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Mining recovery a long way off

THE outlook for the mining sector has reached a new five-year low and confidence levels are likely to take years to recover, according to Newport Consulting's new mining outlook.

Despite some optimism last year, the latest report found mining leaders troubled by falling demand and a tough regulatory environment.

An overwhelming 93% of leaders were not optimistic about their growth prospects for the next 12 months, up more than 50% on last year.

A further 82% were not confident of large-scale projects resuming in the next 12 months, predicting it would take at least 3-5 years for a recovery.

"Mining leaders are telling us they've done all they can to address their business performance, as demonstrated by large cost-cutting exercises and job retrenchments," Newport managing director David Hand said.

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Newmont approves new development

THE board of Newmont Mining has approved the development of the $US1 billion ($A1.07 billion) Merian gold project in Suriname, the first new greenfields gold mine approved by a major in some time.

Capital costs are $900 million to $1 billion with the Suriname government having the option to earn a 25% fully funded ownership stake.

Newmont said it would fund the project through its cash balance and projected cashflow.

The mine is expected to come online in late 2016.

The project will produce 400,000-500,000 ounces of gold per annum at all-in sustaining costs of $750-850 per ounce in the first five years.

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No exploration for Fifth Element

THE quarterly report from mysterious newcomer Fifth Element Resources reveals the company has not carried out any exploration work since listing in May, making its 3880% share price rise all the more intriguing.

The company listed at A20c in May after raising $4.2 million but was suspended this month after its shares rose to $7.96, prompting six price queries from the Australian Securities Exchange.

Fifth Element offered no explanation for the rise and the ASX questioned why it had made no operational announcements since listing.

Today, in its June quarterly, Fifth Element said it had completed no exploration activities on its four New South Wales copper-gold licences.

The company said this month it had engaged SRK Consulting to provide technical oversight, though it was already based out of SRK's offices.

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BHP advances Olympic Dam heap leach

BHP Billiton has submitted documents for a proposed heap leach pilot plant as part of investigations into the expansion of its Olympic Dam uranium-copper mine in South Australia.

The company deferred a $A28 billion expansion of the mine nearly two years ago, but the SA government granted the company a four-year extension of the indenture agreement to October 2016.

It was on the proviso that BHP spent around $650 million during the period on research and community initiatives.

In documents submitted to the federal Department of the Environment, BHP proposes to start construction of a heap leach trial demonstration plant within the boundaries of the current mine in July next year.

"Although still in the planning phase, the demonstration plant is likely to consist of a temporary irrigated heap leach pad containing approximately 36,000 tonnes of material, a temporary crushing facility for supply of material for the heap, ponds for capture of liquor, and associated small processing facilities for treatment of the captured liquor and recovery of residual copper, gold and silver via further downstream processing," BHP said.

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Gindalbie awaits Karara review

GINDALBIE Metals has recorded a steady June quarter and moved into a trading halt pending details on a review of its Karara iron ore project in Western Australia.

The review will detail the value of its 47% stake in the project, which it holds through Karara Mining.

The company said it expected to remain on hold until August 11.

In other updates, Gindalbie produced 930 tonnes of iron ore concentrate from Karara in June, up from the 901t and 829t recorded in previous quarters.

A total 895t was exported on 35 shipments for the three-month period, broadly in line with the 911t and 897t recorded in March and December.

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