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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Regional News - Asia - April 2017

Alamos Sees Potential in Turkey

Alamos Gold has reported positive results from feasibility studies of its Kirazli and Aği Daği gold projects and from a preliminary economic assessment (PEA) of its Çamyurt gold project, all located in Çanakkale province in northwest Turkey. The Kirazli and Aği Daği projects are separated by a distance of about 25 km and will be developed sequentially as stand-alone projects, with Kirazli to be developed first. The Çamyurt project is located approximately 4 km from Aği Daği, and its ore will be processed at the Aği Daği processing facilities after the Aği Daği deposits have been mined out.

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Kumtor Receives Permit to Raise Tailings Dam

Centerra Gold reported that the Kumtor operation, located in the Kyrgyz Republic, has received the necessary permits from the state authorities to raise the tailings dam to the 3,674-meter (m) elevation. The construction permits enable the mine to commence the 3-year construction program to provide adequate tailings storage capacity for Kumtor’s mill tailings deposition from 2021 through the end of 2024. The tailings dam construction in 2017 is the first such construction required to contain the additional 3.6 million oz of gold reserves that resulted from the KS-13 pit expansion.

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Indian Iron Ore Production to Hit 5-year High

India’s iron ore production is expected hit a five-year high at 180 million mt by the close of the current fiscal year (March 31), riding on gains in international prices, a favorable legislative environment and more mines coming back into production. In FY 2010-2011 India produced 207 million mt.

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