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October 15, 2021
Welcome back to your weekly mining news recap, where we catch you up on some of the news you may have missed. This week’s headlines include analyzing froth-flotation management, Komoa-Kakula proceeding ahead of schedule and cleaner steel production.
Turquoise Hill Resources says it needs an extra US$1.2 billion for the underground development of its Mongolian Oyu Tolgoi copper mine, on top of the US$2.4 billion figure estimated last July, as reported by Mining.com. Total estimated costs for the project have increased to near $8 billion. Rio Tinto, the mine’s operator, has also released its third-quarter production results, reporting that the first sustainable production of Oyu Tolgoi has been push back from October 2022 to January 2023.
The latest pre-feasibility study for Newcrest Mining’s joint venture in British Columbia, Red Chris, shows its potential to become a tier-one leading gold-copper resource. The study estimated a 31-year mine life for Red Chris, with a proven and probable ore reserve estimate of 8.1 million ounces of gold and 2.2 million tonnes of copper from 480 million tonnes graded at 0.52 grams per tonne gold and 0.45 per cent copper. The study is the first since Newcrest acquired its 70-per cent stake in the mine in August 2019 from its joint venture partner, Imperial Metals.
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