Regional News - Asia August 2017

Eldorado Provides Update on Kişladağ

Eldorado Gold provided an update on its Kişladağ gold mine in Turkey. A low-grade, bulk-tonnage, open-pit operation that uses heap leach for gold recovery, Kişladağ has been in operation since 2006 and is Turkey’s largest gold mine.

While the mine has placed the expected amount of ore on the leach pad, the gold solution grade and, consequently, gold recovery from the leach pad has recently lagged projections. Recent laboratory and in situ tests where solution chemistry has been adjusted have indicated normal recovery rates are still expected. More time, however, is now required to adjust the overall pad solution chemistry and allow solution to flow through the current stack height of the leach pad, which is at approximately 80 meters (m) at the highest point.

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Macmahon Approves Batu Hijau Transaction

At a general meeting held in Perth on June 9, Macmahon shareholders voted overwhelmingly in favor of a proposed transaction with Indonesian-based mining company PT Amman Mineral Nusa Tenggara (AMNT). The AMNT transaction will see Macmahon awarded a life-of-mine, alliance style contract to provide earthmoving and mining services at AMNT’s Batu Hijau copper-gold mine in Indonesia. Macmahon will acquire existing mobile mining equipment from AMNT and will, in return, issue new shares to a subsidiary of AMNT.

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Centerra Provides Update on Arbitration

An arbitrator has issued an order providing certain interim relief to Centerra Gold in its ongoing arbitration against the Kyrgyz Republic and Kyrgyzaltyn JSC in connection with the Kumtor project. The interim relief, among other things, orders the Kyrgyz Republic to give 30 days’ prior notice to the arbitrator and Centerra in the event of resumption of the claims brought by Kyrgyz government entities in Kyrgyz courts relating to alleged environmental harm, dividends and land use; directs the Kyrgyz Republic to give immediate notice to the arbitrator and Centerra if any procedural action is taken in the Kyrgyz court proceedings; and orders the Kyrgyz Republic to use its best efforts comply with her decision.

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Regional News - Asia July 2017

Amulsar Gold Project Moves Ahead

Lydian International Ltd. recently announced that construction at the company’s 100% owned Amulsar gold project is proceeding as planned. As of May 31, project commitments totaled $213 million. Infrastructure construction power and water are in place, access roads are complete, the construction warehouse has been erected, and detailed design and fabrication of the electrical distribution equipment are in process. Renovations to a local 250-bed hotel used for initial worker accommodations are complete and the 680-bed permanent residence camp is expected to be completed and occupied this summer.

Advancing site earthworks continues to be the priority. Work is complete on both primary site access roads, the Adsorption Desorption Refining plant platform, the construction warehouse platform, and the heap-leach facility temporary sediment dam. Earthworks and construction activities have commenced on the platform for the crushing and screening plant and in other areas at higher elevations.

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Regional News - Asia June 2017

Macmahon Advances Service Agreement for Batu Hijau

Macmahon and PT Amman Mineral Nusa Tenggara (AMNT) have signed a binding agreement for mining services for the Batu Hijau copper-gold mine in Indonesia. The alliance-type agreement exchanges shares of Macmahon for one of the largest mining fleets in Indonesia. The agreement includes cost-plus payments with upside and downside sharing over the 14-year life-of-mine plan with the potential to extend the scope of work to include significant future development options. Macmahon has successfully operated in Indonesia since 2008 with existing projects at Martabe and Lhoknga, and sees this deal as a game changer for the company.

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Freeport Lays Off Striking Grasberg Miners

PT Freeport Indonesia has reportedly laid off striking miners at its Grasberg operation. On May 1, more than 10,000 miners who are represented by the Chemical, Energy and Mines Workers Union (CEMWU) embarked on 30 days of strike action in protest of the company’s furlough policy. Contractors joined the strike on May 9. The company declared the strike illegal, and announced that striking workers would be considered absent without leave. Any worker absent for five days would lose their job. So far, 178 workers have been terminated.

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Regional News - Asia May 2017

Vedanta Completes Cairn Merger

India’s metal and mineral major, Vedanta is awaiting the final nod from central bank, Reserve Bank of India (RBI) to complete the proposed merger with its energy subsidiary, Cairn India Ltd., to create the fourth largest resource company in the world. Vedanta, the Indian subsidiary of London Stock Exchange (LSE) listed Vedanta Plc has secured all approvals from its shareholders and that of Cairn India Ltd. and India’s National Company Law Tribunal to effect the merger. However, the final regulatory clearance from RBI was necessary as the merger would involve issue of fresh non-redeemable preference shares to non-resident minority shareholders of Cairn.

According to a Vedanta statement, the merger would be effective as soon as the approval for issue of non-redeemable preference shares was received from the Indian central bank. “It is just a matter of a very short time that last of the formalities will be completed and the merger process become effective,” a company source said. The revised target date for completion of the merger had been set for April 2017.

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Kingsgate Commences Claim Against Thailand

Kingsgate Consolidated Ltd. will seek a range of remedies, including compensation, from the Thai Government for the measures taken against the Chatree gold mine in violation of the Australia-Thailand Free Trade Agreement (TAFTA). As a first step, Kingsgate notified the Prime Minister of the Kingdom of Thailand that it wishes to engage in consultations as required under TAFTA.

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