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