In a news release (click here) of January 21 (two days ago) Lundin Mining announces its 2015 Production Results and provides 2016 Operating and Capital Guidance.
Lundin Mining Corporation (TSX:LUN)(OMX:LUMI)
Lundin Mining is a diversified base metals mining company with operations and projects in Chile, Portugal, Sweden, Spain and the U.S.A producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland. (from Lundin’s website)
Mr. Paul Conibear, President and CEO commented: “The Company finished 2015 on a strong note and achieved or exceeded annual production guidance at each operation. In light of the current commodity price environment our operating and capital investment activities will continue to focus on financial flexibility and maximizing cash flows in order to preserve the Company’s strong balance sheet.” (from the news release)
Lundin’s 2015 production results compared to the latest guidance
Lundin’s 2016 Production and Cost Guidance
The USGS is an invaluable source of knowledge and information on economic geology (and on most Geology branches, in fact). I have just come across one of their publications; in this case, on VMS deposits – an important source of precious and basic metals (in the world and in Portugal – in our case, for over two millennia). Enjoy: Volcanogenic Massive Sulfide Occurrence Model.
With plummeting oil prices and an oil based economy, the Angolan currency has further lost its value, now with a street value of 350 kwanza (AOA) for one dollar (USD). The informal (street) value is now half of the official rate (itself well bellow last year’s value).
The challenges for the Angolan Government are always big in a country needing growth and stability; now they have become bigger, with inflation and loss of fiscal revenues. Notwithstanding the difficulties, Angola never lost its optimism even in (much more) difficult times – with creativity and hard work this will be only a temporary crisis.
I have had some involvement with mineral projects in Mozambique; I follow with attention news, especially on tantalum, diamonds – Diamonds discovered in Mozambique – Mustang Resources’ Save Project, coal – and rubies – Montepuez’ GEMFIELDS rubi mine – newest updates on the world’s single largest ruby and corundum deposit.
I have just came across an excellent GIA field report on the Mozambican Montepuez ruby mine, originally published at the 2015 Spring issue of GEMS & GEMOLOGY.
A team of petrologists and crystallographers from Canada and Japan have discovered maruyamaite, the first tourmaline species that is both diamond-bearing and potassium dominant.
Maruyamaite was found in northern Kazakhstan and is named in honor of Shigenori Maruyama, professor in the Earth-Life Science Institute at the Tokyo Institute of Technology. Maruyama led the project which unraveled the manner in which the ultra-high pressure rocks were formed.
The petrologist Darrell Henry – from the Louisiana State University and one of the team members, said that “Normally, tourmaline contains very little potassium, but the unusual high-pressure environment and potassium-rich melts that these rocks have experienced contribute to the formation of this unusual species,”. He added that the discovery of diamond in tourmaline shows that the species can develop at extreme pressure conditions in the crust of the earth where two continents have collided to push near-surface rocks to depths of more than 80 miles.
No, no valuable diamond deposits expected; “only” more knowledge about Earth processes and the curiosity that two gem minerals (tourmaline and diamond) occur together in exotic geologic terrains. You may read more (or differently) at LSU website. An article detailing this finding will appear in the upcoming issue of American Mineralogist.
Neil Adams, an international reference in Judo (and a gentleman by the way), has just launched an website for those involved in Judo training and practice. Enjoy at http://effectivejudo.com/essential-judo/.
Neil Adams, uma referência internacional no Judo, acaba de lançar um novo website dirigido a treinadores e atletas de Judo. Aproveitemos mais este recurso em http://effectivejudo.com/essential-judo/.
The World Gold Council just published their review of gold’s performance during 2015, examining the factors that may influence gold in 2016.
According to the World Gold Council’s report, the effect that US rates have had on the gold price is overdone and may take a back seat in 2016. Amid expensive stock valuations and high market risks, gold’s role as a portfolio diversifier and tail risk hedge is particularly relevant.
Their report is available here or at their website.