platinum and Platinum Group Metals each hold 37 percent of the Western Bushveld Joint Venture.

Wildcat Exploration Ltd in Canada

Gold

2011-12-26T15:57:00.000+02:00

Gold price latest:

Click HERE to view latest price trend s
Gold price: 12 months

Click HERE to view price per gram in different currencies
Conversion: 1 gram = 0.03215 troy ounces

For the eleventh year in a row, the gold price rose in terms of US dollars. Gold’s rate of exchange to the US dollar climbed 10.2% in 2011, so an arithmetic average of its annual rate of appreciation for the last eleven years when measured in the world’s reserve currency is a truly remarkable 17.7%.

Gold also rose in 2011 against each of the eight other major world currencies presented in the following table.

Gold % Annual Change
	USD	AUD	CAD	CNY	EUR	INR	JPY	CHF	GBP
2001	2.5%	11.3%	8.8%	2.5%	8.1%	5.8%	17.4%	5.0%	5.4%
2002	24.7%	13.5%	23.7%	24.8%	5.9%	24.0%	13.0%	3.9%	12.7%
2003	19.6%	-10.5%	-2.2%	19.5%	-0.5%	13.5%	7.9%	7.0%	7.9%
2004	5.2%	1.4%	-2.0%	5.2%	-2.1%	0.0%	0.9%	-3.0%	-2.0%
2005	18.2%	25.6%	14.5%	15.2%	35.1%	22.8%	35.7%	36.2%	31.8%
2006	22.8%	14.4%	22.8%	18.8%	10.2%	20.5%	24.0%	13.9%	7.8%
2007	31.4%	18.1%	11.5%	22.9%	18.8%	17.4%	23.4%	22.1%	29.7%
2008	5.8%	33.0%	31.1%	-1.0%	11.0%	30.5%	-14.0%	-0.3%	43.7%
2009	23.9%	-3.6%	5.9%	24.0%	20.4%	18.4%	27.1%	20.3%	12.1%
2010	29.8%	14.0%	24.3%	25.3%	39.1%	25.0%	13.2%	17.0%	34.5%
2011	10.2%	8.8%	11.9%	5.1%	12.7%	30.4%	3.9%	10.2%	9.2%
Average	17.7%	11.6%	13.7%	14.8%	14.5%	19.0%	13.9%	12.1%	17.7%

Gold price vs oil price: 60 years

Click HERE for links to gold supply and demand

Gold Deposits by Country

Company Gold Reserves

Highest Grade Gold Deposits

Largest Gold Deposits

Richest Gold Deposits

World Gold Production (2010)

Annual global gold production is about 4,000 tonnes.
South Africa’s gold output fell in 2006 to 275 tonnes, down 8% from 2005. United States gold output for 2006 declined from 262 tonnes to 260 tonnes. Australian production fell to 251 tonnes from 263 tonnes. Gold produced in Peru declined to 203 tonnes from 207 tonnes. Russian gold output dropped 4 tonnes in 2006 to 152 tonnes, while Canada fell from 118 tonnes to 104 tonnes. Russia has the second-largest gold reserves in the world, behind South Africa, but is only the sixth-largest producer, and its output has fallen in the past three years.
China produced 240,078 tonnes of gold bullion in 2006, up 16,028 tonnes, or 7,15%, from 2005. Chinese production of gold increased by 162,8 tonnes between 1997 and 2006.
According to GFMS, mine production in 2007 fell by just over 1%, partly through delays to development and expansion projects. Losses centred on South Africa, Peru and the United States, while gains focused on Indonesia and, in particular, China whose increase knocked South Africa off the top spot to become the world’s largest producer. Output in the first half of 2008 is forecast to grow by just over 2%.
"China kicks SA off gold top spot"
"China still only world's No. 2 gold producer – but aiming for the top spot" (Source: Mineweb)

Companies producing more than 300 000 oz of gold per year

The Western World average for grassroots discoveries of new gold mines was $55/oz for the period 1985 to 2002 according to a WMC paper or $30/oz according to the Metals Economics Group 2004 paper “Major Gold Discoveries Worldwide.”

"Major Gold Discoveries Worldwide, 1991-2004"

"Junior Mining Company Credibility in Question"

Gold mining and exploration in Africa

A figurine of a golden rhino found at Mapungubwe (ca. 1050 to 1270 A.D.) Courtesy of University of Pretoria, South Africa.

Click HERE for an overview of GOLD MINING IN AFRICA (MBendi)

Click HERE for ACTUAL OR POTENTIAL GOLD PRODUCING COUNTRIES IN SUB-SAHARAN AFRICA (World Gold Council)

Click HERE for a map showing WEST AFRICAN GOLD DEPOSITS>1 MILLION OZ (GSR)

Click HERE for an overview of THE GOLD PROSPECTIVITY OF VARIOUS AREAS IN AFRICA (Mining Review Africa)

Source: The Spectator

The meek shall inherit the earth, but not the mineral rights.
-Jean Paul Getty

Iron Ore

2011-12-26T15:33:00.000+02:00

Iron Ore Hammersley: 12 months

World Iron Ore Production

Legend
Iron production (thousands of tonnes):

500,000+

100,000-500,000

10,000-99,999

1,000-9,999

0-999

Source: http://commons.wikimedia.org/wiki/File:World-Iron-Map.png

*Country*	*2001*	*2002*	*2003*
(By Principal Countries)	World Production of Iron Ore (In million tonnes)
Australia	181	189	213
Brazil	201	215	235
Canada	29	29	33
China	217	231	261
India	86	99	121
Kazakhstan	16	18	19
Russia	83	84	92
South Africa	35	36	38
Sweden	19	20	21
Ukraine	55	59	63
USA	46	52	50
Venezuela	17	17	18
Other Countries	64	69	74
*World Total*	1049	1118	1238
Source : World Mineral Production. 1999-2003

News
BHP sees record iron ore output - Wednesday, January 18, 2012

Fever for iron ore intensifies - Monday, January 16, 2012

Congo (Brazzaville)

Exxaro puts Republic of Congo on iron-ore map with R3bn takeover bid

By: Martin Creamer
Published: 11th January 2012

JOHANNESBURG (miningweekly.com) – South Africa’s black-controlled diversified mining company Exxaro Resources is putting the Republic of Congo (RoC) on the map as a new African iron-ore development frontier with its R3-billion (A$338-million) cash takeover offer of African Iron.

Exxaro CEO Sipho Nkosi said in a media teleconference that the company had been well received by top RoC politicians and that he had also taken advantage of the visit of the RoC president to South Africa for the recent African National Congress centenary celebrations to hold discussions on Exxaro’s proposed investment, which would be continued during the company’s proposed visit to RoC in February.

Exxaro finance director Wim de Klerk described RoC as an “attractive platform for iron-ore growth” and said that the company had an “appropriate” hurdle rate that took into account both country and associated risk.

Exxaro GM Ernst Venter said London-listed Xstrata and ASX-listed Equatorial Resources had also moved into the RoC, where there was the potential for large capital investment that required both central and local government collaboration.

While Exxaro had not held takeover discussions with Equatorial Resources, African Iron's 20% shareholder, it had already entered into a 19.99% pre-bid share-purchase agreement with African Iron’s largest shareholder, ASX-listed Cape Lambert.

Venter said that the norm in the RoC was for the central government to be given 10% of the shares in a project free of charge as a “free carry”, which had been included in Exxaro’s value calculation.

Xstrata’s Zanaga iron-ore project was situated 350 km from the railway line compared with the 2 km distance of the Mayoko project that Exxaro would acquire.

The rail line, which Venter described as being “in extremely good condition” apart from a few areas where upgrading would be necessary, was currently used several times a week to transport passengers.

The Pointe-Noire port, though currently a container port, was a deep-water port whose northern aspect was earmarked for development as a bulk terminal.

Venter said that following a thorough due diligence, the Exxaro executive committee was “quite comfortable” doing business in RoC and saw itself as being competitively placed to use existing rail and port infrastructure.

He noted that African Iron’s 120-million ton Mayoko project was RoC's most advanced iron-ore project and that the acquisition would initially bring into the Exxaro portfolio a mere 20% of the total prospect area, which contained iron-ore that outcropped onto the surface, allowing for low-cost openpit mining, probably initially by a contract miner.

Mayoko presented a near-term development opportunity in an emerging iron-ore province that was served by existing nearby logistics infrastructure.

The nearby heavy-haul railway line that the project would use terminated at the port of Pointe-Noire, where African Iron has been granted an allocation to establish a bulk-ore terminal to facilitate iron-ore exportation to both European and Eastern markets from early 2014.

The agreements for use of the State-owned rail and port network were being put in place with the government and five-million tons of the annual rail capacity had already been allocated.

“The willingness of the government to support us as far as infrastructure is concerned has been quite great,” Nkosi said.

Adjoining Mayoko is a nigh thousand square kilometres of the Ngoubou-Ngoubou prospect that also forms part of the deal, which had been preceded by a five-year company study of iron-ore opportunities led by Exxaro’s Brian van Rooyen.

Venter said Exxaro had found the African Iron deal the most favourable of 70 projects that had been screened globally.

JSE-listed Exxaro, a coal and mineral sands miner, already has a 20% interest in the Sishen Iron Ore Company, a subsidiary of the Anglo American-controlled Kumba Iron Ore, which operates the Sishen and Thabazimbi mines in South Africa.

Exxaro has issued bidder statement that outlines its February 14-deadlined offer of A$0.51 cash for each ASX-listed African Iron share, rising to A$0.57 cash if Exxaro gains a 75% interest.

Bank of America Merrill Lynch’s Andrew Snow queried whether the ‘leaking’ of the deal to the media two days ahead of the official announcement had impacted on the efficacy of Exxaro’s due diligence, and quipped that it would be great if “the Australian rugby team’s backline was as ‘leaky’ as the Australian stock market”.

A cause of the two-day official announcement delay, Exxaro said, was that certain shares were held in escrow and the spilling of the beans two days ahead of time was irrelevant, De Klerk said.

Mining Weekly Online was one of the publications able to break the story at a time when Exxaro was still refusing to comment on what it said was “speculation”.

Venter said that Exxaro had met with African Iron’s 200-strong team in RoC, which he anticipated would remain there should the company be successful in its takeover bid.

Should Exxaro obtain more than 90% shareholder acceptance, the company would be obliged in terms of ASX rules to make an offer to minorities and delist the company.

Cape Lambert is to receive A$72.2-million, based on A$0.57 an African Iron share, which generates a 209% return on the company’s investment.

Cape Lambert also retains a A$1-a-ton royalty in the Mayoko project from the original sale agreement with African Iron.

African Iron board of directors have backed the Exxaro bid, provided there is not a superior proposal.

African Iron’s projects are located in the Niari Prefecture 300 km north-east of Pointe-Noire on the Atlantic Ocean. Its key Mayoko project is a compliant mineral resource, consisting of a hematite cap of 55%-iron direct shipping ore and 41% beneficiable ore.

Liberia

Resources giant BHP Billiton has increased its drive for African iron ore, a move that will allow it to diversify its reliance on Australian mineral stores in the longer term.
The bulk of BHP Billiton's iron ore production comes out of Australia, where the resources industry is currently fighting a proposed 40% tax on resources "super profits".
At the weekend it was reported that BHP Billiton has signed a landmark mineral development agreement with the government of Liberia.
The agreement is expected to pave the way for new iron ore operations in Liberia's Nimba, Bong, Grand Bassa and Margibi counties.
According to independent newspaper the Liberian Observer, some details of the agreement released by the government put BHP Billiton's total investment portfolios in the country at about $3bn.
Negotiations reportedly took 18 months to conclude.
Super tax is greatest global risk
The Australian newspaper reported that BHP Billiton was planning to develop an iron ore hub in West Africa.
It said BHP Billiton planned to combine development of its Nimba iron ore deposit in Guinea, on the Liberian border, with that of the four Liberian deposits it has been excavating.
Nimba is expected to cost more than $2bn to develop.
"The company believes the area is home to some of the world's richest deposits of iron ore and says it has parallels to the 1960s start-up of Western Australia's famed Pilbara iron ore region," the newspaper reported.
While there has been no direct connection between the Liberian deal and Australia's new tax regime, BHP Billiton has said the tax would force it to prioritise global investment opportunities ahead of those in Australia.
Mining groups have viewed the proposed new tax as the greatest sovereign risk facing their companies globally.(Source:-Net Bridge | Mon, 14 Jun 2010 18:04 [miningmx.com]

Lithium

2011-12-26T15:14:00.000+02:00

PRICES

There is no international spot price for lithium. Numerous lithium compounds are sold. The price will depend on the type, purity, particle size, packaging etc. It has been announced that SQM (Chile), the world’s largest supplier of lithium products, will reduce the price of lithium carbonate and lithium hydroxide by 20% at the beginning of 2010. The new prices will be in the range of US$5,000 - 5,400 per tonne (US$2.3-2.4/ per lb). The reason for the decrease in the price is to accelerate the demand recovery and create incentives for researching new uses for lithium (Industrial Minerals, 2009a).

Technical grade carbonate, used for the manufacturing of batteries, cost US$6,613 per tonne in March 2009 (Madison Avenue Research Group, 2009).

MARKETS AND DEMAND

The current global end-use markets for lithium are:

Batteries - 25%

Ceramics and glass - 18%

Lubricating greases - 12%

Pharmaceuticals and polymers - 7%

Air conditioning - 6%

Primary aluminium production - 4%

Continuous casting - 3%

Chemical processing - 3%

Various other uses - 22%

(Madison Avenue Research Group, 2009).

The outlook for lithium consumption is positive. It is reported that lithium demand is expected to increase three fold within ten years as a direct result of increased demand for secondary (rechargeable) batteries and Electric Vehicle (EV) batteries.

Current lithium (Lithium Carbonate Equivalent) global demand is 110,000 tpa. This is expected to rise to 250,000-300,000 tpa by 2020.

SOURCES OF LITHIUM

The principle sources of lithium are brines and to a lesser extent, pegmatites. Lithium is also found in the montmorillonite group clays such as hectorite.

BRINES

Lithium compounds are found in continental, geothermal and oilfield brines (Evans, 2008). The brines are formed by the chemical weathering of lithium-bearing rocks by hydrothermal fluids, particularly in restricted basins, in areas of high evaporation (Bullen, 2008). The brines are generally sourced from the porous strata beneath the surface of the basins. Some of the lithium may be sourced through the leaching of volcanic ash, clays and rocks, however lithium is not easily leached from rock unless exposed to hot fluids in the region of 275- 600°C (Garrett, 2004).

The major producers of lithium from brines are Chile, Argentina, Bolivia, the USA and China.

The lithium content of some of these brines is as follow:

Salar de Atacama salt flat in Chile; 1570 ppm

Salar de Surrie in Chile; 389 ppm, 1334 ppm B and 1120 ppm K.

Olaroz lithium-potash project, Jujuy Province, Argentina; 700 ppm

Clayton Valley (Silver Peak), Nevada, U S A; During production the grade was 400 ppm, this slowly declined and in 1998 it was 100-300 ppm

Searles Lake, California, U S A, 50-80 ppm Li, but lithium production has ceased and only soda ash is produced currently.

Alkaline brine dry lake sources in Chile, China and Argentina produce lithium chloride directly. Lithium chloride is converted to lithium carbonate and lithium hydroxide by reaction with sodium carbonate and calcium hydroxide respectively.

PEGMATITES

Lithium containing pegmatites are relatively rare and are commonly associated with tin and tantalite (Evans, 2008). Very large (MgO+FeO)/Li₂O ratios exist during the early stages of magma cooling, and the consequent crystallization of ferromagnesian minerals results in the concentration of lithium in the residual magmatic fluids. As pegmatites form by the late crystallization of postmagmatic fluids they are often enriched in lithium (Bullen, 1998). There are numerous pegmatite-hosted lithium-bearing minerals but only five have been commercially exploited:

Spodumene (Li₂O.Al₂O₃.4SiO₂)
Lepidolite (KLi₂AlSi₄O₁₀(F, OH, O))
Petalite (Li₂O.Al₂O₃.8SiO₂)
Eucryptite (Li₂O.Al₂O₃.2SiO₂)
Amblygonite (2Li(F, OH).Al₂O₃.P₂O₅)

GLOBAL RESERVES

The current global resources and reserves of lithium are estimated at 30.12 Mt (160 Mt of lithium carbonate equivalent) (Madison Avenue Research Group, 2009).

Namibia

The only source of lithium in Namibia to date has been pegmatites, where it typically occurs and was recovered with beryllium, cesium, rare earths and tantalite (Diehl, 1992).

Namaqualand Metamorphic Complex

The pegmatites are intruded into gneisses and ultramafic rocks of Mokolian age in southern Namibia (Diehl, 1992).

Lepidolite pegmatite

The pegmatite is located between the farms Umeis 110 and Kinderzitt 132 about 0.75 km southwest of the Signaalberg. It has intruded peridotite, pyroxenite and troctolite of the Tantalite Valley Complex. The body is 200m long and up to 10m wide. The body is zoned and consists of a border and wall zone of quartz, perthite, albite and minor muscovite. There are two intermediate zones that are more differentiated and consist of massive lepidolite, albite, quartz and accessory minerals including spodumene, amblygonite, rubellite, tantalite and microlite (Diehl, 1992).

Sandfontein-Ramansdrift Pegmatites

The pegmatites are located on the farms Sandfontein 131, Sandfontein West 148, Sperlingsputz 259, Witputz 258, Hochfeld 112 Norechab 129, Haakiesdoorn 137, Gaobis 138, Gaidip 146 and Ramansdrift 235. The pegmatites contain niobium-tantalum, lithium, beryllium and rare earth mineralisation. The pegmatites are intruded into the metavolcanic rocks of the Huab Formation and the plutonic rocks of the Vioolsdrif Suite. They range in width from 3 to 30m and are 100 to 250m long. The mineral composition includes quartz, microcline, microcline-perthite, schorl, biotite, magnetite, sphene, beryl, tantalite-columbite and microlite (Diehl, 1992).

Karibib-Usakos Pegmatite District

The most significant pegmatitic lithium deposits within Namibia occur in the Karibib-Usakos pegmatite district in the Damara Succession (Diehl, 1992). These pegmatites are associated with granites intruded into the Damara sequence. The area hosts numerous mineralized rare earth pegmatites which could be an important source of lithium, cesium, rubidium, beryllium, niobium, tantalum and bismuth. The pegmatite field is approximately 200km long and 100km wide. It is one of the most extensive pegmatite fields in the world (Baldwin, 1989). The pegmatites exhibit a typical geochemical pattern where Li, Na and K phases are well developed. The common minerals found include lepidolite, petalite, amblygonite, Li-Mn-Fe phosphates, spodumene, muscovite, beryl and tourmaline (Balwin,1989 and Diehl, 1992).

BlackFire Minerals Ltd (Australian) has acquired the exploration rights to the more important defunct lithium workings (Rubikon, Helikon) from Australian private company Sunrise Minerals Pty Ltd. The acquisition was facilitated via Black Fire purchasing Sunrise’s private Namibian subsidiary, Starting Right Investments Ninety Four (Pty) Ltd, which is the holder of Exclusive Prospecting Licences EPL 3750 and EPL 3751.

Rubikon Pegmatite

The pegmatite is the largest of the Rubikon pegmatite swarm and is located 30km southeast of Karibib on the farm Okongava 72. The pegmatite belongs to the group of internally zoned Li-Cs-Be-Rb pegmatites. It has reached the highest degree of alkali fractionation. It has been the major source of lithium within Namibia. The deposit was exploited by open pit and room-and-pillar stoping to a depth of 30m (Diehl, 1992).

The pegmatite consists of two ellipsoidal, well zoned, lithium bearing orebodies that are surrounded by quartzo-feldspathic pegmatite. It is intruded into quartz monzodiorite and pegmatitic two-mica granite of Pan African age (Diehl and Schneider, 1990). The first ore body is 320m long and 25 to 35m wide and dips 45° to the northeast but flattens to 18 to 25° at depth. The second ore body dips 30° to the northeast and flattens to 8 to 12° at a depth of 20m.

Mineralogically the ore body can be divided from the footwall into the following zones (Diehl and Schneider, 1990):

Border Zone

Wall Zone

Outer Intermediate Zone

Inner Intermediate Zone

Outer Core Zone

Beryl Zone

Petalite Zone

Low-grade Lepidolite Zone

High-grade Lepidolite Zone

Inner Core Zone

Perthite-Quartz Core

Petalite Zone

Quartz-Core

The exploitable lithium minerals are confined to the outer and inner core zones. Economic quantities of beryl are also found in the bodies (Diehl, 1992).

Helikon Pegmatites

The pegmatites are located 30km southeast of Karibib on the farm Okongava Ost 72. There are two pegmatites, Helikon I and Helikon II. The pegmatites are rare metal bearing and lithium rich. They both have been mined for lepidolite, amblygonite, petalite, mica and by- products that include beryl, pollucite, quartz and columbite-tantalite (Diehl, 1992).

Dernburg Pegmatite

The pegmatite is located west-southwest of Karibib on the farm Karibib Townlands 57. The pegmatite intruded into the Chuos Formation quartzites. The pegmatite strikes west-northwest and dips steeply to the southwest (Diehl, 1992). It is considered a lithium-beryllium rare earth metal pegmatite. There are a number of symmetrical zonations that are discontinuous along strike (Diehl, 1992). The zones are as follows:

Border zone (quartz, muscovite, albite)

Wall zone (albite, quartz, muscovite)

Outer intermediate zone (perthite, quartz,

muscovite, albite)

Inner intermediate zone (albite, quartz, muscovite, beryl, amblygonite)

Outer core zone (spodumene, amblygonite,

cleavelandite, muscovite)

Inner core zone (massive quartz)

Amblygonite is found as nodular crystals within the inner intermediate zone. The amblygonite is associated with irregularly distributed quartz masses. Cleavelandite, beryl, topaz and spodumene occur along the margin of inner core zone (Roering, 1963).

Karlsbrunn Pegmatite

The pegmatite is located 6.5km south-southwest of the railway siding at Albrechtshohe. The pegmatite is 30 to 150m wide and has a strike length of 330m. It has intruded the Karibib Formation marbles (Diehl, 1992). The pegmatite exhibits zoning and is divided as follows:

Border zone

Wall zone

Inner intermediate zone (perthite, quartz, albite-cleavelandite, muscovite, beryl)

Outer core zones (petalite-amblygonite and lepidolite)

Core margin zone (albite, beryl, columbite, apatite)

Inner core zone (massive quartz)

Albrechtshohe (Brockmann) Pegmatite

The pegmatite is located in the Albrechtshohe-Kaliombo area, 5km southeast of the Albrechts siding. The pegmatite is lense-shaped with an east-west strike. It is 255m long and dips steeply to the north (Diehl, 1992). According to Roering (1963) the pegmatite is divided into the following zones:

Border zone (weathered material)

Wall zone (albite-quartz-muscovite-tourmaline)

Outer intermediate zone (albite-quartzmuscovite, spodumene)

Inner intermediate (economic) zones

Lepidolite-albite zone

Lepidolite-albite-alkali-feldspar zone

Amblygonite-rich zone

Quartz core zone

Berger Pegmatite

The pegmatite is located 6.5km south-southeast of the Albrechshohe siding on the farm Kaliombo 119. The pegmatite is described as a steeply dipping, east-west striking dyke. It is 160m long. The pegmatite has intruded the Karibib Formation marbles (Diehl, 1992). The pegmatite was divided into the following zones (Roering, 1963):

Border zone (albite-quartz-tourmaline)

Wall zone (albite-quartz-muscovite)

Outer intermediate zone (complex albite-quartz-muscovite)

Inner intermediate zone

Beryl zone

Lepidolite zone

Clay mineral zone

Core zone (quartz)

Euhedral aquamarine and beryl are associated with the outer intermediate zone. The main beryl mineralisation is confined to the inner intermediate zone (Roering, 1963).

Kaliombo Pegmatite (Berger’s Claims)

The pegmatite is located 1.8km south of the Berger pegmatite and is found on the farm Kaliombo 119. The pegmatite has previously been worked. Columbite-tantalite, lepidolite, amblygonite and beryl have been extracted from small lenses within the zoned rare metal pegmatite, which occurs in pegmatitic granite. The lenses are irregularly distributed and vary in compostion from albite- quartz rocks with lepidolite to quartz-rich albite-amblygonite pegmatite. The mineralisation is generally concentrated in the discontinuous quartz core which is partially replaced by cleavelandite- lepidolite- amblygonite assemblages (Diehl, 1992).

Gamikaubmund (Brockmann’s claims)

The pegmatite is located 8km southeast of the Swakop River on the farm Tsaobismund 85. It has intruded the Lower Nossob quartzites. The pegmatite has been exploited for beryl, lithium minerals and columbite-tantalite (Smith, 1965).

Otjua (Becker’s) Pegmatite

The pegmatite is located 33.5km east- southeast of Karibib on the farm Otjua 37. It has been exploited for tourmaline, lepidolite, amblygonite, beryl and smoky quartz. The inner intermediate zone was exploited (Diehl, 1992).

Ricksburg Pegmatite

The pegmatite is located on the farm Okakoara 43. It is a columbite-tantalite lithium-bearing pegmatite (Diehl, 1992). No further information is available

Mon Repos Pegmatite

The pegmatite is located on the farm Navachab 58. Lithium and tantalite minerals were found in this zoned rare metal pegmatite (Diehl, 1992).

Okatjimukuju (Meyer’s Camp, Frickers’s) Pegmatite

The pegmatite is located on the farm Okatjimukuju 55. It is a zoned rare metal pegmatite containing lepidolite and amblygonite. The lithium mineralisation is associated with a muscovite-cleavelandite unit found along the margin of the quartz core (Diehl, 1992).

Etusis (McDonald’s) Pegmatite

The pegmatite is located on the farm Etusis 75. It is a zoned lithium rich rare metal pegmatite. The pegmatite intruded the metasedimentary rocks of the Karibib Formation. It has been mined for amblygonite, petalite, lepidolite, beryl and bismuth minerals (Diehl, 1992).

Habis Pegmatite

The pegmatite is located 15km south of Karibib on the farm Habis 71. It is described as a lepidolite-beryl rare metal pegmatite (Diehl, 1992).

Daheim Pegmatite

The pegmatite is located on the farm Daheim 106. Petalite mineralisation was found.

Friedrichsfelde Pegmatite

The pegmatite is located on the farm Okakoara 43.

Dobbelsberg Pegmatite

The pegmatite is located on the farm Dobbelsberg 99. Montebrasite- amblygonite mineralisation was found.

Etiro Pegmatite

The pegmatite is located 20km north of Karibib on the farm Etiro 50. The pegmatite forms part of a pegmatite swarm. The pegmatite is 850m long and 4 to 28m wide (Miller, 1969). The pegmatite is a lithium-beryllium rare metal pegmatite. It has well-developed internal zonation. The pegmatite was exploited for feldspar, beryl, mica, columbite-tantalite and bismuth (Diehl, 1992).

South Africa

In the past, pegmatites were considered the only potential source of supply of lithium in South Africa. Spodumene, a member of the pyroxene–group containing 3.73% Li, was considered the only potentially exploitable lithium-bearing mineral in South Africa.

In the Northern Cape and Northern Province, spodumene occurs in zoned pegmatites. In southern Kwazulu-Natal and in the south-eastern part of the Vredefort dome, spodumene occurs in un-zoned pegmatites.

Northern Cape Province

The Namaqualand Metamorphic belt hosts various spodumene-bearing pegmatites, which is confined to the narrow east-west trending “pegmatite belt’ approximately 30km wide and 450km long.

Lithium minerals including spodumene, amblygonite, lepidolite, zinnwaldite, petalite and triphylite-lithiophilite, are found in complex beryl-bearing pegmatites, concentrated in the western parts of the belt, north of Steinkopf.

Individual bodies range from over 2km long and 70m wide to small veinlets, and consist of coarse-grained quartz and feldspar with muscovite, tourmaline and garnet. Spodumene has been extracted from pegmatites on the following properties:

Spodumene Kop 1 and 2
Kokerboomrand 1 and 2

Groenhoekies
Norrabees 1 and 2
Noumas

The Noumas Pegmatite was intermittently worked from 1925 to 1962 for:

bismuth minerals, beryl, tantalum-columbite, muscovite, feldspar and spodumene. The 1 km long by 10 to 42 metres wide pegmatite was emplaced disconcordantly into foliated granodiorite. Spodumene crystals up to 1 m in length are characteristic of the 1 to 8 m intermediate zone, and accounts for up to 50% of the mineral assemblage in places.

Smaller deposits are known from the eastern part of the belt near Kenhardt in the Straussheim 1 and 2, and Angelierspan 1 and 2 pegmatites.

Lithium-bearing pegmatites also occur in the Groendoorn River Gorge, but their small size, remoteness and inaccessibility render them uneconomic.

Production of spodumene from the largest known mineralized pegmatite in Namaqualand totalled 1000 t. Grades were calculated at approximately 5 t spodumene per 100 t of pegmatite. (1865 ppm Li)

Kwazulu-Natal Province

Spodumene in significant quantities has recently been identified in a number of leucocratic pegmatoid bodies on the farm The Corner 11328, south of Mzube River.

The mineralized rocks form part of a suite of sub-concordant predominantly aplitic sills, which intruded mafic gneiss of the Mucklebtraes Formation, Margate Terrane.

The entire package lies within a synformally folded klippen structure. The spodumene-bearing sills, which are the most consistently and well mineralized, are called the Highbury Pegmatites. The sills are up to 15m thick and were emplaced at several structural levels along the northern limb of the synform. The white coarse-grained rocks are composed of quartz, albite, microcline and spodumene with traces of white lithium mica, garnet, graphite and rarely beryl. Pale yellowish green to pink spodumene intergrown with quartz, forms irregular to ovoid poikilocrysts up to 40cm across. This texture is characteristic of spodumene that has replaced primary petalite.

Outcrops with more than 35% intergrown quartz have been recorded intermittently over a 1km strike length. The down-dip extent of the mineralized zone cannot be calculated with the present data and drilling is necessary to establish a reliable resource estimate.

The Li–pegmatites are considered to be late-stage differentiates of the characteristically anhydrous garnet leucogranites and charnockites of the Margate Suite, with which they share many geochemical and mineralogical similarities.

The lithium may have been leached form country rock metasediments during anatexis. A simple gravimetric test have shown that spodumene can be efficiently beneficiated to a product of ~7% Li₂O with total iron content expressed as Fe₂O₃ of ~0.38%

Northern Province

Spodumene–bearing pegmatites in the Northern Province occur on Kalkfontein 615 LS near Pietersburg, Willie 787 LT south of Gravelotte and on the northern margin of the Gyani (Sutherland ) Greenstone Belt at Palakop

Free State Province

Li-bearing pegmatites are intrusive into Archean greenstone on the farms Benshoop 747 and the Avondale 600 in the southern part of the Vredefort Dome. The dykes range in width from 20cm to in excess of 10m and have been intruded by late aplitic veins, which impart a banded structure to the rock. Spodumene crystals up to 70cm in length are eutectically intergrown with quartz in places and range ifrom fresh specimens to highly altered psuedomorphs of eucryptite. Whole rock samples of pegmatite from Avondale 600 and Benshoop 747 returned values of 0.75 and 0.76 % Li₂O respectively. Spodumene from Avondale pegmatite contained 6.74% Li₂O and 0.60 % FeO.

Mpumalanga Province

Li-bearing pegmatitic veins have intruded tonalite-trondhjemite gneiss close to the northern margin of the potassic Mpuluzi granite batholith on the farms Oshoek 212 IT, Houtbosch 189 IT, some 1 to 2 km west of the Swaziland border at Oshoek. Limted prospecting for lepidolite apparently took place during the late 1950’s and early 1960’s.

References

Ansett, T.F., Krauss, H.U., Ober, J.A. and Schmidt, W.H., 1990: International Strategic Minerals Inventory Summary Report- Lithium: Circular, United States Geological Survey, 930-l.

Baldwin, J.R., 1989: Replacement phenomena in tantalum minerals from rare- metal pegmatites in South Africa and Namibia, Mineralogical Magazine, 53, pp. 571- 581

Bullen, W.D., 1998: Lithium in The Mineral Resources of South Africa (M.G.C. Wilson and C.R. Anhaeusser, eds): Handbook, Council for Geoscience, 16, pp. 441- 443.

Diehl, M., 1992: Lithium, Beryllium and Cesium in The Mineral Resources of Namibia: First Edition, Geological Survey, 6.15

Diehl, B.J.M. and Schneider, G.I.C., 1990: Geology and mineralisation of the Rubikon pegmatite, Namibia. Open file rep., geol. Surv. Namibia, pp.20.

Evans, R.K., 2008: An Abundance of Lithium. http://www.worldlithium.com/An_Abundance_of_Lithium_1_files/An%20Abundance%20of%20Lithium.pdf

Galaxy, 2009: Lithium Market Outlook and Offtake Update. ASX Announcement/Media Release.

Garrett, D.E., 2004: Handbook of Lithium and Natural Calcium Chloride: Their Deposits, Processing, Uses and Properties, Elsevier Ltd, London, UK, pp.476

Industrial Minerals, 2009a: SQM to cut Li to $2.3-2.4/lb.. http://www.indmin.com/Article/2351265/Channel/19558/SQM-to-cut-Li-to-23-24lb.html

Industrial Minerals, 2009b: Price cuts give lithium a rude awakening. http://www.indmin.com/

Madison Avenue Research Group, 2009: Lithium Demand, Pricing, and Supply Forecast Considered as Li-ion in Automotive Use to Surge. . www.marketoracle.co.uk/Article9722.html

Miller, R. McG., 1969: The geology of the Etiro pegmatite, Karibib District, S.W.A. Ann. Geol. Surv. S. Afr., 7, 131-137

Oosterhuis, W.R., 1998: Salt in The Mineral Resources of South Africa (M.G.C. Wilson and C.R. Anhaeusser, eds): Handbook, Council for Geoscience, 16, pp. 584- 586.

Roering, C. 1963: Pegmatite investigations in the Karibib District, South West Africa. Unpubl. Ph.D thesis, Univ. Witwatersrand, pp 130

Schneider, G.I.C and Genis, G., 1992: Soda Ash in The Mineral Resources of Namibia: First Edition, Geological Survey, 6.23

Diamond juniors push ahead with Botswana projects

2010-07-03T10:17:00.000+02:00

Diamond juniors push ahead with Botswana projects

Brendan Ryan | Thu, 01 Jul 2010 12:34
[miningmx.com] -- BOTH African Diamonds and Firestone Diamonds are pushing ahead with projects in Botswana, according to company statements released to coincide with the Botswana Resource Sector conference held this week in Gaborone.

AIM-listed African Diamonds holds 40% of the AK6 project near De Beers Orapa mine, with the other 60% being owned by TSX-listed Lucara.

The partners have published an updated feasibility study which nearly doubles the construction cost of the first phase of the mine to $120m from the initial estimate of $63m, announced by African Diamonds MD James Campbell last year.

The revised mining plan calls for a higher volume of ore production from the mine, but at a markedly lower grade.

According to the African Diamonds statement, the revised capital cost number “is a significant increase, with the major variances being a 25% increase in throughput (accounting for 26% or $14m), foreign exchange movement and escalation ($20m or 37% of the increase), and scope changes ($20m or 37% of the increase).

“The most noteworthy scope changes were the addition of a pebble crushing circuit and increases in indirects and housing.”

The study has also bumped up the estimated operating costs to $17.2 per tonne of ore treated, because of higher electricity supply costs and foreign exchange movements.

The initial plan was to process 2 million tonnes per year of ore to recover 400,000 carats of diamonds. Campbell had expected the average grade to be about 25 carats per hundred tonnes (cpht) instead of the 22cpht forecast by De Beers, which previously owned the project.

Instead, the average grade has been dropped to 16cpht but at a higher average value of $243/carat compared with the original De Beers estimate of $150/carat.

Commissioning of the AK6 mine is due to start in the fourth quarter of 2011.

The African Diamonds share price has dropped steadily from 55p last November - when the partnership deal with Lucara was struck – to about 29p at present.

According to analyst Joe Lunn at UK institution FinnCap, “African Diamonds continues to discuss funding its equity component for the Boteti project finance with a loan from diamantaires.

“We understand that in return for the potential loan, which we think would be for between ₤6m and ₤8m, African Diamonds will agree to sell its share of future rough diamond production at a price to be determined.

“The higher costs have impact our net present value of African Diamonds and we adjust our 12-month valuation to 59p per share.

“But we continue to believe that an exit from a sale is the most likely outcome for shareholders.”

AIM-listed Firestone Diamonds announced it is going ahead with the construction of the tailings treatment plant at De Beers Jwaneng mine, following approval by De Beers Botswana (Debswana).

Firestone will be responsible for the financing, construction and operation of the plant. Construction is to start in the first half of 2011, with full production of 2mt/year targeted for 2102.

The estimated capital cost of the project is $55m, which Firestone intends raising through a special purpose vehicle that will arrange debt finance against the contract with Debswana.

According to Firestone CEO Philip Kenny, the Jwaneng tailings project has the potential to contribute up to $150m in toll treatment revenues for Firestone.

Kenny also announced that Phase One of the BK 11 kimberlite project has been completed and is ready to start production once the mining licence is issued.

He said: “The imminent expected commencement of production at BK11 is a major milestone for the company, as it will make Firestone one of only three kimberlite producers worldwide outside the major mining companies.”

Firestone shares have also underperformed this year, dropping from around 50p in January to the current level of 32p.

Sizing Up the World’s Mega Copper-Gold Projects

2010-06-28T13:29:00.000+02:00

Sizing Up the World’s Mega Copper-Gold Projects

MineFund.com

Published 6/28/2010

Wits Gold slides on cautionary notice

2010-06-23T19:08:00.000+02:00

Wits Gold slides on cautionary notice

Wits Gold starts seismic survey at Deelkraal South

2010-06-23T18:52:00.000+02:00

Wits Gold starts seismic survey at Deelkraal South

Why Uranium Mining Could Make Someone Rich

2010-06-23T11:43:00.000+02:00

Why Uranium Mining Could Make Someone Rich

Dave Forest

Published 6/22/2010

Return To Article

Zimbabwe platinum poised for lift-off

2010-06-22T18:59:00.000+02:00

Zimbabwe platinum poised for lift-off

[miningmx.com] -- ZIMBABWE’S emerging platinum sector appears to be on the verge of a boom, following Impala Platinum’s (Implats’) decision to invest $500m in the second phase expansion of its Ngezi mine.

At the same time, Anglo Platinum (AngloPlat) is pushing ahead with development of the Unki mine. Mining operations have started and ore is being stockpiled ahead of commissioning of the concentrator plant, scheduled for the fourth quarter of 2010.

The decision by Implats to go for the second phase expansion at Ngezi is hugely significant - yet Implats appears to have done its best to downplay the news.

The announcement was tucked away near the end of a third-quarter trading update, published by Implats on the JSE’s Stock Exchange News Service (Sens) on May 17.

As a result it was missed at the time by many observers, including Miningmx. It received minimal publicity, despite the fact that this will make Implats - which will plough in more than $1bn in total - by the far the largest investor in Zimbabwe.

The decision is controversial given the political, social and economic problems in the country and because Implats still does not have everything nailed down in terms of Zimbabwe’s indigenisation legislation.

This demands that 51% of all businesses in the country be placed in Zimbabwean hands, although there are a range of offset allowances - such as investment in infrastructure - which will reduce that equity requirement.

Implats reckons that its equity requirements should be in the 15% to 26% range, once the offsets it is claiming are allowed.

Implats said it was going ahead with the project “based on existing agreements with the government of Zimbabwe, and despite the fact that discussions are still ongoing on certain key issues”.

Implats added the $500m would be funded by “a combination of internally-generated cash resources and a bank loan. The funding arrangements have not yet been finalised and government project approvals are still outstanding.”

When Implats released its interim results in February, CEO David Brownsounded iffy on what would happen next concerning 87% held subsidiary Zimplats, which owns the Ngezi mine.

He said: “We have a wonderful opportunity where we would like to expand sooner rather than later - but we have to balance that outlook against the real fears of our shareholders so that all are comfortable with the decision on when to proceed.”

Asked why Implats was now going ahead, Brown told Miningmx: “We are working on the basis that we have agreements in place with the Zimbabwe government that will be honoured, and the outstanding issues can be resolved in terms of those agreements.

“Clearly, if the Zimbabwe government reneged on those agreements we would react accordingly but, in the absence of anything contrary, we are going ahead.”

Brown added that Implats will only start to spend large amounts on capital expenditure for the phase two expansion after August, when orders for major items like mills will have to be placed.

The great attraction of Zimbabwe to Implats is that it could, over time, expand its operations there to a production capacity of about 1 million ounces per year of platinum.

That would match existing production from its core Rustenburg mines, but at far lower operating costs. This is because the Zimplats operations are shallow and mechanised, compared with the deep-level, labour-intensive South African mines.

According to a platinum industry source, Implats has no option but to expand in Zimbabwe. The group faces severe restrictions on expansion in South Africa as well as the high capital and working costs involved in sinking more deep-level shafts at Rustenburg.

What’s more, the existing Zimbabwean operations at Zimplats and Mimosa –a 50/50 joint venture between Implats and Aquarius Platinum – have consistently remained among the best-performing divisions at Implats, despite the economic and social meltdown that has taken place in the country.

The main reasons for that lie in the nature of the assets, plus the well-educated workforce and excellent local management.

There are two other potential platinum mines that could be developed in the short term in Zimbabwe.

These are owned by heavyweight resource group Eurasian Natural Resources Corporation (ENRC) and unlisted Kameni. However, the precise status of these projects is not clear.

ENRC bought control of Central African Mining and Exploration (Camec) in late 2009, mainly for its copper and cobalt interests in the Democratic Republic of Congo. Camec also owned mineral rights that used to form part of AngloPlat’s Unki project. The company announced in September 2009 that it was about to be awarded a mining licence, and that it would start immediate construction of a platinum mine at a cost of about $250m.

But since ENRC took over Camec, the Zimbabwe platinum project has vanished from the radar screen. The ENRC 2009 preliminary results statement mentions it as one of a number of development prospects in the non-ferrous division.

An ENRC spokesperson said: “There is no significant update at this time.”

Kameni was launched in November 2008 by entrepreneur Loucas Pouroulis . It was supposed to be listed on the JSE by March 2010, and controls platinum projects in South Africa and Zimbabwe.

The Zimbabwe project – called Bougai – also used to be part of AngloPlat’s Unki project and is located right next to the ENRC ground.

Former Kameni CEO Stephen Gorven said in November 2008: “We’ve had a legal due diligence done on the validity of the claims, and our acquisition at Bougai is squeaky clean.”

But, again, little appears to be happening in terms of development of a mine there.

There is speculation in the market over a dispute between Kameni and ENRC about ownership of the rights which, it is alleged, overlap.

Pouroulis commented, "there’s no problem whatsoever between us and ENRC.

“We have been in consultations and discussions with the Zimbabwe government. We will soon announce a favourable outcome on the confirmation of our mineral rights.”

BHP Billiton in $3bn Liberian iron deal

2010-06-14T18:49:00.000+02:00

Resources giant BHP Billiton has increased its drive for African iron ore, a move that will allow it to diversify its reliance on Australian mineral stores in the longer term.

The bulk of BHP Billiton's iron ore production comes out of Australia, where the resources industry is currently fighting a proposed 40% tax on resources "super profits".

At the weekend it was reported that BHP Billiton has signed a landmark mineral development agreement with the government of Liberia.

The agreement is expected to pave the way for new iron ore operations in Liberia's Nimba, Bong, Grand Bassa and Margibi counties.

According to independent newspaper the Liberian Observer, some details of the agreement released by the government put BHP Billiton's total investment portfolios in the country at about $3bn.

Negotiations reportedly took 18 months to conclude.

Super tax is greatest global risk

The Australian newspaper reported that BHP Billiton was planning to develop an iron ore hub in West Africa.

It said BHP Billiton planned to combine development of its Nimba iron ore deposit in Guinea, on the Liberian border, with that of the four Liberian deposits it has been excavating.

Nimba is expected to cost more than $2bn to develop.

"The company believes the area is home to some of the world's richest deposits of iron ore and says it has parallels to the 1960s start-up of Western Australia's famed Pilbara iron ore region," the newspaper reported.

While there has been no direct connection between the Liberian deal and Australia's new tax regime, BHP Billiton has said the tax would force it to prioritise global investment opportunities ahead of those in Australia.

Mining groups have viewed the proposed new tax as the greatest sovereign risk facing their companies globally.(Source:-Net Bridge | Mon, 14 Jun 2010 18:04
[miningmx.com]

Iridium

2010-06-14T17:06:00.000+02:00

Iridium price: 12 months

DRC says it wants 35% state ownership of all future mines

2010-06-14T15:44:00.000+02:00

DRC says it wants 35% state ownership of all future mines

A new proposed contract, written in may and awaiting government approval will serve the basis for negotiation

Author: Katrina Manson (Reuters)
Posted: Monday , 14 Jun 2010

KINSHASA (REUTERS) -

The mines ministry in the Democratic Republic of Congo says it wants the state to hold a 35 percent stake in all future mining joint ventures, in contrast to a wide range of shareholdings in existing ventures.

A new proposed contract, written in May and awaiting government approval, will serve as a basis for negotiation, said Valery Mukasa, interim chief of staff at the Ministry of Mines.

"The idea is that this will be the model for partners in future," Mukasa told Reuters in an interview at the weekend.

"We've put in the provisions we would like but all contracts will remain open to negotiation."

Mukasa said the proposed contract, drawn up with the input of civil society groups in the country, which has in the past been a major producer of copper, would not be applied retrospectively to joint ventures that have already been negotiated. The state's share in these tends to range from 12.5 percent to 40 percent.

After a protracted review of more than 60 contracts that began in 2007, several companies fell foul of the central African government's efforts to spur production and revenue, and state holdings were increased.

The final contract under discussion is that of the $2 billion Tenke Fungurume copper and cobalt mine, in which state-owned mining company Gecamines has a 17.5 percent share and Freeport McMoRan (FCX.N: Quote) has a 57.75 percent.

Congo's mines minister Martin Kabwelulu has previously said the Gecamines share should be hiked to 45 percent.

The proposed contract also requires companies to pay a 1 percent signing-on bonus on the total value of the deposit determined in the feasibility study and for a 2.5 percent royalty on gross sales.

Other provisions include a deadline that stipulates companies must begin production within two years of establishing the mine site.

Companies must also adhere to the rules of the Extractive Industries Transparency Initiative -- a scheme for which Congo is still a candidate -- that requires companies to publish what they pay to the government.

All mining companies will still be subject to the mining code, a more general law dating back to 2002, which regulates business practices and taxes. Mining officials are reviewing this code but no completion date has yet been set.

(Editing by Daniel Magnowski and Alison Birrane)

Phosphates

2010-06-14T15:27:00.000+02:00

Phosphates: 12 months

News

Potash Corp. plans 4-week shutdown at Allan plant - Saturday, January 07, 2012

Rare Earth Elements

2010-06-12T18:14:00.002+02:00

Rare Earth Oxides (REO) used as tracers to determine which parts of a watershed are eroding. Clockwise from top centre: praseodymium, cerium, lanthanum, neodymium, samarium, and gadolinium. Source: United States Department of Agriculture

http://www.ars.usda.gov/is/graphics/photos/jun05/d115-1.htm

News
Lynas Corp secures $225mn in bond sale - Tuesday, January 24, 2012

Rare Earth Prices

There is a significant variance in the relative market value for selected rare earth oxides. The price of rare earths also depends on the purity level, which is largely set by the specifications for each application.

In 2001, when rare earth prices fell to low levels, the major producers ceased publication of prices and have not resumed since then. The industry today, is reliant on the prices given by the Chinese Rare Earth Information Centre, Mineral Price Watch, Metal Pages and others.

Historical prices

The weighted average price of rare earths remained relatively stable throughout the mid 1990’s in the range of US$ 9-11/kg REO, falling to US$ 5-6/kg REO in 2001/02. The high demand for magnets and phosphors has lifted the estimated 2006 average price for rare earths to US$ 8-9/kg REO. An equivalent weighted average price for October 2007 rose to US$11.75/kg - US$12.50/kg REO.

In December 2009 the price remained unchanged for europium oxide (99%, bulk FOB China), at $490/kg. The price for lanthanum oxide (99% bulk FOB China) edged up to $5.80/kg from $5.20/kg.

The price for neodymium oxide (99% bulk, FOB China), a necessary component in new magnet technology and used in computer hard drives, currently stands at $19.5/kg compared to $30.5/kg in December 2007. In 2008 the price was $14.5/kg showing that there has been some recovery over the last couple of months. The price of praseodymium oxide (99%, bulk FOB China) stands at $19/kg, down from $28/kg two years ago, but up from $14.5/kg in December 2008. Rare earth mineral prices do not follow the same trajectory, but are driven by their individual end-use markets. Chinese domestic prices for cerium-oxide (CeO₂>99%), widely used in glass, ceramics and catalyst manufacturing, which were around $1.76/kg in November 2007, have gained as much as 50% to $2.64/kg in December 2009. (Rare Earths waiting for rebound, Industrial Minerals Division of Metal Bulletin, 10 December 2009).

It has been predicted that by 2014, global demand for rare earths will reach 200,000 tonnes a year and that by 2015 China will be a net importer.

The Economic Geology of Rare Earth Deposits

The rare earths are a relatively abundant group of 17 elements composed of the lanthanides plus scandium and yttrium.

The elements range in crustal abundance from cerium, the 25th most abundant element of the 78 common elements in the Earth's crust, at an estimated 46 parts per million, to europium and erbium, the least abundant rare-earth elements, at about 0.5 and 0.4 parts per million respectively.

Rare earth elements (REE) are widely distributed in low concentrations (10 to 300 ppm) in shales, granites, alkaline rocks and carbonatites.

From the discovery of REE (during the period 1794–1907) through the mid-1950s, a few of the REE were produced in modest amounts from monazite-bearing placers and veins, from pegmatites and carbonatites (carbonatites are intrusive igneous rocks rich in carbonate minerals), and as minor by-products of uranium and niobium extraction. Monazite, the single most common REE mineral, generally contains elevated levels of thorium. Although thorium itself is only weakly radioactive, it is accompanied by highly radioactive intermediate daughter products, particularly radium, that can accumulate during processing. Concern about radioactivity hazards has now largely eliminated monazite as a significant source of REE and focused attention on those few deposits where the REE occur in other, low-Th minerals, particularly bastnaesite.

In 1949, a carbonatite intrusion with extraordinary contents of light REE (8 to 12% rare earth oxides) was discovered at Mountain Pass, in the upper Mojave Desert, California. The REE at Mountain Pass are hosted chiefly by bastnaesite, (Ce, La, Nd…) CO3F, and related minerals. By 1966, this single, world-class deposit (now owned and operated by Molycorp Minerals LLC) had become the paramount source of REE. Early development was supported largely by the sudden demand for europium created by the commercialization of colour television. Mountain Pass, with an average grade of 9.3% and reserves of 20 million metric tons (Mt) REO (at 5% cut-off), remains the only large ore deposit mined solely for its REE content.

Chinese REE production comes chiefly from two sources.

The most important is the giant polymetallic Bayan Obo iron-niobium-REE deposit, Inner Mongolia. Bayan Obo is the world's largest known REE ore deposit and represents 70% of the world's REE resources. Ongoing statistics shows total reserves of 89 million tonnes of RE₂O₃ in China.

The principal REE minerals are bastnaesite [(Ce,La,Nd)(CO₃)F] and monazite [(Ce,La,Nd)PO₄], whereas magnetite and hematite are the dominant iron-ore minerals.

This deposit has geological affinities both to carbonatite REE deposits and to hydrothermal iron-oxide (Fe-Cu-Au-REE) deposits, such as Olympic Dam, Australia, and Kiruna, Sweden.

The ore body at Bayan Obo is mainly an iron resource with reserves of 1.46 billion tonnes Fe. The associated rare earths resource, which is produced as a by-product of the iron ore mining and mineral concentration operations, has been estimated at 57.4 million tonnes REO. Grades at Bayan Obo vary from 3% to 6% REO. The total reserves of niobium are estimated at 1 million metric tons with an average grade of 0.13 Nb wt%.

The second major source of Chinese REE is ion-adsorption ores in lateritic weathering crusts and clays developed on granitic and syenitic rocks in tropical southern China.

These oxide ores are advantageous in their relatively high proportions of heavy rare earth elements (HREE) and, especially, in the ease with which they can be mined and the REE extracted. (U. S. Geological Survey Fact Sheet 087-02 - Rare Earth Elements—Critical Resources for High Technology: http://pubs.usgs.gov/fs/2002/fs087-02/).

Worldwide about 200 rare earth minerals are distributed in a wide variety of mineral classes, such as halides, carbonates, oxides, phosphates, silicates, etc. Light rare earth elements (LREE i.e. lanthanum, cerium, neodymium, praseodymium and samaruim) tend to concentrate in carbonates and phosphates.

On the other hand, heavy rare earth elements (HREE) and Y are abundant in oxides and in some phosphates.

One probable hypothesis for ore genesis is that the deposits might be formed by hydrothermal replacement of carbonate rocks of sedimentary origin.

The hydrothermal fluid may be derived from an alkaline–carbonatite intrusive series. Following Bayan Obo, more than 550 carbonatite/alkaline complex rocks constitute the majority of the world REE resources.

The distribution is restricted to interior and marginal regions of continents, especially Precambrian cratons and shields, or related to large-scale rift structures.

Sedimentary deposits of REE are placer- and conglomerate-types. The major potential countries are Australia, India, Brazil, and Malaysia. Weathered residual deposits, like the ion adsorption clay without radioactive elements in southern China, have been formed under tropical and sub-tropical climates.

Weathering processes concentrate REE in a particular clay mineral-layer in the weathered crusts whose source were originally REE-rich rocks like granite and carbonatite. (Yasuo Kanazawaand Masaharu Kamitani: Rare earth minerals and resources in the world, Elsevier B.V., 2005).

One of the more important deposits presently being developed worldwide is

the Mt Weld carbonatite deposit in Australia, known as the ‘Central Lanthanide Deposit’ (CLD) is, according to Lynas Corporation Ltd, the world’s richest rare earth ore body, easily capable of supplying up to 20% of the global market for 30 years. Indicated and Inferred Resources total 37.7 million tonnes of ore. In 2011Total Mt Weld estimate increased to 17,490kt at 8 .1%– a new contained REO of 1,416kt

An initial mining campaign was successfully completed in June 2008. The campaign mined 773,300 tonnes of ore with an average grade of 15.4% Rare Earth Oxides (REO). The ore is stockpiled on-site and is sufficient for the first two years of the downstream processing operation.

Malawi

The Kangunkunde Carbonatite Complex deposit in Malawi has an inferred resource of 107,000 tonnes of rare earths oxide (REO) at an average grade of 4.24% REO in 2.53 million tonnes of mineralization using a cut-off grade of 3.5% REO.

The mineralization commences on the surface and the deposit remains open at depth. The relatively low cut-off grade is justified by the demonstrated amenability of the ore to low cost gravity separation to produce a high-grade concentrate.

The rare earth elements are mainly concentrated in the monazite mineralization and the distribution is as follows: La₂O₃ - 29.8%, CeO₂ - 49.7%, Pr₆O₁₁ - 4.7%, Nd₂O₃ - 14.0%, Sm₂O₃ - 1.05%, Eu₂O₃ - 0.19%, Gd₂O₃ - 0.36%, Tb₄O₇ - 0.07%, Dy₂O₃ - 0.08%, Others - 0.04%. The monazite content of the ore averages more than 5%.

The deposit has low thorium oxide levels for a rare earths resource and samples averaged 11 ppm thorium oxide per percentage of REO content. (Lynas Corporation Ltd, http://www.lynascorp.com).

Namibia

Occurrences of thorium, yttrium and rare earth elements in Namibia are known to be associated with carbonatites and granites and pegmatites of Namibian and Mesozoic age. Placer deposits of these minerals have formed mainly in Tertiary to Recent times in the marine environment.

Thorium, yttrium and rare earth element mineralization associated with carbonatites

The Lofdal-Bergville carbonatite dykes and plugs.

The Lofdal-Bergville carbonatites are located 30 km west of Khorixas in Damaraland on the farms Lofdal 491 and Bergville 490, where syenite, porphyry, tinguaite, lamprophyre, fenite and carbonatite dykes and plugs have intruded Huab Complex gneiss.

The carbonatites are highly radiogenic and contain xenotime, bastnaesite and thorite. Other alkaline intrusives occur south of Lofdal 491 on the farm Oas 486. The Oas syenite intruded rocks of the Nosib Group.

The carbonatites on Lofdal-Bergville were investigated in 1982, and thorium and yttrium values from 0.17% to 14.4% ThO₂ and 0.05% to 0.63% yttrium were obtained. In addition to the radiogenic minerals and calcite, the carbonatites contain limonite, hematite, magnetite, zircon, fluorite and apatite.

A sample of a carbonatite dyke assayed as follows: lanthanum 1.5%, cerium 0.87% and neodymium 0.74%.

The Eureka carbonatite dykes

Monazite-bearing carbonatite dykes on the farm Eureka 99, located approximately 38 km west of Usakos, and about 2 km north of the Usakos-Swakopmund road, contain rare earth mineralization.

With the exception of a single occurrence of a sovite dyke, all the carbonatite dykes at Eureka are beforsitic in composition, but have varying concentrations of monazite.

The monazite-rich beforsites are characterised by rare earth oxide concentrations that range between 33% and 40%.

Drilling established proven reserves of 30 000 t of ore to a depth of 20 m, containing 1 900 t of rare earth elements.

The Kalkfeld Alkaline Complex

Thorium, yttrium and rare earth element mineralization is known to be associated with four carbonatite complexes in the Otjiwarongo and Grootfontein Districts. These complexes belong to a northeast-trending line of over 20 intra-plate-type, subvolcanic, ring complexes of the Damaraland Alkaline Province.

Within these complexes, thorium, yttrium and rare earth element mineralization is associated with late-stage plugs and dykes of mainly beforsitic composition, or with iron-rich, late-stage metasomatites. Three of the carbonatite complexes also carry disseminated pyrochlore.

The Kalkfeld complex is situated on the farm Eisenberg 78, about 11 km northwest of Kalkfeld, and measures about 5 km in diameter. The complex consists of confocal rings of granite, syenite, foyaite and carbonatite.

A plug of massive iron ore occupies the central area of the complex. The carbonatites and the iron ore show an enrichment in lanthanum (500 to 5 000 g/t), cerium (2 000 to 8 000 g/t) and neodymium (1 000 to 2 500 g/t).

The Ondumakorume Complex

The Ondumakorume Complex forms a prominent hill on the farm Etaneno 44, about 10 km northeast of Kalkfeld. In addition to syenite, nepheline syenite, volcanic breccia and iron ore, micaceous sovite, grey sovite and beforsite are the main types of carbonatite. Rare earth minerals such as monazite, ancylite, cerianite and carbocerianite occur within beforsite with whole rock concentrations of up to 9 000 g/t cerium.

The Osongombe Complex

Osongombe is the smallest of the Damaraland carbonatite complexes and is situated about 12 km southwest of Kalkfeld on the farms Osongombe 80, Sud Osongombe 83 and Okarume 82.

The diatreme consists mainly of volcanic breccia and beforsite together with iron ore. The beforsite occupies the central area of the complex and is composed of manganiferous ankerite, apatite-rich aggregates magnetite-siderite, quartz and accessory, finely disseminated, yellowish octahedra of pyrochlore.

The Okorusu Alkaline Complex

The Okorusu Alkaline Complex is situated 45 km north-northeast of Otjiwarongo. The complex is composed of a series of alkaline rocks including hortonolite monzonite, various syenites, foyaite, urtite, tinguaite, nephelinite and carbonatite.

The southern portion of the complex is characterised by the presence of various metasomatites including aegirine fenite, limonitic iron ore and numerous ore bodies of fluorite that were formed by replacement of dolomitic marbles.

The carbonatites at Okorusu occur as pluglike bodies and dykes that have variously intruded aegirine fenite, rocks of the metasomatic aureole and the central area of the complex.

On the farm Brandenberg 87 a number of beforsitic carbonatite dykes and carbonate fluorite- bearing metasomatites carry appreciable amounts of rare earth element mineralization of mainly pale yellowish-brown synchisite, green monazite and yttrio-fluorite. Some of the dykes are up to 20 m wide and can be followed for up to 300 m along strike.

Synchisite occurs as fibrous needle-shaped or as plate-like crystals and is mainly associated with carbonate-quartz-fluorite-barite-thorite-monazite and xenotime-bearing assemblages.

The total rare earth oxide content in the siliceous rocks varies from 1.5% to 7%. The thorium and yttrium values of these rocks range from 0.4% to 3.5% thorium and from 0.2% to 1.01% yttrium.

The Agate Mountain Carbonatite Complex

About 8 km northeast of False Cape Fria, on the north-western coast of Namibia, a carbonatite complex has intruded Karoo Sequence volcanics. Bastnaesite is associated with late-stage beforsitic (Mg-rich) carbonatite and occurs in irregularly distributed patches.

Thorium, yttrium and rare earth element occurrences associated with granites and pegmatites

Some of the post-tectonic biotite granites of late Pan African age and, in particular, Pan African pegmatites, are known to contain accessory monazite, gadolinite, allanite, thorianite and yttrio-fluorite.

Wlotzkasbaken allanite occurrence

Phenocrysts of allanite, up to 60 mm in length, occur in a coarse-grained Pan African granite northeast of Wlotzkasbaken, 30 km north of Swakopmund. The allanite crystals are extremely well disseminated and the granite has not been investigated for other rare eartk minerals or sampled for total rare earth content.

The Brandberg Alkaline Complex

Zoned allanite occurs in potassium metasomatised biotite granite of the Brandberg Alkaline Complex, whereas chevkinite, monazite and fluorite are commonly associated with potash-altered, biotite granite.

Peralkaline granites and sodium-rich fenites that are associated with the Amis complex, located on the southwestern periphery of the Brandberg complex, contain anomalous whole rock yttrium (up to 2 000 g/t) and thorium concentrations (up to 700 g/t).

Fenitised peralkaline granites and agpaitic pegmatites of the Amis complex contain Y-fluorite, monazite, xenotime, bastnaesite and fergusonite. The Amis Complex represents a late intrusive phase associated with the Brandberg anorogenic granite intrusion.

It consists of peralkaline, arfvedsonite-bearing granitic and pegmatitic dikes and sills and is characterized by locally extreme enrichments in REE and rare metals with high charge-ionic radius ratios, such as Zr and Nb.

The highest concentrations (e.g., 1.7 wt % Zr, 0.3 wt % Nb, 0.5 wt % total REE) are found in aegirine-albite aplites that formed around arfvedsonite pegmatite cores.

Thorium, yttrium and rare earth element occurrences associated with placer deposits

Toscanini monazite occurrence

A monazite-bearing marine placer deposit was found in the Skeleton Coast Park near Toscanini. The monazite-bearing sands occur along a coastal strip some 22 km long, stretching from about 31 km south of Torra Bay to 20o 40’ south.

The extent of the deposit is outlined by a prominent radiogenic anomaly. The bedrock consists of quartz latites of the Etendeka Formation and sediments of the Toscanini Formation. The source of the monazite is unknown, but it can be speculated that it is possibly derived from Pan African granites that occur south of the deposit.

The monazite was presumably transported in a northerly direction by the Benguela current and subsequently concentrated and deposited by marine processes.

South Africa

Rare earth element mineralization in South Africa occurs in heavy mineral sand deposits, in pegmatites and granites of the Namaqualand Metamorpic Complex, in carbonatites and alkaline complexes and in the fluorite-bearing rocks associated with the Bushveld Igneous Complex.

South Africa’s known and demonstrated recoverable reserves were estimated in 1988 at 2.187 million metric tons of REO in two deposits; placer monazite at Richards Bay and rare earth bearing apatite at the Phalaborwa Complex (Van der Vyver, G P: Resources of Rare Earths in South Africa, Minerals Bureau, 1988).

These reserves, at the time, placed South Africa third in the world after China and the USA, but South Africa never developed a rare earth mining and refining industry. The other known occurrences in South Africa have not been adequately explored to be classified as demonstrated resources.

Although South Africa produced rare earth-bearing monazite concentrates at Richards Bay Minerals (RBM), production stopped before 2003 and RBM, like Ticor and Namakwa Sands, currently recovers only ilmenite, rutile and zircon.

The rare earth-bearing apatite concentrates of Phalaborwa have been investigated by MINTEK repeatedly with the view of producing rare earth oxides.

The Steenkampskraal monazite mine at Van Rynsdorp in Namaqualand, operated from 1952 to 1963, producing a monazite concentrate that was sold mostly for its thorium content rather than its rare earth content. It was the largest thorium source in the world during the years 1951 to 1963.

Richards Bay Minerals

Placer-type deposit with monazite plus thorium and consequently with a radioactive hazard problem.

Richards bay Minerals (RBM), jointly owned by Billiton and Rio Tinto, is the largest single producer of titanium in the world from heavy mineral deposits. RBM now accounts for about 25% of world output of titanium feedstocks (titania slag and rutile), 33% of world zircon output and 25% of high purity pig iron. The sand deposits contain REE-bearing monazite and the recoverable resource was estimated at 27,500 tonnes REO in 1988.

Phalaborwa Complex

Carbonatite-type deposit with a low-grade, high tonnage potential

The Phalaborwa Complex is a zoned pyroxenite-syenite-carbonatite intrusion located on four farms in Mpumalanga Province. It hosts South Africa’s largest copper mine and produces, in addition, magnetite, sulphuric acid, zirconia, uranium, precious metals, vermiculite (Rio Tinto) and phosphate (FOSKOR).

The REE occur mainly in the phosphate mineral apatite and the P₂O₅ content varies from 6% to 8% within the pyroxenites and the foskorite (altered magnetite-olivine-apatite carbonatite). Rio Tnto’s Palabora Mining Company has a standing contractual arrangement whereby the apatite concentrates are delivered to FOSKOR for the production of phosphate in exchange for copper concentrates from FOSKOR. The apatite concentrate contains on average 0.5% rare earth oxides. The total recoverable resource has been estimated at 2,160, 000 tonnes REO.

The europium content is in excess of 1% in the rare earth concentrates and the thorium oxide content of the rare earth concentrates is below 200 ppm. FOSKOR’s associated company, Sentrachem, conducted various investigations and tests by MINTEK on the concentrates with the view of recovering the individual rare earths.

Steenkampskraal monazite mine

Pegmatite-type deposit with low tonnage potential

The Steenkampskraal monazite deposit occurs in a sequence of highly metamorphosed crystalline gneisses of the Roodewal Suite of the Namaqualand Metamorphic Complex.

The rocks are the host in which the pegmatite ore body occurs. The monazite-bearing ore body is tabular in shape with an undulating form and a thickness varying from 30 cm to 90 cm.

Minerals present in the ore body include monazite, quartz, apatite and magnetite with small amounts of zircon, pyrite, chalcopyrite, galena and ilmenite. The monazite is the source of the rare earths. The average in situ grade is 16.74% REO, 0.8% Cu, 0.5g/t Au and 6.0g/t Ag. The estimated reserve is 20 00 tonnes REO.

Great Western Minerals Group Ltd (Canadian) has an option to explore, develop and eventually buy the total production from Rare Earth Extraction Company Ltd.

Other carbonatites and alkaline complexes with rare earth element mineralization.

Mineralized carbonatites usually contain a high concentration of the so-called light rare earth elements lanthanum, cerium, neodymium, praseodymium and samaruim. The minerals containing the rare earths occur dispersed in the calcite (Ca-rich), and, dolomite (Mg-rich) and ankerite (Fe-rich) forming the bulk of the carbonatite.

If a carbonatite or complex consists of multiple intrusions or phases, the rare earth element content tends to increase in the youngest phases. Apatite is considered to be an accessory phase of carbonatites and contains substantial rare earth elements remobilised by hydrothermal fluids.

The rare earth minerals bastnaesite, parisite and synchisite are considered to be supergene, i. e. formed at shallow depth by the action of groundwater. (Mountain Pass in California and Mt Weld in Australia, where the ore-grade mineralization occurs between 30 metres and 60 metres below the present-day surface, are examples where the supergene enriched portions of the carbonatites are of economic interest).

The Glenover Carbonatite Complex

The Glenover Carbonatite Complex, 80km north-northwest of Thabazimbi, comprises an oval shaped, poorly exposed pyroxenite and carbonatite body, 4.7 km long and 3.5 km wide. Monazite is bound in a coarse-grained sövite (Ca-rich) and magnesio-carbonatite.

Associated minerals include apatite, magnetite, phlogopite and pyrochlore. Associated secondary minerals include quartz, synchisite, fluorite, barite, monazite and columbite. The presence of synchisite could indicate supergene enrichment in rare earth mineralization of the brecciated complex, but there is no information available on the distribution of the rare earth minerals.

The Kruidfontein Complex

The Kruidfontein Complex is situated approximately 130km north-northwest of Pretoria. It has a caldera structure, along a NW-striking regional fault. The carbonatites represent the last stage of extrusive activity of the Kruidfontein Complex.

Rare earths associated with fluorite (CaF₂) mineralization occur associated with the intrusive (fluorite-rich dykes and plugs) and extrusive (replacement and disseminated ore) carbonatitic rocks.

A large tabular stratiform ore body occurs in the southwestern part of the Complex, and contains an average of 30% CaF₂. Fluorite occurs disseminated throughout the inner zone with concentrations not exceeding 10% CaF₂. Analytical results from the inner zone show that the fluorite contains La₂O₃ in variable concentrations between 0.02 and 0.15 wt%.

The Pilanesberg Complex

Rare earths are found in alkaline rocks of Pilanesberg on Thabayadiotsa on the farms Houwater 54, Rhenosterspruit 59 and Saulspoort 38.

Rare earth mineralization on Houwater 54 occurs as veins in the contact zone between a tinguaite ring dyke and younger foyaite, On the farm Rhenosterspruit 59, rare earth mineralization occurs in tuff bands intercalated with lava over a distance of 2 km. On the farm Saulspoort 38, rare earth mineralization occurs as veins in a white foyaite. Yttrium and REE are concentrated in britholite ((Ce,Ca,Th,La,Nd)5(SiO4,PO4)3(OH,F) ) veins and britholite-bearing foyaite.

High grade mineralization consists of britholite containining 56.36% REO and 1.56% ThO₂ and magnetite with minor amounts of allanite, apatite, calcite, strontianite, fluorite, aegirine and cheralite.

The reserves have been estimated at 13.5 Mt at 0.7% REO +ThO₂, 1.2 Mt at 6.54% REO +ThO₂, and 24 000t at 10% REO+ThO_2.

The Vergenoeg magnetite-fluorite deposit

The Vergenoeg breccia pipe is located in Gauteng Province approximately 80 kilometers northeast of Pretoria. Vergenoeg is a fluorite-bearing massive iron oxide deposit that is genetically related to granites of the Bushveld Complex.

The deposit is a funnel-shaped breccia pipe, with a diameter of 900 m (north-northwest) to 700 m (east-northeast) on surface, which contains fluorite, apatite, ilmenite and magnetite.

Vergenoeg is a fluorite mine, despite the large volumes of magnetite and has produced fluorite since 1956. The fluorite ore body, up to a depth of 360 m has a resource estimate of 174 Mt at 28.1% CaF₂. The iron resource is in the order of 195 Mt at 42% Fe.

Mining has been focused on the upper part of the pipe-shaped body (porous botryoidal hematite-goethite gossan). The gossan contains resistant minerals such as cassiterite, apatite and rare earth carbonates.

Siderite is often found with the REE minerals, normally occurring in veinlets and coarse-grained masses. REE minerals in the upper part of the pipe may have originated from remobilization of allanite from the lower part of the pipe.

Similarly remobilization might have resulted in the REE mineralization seen in the siderite veins and interstitial grains between apatite laths, including monazite.

The primary assemblage of minerals in the lower part of the Vergenoeg pipe comprises mainly of fluorite, ilmenite and fayalite (Fe₂SiO₄) with minor pyrrhotite, apatite and allanite.

Allanite is the most common REE-bearing mineral in the primary mineral assemblage and are intergrown with fayalite and ilmenite.

It seems that the REE potential of Vergenoeg has not been investigated systematically and no further information on the distribution and grade of the REE mineralization could be obtained.

Similarities with Phalaborwa and also with Bayan Obo, Mongolia, indicate that the Vergenoeg pegmatoid pipe could be an extreme carbonatite-associated member of the Fe-oxide Cu–Au (±REE±P) group of deposits. (Goff, B. H., Weinberg, R, Groves, D. I.; Vielreicher, N. M.; Fourie, P. J.: The giant Vergenoeg fluorite deposit in a magnetite–fluorite–fayalite REE pipe: a hydrothermally-altered carbonatite-related pegmatoid?; Mineralogy and Petrology, Volume 80, Numbers 3-4, March 2004 , pp. 173-199).

Metorex sold its 55% shareholding in Vergenoeg to its Spanish partner, Minerales y Productos Derivados S.A. (“Minersa”) in December 2009 for US$60 m. (Metorex acquired the mine in 1999 when its former owner - chemical giant Bayer - decided to sell out as part of its drive to dispose of non-core operations and concentrate on its main business - the manufacture of chemicals.

Metorex then promptly sold 30% of Vergenoeg to the Spanish chemical group Minersa, which also bought a 20% direct stake in Metorex itself, becoming one of the group's largest shareholders).

The Buffalo Fluorspar Deposit

The deposit is situated about 75 km north of Vergenoeg near Mookgopong (formerly Naboomspruit) in Limpopo Province and contains fluorite veins which cut through altered rhyolite of the Rooiberg Group, which is surrounded by the Bushveld Complex granite.

Buffalo fluorite mine was mothballed in October 2008 due to market circumstances. Ongoing empirical test work to reduce the phosphorous content of its product was in progress.

In addition, test work on the fines from the substantial aggregate dumps on the neighbouring property continued. If either of these projects are revived and proves successful, Buffalo could be re-opened.

One of the opportunities at Buffalo that Sallies Ltd, the previous owner, planned to investigate further was the rare earth minerals contained within tailings.

During 2009 Firebird Global Master Fund, Ltd (Incorporated in the Cayman Islands) made a successful offer for the shares that they did not already owned.

The Zandkops Drift Complex

The pipe-like vermiculite-calcite-limonite body, similar in character to deeply weathered complexes like Mount Weld in Australia, is located approximately 26 km southwest of Garies, in the Northern Cape.

Pyrochlore and secondary REE mineralization is associated with manganoan calcite, goyazite, gorceixite, carbonate-apatite, betafite, uraninite, and niobium rutile.

A bulk sample assayed 2.6% P₂O_5, 900 ppm Nb, 0.069 kg/t U₃O_8,0.197 kg/t ThO_2,1.2 %REO+ThO₂ and 320 ppm Mo, but beneficiation tests yielded disappointing results.

Zambia

Aim-listed African Consolidated Resources (ACR) has signed a joint-venture (JV) agreement with an Australian-based exploration company Rare Earth International (REI) to explore ACR’s Nkombwa Hill rare-earths and phosphate project, in Zambia.

The 720-km2 exploration project was expected to contain a large potential phosphate resource, as well as light rare-earth elements (REEs).

REI would, in terms of the agreement, spend at least $750 000 over the next two years to define an inferred resource to a Joint Ore Reserve Committee- (Jorc-) compliant standard for the project, in order to earn a 30% stake.

It would then spend a further $600 000 over an 18-month period to define an indicated resource to Jorc-compliant standard, the completion of which would lead to an increase in its stake to 50%.

ACR would then have the option to cofund the completion of a prefeasibility study and a bankable feasibility study, with each party maintaining a 50% interest in the project.

However, if it decided not to provide cofunding for the feasibility studies, REI would eventually boost its stake in the project to 75% by providing all the funding.

Corporate finance services provider Ambrian Capital said in a research note that the signing of the JV partnership was a “savvy” move, as it would allow the company to diversify out of its primary country of operation, Zimbabwe.

Further, Ambrian pointed out that while the project’s focus would be phosphate, for which there was plenty of demand in Africa, it would also bring in more experienced partners to focus on the development of the more lucrative REEs.

“There is currently a significant focus on REEs following recent moves by China, the world’s largest supplier or REEs, to restrict exports,” it added.

China plans to allow only a few State-owned enterprises to mine rare-earth metals, as part of a campaign to combat illegal mining and to consolidate its reserves.

Worldwide demand for REEs, which are used in the manufacturing of hybrid cars, superalloys used in the defence industry, cellphones, large wind turbines, missiles and computer monitors, is on the increase, but the majority of the world’s supply, 95%, was still produced by China.

Global demand for REEs was expected to exceed 200 000 t/y by 2014, while a global shortfall of 40 000 t/y was expected by 2015, the US-based Institute for the Analysis of Global Security pointed out in a March report.

This has led to companies relooking at old dormant REEs projects.

Australia’s Lynas Corporation was developing one of the largest REE projects outside China, namely the Mount Weld carbonatite in Western Australia, while US-based Molycorp Minerals had an interest in another large REE resource.

TSX Venture Exchange-listed Great Western Minerals Group also announced earlier this month that it had been granted new-order mining rights for the Steemkampskraal monazite project, in South Africa’s Western Cape province. (Source: miningweekly.com)

Rhodium

2010-06-12T17:09:00.000+02:00

Rhodium price: 12 months

Spilpunt

Platinum

Platinum projects (Source: Miningmx)

Gold

"Junior Mining Company Credibility in Question"

Iron Ore

Lithium

Karibib-Usakos Pegmatite District

Spodumene Kop 1 and 2

Kokerboomrand 1 and 2

Groenhoekies

Norrabees 1 and 2

Noumas

Northern Province

Mpumalanga Province

References

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Iridium

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Phosphates

Rare Earth Elements

Rhodium