Recent News
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Newmont Mining and Boddington Gold Mine.
US gold mining giant Newmont Mining Corporation has produced its first gold and copper concentrate at its new USD 2.9 billion Boddington mine in Western Australia’s South West. The company expects Boddington will be Australia's largest gold producer, surpassing the Super Pit at Kalgoorlie, an equal joint venture between Newmont Australia and Barrick Gold Corporation.
Newmont Mining Corporation announced on 30th September, 2009 its first gold pour at its Boddington mine in Western Australia. In addition, the Company has trucked its first shipment of copper concentrate from the mine to the port in Bunbury, WA.
At full production, Boddington will be Australia's largest gold mine and is expected to produce approximately one million ounces a year for the first full five years with costs applicable to sales of about US$300 per ounce (including copper credits).
"The first gold pour is a significant milestone and an exciting time for our Company," said Richard O'Brien, President and Chief Executive Officer. "As we look to the future, the world-class Boddington gold mine will prove to be a cornerstone asset, providing a stable production base for many years. I am proud of the Company's ongoing commitment and hard work, and am especially grateful for the efforts of our development team for completing this state-of-the-art facility while maintaining our industry leading safety performance."
Newmont Boddington Gold is a large, open pit mine in Western Australia located 130 kilometers southeast of Perth within the Saddleback Greenstone Belt. Newmont believes Boddington has significant exploration potential, with gold reserves increasing from 16.6 million ounces in 2007 to 20.1 million ounces in 2008 (on a 100% basis) and an expected mine life in excess of 24 years.
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The Gorgon Project
The recently announced new Gorgon Project, planned for off the North West coast of WA ,according to "The West Australian" newspaper (19th August, 2009) will create an expected 3,500 permanent jobs and up to 10,000 jobs during its construction stage.
According to The West Australian (19th August, 2009) the Gorgon Project is Australia's "biggest-ever trade deal with a $50 billion contract to supply China with liquefied natural gas."
A Joint Media Release by the Prime Minister, Mr Kevin Rudd and Minister for Resources and Energy, Martin Ferguson AM MP stated on the 14th September, 2009…
" The Australian Government welcomes the jobs, export earnings, and global greenhouse gas abatement which will flow from today's Final Investment Decision of the Gorgon Joint Venture Partners.
The Minister for Resources and Energy, Martin Ferguson AM MP, today represented the Australian Government at a ceremony in Perth to mark the decision to proceed with the project.
The Gorgon Liquefied Natural Gas (LNG) project off Australia's north-west coast is being undertaken by a joint venture partnership consisting of Chevron (50% and operator), ExxonMobil (25%) and Shell (25%).
The Gorgon investment will be Australia's largest-ever resources development and is expected to generate $300 billion in Australian export earnings.
The project is expected to support 10,000 direct and indirect jobs in the peak construction phase and 3,500 direct and indirect jobs throughout the life of the project. $33 billion in goods and services is expected to be purchased in Australia for the project and Government revenue of $40 billion is anticipated.
Importantly, the Gorgon project will also be the world's biggest CO2 geological storage project. The Australian Government last month announced its decision to jointly accept - with the Western Australian Government - long-term liability arising from the storage, clearing the way for today's Final Investment Decision.
The environmental benefits of the Gorgon project will however be more far-reaching. Every ton of CO2 generated producing LNG in Australia reduces four tons of CO2 in Japan, and nine tons of CO2 in China, when used in place of coal for electricity generation.
Gorgon will help to stimulate Australia's economic growth and provide energy security for many decades. According to ACIL Tasman, over the first 30 years the project is expected to boost Australia's GDP by A$65 billion (NPV). "
- China Australia Business Magazine.
Check out the recently published "China Australia Business" magazine which is on online resource for investment and trade between China and Australia. It is the companion web site to the magazine China Australia Business, an annual publication published by Palamedia with the Australia China Business Council. China Australia Business is published in English and Chinese. Visit the website at: http://www.chinaaustraliabusiness.net/ It is an excellant source of information about Australia and individual States and we are proud to be advertising in such a professional magazine at page 47.