Wagner Group linked to $2.5 billion in illicit gold trading – report
Globally, artisanal and small-scale gold mining accounts for about 20% of annual gold production.
Bathurst Resources (ASX:BRL) said Monday it has began initial work at its Escarpment coal mine on the Denniston Plateau near Westport, New Zealand.
The move comes after the company said earlier in the year it was postponing production ramp up at the mine as a result of low coal prices.
Work in a first phase will be slow, said the company.
“The intention is to prepare the site to a point where we can quickly ramp up to steady state mining when the price of export coking coal recovers,” the miner’s managing director Hamish Bohannan said.
The company said that a small team of workers is now engaged full time on site, fences and signage have been erected.
Additionally, current activities are paving way for coal storage, site infrastructure and initial earthworks for the installation of water management systems.
Bathurst plans to conduct further preliminary site works at the mine. However it warned full development of the mine site will be deferred until international coking coal prices improve.
Aussie coal miners hit hardest
Coal prices have fallen by at least 30% in the past two years, forcing miners to take drastic measures.
In March, mining and commodity trader giant Glencore Xstrata (LON:GLEN) said it will close its Ravensworth underground coal mine, also in Australia’s Hunter Valley, in September this year, citing falling prices and stock surplus as main reasons.
BHP Billiton, which through its partnership with Mitsubishi Corp. is the world’s largest coking-coal exporter, has also closed several mines recently, including its Norwich Park and Gregory operations in eastern Australia because of weak prices.
The Australian economy is highly dependent on the black rock: coal is Australia’s second-biggest export commodity and the industry is one of the country’s largest employers.
The ANZ bank said earlier this month it expects between 50,000 and 75,000 mining jobs to be lost in Australia over the next couple of years as the industry’s US$427 billion (A$450bn) investment on new capacity slows.
Comments
JGI
Bathurst Resources should pack their bags and return to Perth. The world does not need another open cast coal mine. The Denniston Plateau with it’s unique sandstone on which thrives a very biodiverse range of wildlife, wetlands, flora and fauna should not be destroyed. The Stockton Plateau (the only other plateau like the Denniston Plateau) has already been destroyed by open cast coal mining. Incidently Solid Energy has made miners redundant recently, surely this is a sign all is not and will not be right for coking coal prices now or in the future. No amount of remediation will repair the crushed sandstone and bring back the plateau’s unique wetlands, wildlife, flora and fauna. Incidently the National government proclaimed loudly that Bathurst will pay $22 million dolllars for the priviledge of destroying the Dennniston Plateau, which is conservation land, therefore owned by the public of New Zealand. Our government has already given Bathurst extra time to pay, my biggest fear is the only untouched sandstonee plateau will be destroyed needlessly as the expected boom never comes and Bathurst will leave a shattered plateau as their legacy when they go bust.