Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Diversified mining giant Anglo American (LON: AAL) has began working on a $200-million expansion of its Trend coal mine in northeast British Columbia, hoping the location will help the company win more contracts from steel makers in Asia.
Anglo has budgeted $50-million for the first phase of the multiyear project to boost output of coking coal, a key ingredient in the production of steel. The expansion, named the “Roman Project,” will extend the mine’s life by 16 years, boosting its output from 1.5 million tonnes per year of metallurgical coal to 2.5 million tonnes.
CEO Mark Cutifani said in a statement the project was an important milestone in Anglo’s strategic plans to grow its metallurgical coal output in Canada.
The expansion is happening despite coking coal prices have dropped over 50% in the last two years, to US$147 a tonne.
Anglo American, which wholly owns the B.C. project through its Peace River Coal Inc. subsidiary, also operates six coal mines in Australia.
The company said it expects the second phase of the project to be permitted by the end of this year, and to complete the Roman expansion by the first quarter of 2014.
5 Comments
b gonullu
mining companies need to go into the recycling business. the world economy has stock of recyclable metal sufficient to meet market demand for decades in the form of obsolete transportation vehicles such as cars and trucks and metal associated with consumer trends such as aluminum and copper and zinc. recycle of computer components and electronic equipment yield precious metal. and with a growing trend to use carbon coordinate compounds as an alternative to metal the need to mine for metal ore will be greatly diminished contributing to a cleaner healthier environment. the florida gulf petroleum disaster and the fukushima nuclear disaster have contributed to an increased sensitivity to environmental management. it would be very distressing to see british columbia wasted away for senseless mineral plundering. thank you for the opportunity to comment on issue.
Jones
Not true…The largest commodity traders already have recycling businesses in their sourcing pipeline. If it were that “obvious,” it would have been done already. Nobody would venture deep into the jungle and spend 15 years developing a bulk tonnage copper mine with .30% copper per ton, unless they had to…
Wayne Waters
Why have the Natives gone after Fortune Minerals Coal project, but don’t appear to have any problem with
Wayne Waters
Why have the natives gone after Fortune Minerals Coal project, but don’t appear to have any problem with Anglo Americans Roman Coal project in the same area. Could someone clear this up.
Trent Ernst
Wayne:
The easy answer: This is not the same area. The Arctos Project is happening in Northwestern BC, the Roman project is in Northeastern BC. The watershed affected by the Fortune project is one of the finest salmon fisheries in the world. The watershed affected by the Roman project is Babcock Creek. The Arctos project is happening in the Coast Mountains, the Roman Project is on the Eastern slope of the Rockies. The Arctos project is happening on Tahltan Nation traditional territory, the Roman project on Treaty 8 Nations Traditional Territory. The two mines are about 600 km apart, which is the distance from Paris to Milan. I know it’s still BC, but BC is a big place.