For those who want the full story, please follow the links at the bottom of each brief back to MiningNews.net, where the associated coverage has been made directly available for your convenience.

Newmont escalates Batu Hijau dispute

US GOLD giant Newmont Mining has sought international arbitration against the Indonesian government after being unable to secure an export permit for its Batu Hijau copper-gold mine.

Mine operator PT Newmont Nusa Tenggara and its majority shareholder, Dutch entity Nusa Tenggara Partnership BV, are seeking relief from export restrictions that have halted production at the mine and "inflicted hardship and economic loss" on PTNNT's 8000 employees, contractors and other stakeholders.

NTPBV is owned by Newmont and Nusa Tenggara Mining Corporation of Japan.

The partners are arguing that the Indonesian government's new export conditions, new export duty and the January 2017 copper concentrate export ban violates their contract of work (CoW) and the bilateral investment treaty between Indonesia and the Netherlands.

In the filing made with the International Centre for the Settlement of Investment Disputes, PTNNT and NTPBV have requested interim, injunctive relief to allow PTNNT to resume copper exports so that operations can be restarted.

read the full story.

Productivity drive still not working

EARLY efforts to address mining's productivity decline have failed and some cost cutting programs may have made the problem worse, according to an Ernst and Young report.

Looking back at the industry's productivity decline since 2000, EY global mining and metals advisory leader Paul Mitchell said Australia was not alone, with South Africa and US coal also registering big losses.

Mitchell said while many miners had made cost cuts over the past 2-3 years through conventional means, more structural transformations were needed to reverse the trend.

"Making productivity gains isn't as simple as further cost reduction efforts," he said.

"The supercycle lasted for so long it had the impact of altering the DNA of mining companies to adapt the processes, performance measures and culture solely toward growth.

read the full story.

Cash crunch leads to exploration drought

A HIGHER number of junior explorers reduced or ceased exploration in the March quarter due to insufficient funding, according to BDO.

But BDO partner and natural resources specialist Bruce Gordon said the BDO Explorer Quarterly Cash Update showed some bright spots.

"This quarter's update points to a continuation of the tough conditions we've seen over the last year or two for junior explorers," he said.



"The median spend on exploration activity fell 27% from the December 2013 to March 2014 quarters, which is the largest periodic decrease since we started looking at these trends.

"Also concerning is that since the June 2013 quarter, the percentage of companies ceasing exploration expenditure has consistently risen from about 7% to 10%."

read the full story.

Tough times continue for geoscientists

THE latest employment survey from the Australian Institute of Geoscientists has found that while conditions have eased, job prospects in the sector are still dire.

The survey found the unemployment rate among Australia's geoscientists fell to 15.5%, down from the record 18.7% reported in January.

The underemployment rate, however, remained relatively unchanged at 14.9%, compared to 14.8% in January.

While job prospects have improved slightly, the AIG said rates were still well above the levels seen in September 2009 at the height of the global financial crisis.

"We hope that the improvement in unemployment evident between January and June this year is the beginning of a trend but the small size of the improvement recorded and the increase in underemployment amongst self-employed geoscientists is not welcome news," AIG past-president Andrew Waltho said.

read the full story.

MMG secures Las Bambas funding

MELBOURNE-based MMG and its Chinese partners have secured $US6.96 billion ($A7.4 billion) in finance facilities to fund the $5.85 billion acquisition of Glencore's Las Bambas copper project in Peru.

China Development Bank has arranged two syndicated facilities to be provided by it, Industrial and Commercial Bank of China, Bank of China and Export Import Bank of China.

The loans comprise a seven-year facility of up to $970 million with an all-inclusive interest rate not exceeding the London interbank offered rate plus 3.5% per annum; and an 18-year facility of up to $5.99 billion with an all-inclusive interest rate not exceeding LIBOR plus 3.9% per annum.

Repayments will start three years after financial close of the transaction, with the combined gearing ratio of both facilities expected to be around 66%.

MMG's 62.5% share of the equity will be financed through a four-year $2.26 billion loan from MMG's 74% shareholder China Minmetals Non-Ferrous Metals Company (CMN).

read the full story.