World Mining Magazine by World Mining Magazine

Magazine

Vale: Transforming

natural resources into prosperity and sustainable development

2015 Issue 6

World Mining

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The Editor

Editor

The

Martin Ashcroft

The coal face

hen I was a boy, we heated our house with coal. On delivery day, my mother used to ask me to count the number of sacks I could hear being emptied into our coalhouse. If I counted twenty, we knew we had been given a full ton. For my baby-boomer generation, the words ‘coal’ and ‘ton’ were part of our everyday vocabulary. We don’t burn much coal in our fireplaces these days, because electric, gas or oil-fired central heating are more convenient options, but despite the activities of environmental pressure groups and the growth of alternative energy sources, coal remains the primary fuel for electricity generation in many parts of the world. Around 40 per cent of the world’s electricity is produced from coal, but in the US and Canada the industry is under attack from all quarters. The US Energy Information Administration (EIA) estimates that there are 948 billion tons of recoverable coal reserves in the world, over 20 per cent of which are in the US (more than any other country), but instead of celebrating its good fortune, the United States has gone to great lengths to cripple the industry, setting standards

that are impossible to meet and that result, inevitably, in the closure of coal-fired power stations and higher energy prices for the consumer. The US EIA admits that the Clean Power Plan currently being debated in Washington to regulate CO2 emissions from power plants will result in closures and increased prices. If the plan is approved, most states will have to achieve at least half the required reduction by 2020. How can they manage to do that, and keep the lights on at the same time? Russia, China, Australia and India are blessed with huge coal reserves, too, and they must be laughing all the way to the bank to see a major competitor behave like this towards an industry that played such an important role in its establishment as a world power in the first place. Despite all its problems, coal remains the fastestgrowing fossil fuel worldwide, thanks to China’s growing economy and the fear of nuclear disaster in countries like Germany and Japan. While other countries are keen to make the most of their resources, only the most advanced democracies cut off the nose to spite the face. www.ogsmag.com

Contents Page 16 Cover story:

Vale: Transforming natural resources into prosperity and sustainable development

The Editor: The coal face

Thoresby Colliery closure

Largo breaks production record

Mobile technology in the mine

OEMs in US receive high satisfaction ratings

Investment in mining technology

Boart Longyear: new drilling technology

The drachma drama

NovaCopper & Sunward approve acquisition

Anglo American: The diversified miner

Benton Resources multiple discoveries at Staghorn

AMT/ iSolutions

ADVERTISERS

World Mining Magazine media information can be found on Page 62

Page: 2 GEA Barr-Rosin 8 Wolseley Industrial Group 10 Conductix Wampfler 12 Polar Mobility Research 14 Canary Systems 22 JW Speaker 23 DRA Global 26 Kentz 27 JH Fletcher 32 United Mining Rentals 42 DOK-ING 43 Monaflex Tyre Systems 46 Hawk Measurement 47 TerraMar Networks 58 Atlas Copco 60 AMT/iSolutions 64 TowHaul Corporation

World Mining Magazine

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The magazine is printed in A4 format on 250gsm gloss laminated cover and 170gsm matt internal pages. The magazine is both a printed hard copy magazine and distributed electronically. Currently our global readership is approximately 93,000.

World Mining Magazine 2015

Page 6 Monthly news and features

World Mining Magazine is published by Worldwide Business Media Limited, London, EC1V 2NX United Kingdom. Registered No. 6809417 England/ Wales. VAT No. 972 7492 76. All rights reserved. Reproduction in whole or any part without written permission is strictly prohibited. Liability: while every care has been taken in the preperation of this magazine, the publishers cannot be held responsible for the accuracy of the information herein, or any consequence arising from it. All paper used in this production comes from well managed sources.

Moatize Coal Mine, in Mozambique Train during the projectâ&#x20AC;&#x2122;s commissioning phase. Credits: AgĂŞncia Vale 6

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News and features

Largo breaks production record at Maracás Menchen vanadium mine

argo Resources achieved record monthly overall production of approximately 487 tonnes at its Maracás Menchen vanadium mine in Bahia, Brazil in May 2015, the highest level since first production commenced in August 2014. During May the company also achieved a record to date for single day production of 23 tonnes, representing approximately 87% of the plant’s design capacity. Production rates, recoveries and availability of operations are generally improving and greater stability has been achieved. For about half of the past three month period, the plant has operated at or above 18 tonnes per day, or approximately 68% capacity, with over one-third of those days at or above 19 tonnes, or approximately 72% capacity. The company believes these recent results are strong signals of the Plant’s capability to produce at its intended design capacity, as well as the effectiveness of its ongoing optimization efforts. The plant’s end-product vanadium (V2O5) is of extremely high quality, having met standard specifications since first production was achieved. As is expected during the ramp-up of operations of this kind, various interruptions with respect to

equipment are experienced which temporarily impact daily tonnage rates. For example, the company installed a dry-magnetic separation unit to complement the milling and beneficiation system, which has since demonstrated its ability to achieve design capacity targets. Since completing its private placement financing of approximately C$75.2 million, the company has taken action to address remaining optimization projects and expects that these will be completed and commissioned over the next few months. One such project is a more robust and dependable replacement for the current pan-conveyor at the leaching system, which has been a consistent

limitation on the leaching system’s heat retention and has a significant impact on recoveries as well as requiring extensive maintenance down-time. An additional leach tank will increase the leaching residence time and improve the system’s recovery and availability, and a back-up belt filter for the leaching system will be utilized to increase the system’s capacity and overall availability. With these projects and others already underway or completed, the company expects to achieve its full Phase 1 design capacity in or about the third Quarter of 2015. In the meantime, new single day production records, as well as weekly and monthly records, are expected to be achieved, which will result in modest month over month increases in production. www.ogsmag.com

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News and features

OEMs in the US receive highest satisfaction ratings

n a survey of over 630 key decision makers at operating mines across the globe, respondents from the US reported the highest satisfaction ratings for their OEMs compared to any other country. The report from Timetric’s Mining Intelligence Centre (MIC) disclosed that OEMs in the US have strong customer loyalty and most respondents intended to remain with their current suppliers. Mining equipment suppliers were rated across 16 different factors relating to costs, product attributes and supplier attributes and capabilities. OEMs in the US received higher satisfaction ratings

across all 16 areas than those in other major markets, including Australia, South Africa, Russia, Chile, India, Indonesia and Canada. This included factors such as ‘product quality/ reliability’, ‘availability of replacement parts’, and ‘maintenance and service costs’. These three factors were rated as the three most important areas of consideration when mining companies were choosing a manufacturer. Elsewhere in North America, Canadian respondents also rated OEMs well, ranking them fifth overall globally, marginally behind Indonesia, South Africa and India. When asked about their propensity to switch to a different equipment

supplier in the next five years, 64% of US respondents did not intend to do so. This compares with 60% in South Africa, 53% in Chile, 48% in Canada, 20% in Russia and 19% in India, who would expect to remain with their current main supplier. Nez Guevara, senior mining analyst at Timetric’s MIC says: “OEMs in the United States have performed strongly across all areas in the survey, and also performed well against other nations in other mining regions. While there are still areas respondents felt have room for improvement, these are more confined to specific segments of the market such as iron ore operations, where suppliers were given lower average satisfaction ratings.” www.ogsmag.com

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News and features

Boart Longyear to introduce ‘game changing’ drilling technology

An Australian-designed and built ‘game changing’ product will be available next year to the world’s biggest mining and drilling companies. The TruProbe product will be distributed from Boart Longyear’s Asia Pacific regional headquarters in Adelaide. The technology was developed by Adelaide-based Deep Exploration Technologies Cooperative Research Centre (DETCRC) which has signed an exclusive commercialisation deal with Boart Longyear after a tender process. Mining giant BHP is among a host of mineral exploration companies who will receive preferential access to the new technology, which is expected to be available and operational around

the globe in the first quarter of 2016. The new technology involves drilling contractors using gamma geophysical survey sensors inside drill strings to help mining companies identify precious metals and minerals. The product is able to replace conventional gamma geophysical surveys but at a much smaller cost and with significant time savings. Currently gamma surveys require a team of geophysicists, extensive equipment and expensive laboratory time. The surveys are normally conducted at the completion of the borehole before the drill rods are removed, requiring the drill crew and rig to wait while the geophysical crews conduct the survey. With the TruProbe technology drilling crews will be able

to conduct the gamma survey while removing the drill rods, eliminating costly stand-by charges. “There isn’t anything else like this technology available in the mining industry at the moment,’’ said Michael Ravella, Boart Longyear’s Director of Strategic Information. “Boart Longyear is currently in the beta (secondary) testing mode of the product. We expect to put this product into the market quite quickly around the globe with drilling services providers. “DETCRC has an agreement with their partners who help fund and support this type of technology support. As part of the agreement those companies will be the first to have access to the technology.” www.ogsmag.com

News and features

NovaCopper and Sunward shareholders approve acquisition

hareholders of NovaCopper and Sunward Resources have overwhelmingly approved the proposed takeover of Sunward by NovaCopper, originally announced in April 2015. Approximately 99.36% of the shares represented at the NovaCopper meeting were voted in favour of the arrangement, while at Sunward’s special meeting, approximately 99.98% were in favour. Each shareholder of Sunward will receive 0.30 of a NovaCopper share for each common share of Sunward held. NovaCopper Inc. is a base metals exploration company focused on exploring and developing the Ambler mining district in Alaska, one of the richest and most-prospective copperdominant districts in the world. Sunward Resources is a Canadianbased company focused on the exploration and development of the 100%-owned gold and copper Titiribi Project in Colombia. “The combination of Sunward and NovaCopper provides shareholders a single company with a strong balance sheet to advance critical path objectives at our high quality Arctic and Bornite copper-zinc assets in Alaska,” said Rick Van Nieuwenhuyse, President and CEO of NovaCopper. “It also gives the company significant exposure and leverage to additional gold and copper in Colombia. Within the context of a market place which is demanding consolidation but is challenging for development project financing, management believes this is a win-win solution for all shareholders.”

Benton Resources discovers multiple gold showings at Staghorn Gold property

anadian-based junior miner Benton Resources has made several new gold discoveries over the 25km long mineralized trend on the Staghorn Gold property. The project is located in west-central Newfoundland and under option from Metals Creek Resources Corp. Over the years previous exploration companies have uncovered a number of gold showings throughout the property and these latest discoveries continue to demonstrate the prospective nature of the project to host a significant gold discovery. At the Ryan’s Hammer gold occurrence an outcrop of identical rock type and mineralization has been uncovered more than 500m to the east across Victoria Lake. Selective grab samples collected from the outcrop and surrounding sub-cropping frost heaved material returned up to 7.6gpt gold and panned overburden material collected produced several fine free native gold grains. Two new gold-bearing occurrences have been uncovered between 300-

1400m north east of the drilling at the Woods Lake gold zone. Selective grab samples at these new occurrences returned gold grades of 4.2 to 4.3gpt. A historical gold occurrence between the two new ones was resampled which returned up to 7.66gpt gold in selective grabs. To date gold occurrences on the Staghorn property stretch over 25km of strike length along the Cape Ray fault zone. Continuing exploration work includes grid establishment, soil geochemical surveys, prospecting, geological mapping and ground geophysical surveys (magnetics and induced polarization). Areas of interest will then be subject to mechanical trenching followed by diamond drilling of the most prospective targets. The Cape Ray/Victoria Lake regional fault zone hosts a number of gold deposits, including Marathon Gold’s Valentine Lake deposit 30 kilometres to the northeast of the Staghorn and Benton’s Cape Ray gold deposits approximately 100 kilometres to the southwest. www.ogsmag.com

Nottinghamshire coal mining ends with Thoresby closure Thoresby Colliery has closed, marking the end of a 750 year history of mining in Nottinghamshire, UK. It leaves just one deep coal mine in England, Kellingley Colliery in North Yorkshire - which is itself expected to close by the end of the year. At one time Nottinghamshire, with 42 collieries and 40,000 miners’, was one of the most successful coalfields in Europe. But as the industry comes to an end in the county, what 16

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memories do former miners’ have of their time in the pits - and what effects have closures had on former mining communities? Former mining surveyor turned author, Robert Bradley, said Thoresby at one time produced more coal than any other colliery in England with profits of £50m a year. “It produced 100,000 tonnes in a week - some of the smaller mines did that in a year,” he said. “There was a good atmosphere working in the mine and everyone thought they had a global job for life.” Many of Nottinghamshire’s towns and villages were built around the collieries and for the mining families. Mr Bradley, 79, said the closures of mines at Ollerton in 1994 and Bilsthorpe in 1997 “devastated” these communities. “Most people lived where they worked,” he said. “It was expected back then the sons of miners would all go into mining and the girls would be sent to factories and shops. But once they closed, there were no jobs so they had

News and features to travel out of the village to find work.” He said British Coal once paid miners “an obscene” amount, which eventually cost the company a lot of money. Robert McQueen was one of thousands of Scottish men who moved to Nottinghamshire to work in the pits. “Places were shutting down left right and centre in Scotland so it was great coming down,” said the 55-year-old. “There were lots of Geordies, Scots and eastern Europeans who came over just after the war. Nottinghamshire at one point had the top five collieries in the country. Production was going through the roof and we were making lots of money. When you met lads from other places people couldn’t believe how much we were on. We were getting £40-50 bonuses and they were getting 50p to £1.70.” But the situation soon changed as money ran out and jobs were threatened with pit closures.

Miners’ strike 1984

March 1984 saw the biggest industrial action in British coal history with miners going on strike over pay disputes and pit closures. The choice of whether to join a picket line or continue

Miners’ strike 1984 (picture courtesy of Sam Leighton)

working divided workforces, caused arguments within families and began fights across the country. Arguments over the tactics of the NUM (National Union of Mineworkers) also saw the formation of a second union for workers - the UDM (Union of Democratic Mineworkers). In some cases men who chose to continue working were given police escorts to the pits. As the situation became worse, many miners refusing to work found themselves struggling financially and kitchens were set up by families to provide food for those who could not afford it. The strike ended a year later after the National Coal Board offered pay incentives to workers and NUM members voted to return to work. Mr McQueen worked in the county’s pits for 35 years and was made redundant from Thoresby last year. “You just knew one day your number was going to be up and there was not going to be anywhere to transfer to. There is a tinge of sadness and I miss the camaraderie.” Local historian Dr David Amos said the industry had been in decline for the past 50 years. “Mining played a significant part in the industrial revolution,” he said. “It built the towns, economy and communities in Nottinghamshire from the 19th Century to the 1990s but the miners’ strike probably accelerated the demise of the industry. It is the end of a significant chapter in the industrial revolution in this county and soon the end of coal in Britain as a whole.” Like many, Dr Amos was the last of generations of miners in his family to work in the pits. Tony Kirby, who joined the industry in 1985 following the major strikes, will be one of the last workers to leave Thoresby and said it would be particularly poignant for him. “Mining has been in the family since the 1860s so I wanted to follow my granddad, uncles and brother to carry on the tradition,” the 51-year-old said. When we were growing up there used to be four or five thousand miners living in Eastwood and we used to have parties for families and trips to the seaside. I had hoped my sons would follow me down the pits but it’s sad they’ll never work in mining.” Several projects have been started aiming to preserve the heritage in Nottinghamshire mining towns and to educate people on the impact of coal mining on the county. The original headstocks at Clipstone Colliery, which were the tallest in Europe when built, are being regenerated and turned into an attraction in the hope of keeping the history alive. And statues and mini museums are being planned at other former colliery sites. And if the country’s last remaining deep coal mine - at Kellingley - does indeed end production in December, it will mark an end to British coal mining as a whole. (Article courtesy of BBC News Online July 10th 2015. Thoresby Colliery photo courtesy of Chris Sampson ) www.ogsmag.com

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Vale: Transforming natural resources into prosperity and sustainable development Founded in Brazil in 1942, Vale is the worldâ&#x20AC;&#x2122;s second largest mining company, with a presence in 35 countries on five continents through its mining operations, mineral surveying and commercial offices. Underground area at Sudbury Operations. www.ogsmag.com

Companhia Vale do Rio Doce (Freshwater River Valley Company) or Vale, as we know it now, was founded as a public company by the Brazilian Federal Government on 1 June 1942. Privatised in 1997, it was still known as CVRD until 2007. Its origins can be traced back to the turn of the 20th century, however, when the Itabira Iron Ore Company was authorized to prospect for iron in the Minas Gerais region. The company was the successor to the Brazilian Hematite Syndicate and over the course of its existence it witnessed many political upheavals, rises and falls in the international economy, changes in legislation and, above all, nationalist movements. The workers of Itabira created their own dialect, guinlagem de camaco (or “monkey language”), to avoid being understood by their foreign bosses. As time went by, the Itabira Iron Ore Co., which grew up around the Vitória-Minas Railroad, acquired the profile of the men who ran it. Percival Farquhar – who is said to have kept the first dollar that he earned, mounted in a frame next to his bed, beside a photograph of his parents – was one of them. Farquhar was a legendary figure, someone whose life seems like something from a work of fiction. Some consider him a capitalist genius, others, an opportunist.

“Percival Farquhar acquired the Itabira Iron Ore Co. in 1919” Born in the city of York, Pennsylvania, in the United States, he came to Brazil after working on railroad construction ventures in Latin America and he acquired the Itabira Iron Ore Co. in 1919. The paths taken by the company – especially those that, using the railroad, would transport ore to the sea and to fortune – were always intimately connected with Farquhar’s trajectory and personality. The businessman was the main protagonist in hard political battles and was the target of nationalist campaigns concerning the right to extract ore in Brazil. 20

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Cauê Itabiritos Project, in the state of Minas Gerais, Brazil: Aerial view of the plant and mine pit .

Vale’s primary business is mining, but to support its growth and for the distribution of its products, Vale has built a large logistics network, comprising railroads and ports which distribute minerals and other products all over the world. Vale also operates its own network of hydroelectric plants and natural gas plants, for its own consumption and to achieve energy efficiency.

Iron ore

Vale is the world’s largest producer of iron ore and pellets, raw materials essential to the manufacture of steel. Iron ore is found in nature in the form of rocks, mixed with other elements. By means of various industrial processes incorporating cutting-edge technology, iron ore is processed and then sold on to steel companies. The iron ore produced by Vale can be found in houses, cars and

Vale

household appliances. Vale is investing in technological innovations and developing initiatives to prevent and minimize the environmental impacts that mining causes.

“Vale’s Carajás Mine holds 7.2 billion metric tons of iron ore in proven and probable reserves” The company’s aim is to set the benchmark in the sustainable management and use of natural resources. Vale’s Carajás Mine is located in the state of Para in

northern Brazil. Fully owned by Vale, the mine holds 7.2 billion metric tons of iron ore in proven and probable reserves. The Carajás region boasts the richest reserves and concentrations of iron ore anywhere in the world and was discovered entirely by accident in the late 1960s when a US Steel helicopter was forced to land on a hill in the area to refuel. Surveyors on board noted the baron state of the hill and subsequently discovered that the iron content was as high as 66 per cent. Other mineral deposits were discovered later; Carajás is rich not only in iron ore but also ores for manganese, copper, tin, aluminium and even gold. Over the years improvements to safety, reliability and productivity at Carajás have been achieved by implementing an automation project at Vale’s laboratories in Carajás and São Luís. The results of many laboratory processes can now be compiled automatically, thanks to the www.ogsmag.com

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“Vale has nickel mines in Brazil, Canada, Indonesia and New Caledonia, as well as fully owned and joint venture refineries in China, South Korea, Japan, the UK and Taiwan”

internal development of a software program that acquires data directly from equipment, such as weighing scales. “By replacing manual with automatic recording, Vale has eliminated possible errors and improved the reliability of results. Previously, an operator would note down iron ore weights on a piece of paper before entering the data into the computer. Now the process is much faster,” explained specialist technician Rodolfo Pizol, who developed the software in partnership with analyst Sandra Dutra. As well as avoiding rework, the program automatically sends data to the system, without the intervention of the person doing the activity. The benefits of this automation include a reduction in total testing time, increased reliability in the computation of results, and faster decision making. The software can be used across Vale’s whole operations base. 24

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Nickel

Vale is also the world’s largest producer of nickel, one of the most versatile metals in existence. Hard and malleable, nickel resists corrosion and maintains its mechanical and physical properties even when subjected to extreme temperatures. Vale mines high-quality nickel, which is especially valued for its applications in plating and batteries. It gives bathroom taps and shower heads their bright metallic finish. It’s in everything from coins to cars. It can also be found in your mobile phone and the rechargeable batteries that power it. Vale’s nickel mining and metals division is headquartered in Toronto, Canada. It produces nickel, copper, cobalt, platinum, rhodium, ruthenium, iridium, gold and silver. Vale has nickel mines and operations in Brazil, Canada, Indonesia, and New Caledonia, as well as fully owned and

Vale

Copper Copper has been used by civilizations since 8000 BC and is regarded as one of the most important metals used by modern industry. Prized for its ability to conduct heat and electricity, it is an element that helps make the world the way we know it, and it is a key focus of Vale’s investment. Malleable, resistant to corrosion and high temperatures, recyclable and with the best electrical and thermal conductivity of any commercial metal, copper is highly valued for its application in power transmission and generation, building wiring as well as practically all electronic equipment, including mobile phones and television sets.

Voisey’s Bay mine and concentrator, Newfoundland and Labrador

joint venture refineries in China, South Korea, Japan, the UK and Taiwan. In June this year one of these, Vale Nickel (Dalian) Co., Ltd. (VND), located in the commercial and industrial city of Dalian in China, was awarded the accolade of “Demonstration Company on Occupational Health” by the Administration Bureau of Safety Working of Jinzhou New District, China. Vale is one of eight companies selected from thousands of companies in the district. In order to promote occupational health and protect the health rights and interests of workers, Dalian launched a two-year campaign across the city in 2013. During the campaign, each district of the city was asked to grade companies in its area across 10 benchmarks. The highest mark is 100 points and only those companies that achieved more than 90 points would be awarded as a

“Demonstration Company”. This award, combined with the company’s years of expertise in sustainability, show that VND is highly committed to employees’ health and safety. In line with Vale’s global strategy, VND carries out direct communication campaigns every year to continuously enhance employees’ awareness of health and safety.

Coal

As a substance essential for the transformation of iron ore into steel, Vale’s mined coal is primarily used in the steel industry as well as for the generation of electricity. The company has operations and projects in Mozambique and Australia, countries that are expected to grow the most in terms of the global coal supply. It is also participating in two joint ventures in China. Some of the world’s richest coal deposits are located at www.ogsmag.com

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www.jhfletcher.com - 304.525.7811 - sales@jhfletcher.com - www.facebook.com/JHFletcherMiningEquipment J.H. Fletcher & Co. cannot anticipate every mine hazard that may develop during use of these products. Follow your mine plan and/or roof control plan prior to use of the product. Proper use, maintenance and continued use of (OEM) original equipment parts will be essential for maximum operating results. 2014 J.H. Fletcher & Co. All Rights reserved.

“The Moatize Mine in the Tete Province of Mozambique has been producing coal since July 2011”

Moatize in the Tete Province of Mozambique. Vale has held the concession to explore coal deposits in this region since 2004 and the Moatize Mine has been producing coal since July 2011. It represents Vale’s biggest investment within the segment. One of the biggest challenges in Moatize is logistics. Vale has invested in two African railroads, Sena and Nacala Corridor, which connect to two ports in order to transport the mine’s output efficiently. The Nacala Corridor project connects the Moatize Coal Mine to the Port of Nacala, with a transport capacity of 18 million metric tonnes of coal per year. This line includes a 237-kilometre stretch that passes through Malawi, Mozambique’s neighboring country, and is 912 kilometres long. The 575-kilometre Sena railroad connects Moatize to the Port of Beira, in the south of Mozambique, with a transport capacity of 6 million metric 28

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tonnes of coal per year. With a targeted production volume of 12 Mtpa of hard export coking coal and 2 Mtpa of export thermal coal, the mine is starting to bring much needed economic growth to the region. The planned upgrade of rail and port facilities will also bring broader economic benefits to the region. In Australia, Vale has two major current operations. The first is the Carborough Downs underground mine in central Queensland in the Bowen Basin. Vale has been operator of the mine since 2007 when the company entered the Australian market and acquired assets from AMCI Holdings. The mine produces predominantly hard and semi-hard coking coal with pulverized coal injection (PCI) as a secondary product. The site is expected to continue producing until 2019, with further potential for the extension of the mine life beyond that timeframe.

Vale Employees watch the stockyard at Moatize Coal Mine

Manganese and ferroalloys Manganese, the fourth most widely used metal in the world, is present in the composition of many everyday objects and Vale is a leading producer of manganese, an essential steelmaking input, and also of ferroalloys (combinations of iron and one or more chemical elements), such as manganese itself. Nearly 90% of manganese output is used in the steel industry, but its applications also include the manufacture of fertilizers, animal food and cars.

“The Eagle Downs Coal Mine in Queensland is expected to produce an average of 4.5 mtpa of coking coal in the first ten years of full production”

The second is The Isaac Plains open cut coal mine, a 50/50 joint venture between Vale and Sumitomo. Situated approximately seven kilometres from Moranbah in Queensland’s coal rich Bowen Basin, the mine is managed by Isaac Plains Coal Management. The current mining lease, covering an area of more than 2,900 hectares, was granted in December 2005 with first coal mined, processed and railed for export in 2006. The operation’s products include pulverized coal injection (PCI), thermal coal and coking coal. With proven resources of 44Mt and a further 22Mt of measured and indicated resources, Isaac Plains has an expected mine life of more than 10 years. Investment in the coal industry is an important part of Vale’s broader growth strategy and the Australian coal business has an important role to play in delivering the www.ogsmag.com

goals of the global business. Vale has a strong pipeline of greenfield exploration projects in the Bowen and Galilee Basins, and a number of pipeline projects on the cards in Queensland. Key projects for Vale Coal Australia include the Belvedere Coal Project, located near Moura and approximately 175 kilometres from the Port of Gladstone. The project, planned to be an underground longwall operation, has immense potential, offering a large, good quality, metallurgical coal resource. Vale’s second key project is the Eagle Downs Coking Coal Project, in which Vale has a 50% stake. Eagle Downs is an approved underground longwall coal mine project, currently under construction, located approximately 20 kilometres southeast of Moranbah in Queensland’s Bowen Basin. It’s estimated that when completed the Eagle Downs Coal Mine will produce an 30

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average of 4.5 mtpa of coking coal in the first ten years of full production from one underground longwall (2017 – 2026).

Partnerships

Besides a wholly owned operational portfolio that spans the globe, Vale has a strong history of international partnership. This year it celebrates a link with Japan that has developed over more than sixty years. In 1953, a small batch of ore from Vale was shipped to Japan via the Port of Santos, in São Paulo state, so that potential buyers could test the product. In sending this load to Japan, Vale began to write another page in its history. Two years later, the company began regular sales of iron ore to Japan. The first shipment of nine thousand tons was the beginning of a successful

Vale

Fertilizers Global demand for food is increasing, while the space available on the planet to grow crops is decreasing. To tackle this issue Vale is one of many businesses producing fertilizers - substances that raise crop yields and enable larger harvests. The relationship between this sector and mining is simple: two of the main inputs for making fertilizers – potash and phosphates – are extracted from the ground through mining processes.

Refinery façade at Vale Nickel Dalian, China, a joint venture of Vale and Sunhu Chemicals

relationship. Since then, more than 1.2 billion tons of iron ore have already been sold to Japan.

“The Isaac Plains open cut coal mine in Queensland’s Bowen Basin is a 50/50 joint venture between Vale and Sumitomo” The partnership has intensified so much that it has gone well beyond the expansion of trade flows, translating

into joint ventures, investment in ferrous minerals, coal, logistics, steel, fertilizers and base metals. This 60-year relationship has changed the pattern of global navigation, has helped to lead Japan toward being an impressive global economic power and has transformed Brazil into a major exporter of raw materials in the world. Japan, China, the African continent – all are benefitting from the expertise that Vale brings to the world of mining. Vale’s mission – to transform mineral resources into prosperity and sustainable action, guides all of its actions. The company belief is that it shares a responsibility to seek sustainable development wherever it operates by responsibly managing the effects of its activities.

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What can United Mining Rentals offer your company? At a time when fiscal responsibility is becoming exponentially more important, in an industry where the highest safety standards and productivity must be maintained, providing your operation with the best fleet at a minimal cost is fundamental to any successful and profitable business. United Mining Rentals (UMR) has over 30 years of experience in the Mining & Tunnelling Industry and we are proud to offer rental and ownership opportunities for the full range of new Sandvik and Normet equipment. We trust you will find the product that suits your Mining or Tunnelling operation, backed by the numerous advantages associated with theUMR rental, or rent with an option to purchase models that will reduce cost of ownership and help maintain productivity.

Our full range of new Sandvik and Normet products are backed with full Factory Warranty, Technical Support, OEM Parts and a global network of local and regional OEM service centres. With such a robust range of support services, renting with UMR reduces maintenance costs and guarantees availability hence improving productivity for our customers whilst also eliminating rebuild down time. Striving to provide quality at a reasonable price, UMR offers an innovative model of flexible rental or rental/purchase options tailored to suit every kind of end user in the Tunnelling and Mining industries, allowing customers to avoid tying up capital and invest it in the future purchase of rented equipment. Our rental/purchase option offers an attractive allowance for paid rentals against pre-agreed purchase price easing upfront capital spending and is a way of investing in the ownership of the Equipment at a pre-determined date.

For all mining equipment rentals visit www.unitedminingrentals.com

EUROPE United Mining Rentals Ltd. Coolfore Road, Ardbraccan, Navan, Co. Meath, C15 KXY3, Ireland.

NORTH AMERICA United Mining Rentals Ltd. Suite 1200, 220 Bay Street, Toronto, Ontario, M5J 2W4, Canada.

Tel: +353 87 1491945 Tel: +1 647 267 8193 Email: info@unitedminingrentals.com www.unitedminingrentals.com Our philosophy at UMR is simple – Downtime costs money. This philosophy inspired our aim to provide solutions to one of the major contributors of downtime in the mining and tunnelling industries: low availability of equipment. To ensure our customers don’t experience any downtime, we offer rentals and rent to purchase plans for new Sandvik and Normet equipment on a global basis, making use of the vast network of Worldwide Service Centres provided by two of the world leaders in Mining and Tunnelling Equipment. We also offer the option of bridging units to keep our customer’s operations running smoothly until their new rental unit arrives. We recognise that each customer has different requirements so we offer very flexible terms. Our first option is rent to purchase which allows for purchase of the equipment following a minimum one year rental period with a percentage of the rental payments deductible from the pre-agreed purchase price. Another option we offer is variable term rental from a minimum of 1 year upwards allowing the customer long term rental, consisting of 2-3 years allowing the customer to return the equipment with no commitment to purchase. We also offer a “Rolling Replacement” option, which allows the customer to return equipment to UMR following a 3 year rental and replace with new equipment for another 3 year term or pre-agreed period.

RENTALS AVAILABLE: Trucks and Loaders Underground Drilling & Bolting Roadheaders Exploration & Surface Drilling Lifting & Installations Scaling & Charging Underground Logistics Spraying

Our business model is designed with Mining Companies & Tunnelling Contractors in mind, who often have short or long term contracts, as well as Start-up mining operations which may wish to defer spending capital on expensive equipment for use in another area until positive cash flow is realized. Fixed rental payments simplify budget planning, and can be 100% Tax deductible against business income. By using a reliable rental provider such as UMR for a long term rental the costs of acquiring, running and maintaining the right equipment for the job can be greatly reduced, as renting equipment can generate significant savings by avoiding depreciation, the total cost of the purchase price, and unnecessary unit and component rebuild costs. UMR Equipment comes with a managed service tailored to each customer’s requirements covering bridging units, full technical support and immediate reaction to warranty issues ensuring availability at all times. Making that vital decision whether to buy or rent is not just a matter of budget, but of business strategy. So weigh up the numbers, and make the right decision for your business.

For all mining equipment rentals visit www.unitedminingrentals.com

Henk Van Alphen, President and Chief Executive, Wealth Minerals Ltd

utch-born Henk Van Alphen has had a long and successful career in the mining industry, consistently developing projects into significant deposits and/or high value M&A transactions. Van Alphen founded Wealth Minerals in 2005, as an early stage mineral exploration company focused on acquiring gold projects in stable geopolitical locations with low exploration risk, attractive grade and potentially low capital requirements. In January 2015, Wealth entered into an option agreement with Balmoral Resources to acquire a 75% interest in the N1 and N2 Gold Projects in Quebec, and on 25 May 2015 the company agreed with Coronet Metals to acquire Coronetâ&#x20AC;&#x2122;s Peruvian subsidiary, which holds a 100% interest in the advanced stage Yanamina Gold Project in Peru. 34

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How did your mining career begin?

My first job in the mining industry was in the 1970s as an exploration drilling contractor with Bema Gold Corp, (a predecessor of Kinross Gold), an intermediate gold producer with operating mines and development projects in Russia, South Africa, Chile and Canada. My role required me to navigate through rough and desolate landscapes preparing mineral claims for exploration. After working on dozens of projects for Bema, I developed my intuition for what a winning project looked like.

And how did it develop after that?

In 1988 I became a major shareholder of Pacific Rim Mining Corp, a Vancouver-based multinational mining company. I eventually took over as CEO and I was

Executive interview instrumental in the company becoming a successful South American resourced based company. As the mining sector was faltering in the 1990s, I heard about discoveries being made in Chile and Argentina. Properties were widely available, well under market value; we acquired Diablillos, a large silver mine located in Argentina’s Salta province, and Aqua Rica, a large copper mine in the Argentina’s Catamarca province. Both developed into significant deposits and high value M&A deals. Following this success in South America, I joined the Canadian-based multinational corporation, Corriente Resources Inc. from 1994 until 2000 where I oversaw explorations in Peru, Argentina, Equador, Columbia and Bolivia. In 1995, my Argentinian team and I discovered the world-class Taca Taca copper project. After being held by several companies, Taca-Taca was acquired by Lumina Copper Corp., which was itself acquired by First Quantum Minerals in 2014 for $470 million, primarily to acquire Taca-Taca.

So what are you doing now?

My next venture was, and still is, as President and CEO of Cardero Resource Corp, a resource company with metallurgical coal interests. Cardero’s primary focus today is its flagship metallurgical coal deposit, Carbon Creek, in northeast British Columbia. The project is held by the Carbon Creek Joint Venture in which Cardero has a 75% interest and is the manager. The maiden NI 43-101 resource estimate for the current Carbon Creek metallurgical coal project is 290 Mt measured & indicated and 161 Mt inferred of metallurgical coal. As the market was in a slump and promising projects were available, we formed the Cardero Group of companies and spun out our most promising projects into new junior companies which included Trevali Mining, which became a producing mine in Peru, and International Tower Hill, which developed a major gold deposit in Alaska. .

and while gold was valued at $1,900 in the Q3 of 2011, today it is trading near its global average production cost of approximately $1,200 per ounce. While it is impossible to predict with accuracy when a commodity cycle will turn, Wealth’s management feels now is the right time to acquire precious metal projects The continual funding of exploration companies is not a model that works in 2015. Wealth Minerals aims to add additional potential near-term production projects in its project portfolio and seek partnerships with competent proven mine developers to minimize development risk.

What exploration techniques does Wealth employ?

The goal of every exploration company is to discover a new mine and create new real estate in the process. For a comparable, it can be considered the R&D branch of mining. Our exploration experts use a variety of techniques which may include studying airborne or satellite images, regional prospecting, regional and detailed mapping, stream sediments sampling, grid and soil sampling, geophysical surveys, drilling, etc. Each stage of exploration must pass a series of benchmarks to prove merit before new exploration dollars are committed to continue any single project.

How do market conditions affect Wealth Minerals?

The management team of Wealth believes the resource industry is approaching the bottom of a sustained downward cycle. The sector has been out of favor with investors. This dynamic has created many opportunities for management teams with the experience and financial resources to position themselves for the expected improvements in market conditions. The value of commodities is cyclical, www.ogsmag.com

â&#x20AC;&#x153;Wealth Minerals assists the socioeconomic growth of the regions in which it is active through good corporate citizenship, community participation and community servicesâ&#x20AC;?

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How rare is gold?

Very rare. There are about 0.005 parts per million in the average rock and 0.005 parts per trillion in seawater. Local ‘anomalies’ or concentrations of gold above these ‘normal background’ levels, contained within geometrically mineable shapes (an ‘ore body’) are what will make a gold mine, if the gold concentration can be mined at a profit. All the gold ever mined in the world would fit in a cube 60 feet on each side, which would easily fit in the space underneath the Eiffel Tower. We are constantly seeking new sources for gold as demand increases. Demand today is primarily ornamental, or used as a hedge against inflation, but its industrial uses continue to grow, from the automotive industry, computer components, CDs, the aerospace industry, to electronics and beyond. These industries use gold in the manufacturing process.

How does Wealth ensure responsible mining?

Wealth Minerals assists the socio-economic growth of the regions in which it is active through good corporate citizenship, community participation and community services. Examples include safety and other training programs, sustainability programs, road building and road maintenance, flood assistance, fair employment policies, and other ethical practices regarding any number of community related issues. All our exploration plans include reclamation and damage control programs as well as plans to protect the environment.

What are your thoughts on gold prices and the overall economy?

The devaluation cycle of currencies and worldwide quantitative easing policies of Central Banks will eventually lead to reduced purchasing power for those currencies. Gold production is a very difficult exercise and has occurred much more slowly than the pace of money

Executive interview creation by the central bankers. Gold is therefore an extremely important asset to preserve value against, and should be a part of every investor’s portfolio.

What is your personal outlook for gold prices?

I have learned over the years that gold prices are cyclical; and I can tell you with absolute certainty that we are not at, or near, the peak of the cycle. As I have stated many times, it is our mandate at Wealth to acquire projects that will make money at today’s gold price. I would “like” to believe that the gold price will rise for all the reasons being touted by gold bugs today;……..the increasing lack of security in fiat currencies; devaluation of currencies through the printing of money; the cost of mining approaching the current value of gold; China’s growing influence in the world economy etc. But that today is speculation; wonderful speculation, but speculation nonetheless. We need to run the company on “What is” rather than on “What might be.”

How does the volatility of gold prices affect you?

Volatility and uncertainty in precious metals has been excessive; as a consequence we have, until recently, felt it wise to sit on the sidelines. The management and directors now feel that this volatility has defined a trend and an opportunity.Today we feel there are great opportunities to acquire projects that are currently undervalued due to the current lack of interest in the precious metals space.

What does the future look like for quality gold juniors like Wealth?

The important word in this question is “quality” gold juniors. Junior mining companies who have the financial capability, proven management skills and industry contacts to enable the acquisition of quality mining projects will do very well. Wealth is in a very exciting phase, laying the foundation for financial success.

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Wireless remote controllers allow miners to operate heavy equipment from a safe distance

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Mobile technology in the mine Mobile technology helps mining companies around the world to improve safety, productivity and efficiency, says Eric Brouillette www.ogsmag.com

ining is a tough business and one of the most dangerous jobs on the planet. Since 2004, for example, 310 miners have died in job-related accidents across the United States, according to figures from the US Department of Labor. Thatâ&#x20AC;&#x2122;s not to mention the thousands of miners who suffer from broken bones, back problems, respiratory illnesses and acute hearing loss from working in tunnels alongside rumbling machinery and giant mining vehicles. While the number of mining fatalities has dropped substantially in the US since the introduction of mine safety regulations, fatalities still occur at a surprising rate in countries like China and Turkey. When it comes to improving safety, productivity and on-the-job efficiencies at mine sites around the world, mobile communications and wireless networks can play a major role.

Data communication is used for process control, ventilation-on-demand, blasting systems, seismic activity monitoring, email and internet connectivity Under normal circumstances, the transmission of radio waves is adversely affected by the small tunnels carved out in mines, and signal performance deteriorates rapidly. The same is true in deep pits. For effective communication however, radio waves must be distributed consistently throughout the mine environment at the surface or underground. Mines need a reliable mobile network that 40

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can maintain consistent radio signalling on massive sites and deep inside tunnels that can stretch as much as four or more miles. The best wireless solution combines conventional two-way radio technology with high-speed data transmission. This allows mining management, supervisors and mine workers to communicate by voice and data, but it also provides consistent, reliable signal strength above and below ground for automated equipment and vehicles. Not only do mobile networks facilitate voice and data communications, they enable automation and wireless remote controllers that can help minimize, if not eliminate, injuries because equipment can be operated by miners from safe distances. Today, data communication is used for process control, ventilation-on-demand, blasting systems, seismic activity monitoring, tagging, email, internet connectivity and other applications. Reliable mobile systems are easy to configure, install and service because they are based on cable television standards. Key features include Wi-Fi access points for reliable, consistent signals for tablets/laptops, smartphones, remote controllers, and other devices, and IP cameras that provide live streaming and real-time images for miners, playing a crucial role in safety and security. Tagging systems enhance safety by identifying miner locations in the event of an emergency and other applications can be enabled by PLC and other automation systems including remote I/ Os for safe-distance control of mining equipment, VOIP telephones (hardwired or wireless) and support for any Ethernet-based application. Another requirement for reliable underground mobile communications is a trustworthy distributed antenna system (DAS), based on the CATV standards. DAS systems use coaxial cable to transport the signal throughout the mine. Splitters are then used to divide the network into branches and to feed antennas or network devices for

Mobile technology in the mine

consistent, reliable wireless service. High frequency 800MHz radio signals propagate better into tunnels than lower frequency VHF signals, and new antennas also are shorter and non-obstructive to mining operations. Omni-directional antennas are installed at

Reliable mobile systems are easy to configure, install and service because they are based on cable television standards

tunnel intersections, and can cover the entire environment through 360 degrees. Directional antennas also cover a single tunnel, but at an increased distance. They are being used for simultaneous voice and data communication, and since the radio coverage is provided by antennas and not by the cable, the cable may be protected using conduits or shotcrete. Amplifiers can also be installed at predetermined distances to boost signals over cable, and they do not require a separate AC power line. New systems can also be configured to operate in a conventional mode or the more powerful trunking, which allows a large number of user groups to share the system and its voice and data channels. Itâ&#x20AC;&#x2122;s also a much more efficient method of using the same infrastructure and, therefore increases system efficiencies. In addition to voice and data communications, a reliable wireless network also enables miners to operate giant and often dangerous equipment from a safe distance through the use of wireless remote controllers. Load haul dump

portable remote control systems (often referred to as LHD) duplicate the manual controls in the cab of the load-hauldump, allowing the operator to direct the equipment from a safer location. They offer up to five digital proportional functions, and provide smooth and precise control of the vehicle in the most demanding environment. Wireless networks can enable the use of handheld remote controllers to safely operate excavators and bulldozers that are used in dangerous conditions such as unstable terrain, blast areas, or in areas at high-risk of falling debris. Remote controllers can also be used to manage all critical vehicle functions, such as ignition, steering, transmission, acceleration, braking, blade control, dump bed control, excavator bucket and boom and other functions without the need for an operatorâ&#x20AC;&#x2122;s physical intervention. Multiple units can share each radio frequency. Video remote control systems can give the operator clear video pictures of the work zone, when he or she is not in visual contact with the equipment. The camera system provides accurate and safe control with up to three highly accurate camera inputs, and can be used with LHDs, bolters, scoop trams, etc, chemical processing, and other applications where direct line of sight is neither feasible nor safe. Operators of vehicles in low-ceiling mines can use video monitor assists, which give them a clear view of the front or the rear of the vehicle. Driven by the transmission, the forward and reverse view is selected automatically. Forward-thinking mining companies are making the change to new mobile technologies to protect miners and improve productivity and efficiency above and below ground. Eric Brouillette is vice president, Wireless Automation Control Solutions, for Laird PLC, a global leader in wireless connectivity for the mining, telecom, automotive, and other industries. www.ogsmag.com

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Investment in mining technology Nez Guevara, senior mining analyst at Timetric, looks into major technology investments in the mining industry and identifies top areas for future investment by region

constant factor throughout the history of mining has been the adoption of new technologies. This has become an issue lately as mining companies face low commodity prices, following a trend away from capital expenditure towards efficiency. However, improvements in technology can also aid in managing costs, improve safety across operations and change the way companies view mineral deposits. Timetric data from over 630 mines across six regions highlights a range of investment priorities in different areas of technology. These regions include North America, Latin America, Australia, Asia, Africa, Europe and the former Soviet Union. Mining companies are planning investments 44

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into areas that cover mine management software and systems, and advancements in vehicle-related technologies. It is interesting to note that the investment intentions of mines differ from region to region. In Africa, the majority of investment is in fatigue management technologies, and shows a strong focus towards employee/operator safety and wellbeing. The North American industry is looking to make improvements in collision avoidance and proximity detection technologies - another safety directed technology - but will also improve equipment utilisation. Operations throughout Asia are looking to invest in high-level mine-management software, namely for scheduling and optimisation purposes. The European

region, which also includes the former Soviet Union, is investing in technologies to handle fleet management and vehicle monitoring, showing a strong inclination towards improving equipment utilisation. Improvements in remote control and machine automation technologies are at the top of the list for the Latin American region. Technologies can greatly aid in improving utilisation and increase safety for operators. The data also shows that mines in Australia have the lowest rate of planned investments, with the highest number of these investments going towards environmental monitoring and emissions management tools. Many factors influence the investments mining companies

make in technology. These include the history of the industry in the region, the age of the equipment used, mine life, environmental constraints and factors regarding the workforce of the industry, among others. This is supported by results that show different mining industries around the world are making investments into different types of technology. Timetricâ&#x20AC;&#x2122;s research can enable suppliers of technology to identify key growth markets for their respective product. http://www.timetric.com/

Send your news to martin@ogsmag.com www.ogsmag.com

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The drachma drama David Blond examines the effects on the Greek economy of an eventual exit from the eurozone

t the time of writing, Greece is still in the euro, but while every new dawn seems to bring a new deal, nobody can be sure it won’t all change again tomorrow. The Greeks should never have joined the euro. Greece is a country whose economy thrives on low wages and sunny beaches on islands steeped in the magic of past glories of Greco-Roman civilization. I’ve modelled tourism flows for years and exchange rates and proximity are often the key reasons for foreign travel on vacation. A weak drachma against a stronger euro would have filled Greek hotel rooms. Even a small difference in relative value would make Germans, Dutch and even French choose Greece over Italy or Spain or Portugal for their holidays. What can they do? The truth is that any change over will be far from easy for the government and the people. What would an exit look like if done right? Or is there a better solution that could be implemented that would protect not just Greece, but the next dominos that will likely fall as a result of a sudden introduction of the drachma, Spain, Portugal and possibly even Italy? A devalued drachma would transfer tourist revenues from these other weak links in the euro chain. A weak exchange rate will encourage exports, making Greece more competitive against these other countries. But introducing the drachma would also limit Greece’s ability to import the necessary products that its economy has become dependent upon. Prices would soar for what did come in. But would that be any worse than the position it is in now? For many years, except two (2012 and 2013), Greece has 48

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been running a negative trade account. Some of the red ink is obviously made up by service exports – tourism and shipping – but in 2014 it balloons to almost $6 billion. The trade account is what people consume every day, including food products. But could Greece find other countries to trade with? One possibility might be to make peace and a trade pact with another country like Turkey, a mortal enemy, but also a country with a strong agricultural sector that might be a good replacement for the higher cost foods coming in under the European Union’s common agricultural policy barrier. Limits on imports will also force Greeks to become more self-sufficient. Imports subtract from GDP, exports add to it; without imports of many products sourced from other European countries, domestic suppliers would have to step up production, and of course tastes will change – French wine goes, Greek ouzo returns. Much of what are considered to be necessities – food and shelter – can be produced at home. In my production models imports tend to reduce domestic production, destroying whole industrial sectors. At the same time a weak drachma may encourage more investments, taking advantage of being within the European Union but paying lower wages when drachma wages are converted into euros or dollars. Of course, it would have been better for the EU if they had been a bit more flexible. If I had been negotiating early on with the Germans and the European Central Bank then I would have asked for the creation of a junior euro, a euro set initially at 85% of the full euro,

and introduced into the other tourism and debt ridden economies of Spain and Portugal. The debts would be paid back at 85% of the full euro with the difference being shared between the banks and the European Central Bank. Greece would sign up for much of the same austerity, but it should have been able to use the weaker currency to make up the difference in trade and service advantages. Every effort would be made to help with the transition but with the goal

A weak drachma against a strong euro would have filled Greek hotel rooms

of reducing, not increasing, poverty, as poverty weakens the domestic economy on which so many people depend (most of the transfers are between consumers and businesses that are primarily local and thus not impacted by outside events until they lead to wholesale collapse of the underlying economy). The Southern euro would be allowed to float within a narrow range over and under the full euro through ECB intervention as necessary. The Phoenix Year â&#x20AC;Ś Greece on Steroids In my debut novel, The Phoenix Year, originally written about forty years ago during the first debt crisis in the developing countries with the sudden increase in the price

of energy due to OPEC, a pact of the dammed was used as a plot device to lead to a deep drop in the stock markets worldwide (one of several known causes of investor panic introduced at the same time). A similar device is used in the updated version of the novel with the same impact. Greece is not the only country with financial and debt problems. Any country without a fully convertible currency today and facing a flat or declining world economy will eventually face these same risks. Low interest rates have pushed more money into overheated equity markets, pushing some to new highs or off-lows. Any sudden panic could turn a recession in the real economy into a disaster in the financial markets. In the novel one of the precursors for the financial disaster is a slowing or even sudden collapse in China, leading to $30 oil and falling prices for minerals. Add to this a trans-Pacific dock strike on both sides of the ocean, with dock workers in Asia unionizing and working in tandem with nominally unruly West coast workers to demand higher wages and you have the seeds of my far-fetched fiction coming true. In the novel the target date is October 2016, so beware!

Dr. David L Blond is President of Quantitative Economic Research International www.ogsmag.com

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Anglo American The diversified miner From humble coal and iron to precious diamonds and platinum, Anglo American provides investors with a balanced portfolio of opportunities

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“Anglo American is the world’s third largest exporter of metallurgical coal”

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Anglo American

Anglo American is a global and diversified mining business that provides the raw materials essential for worldwide economic development and modern life. Its people use the latest technologies to find new resources, plan and build its mines and mine, process, transport and market its products, from bulk commodities and base metals to precious metals and diamonds to customers around the world.

Anglo Americanâ&#x20AC;&#x2122;s diversified portfolio of products spans the economic development cycle and, as a responsible miner, the company works together with key partners and stakeholders to unlock the long-term value that those resources represent, not only for its shareholders, but also for the communities and countries in which it operates. Its mining operations, growth projects and exploration and marketing activities extend across southern Africa, South America, Australia, North America, Asia and Europe. The company was founded in 1917 by Sir Ernest Oppenheimer who had foreseen the potential to invest in gold mining on the East Rand in South Africa and raised ÂŁ1 million of capital from sources in Britain and the United States, hence the company name. Subsequently Anglo American became the largest single shareholder of the now world-famous South African diamond company De Beers, and then invested in the Hudson Bay Mining and Smelting Company in Canada - its first major venture beyond southern Africa. Today, Anglo Americanâ&#x20AC;&#x2122;s stake in De Beers is 85 per cent.

Exploration

In 2014, Anglo American carried out exploration work in 19 countries and has regional exploration teams focused on key mineral belts with central oversight on commodity and project priorities. Its exploration hub offices are situated within commodity businesses so that the company can draw upon shared capabilities as part of a coordinated, collaborative strategy. Its search operations fall into two categories: greenfield exploration to find entirely new resources, and brownfield exploration to identify additional resources close to existing operations. The company benefits from developing and using world-class expertise and leading technologies that have often www.ogsmag.com

been developed in-house. Geological, geochemical, geophysical and remote sensing tools are used to find deposits hidden deep beneath the earth’s surface, and a range of airborne technologies map out regional geological structures, with advanced software to process the data. Before putting a spade in the ground, Anglo American geologists and engineers work together using virtual mine planning systems to design the most effective, cost efficient, environmentally sound construction and operational mine plan. This work can take several years, depending on the complexities of the ore body, the physical environment of the site, its location relative to power and energy supplies and the route to market. Anglo American does not plan solely for the life cycle of the mine, but takes great care to look beyond and determine the rehabilitation of the site and the real benefits that the local communities will continue to benefit from. The technologies it uses to plan and build and rehabilitate minimise its environmental footprint while also safeguarding precious cash resources. As well as creating new products, Anglo American’s processing technologies enable it to reduce waste, save water, increase efficiency, drive innovation and, by adding value to its products, support economic growth in the areas that are mined. Processing begins with removing as much waste as possible, often using huge crushers to reduce the size of the material to help recover the valuable minerals from the ore. The minerals are then concentrated, using a range of processes that depend on the type of ore. For example, the use of gravity separation for coal, which is lighter than the waste rock, while copper can be separated using a flotation process. Having been processed, the often enormous volumes – particularly in the cases of iron ore and coal – are transported to Anglo American’s customers using the latest logistics technologies to co-ordinate and optimise its global shipping needs to deliver on time, every time. From smartphones to life-saving medication, from hybrid vehicles to remarkable jewellery, Anglo American products make all the difference to all of our lives.

Anglo American diverse products Iron ore and manganese: In a world of declining quality iron ore supplies, Anglo American’s iron ore operations are positioned to supply premium products to its customers, helping meet ever-growing demand. It has large, high quality iron 54

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“In 2014 Anglo American delivered the first ore on ship (FOOS) from its Minas-Rio iron ore project in Brazil”

ore resources in South Africa and Brazil. In manganese it has a 40% share in both Samancor Holdings and Tasmanian Electro Metallurgical Company (TEMCO), in South Africa and Australia respectively. Samancor Holdings is the world’s largest producer of manganese ore and among the top global producers of manganese alloy. In South Africa it has a majority share (c.70%) in Kumba Iron Ore, a global leader in the seaborne lump and fine ore markets. The ore is exported via the port of Saldanha Bay to China, Europe, Japan and

South Korea. In Brazil, Anglo American has developed the integrated Minas-Rio operation, which supplies iron ore pellet feed products that boast an unusually high iron content (c.67%), and very low levels of contaminants. During the second half of 2014 Anglo American announced the delivery of first ore on ship (FOOS) from its Minas-Rio iron ore project, within the targeted budget. The first cargo of more than 80,000 tonnes of iron ore for the pellet feed market was destined for

Anglo American

customers in China. Anglo American is now focused on achieving a safe ramp-up to the 26.5 Mtpa capacity over the next 18-20 months and on the regular cycle of license and permit renewal required for a mining operation of this scale in Brazil, as the company moves into operational mode. Coal: Anglo American’s coal portfolio is geographically diverse and well matched to the pattern of growing demand worldwide. The company has high quality

assets producing the particular products its diverse customers need, in both metallurgical coal (for steel manufacture) and thermal coal (for electricity generation). Anglo American is the world’s third largest exporter of metallurgical coal, operating in Australia, Canada, Colombia and South Africa. It wholly owns and operates seven thermal coal mines in South Africa, and holds a 73% shareholding in Inyosi Coal, a broad-based black economic empowerment (BEE) company. Its South

African operations supply both the export and domestic energy markets. From the Richards Bay Coal Terminal, it exports throughout the Atlantic, Mediterranean and Asia-Pacific regions. In Colombia, it has a one-third shareholding in Cerrejón, the country’s largest thermal coal exporter. Anglo American’s coal operations in Australia serve customers throughout Asia and the Indian sub-continent, Europe and South America. The mines are located on the east coast, in well-established locations www.ogsmag.com 55

with direct access to rail and port facilities. In Australia, Anglo American’s flagship metallurgical coal project – Grosvenor – has hit another milestone with the first coal sale loaded on the MV Spring Aeolian bound for India. On 7 February this year, just over 19,000 tonnes of Grosvenor’s coal product was shipped after being transported from the site in Moranbah to Dalrymple Bay Coal Terminal near Mackay, a 195km journey. The Grosvenor product was part of approximately 78,000 tonnes of Moranbah North Hard Coking coal loaded on-board the MV Spring Aeolian which is now on a 22 day voyage to India. This coal sale came about through the Grosvenor team’s outstanding efforts in establishing the underground roadways, conveyors and mining panels as they prepare for the longwall mining machinery installation. Following the recent tunnel boring machine breakthrough, the longwall is expected to be in full mining production in 2016. Copper: Anglo American’s copper business is helping meet high demand across the developing world, which is expected to increase as these new economies mature and their consumers demand copper-dependent products. The company has interests in six copper operations in Chile and produces copper concentrate, copper cathode and associated by-products such as molybdenum and silver. Its aim is to develop and operate long-life, costefficient, socially and environmentally responsible mining operations. In Chile it owns the Mantos Blancos and Mantoverde mines and has a 50.1% interest in Los Bronces and El Soldado mines and the Chagres smelter, which it manages and operates. It also has a 44% share in the Collahuasi mine. In Peru, Anglo American has an 81.9% interest in the Quellaveco project located in the south of the country and a 100% interest in the Michiquillay project in Northern Peru. Urban and industrial growth in China, India and other Asian economies will continue to drive the demand for copper on a large scale. Across all its copper operations, creating lasting value for the host communities is a priority for Anglo American. It won the prestigious ‘More for Chile’ award for its Emerge enterprise development programme, which has supported more than 50,000 jobs in small and medium sized businesses. Nickel: The nickel business is well placed to serve the global stainless steel industry, 56

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“Urban and industrial growth in China, India and other Asian economies continues to drive demand for copper” which depends on nickel and drives demand for it. Anglo American has assets in Brazil, with two ferronickel production sites – Barro Alto and Codemin, in the state of Goiás. The stainless steel industry uses two-thirds of the world’s nickel production and virtually all ferronickel produced each year. The balance is used mainly in the manufacture of alloy steel and other non-ferrous alloys. At Barro Alto and Codemin Anglo American is focusing on ways to improve output and reduce costs, extending the lives of both

operations by making them more efficient. People are the heart of the business and in 2013 it was recognised as one of Brazil’s top 35 companies to start a career with, and one of the 150 best to work for. Niobium: Anglo American is one of the world’s three largest niobium producers, with its operations located in Goiás state, Brazil. With demand tied to the market for high strength and speciality steels set to increase, Anglo American is preparing for continued growth, with its sights set

Anglo American

on becoming the world’s second largest producer of niobium. It mines the majority of niobium ore from the Boa Vista open pit. It is processed in Catalão and Ouvidor and ferroniobium is exported to major steel plants in Europe, North America and Asia. Anglo American has invested $325 million to expand the Boa Vista operation. The Boa Vista Fresh Rock project will increase production capacity to 6,800 tonnes per year once ramp up is completed and is set to make it the second largest producer of

niobium worldwide. The company will also start processing the ore in Catalão, when the project comes on stream. The growth in demand is being driven by China and India and, more moderately, by the US and Japan. Phosphates: Brazil is the world’s fourth largest market for phosphate fertilisers. Anglo American’s phosphates business is based in the agricultural heartland of Brazil and plays a key role in helping to produce the food the world needs. It is an

integrated operation that covers mining phosphate ore, refining it to produce P2O5 concentrate and processing into intermediate and final products. With an almost limitless domestic market (Brazil imports more than half of its phosphate fertilisers), Anglo American will continue to expand its operations, with a focus on low cost, high return projects. It has access to about 15% of Brazil’s known phosphate resources and the Chapadão mine in Ouvidor has some of Brazil’s highest grades of phosphate ore, expected to last www.ogsmag.com

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Anglo American Platinum Improves Asset Performance with iSolutions AMT Software The Mogalakwena mine is the flagship of Anglo American’s Platinum portfolio. Located in the north-western part of South Africa in Mokopane, Limpopo. Mogalakwena represents one of the largest platinum reserves in South Africa having estimated reserves of 264.9 million oz of platinum. The mine produces around 350,000 oz of platinum/year. Over the past two years, Anglo has been on a mission to reduce operating costs and improve equipment availability and utilisation. Significant improvements have already been achieved by implementing a number of business initiatives that have raised productivity and reduced costs, maximising the value delivered from Mogalakwena, with minimal additional capital expenditure. One of the headline initiatives has been the deployment of specialised mining asset management software (AMT) from iSolutions. Anglo estimate that the AMT software initiative will lead to a further 1% improvement in equipment availability, translating to a cost saving of ZAR80m (AUD 8.3 m) per annum. Fully integrated to Anglo’s SAP PM Module, AMT provides dynamic life cycle costing, budgeting and forecasting, condition based maintenance and other analytical services from work order information collected in SAP and conditioning monitoring systems. There have been immediate benefits from deploying AMT. One such benefit is that the Anglo maintenance team have been able to easily identify high risk components and/or overdue maintenance tasks that can be prioritised and actioned to avoid high cost failure events. Besides the short-term gains, AMT will deliver further benefits across multiple timeframes. In the medium term AMT will use specific reliability and performance data to identify and prioritise reliability engineering projects. This will help focus resources to achieve the maximum return on investment. Further, a greater visibility of component change out schedules will allow better inventory optimisation and planning, particularly for large, high value components. The savings are significant. For a mine such as Mogalakwena that has an estimated life of another 40 years, AMT will provide benefits well into the future. Using up-to-date life cycle models to drive mine forecasting and budgeting, AMT will support smarter life-of-mine investment decisions with its ‘what-if’ scenario analysis tools. This includes determining the most economic disposal points to realise the full value of assets at the lowest cost per ton.

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for about 30 years at current production rates. Being located close to where the phosphates are used saves on transport and import taxes and allows the company to respond quickly to its customers. Platinum: New technology and legislation continues to drive demand for platinum in the car industry – both through use of auto catalysts and through increased use of fuel cells. Anglo American provides the world with about 40% of newly mined platinum, making it the leading primary producer of platinum group metals (PGMs). Its operations are located in the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe. With extensive www.ogsmag.com 60

ore reserves, Anglo American is set to remain a leading PGM producer and aims to sustain a competitive and profitable business that supports its communities’ needs over the long term. In South Africa, the company is optimising and reconfiguring its portfolio to create a more profitable, sustainable and socially acceptable company. Once complete, it expects to have operations at Mogalakwena, Tumela, Dishaba, Twickenham (a mine in development) and Der Brochen (a project-phase mine). In Zimbabwe, it owns and operates the Unki platinum mine. Anglo American has joint venture operations at the Modikwa, Mototolo, Kroondal and Bokoni mines in

South Africa and has interests in the Royal Bafokeng Platinum and Pandora mine. It also owns smelting and refining operations in South Africa, which treat concentrates not only from its wholly owned mines, but also from its joint venture partners and third parties. Diamonds: Anglo American owns 85% of De Beers, the world’s leading diamond company, the remaining 15% being owned by the Government of the Republic of Botswana (GRB). Through De Beers and its partners Anglo American produces about a third of the world’s rough diamonds by value, employing more than 20,000 people around the world. Rough

Anglo American

“Anglo American has an 85 per cent stake in De Beers”

diamonds are sold to world-leading diamantaires through Sightholder sales and auction sales operations. Anglo American markets polished diamonds through the ‘Forevermark’ brand and sells finished pieces through De Beers Diamond Jewellers, while it designs, develops and produces industrial diamond supermaterials through its Element Six business. It has diamond mines in four countries: Botswana, Canada, Namibia and South Africa. In Botswana, Anglo American works in partnership with the GRB via a 50:50 mining joint venture, Debswana, with operations including Jwaneng, one of the world’s richest diamond mines.

In Canada, De Beers has operations at Victor in Northern Ontario, at Snap Lake and also has a 51% interest in the Gahcho Kué project in the Northwest Territories. In Namibia, De Beers operates in partnership with the Government of the Republic of Namibia through Namdeb onshore and offshore through Debmarine Namibia. In South Africa, De Beers’ mining takes place through De Beers Consolidated Mines (DBCM) in which its partner, Ponahalo Holdings, has a 26% shareholding. The majority of South African production comes from the Venetia mine, with the balance from the Voorspoed and Kimberley mines.

Sustainability and responsibility

As a responsible miner Anglo American understands that it is a custodian of precious resources. It recognizes the need to work together with its key partners and stakeholders to unlock the long-term value that those resources represent for its shareholders, who own the business, but also for the communities and countries in which it operates. Why? Because it believes that attractive returns are sustainable only if it can also deliver value to society.

World Mining Magazine

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WORLD MINING MAGAZINE

MEDIA PACK 2015-2016 About us: Our reader numbers globally (for both our printed and electronic magazine version: Argentina 2890 Australia 8495 Brazil 3416 Cameroon 905 Canada 3860 Chile 2095 China 4265 Denmark 802 Egypt 1162 Finland 556 France 794 Germany 905 Guinea 1460 Iceland 302 India 1005 Indonesia 202 Italy 306 Japan 815 Kazakstan 3269 Mexico 4906 Netherlands 204 New Zealand 1812 Norway 801 Peru 1309 Poland 952 Romania 1901 Russia 2805 Saudi Arabia 3516 South Africa 9650 Spain 1805 Sweden 250 UAE 2665 UK 1065 Ukraine 690 USA 8190 Vietnam 707 Zimbabwe 2917 Other/unspecified 9401 TOTAL 93050

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