Yukon mine is mothballed as soft copper markets derail planned sale

VANCOUVER — A Vancouver-based mining company says soft copper and equity markets have combined to undermine the sale of its property in central Yukon, so it plans to shut the Minto Mine until a better opportunity is found.Capstone Mining Corp. says in a release that Pembridge Resources has been unable to arrange financing to purchase the copper mine, and the two companies have terminated the agreement announced in February.About 200 employees and contractors will be affected as mining operations are expected to stop almost immediately and milling operations will wrap up as soon as the current ore stockpile is processed.Capstone says only a core team of workers will stay to oversee the site and meet environmental monitoring and legal obligations while the mine is put into temporary care and maintenance.Capstone initially agreed to sell Minto to Pembridge for US$37.5 million, plus working capital adjustments and common shares representing 9.9 per cent of the issued and outstanding shares.Capstone had planned to use the net proceeds primarily to reduce its own outstanding borrowings but president Darren Pylot says keeping Minto in a holding pattern is an option until markets pick up.“The decision to put Minto on care and maintenance while we seek alternatives is to preserve and maximize its value,” Pylot says in the statement Thursday.“The team will ensure Minto can be restarted efficiently and safely once the copper and equity markets improve.”Costs to place the mine on care and maintenance are estimated to be approximately US$5 million in each of 2018 and 2019, with ongoing costs expected to be under US$4 million annually in 2020 and later, the Capstone statement says.Companies mentioned in this article: (TSX:CS) read more

UN mission chief welcomes commitment to ensure accountability for sexual violence in

“I take note of the Communique on Preventing Conflict-Related Sexual Violence issued by Riek Machar on behalf of the Sudan People’s Liberation Movement/Sudan People’s Liberation Army (SPLM/SPLA) in Opposition on 18 December 2014,” said Zainab Hawa Bangura.In a press release issued today, Ms. Bangura said she is “pleased by the commitment expressed by the SPLM/SPLA in Opposition to issue clear orders prohibiting sexual violence through the chain of command, investigate alleged violations in a timely manner, and reinforce their military justice system to ensure accountability for sexual violence crimes.”She also noted that the commitments made in the communique must be reflected in any peace accord in South Sudan to end a conflict that was sparked by a political rivalry between President Salva Kiir and his former Vice-President, Mr. Machar. “Crucially, the Communique also commits to facilitating the monitoring of sexual violence in the framework of the Cessation of Hostilities Agreement, and ensuring that this issue is reflected in specific provisions of any peace agreement including those related to security arrangements and transitional justice mechanisms, and ensuring that those responsible for sexual violence are excluded from amnesty provisions,” Ms. Bangura said. “I encourage SPLM/SPLA in Opposition to translate these commitments into action in order to effectively protect the women, children and men of South Sudan from sexual violence,” she said.South Sudan faces considerable humanitarian challenges, which have increased substantially since the outbreak of violence across the country in mid-December 2013 that has sent nearly 100,000 civilians fleeing to United Nations bases around the country.The crisis has uprooted an estimated 1.9 million people and placed more than 7 million at risk of hunger and disease in the South Sudan, which became the newest country in the world in 2011. read more

Promising bulk sampling results at the Coscuez emerald mine in Colombia

first_imgFura Gems Inc has announces updates and results of its bulk sampling program at the Coscuez emerald project in Boyacá, Colombia. Key highlights:Initiation of a bulk sampling program at Coscuez in March 2018, with an aim to mine from the mineralised body in different levels and workingsIn phase 1 of the sampling, 9,737 t of material were mined6,396 t of mineralized body were identified, with a total of 1,800 t of high-priority mineralised body washed; recovering 12,845 ct of emeralds at 7.14 ct/tThe balance of the low to medium quality emeralds are expected to be washed before the end of the year and the company expects the post-wash blended average to be lower than the 7.14 ct/t recovered to dateOut of the 12,845 ct of emeralds recovered by Fura Gems, there is a good mix of high, medium and lower quality emeralds, which are needed to support the wider demand for Colombian emeraldsIn May 2018, the Company announced the discovery of an exceptional high quality 25.97 ct emerald, the ÄRE EmeraldPhase 2 of the bulk sampling program has been initiated, with a larger size stope, to further define the mineralizationFura Gems has started working on the pilot wash plant design to support the bulk sampling process and completion is expected before the end of the yearThe maiden NI 43 – 101 Mineral Resource Estimate is on track to be released in Q4-2018The company has appointed Mining One Australia to carry out a scoping study to validate the mine plan assumptions and trade-off studies between different mining methods to construct a large underground mine, due to be released in Q4-2018The 2,500 m of diamond core drilling program to delineate the mineralized zone was initiated in June 2018 and is expected to be completed in Q4-2018.Dev Shetty, President & CEO of Fura, commented: “We have significantly progressed our understanding of the emerald mineralization at the mine. Within a short period of six months since the launch of the bulk sampling program, we have gained a comprehensive understanding of the geology, possible mining methods and we have developed a culture of workplace safety. We are now continuing with the next phase of our program with an even greater confidence on our vision of a long term mine plan at Coscuez.”“Through our phase one program, we have found a wide range of quality in our emerald production, including the 25.97 ct ÄRE Emerald. This further proves the potential of the mine and we look forward to confirming this with our maiden NI 43-101 mineral resource estimate at the end of the year.”last_img read more