NMDC to Develop New Iron Ore Reserves

After a six-year wait, India’s largest iron ore miner, NMDC Ltd., has gained access to new iron ore reserves in the central Indian province of Chhattisgarh, an official in the ministry of mines said. The deposit covers approximately 317 ha and is known as Bailadila 13, containing proven reserves of about 300 million metric tons (mt).

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Vale Indonesia Agrees to a Further 20% Divestiture of Shares

The government of Indonesia and PT Vale Indonesia signed an amendment to Vale’s Contract of Work (CoW) on October 17, marking the conclusion of a renegotiation process required by Indonesia’s 2009 Mining Law. The amendment includes a requirement for PT Vale to divest a further 20% of its shares to Indonesian participants. This is consistent with a government requirement that 40% of shares of integrated mining and processing companies be held by Indonesian participants and recognizes that 20% of PT Vale’s shares are currently owned by public floating shareholders through the Indonesia Stock Exchange. The process of divestment will be conducted within five years.

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Agata DSO Project Starts Shipping

TVI Pacific reported that the Agata nickel project in northern Mindanao, the Philippines, has initiated shipments of high-iron/low-nickel direct shipping ore (DSO). A total of 54,181 wet metric tons (wmt) of limonite ore containing 0.70% nickel and 49% iron left the port of Payong-Payong in Agusan del Norte, Mindanao, on October 19, in accordance with an off-take arrangement with Tewoo Hoperay (Singapore) Pte. Ltd.

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Didipio's Underground Development Plan Rescheduled

OceanaGold Corp. has announced preliminary results from an ongoing optimization study of its Didipio gold-copper operations on Luzon island in the Philippines. Oceana currently operates an open-pit mine and concentrator at Didipio that produced 45,266 oz of gold and 11,185 mt of copper in concentrate during the first half of 2014.

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