- Published: Tuesday, 16 May 2017 16:05
- Written by Misty Valverde
Ivanhoe Starts Work on Shaft 2 at Platreef
Ivanhoe Mines is initiating early-works construction for Shaft 2 at the Platreef platinum-group-metals, nickel, copper, and gold project on the Northern Limb of South Africa’s Bushveld Igneous Complex. Ivanhoe owns 64% of the project through its subsidiary, Ivanplats, and is directing all mine development work.
The early-works program includes excavation of a surface box cut to a depth of approximately 29 m below surface and construction of the concrete foundation for the 103-m-tall concrete headframe that will house the shaft’s permanent hoisting facilities.
Ivanhoe expects the early-works construction to take approximately 12 months to complete. Cost of the work is estimated at R70 million ($5.5 million).
Bristow: Gold is Heading for a Supply Cliff
Gold production is heading for a ‘supply cliff’ because of a chronic lack of exploration, says Randgold CEO Mark Bristow. He told E&MJ that the search for fresh deposits had fallen to almost nothing. “There has been a complete lack of investment in exploration and we are headed for a supply cliff. If any new demand over what is currently experienced were to occur, it will drive the price,” he said.
Bristow is arguably one of the most successful gold bosses right now. He has turned London based but Africa-focused Randgold into a $7 billion company, and is the only gold producer in the Ftse 100 index. Randgold has built, financed and operates five gold mines in Africa — Loulo, Gounkoto and Morila in Mal; Tongon in Côte d’Ivoire and Kibali in the Democratic Republic of Congo. The company also has a major project at Massawa in Senegal and a portfolio of exploration projects in the most prospective gold belts of West and Central Africa.
Kimberley Court Issues Liquidation Order to Rockwell Diamonds
A judge in Kimberley, South Africa, during late March, issued an interim liquidation order against three subsidiaries of Rockwell Diamonds: Rockwell Resources RSA (Pty) Ltd., HC van Wyk Diamonds Ltd and the Saxendrift Mine. Interim liquidators have been appointed by the Master of the High Court, in accordance with requisitions by the major creditors. However, in view of further filings by Rockwell, they will not take control of the three companies, which remain in operation. Rockwell, an alluvial diamond miner, is known for producing large, high quality gemstones.