Editor’s Note: Mining Minutes is the latest feature launched by Kitco News to keep our readers up to date on activities in the mining industry. Mining Minutes will provide news briefs on production and investment developments in the mining industry. Kitco News would appreciate any comments on the feature to be sent to mediafeedback@kitco.com
Green Technologies Solutions In Talks With Chery Minerals For New Gold Resources
Friday, October 21, 2011 3:01 PM
An emerging San Jose based gold exploration company; Green Technology Solutions (OTCBB:GTSO.ob), is exploring a strategic partnership with Chery Minerals LLC. Currently Chery Minerals is working on developing new gold resources in Mali, Burkina and Ghana. The strategic partnership will allow for Green Solutions Technologies to secure crucial government and industry contacts in Africa, one of the largest gold producers in the world. Green Solutions Technologies chief executive office, John Shearer says that “Chery Minerals has accumulated a number of small mining operations that are interested in pursuing new opportunities to have their product refined outside of Africa, where options are limited, and GTSO is fully committed to servicing that demand by developing new resources in emerging markets.”
By Cecilia Tulikowski-Denison of Kitco News ctulikowski@kitco.com
Dia Bras Reports Illegal Demonstration At Peru Mine
Friday, October 21, 2011 2:52 PM
Toronto-based Dia Bras reports that an illegal demonstration has occurred at the company’s Yauricocha property in Peru. Dia Bras says the incident resulted in a road blockage that halted access to trucks delivering concentrates to Lima. The company says there also was minor damage when a few of the demonstrators trespassed onto the property. None of Yauricocha’s operations was halted during these demonstrations. The authorities have been alerted and the company expects legal measures will be taken to ensure that order is re-established.
By Cecilia Tulikowski-Denison of Kitco News ctulikowski@kitco.com
The Renard Project, Quebec's First Diamond Mine On Schedule, Updated Feasibility Study Expected Soon: Stornoway
Friday, October 21, 2011 7:30 AM
Stornoway Diamond Corp. (TSX:SWY) reports that construction and production of the Renard Project, Quebec’s first diamond mine, is on schedule for construction to begin in mid-2013 and diamond production in mid-2015. Stornoway is part of the Plan Nord project, announced May 9, which will see mining firms and the Quebec government invest $80 billion over 25 years to mine gold, diamonds, copper, molybdenum, rare-earths, nickel, lithium and uranium in northern Quebec. The Renard Project currently has an indicated resource of 24 million carats, an inferred resource of 17 million carats and a potential mineral deposit ranging between 24-49 million carats, the company says. An updated feasibility study is expected shortly, the company says. Stornoway is expecting to have road access, through the extension of route 167, to the Renard site by mid-2013, the company says. Route 167 leading into the Otish Mountains will have a width of 10.6 meters and maximum speed limit of 70 km/h. It is a $332 million plan to extend route 167 into the Otish Mountains of northern Quebec funded by the government of Quebec and Stornoway. Stornoway is a Canadian-based diamond exploration and development company.
By Alex Létourneau of Kitco News aletourneau@kitco.com
Diamond Market Expected To Expand Towards China, India By 2020: Stornoway
Friday, October 21, 2011 7:30 AM
Stornoway Diamond Corp. (TSX:SWY) says that they expect diamond demand to grow significantly over the next 20 years with the market shifting away from the United States and moving more towards China and India. The baby boomers of China and India are entering the age brackets, which by experience from more developed markets, are the peak years for luxury goods purchases…720 million potential consumers will be aged between 45 and 64 in China and India, the company says. Stornoway is currently developing the first diamond mine in Quebec, under the umbrella of the province’s $80 billion Plan Nord mining project, and believes by the time production begins in 2015, they will be in the middle of significant diamond market growth. “The next ten years will be the most important for us,” says Matthew Manson, president and chief executive officer of Stornoway. “We believe we have the asset and will be positioned nicely by the time the market expands.” Stornoway is a Canadian-based diamond exploration and development company.
By Alex Létourneau of Kitco News aletourneau@kitco.com
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