BHP posts second straight year of record iron ore production, beats estimates
The world's largest listed miner said iron ore output from Western Australia on a 100% basis was 76.8 million tonnes in the three months to June 30.
Japanese conglomerate Mitsubishi Corp will pay $81.25 million to acquire a 25% ownership in the Marathon PGM and copper project owned by Stillwater Mining.
Mitsubishi will also front a $13.6 millon cash payment for developing the project located near Marathon, Ontario. The proposed open-pit mine is currently undergoing environmental assessment and permitting. Stillwater says the mine would produce about 200,000 ounces of PGMs (mostly palladium) and 37 million pounds of copper per year over a mine life of about 11.5 years.
Stillwater Chairman and CEO Frank McAllister said having the support of Mitsubishi, which will be responsible for its 25% share of operating, capital and exploration expenditures on the property, will allow Stillwater to grow its PGM production by 30% and add copper to its portfolio of metals. “Mitsubishi’s relationship with project financing sources, particularly in Japan, should also greatly benefit the project economics,” he said.
Stillwater, which purchased Peregrine Metals last year for $451m, will also give Mitsubishi the option to purchase 100% of Marathon’s production of PGMs.
The capital costs of the project are estimated at $550-650 million; if the mine is approved, production is slated for 2016.
Stillwater Mining Company (NYSE:SWC/TSX:SWC.U) is the only U.S. producer of palladium and platinum and the largest primary producer of platinum group metals outside of South Africa and the Russian Federation.
Palladium is mostly used in autocatalysts, along with electronics, dentistry, jewellery, and a host of other uses.
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garage equipment
Not only is the car great looking, but what the writer forgot to mention is Mitsubishi offers a 5 year 60k mile bumper to bumper and 10 yr 100kmi powertrain warranty. (Reason Being..their stuff dosent break) I have had three Mitsu’s in the last ten years. Love them!