Top 10 Largest #Gold Mines in South America

Top 10 largest gold mines in South America in 2022 - report

(Kitco News) - Kitco ranked the top 10 largest gold mines in South America in 2022 by production.

1. Paracatu, Brazil. 577 koz. Kinross' Paracatu gold mine is located in Brazil, north of Paracatu city and nearly 230km from the capital city of Brazil, Brasília. Paracatu is the largest gold mine in South America and one of the largest in the world.

3% #Nickel, about 2% #Copper and a little bit less than 1% of #Cobalt: #VoiseysBay 'exquisite,

"Most people don't find something as exquisite as this in their lifetime" 

Mineral deposits at Voisey's Bay 'exquisite,' says geology professor

Terry Roberts · CBC News · Posted: Jun 19, 2018 6:00 AM NT | Last Updated: June 19

5-6 minutes

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Questions about the fate of mining operations at Voisey's Bay over the past year have been replaced by unbridled hope and enthusiasm.

A green light for a multibillion-dollar underground expansion, a lifespan extended by many years, a workforce that will nearly double, and an operation poised to capitalize on what many expect will be an explosion in the demand for electric vehicles in the coming years.

Every nickel explorer's dream

You only need to pick up a metallurgical core sample from Voisey's Bay to understand what all the hype is about, and you don't need to be a geologist to know you're holding something unique.

Many times heavier than a similar-sized rock, these samples were drilled to test the ore body, and the first people to cast their eyes on them were likely very impressed.

Red areas indicate the location of confirmed mineral deposits at Voisey's Bay in Labrador. Underground mining operations are being established at Reid Brook and Eastern Deeps. The famous 'Ovoid' surface mine is expected to be exhausted in four or five years. (Wheaton Precious Metals)

"They probably went out and bought a lot of shares," Wilton joked.

The sample is rich in pentlandite and chalcopyrite. In more simple terms, it's every nickel explorer's dream, and a jaw-dropper if you're looking for copper and cobalt.

"Most people don't find something as exquisite as this in their lifetime," Wilton added.

• Al Chislett, co-discoverer of Voisey's Bay, dies at 69

Voisey's Bay was discovered by prospectors Al Chislett and Chris Verbiski in 1993. They were exploring for a company called Diamond Field Resources. 

Three years later, the discovery was sold to Inco, a Canadian mining company, for $4.3 billion. 

The mine opened in 2005, and a year later Inco was swallowed up in a massive $18.2-billion takeover by Vale, a Brazilian company.

A core sample from Voisey's Bay that was drilled to test the ore body of the Labrador discovery is described by Memorial University earth sciences professor Derek Wilton as 'exquisite.' (Terry Roberts/CBC)

Since mining began, some $15 billion in minerals has been hauled out of the famous Ovoid in northern Labrador, at very low cost.

"Usually in the Canadian context with mining operations it takes 10 years, maybe a little bit more, to pay back the amount of money that you put in there to start the mining operation," said Wilton.

"So apparently they paid this back within two or three years, which is just phenomenal. [That will] give you an idea how rich the ore was."

Going underground

But the surface mine will be exhausted in about four years.

So Vale is going underground, where ore bodies about the same size as the Ovoid have been found. And there's significant upside on the exploration front, with the potential for more expansion in the future.

#Cobalt27 Acquires US$300MM #Cobalt Stream on #Vale’s #VoiseysBay $KBLT

Cobalt 27 and $WPM will provide Vale an aggregate of US$690 million in upfront proceeds for a combined purchase of finished cobalt equal to 75% of Voisey's Bay cobalt production commencing January 1, 2021.

Cobalt 27 ($KBLT) Acquires US$300MM Cobalt Stream on Vale’s Voisey’s Bay Mine Expansion and Announces C$300MM Bought Deal Offering of Common Shares To Fund Stream Acquisition

• Vale will deliver to Cobalt 27, an amount of finished cobalt equal
  to 32.6% of the cobalt production from Voisey’s Bay commencing January
  1, 2021.

• Once an aggregate of approximately 10.8kt (23.8mmlb) of cobalt has
  been delivered to Cobalt 27, which would occur once Voisey's Bay cobalt
  production after January 1, 2021 reaches approximately 33.1kt
  (73.0mmlb), the proportion of cobalt production delivered to Cobalt 27
  will reduce to 16.3%. 

• Cobalt 27 will pay Vale cash consideration of US$300 million upon closing.

• Cobalt 27 will make ongoing payments (the "Ongoing Payments") equal
  to 18% of the Cobalt Reference Price for each pound of cobalt delivered
  under the Cobalt Stream, until Cobalt 27 has recovered the full value
  of the Advance Amount through Vale's deliveries of finished cobalt under
  the Cobalt Stream. After this time, the Ongoing Payments will increase
  to 22% of the Cobalt Reference Price.

See the whole press release here: Cobalt27 Capital Corp. - News Releases

Iron ore in record slide as China demand slows | Reuters

Iron ore in record slide as China demand slows

China's appetite for iron ore has weakened with slowing steel demand from the construction sector, pushing down prices for the steel-making ingredient nearly 30 percent since early September.

Some mills in China have stopped buying iron ore as they curb steel output to cope with the downturn in demand. China buys around two thirds of seaborne cargoes to feed the world's largest steel industry, and is the biggest market for the mining giants Vale (VALE5.SA), Rio Tinto (RIO.AX)(RIO.L) and BHP Billiton (BHP.AX)(BLT.L).

Weak steel demand across Asia cut profits at Japan's two biggest steelmakers -- Nippon Steel Corp (5401.T) and JFE Holdings Inc (5411.T) -- in the fiscal six months to September, and both slashed their full-year outlook.

"Steel mills have started to cut production and have suspended iron ore purchases, while miners keep on producing and delivering spot cargoes, so we see iron ore prices diving these days," said an iron ore buying official with a mid-sized steel mill in south-central China.

Iron ore is loaded into a pile at Fortescue Metals Cloudbreak iron ore mine, about 250km (155 miles) southeast of Port Hedland in Western Australia state, July 25, 2011.

Credit: Reuters/Morag MacKinnon

By Manolo Serapio Jr

SINGAPORE | Wed Oct 26, 2011 8:40am EDT

(Reuters) - Iron ore's steepest ever price slide on Tuesday reflects slowing growth in top consumer China and casts more doubts on Beijing's commodity demand at a time when the outlook for developed economies remains shaky.
China's appetite for iron ore has weakened with slowing steel demand from the construction sector, pushing down prices for the steel-making ingredient nearly 30 percent since early September.
Some mills in China have stopped buying iron ore as they curb steel output to cope with the downturn in demand. China buys around two thirds of seaborne cargoes to feed the world's largest steel industry, and is the biggest market for the mining giants Vale (VALE5.SA), Rio Tinto (RIO.AX)(RIO.L) and BHP Billiton (BHP.AX)(BLT.L).
Weak steel demand across Asia cut profits at Japan's two biggest steelmakers -- Nippon Steel Corp (5401.T) and JFE Holdings Inc (5411.T) -- in the fiscal six months to September, and both slashed their full-year outlook.
JFE said steel prices in Asia will remain stagnant because of slower Chinese demand and larger-than-expected supply from South Korea.