Rusoro Mining awarded $1.2bn in damages over Venezuela lawsuit

Rusoro Mining was awarded more than $1.2bn in damages after an arbitration tribunal for the additional facility rules of the World Bank's International Centre for the Settlement of Investment Disputes (ICSID) ruled that Venezuela had unlawfully seized the company's gold mine.

In 2011, Venezuela took over Rusoro’s gold assets investments in the country as part of a nationalisation of the gold industry.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

On 17 July 2012, Rusoro filed its request for arbitration before ICSID under the Canada-Venezuela Bilateral Investment Treaty (BIT).

West Australia releases new guidelines for mine ventilation

The West Australian Department of Mines and Petroleum released a draft code of practice for ventilation at mining operations and is seeking public comments.

The latest code is aimed at providing standards to industry to enable them to protect mining workers from being exposed to dangerous atmospheres during operations.

Furthermore, the draft outlines hazards, roles and responsibilities, as well as planning and management of ventilation.

University of Queensland and Rio Tinto to develop new bauxite processing method

The University of Queensland in Australia joined forces with Rio Tinto to investigate a new technique for accessing bauxite deposits.

The new process will add value to the ore and reduces the mine’s environmental impact.

The process can be used to recover most of the minerals to reduce the environmental impact of mining activity and is also expected to make some bauxite deposits feasible to mine.

Komatsu Australia launches electric-drive haul truck

Komatsu Australia unveiled its new 980E-4 electric-drive haul truck for mining operations.  

The truck has a payload capacity of 362t and is powered by a Komatsu SSDA18V170 Tier 2 engine, which provides a speed of 64km/h in combination with GE Mining’s dual IGBT electric drive system.

The truck can be used to transport iron ore, coal and other resources that require bulk material movement.

Anglo American commissions $762m Gahcho Kué diamond mine in Canada

Anglo American commissioned De Beers's C$1bn ($762m) Gahcho Kué diamond mine in the Northwest Territories of Canada.

The mine is expected to reach full commercial production in Q1 of next year, producing an average of 4.5 million carats per year over its anticipated life of 13 years.

First ore at Gahcho Kué was exposed in March and the commissioning phase introduced it to the processing facility in June this year.

RCR to supply crusher and conveyor system for Rio Tinto’s Silvergrass mine in Australia

Engineering and infrastructure company RCR Tomlinson secured a contract valued more than A$120m ($91.9m) to supply a primary crusher and overland conveyor system for Rio Tinto’s Silvergrass mine in Pilbara, Western Australia.

Under the deal, RCR’s work will include the engineering, procurement, and construction (EPC). However, prior to starting construction during Q4 of this year, Rio Tinto needs to obtain necessary government approvals.

Earlier this month, Rio Tinto said it was moving ahead with its final-phase plans to develop the Silvergrass mine with an investment of A$338m ($259m).

Young Mining’s operations suspended over unpaid environmental security deposits

Australia's New South Wales (NSW) Department of Industry’s Resources Regulator issued a suspension notice to Young Mining over unpaid environmental rehabilitation security deposits.

All mining operations of the company were suspended for a breach of section 378D of the Mining Act relating to the failure to pay these deposits.

The department claimed that the failure is a beach of a condition of the mining company’s authorisation.

Evolution to purchase stake in Glencore's Ernest Henry Mine

Evolution Mining signed an agreement to acquire a stake in Glencore's Ernest Henry Mine (EHM) in Australia in a A$880m ($671.9m) deal.

Under the agreement, Glencore will remain operator of EHM and continue to manage day-to-day operations.

Evolution will purchase a majority stake in the gold output, in addition to copper production from the mine.

CuDeco delivers first shipment of sulphide copper concentrates from Rocklands operations

Australian copper producer CuDeco delivered the first shipment of sulphide copper concentrates from its Rocklands Operations near Cloncurry to the Port of Townsville.

Delivery follows the second shipment of 300t of native copper that was also secured and shipped to the port this week.

The first production of native copper concentrate from Cloncurry project has been sold under an agreement with China Oceanwide International Investment.

Atlas Copco to relocate mining equipment plant in China

Swedish mining equipment manufacturer Atlas Copco announced plans to relocate the operations of one of its mining equipment production facilities within China.

The company’s latest move to relocate operations from Shenyang to Zhangjiakou will result in 225 job cuts.

Atlas Copco’s Shenyang facility primarily manufactures handheld rock drills for mining and construction, while the Zhangjiakou facility produces down-the-hole equipment to drill blast holes, water wells and geothermal energy applications.