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Edition 2, 2014

State of the Market:


Mining and Finance Report
Expert review of all aspects of the industry, recent performance
and quarterly outlook
Special reports in this edition
Mining above 60N
Cash Costs for Base Metals Mining
Regional Activity
02 www.SNL.com/Metals Edition 2, 2014
Hinde Sight 03
Market for Mining 04
Exploration 07
Assay Share-Price Alert 11
Metals Production Outlook 12
Mergers and Acquisitions 16
Mining Finance 18
Special Reports:
Mining above 60N 20
Cash Costs for Base Metals Mining 39
Regional Activity 41
Contents
STATE OF THE MARKET: MINING AND FINANCE REPORT
Report is published by
SNL Metals & Mining
PRODUCTION
Roxanne Daniel
SNL Metals & Mining
7 Birchin Lane
London, EC3V 9BW
Tel: +44 (0)20 7398 1825
Website: www.SNL.com/Metals
Contact
Chris Hinde
Director, Reports
Email: chinde@snl.com
Michelle Mowdy
Marketing Manager
Email: mmowdy@snl.com
CONTRIBUTORS
sa Borssn
Rovino Chaudhary
Masuma Farooki
Narelle Gardiner
Chris Hinde
Glen Jones
Viktoriya Larsson
Janaka Ratanayake
This report is supplied on a condential basis for the subscriber's use only. The contents must not be disclosed to third parties and it must not
be copied in whole or in part without the prior written permission of SNL Metals & Mining. Photocopying and electronic forwarding is prohibited.
Copyright 2014 SNL Metals & Mining.
03 www.SNL.com/Metals Edition 2, 2014
IRON-ORE PRICES* (US$/t)
There is a rush of companies debuting on the worlds
stock exchanges. By the end of March, global initial
public offerings already exceeded US$40 billion,
which is twice the level of the first quarter last year.
Thompson Reuters reports that European IPOs have
tripled so far this year.
This IPO revival in the general market is a welcome
sign of increased risk-taking and of financial markets
again functioning efficiently after almost seven years
of crisis. However, as the Financial Times warned,
most of this activity is from bigger companies, bankers
and financiers, rather than from the smaller companies
that will provide the economic growth of the future.
A broader worry is that the IPO market does not
serve the smallest companies. While volumes are near
record highs, the number of IPOs is on a long-term
downward trend, which means that the average
offering size is rising.
Meanwhile, investment banks malaise about the
mining sector is worsening amid rising political and
regulatory pressure on the financial community to
retreat to their core businesses. In the US, the Federal
Reserve has questioned whether banks should be
allowed to handle physical commodities. In Europe,
Basel III requires banks to maintain bigger capital
cushions, which can act as a drag on profit in volatile
markets, such as commodities.
The single greatest driver, however, is probably the
low, and stable, prices for many commodities. The
Coalition consultancy estimates that the revenues of
the top-ten banks in commodities fell from US$14.1
billion in 2008 to US$4.5 billion last year.
The trickle of financial houses leaving the sector has
become a flood. JPMorgan Chase is selling its physical
commodities business to Mercuria, the Geneva-based
trading house, for US$3.5 billion. Deutsche Bank,
Morgan Stanley, UBS and Royal Bank of Scotland are
all scaling back their presence in commodities, and
Barclays recently confirmed plans to pull out of
commodity trading.
The combination of investment banks falling out
of love with commodities, and IPOs not serving the
smaller companies, is worrying for junior exploration
and mining companies. This is reflected in the
lacklustre US$7.0 billion raised in the March
quarter, with only US$1.6 billion of this earmarked
for explorers.
As we explain on p7 and p18, the data for the
December quarter has been updated to reflect late
reporting (data for the State of the Market reports is
collected in the middle of the month following a
calendar quarter). Even on a like-for-like basis, ie
taking the apparent December quarter funding when
the previous SOTM was published at the end of
January (US$6.2 billion, cf the restated US$9.8
billion), there has been no real improvement in the
amount raised by mining companies.
The latest available data suggests that the
industrys cash holdings at the end of December
(this information is always a quarter in arrears) was
over US$108 billion. This compares favourably with
the US$66 billion reported in the previous SOTM
report for the September quarter (but is down on the
revised total of almost US$112 billion).
The industrys lacklustre funding position, and dull
metals prices, are illustrated by the continued decline
in exploration drilling and new resources-reserves, as
reported on p7-10. The global economy might have
turned the financial corner but this is not yet true for
the mining sector.
Funding remains a problem for the mining industry,
especially for explorers
COPPER PRICES (US$/t)
COAL PRICES* (US$/t)
GOLD PRICES (US$/oz)
Hinde Sight
* Australian thermal coal,
(12,000btu/lb, under 1% sulphur, 14% ash,
FOB Newcastle/Port Kembla)
* 62% Fe, Fines, CFR Tianjin
1,200
1,300
1,400
1,500
1,600
1,700
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2013 2014
6,000
6,500
7,000
7,500
8,000
8,500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2013 2014
100
110
120
130
140
150
160
170
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2013 2014
70
75
80
85
90
95
100
105
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
2013 2014
04 www.SNL.com/Metals Edition 2, 2014
Market for Mining
Metals markets remain dull, but stable, in the face
of a sluggish world economy
The International Monetary Fund predicted recently
that the cost of borrowing in the global economy is
likely to remain low long after the recovery gathers
pace. Research by the IMF showed that there were
no compelling reasons to expect real interest rates
will quickly return to the average level of 2% observed
during the mid-2000s.
The forecast that money will remain cheap should
encourage borrowers, including governments, to
increase their levels of debt, and boost business and
infrastructure development. This is encouraging for
longer-term metals consumption but the short-term
outlook for the mining industry is gloomy.
Metals price forecasts remain centred on the
Chinese economy. Unfortunately, data for March
showed that first quarter growth declined, although
the rate was slightly ahead of expectations. Year-on-
year GDP growth in China eased from 7.7% in the
December quarter last year to 7.4% in the quarter
just ended.
In a recent Market Report, independent analyst Ted
Arnold noted that the countrys quarter-on-quarter
growth was only 1.4%, the slowest level since the first
quarter two years ago. However, March industrial
production growth improved from 8.6% year-on-year
to 8.8% (although 9.0% had been expected).
The Financial Times reported in April that the main
reason for the Chinese slowdown during the first
quarter was a slump in fixed asset investment, which
has been the biggest driver of the Chinese economy.
In the first three months of the year, investment grew
at the slowest pace since late 2002. However, Premier
Li Keqiang reiterated that his government will not
resort to short-term stimulus measures in the face
of what he described as temporary fluctuations
in growth.
The relative slide was attributed largely to declining
real estate investment, and this situation is certain to
get worse in the coming months as new housing floor
space under construction contracted 27% in the
first quarter.
It seems likely that the biggest downside risk for
growth will come from property, and analysts warn that
the fate of Chinas overheated real estate market is
absolutely critical to the health of the overall economy.
Real estate construction directly accounted for 16%
of GDP in 2013, according to estimates from Nomura.
At that level, China is approaching a dependence on
property last seen in Ireland and Spain before the
bursting of their financial bubbles.
The Financial Times noted that many of the
industries already suffering from severe overcapacity
in China, such as steel, cement and glass, are heavily
indebted and reliant on continued rapid growth in
property construction for their survival.
Land sales and property-related taxes accounted
for 38% of total government revenue in 2013,
and heavily indebted local governments have
used highly priced land as collateral for the vast
majority of their loans. A property crash would
not only lead to collapsing growth in the worlds
second-largest economy, and largest commodity
consumer, but would also have a huge impact on
Chinese households, which have an estimated
two-thirds of their assets tied up in real estate.
Nevertheless, there is widespread expectation
that Chinese growth will pick up during the
current quarter thanks to the recovery in exports,
accelerated investment approvals and improved
fund disbursements. This has already led to
a rebound in infrastructure investment.
OTHER ECONOMIES
US monetary policy remains accommodative but is
becoming less so. This trend is buoyed by economic
data for March that has indicated a moderate rebound
from the weather-impacted data in January and
February. Nevertheless, growth in the first quarter was
weak, and GDP seems likely to have grown by only
about 1% (the countrys preliminary first quarter GDP
estimate is scheduled to be released on April 30).
Second-quarter GDP growth estimates in the US
FIVE-YEAR PRICES
Left scale: Coal (US$/t) Iron ore (62% Fe, Fines, CFR Tianjin; US$/t)
Right scale: Copper (US$/t)
2,750
3,750
4,750
5,750
6,750
7,750
8,750
9,750
10,750
50
70
90
110
130
150
170
190
210
2010 2011 2012 2013
Left scale: Nickel (US$/t)
Right scale: Gold (US$/oz) Aluminium (US$/t) Zinc (US$/t)
800
1,800
2,800
3,800
5,000
0
10,000
15,000
20,000
25,000
30,000
2010 2011 2012 2013
05 www.SNL.com/Metals Edition 2, 2014
range up to 3.6%, and the chair of the Federal
Reserve, Janet Yellen, said in mid-April that the
economy was making very meaningful progress,
adding it was quite plausible that the country would
be back to near full employment by the end of 2016.
In one of her first big speeches as Fed chair, Ms Yellen
cleared up market confusion caused by her March
press conference, when she appeared to suggest that
interest rates could rise as early as Spring 2015.
Instead, she made clear that the timing of a first Fed
rate rise depended entirely on progress in raising
employment and inflation.
Analysts agree that the US Central Bank will
probably only start raising benchmark interest rates,
which it has kept near zero since December 2008,
when it is satisfied with the health of the national
labour market. The Fed is expected to conclude its
monthly bond-buying programme later this year, and
most economists expect the first interest rate hike
will be in the second half of 2015.
Ms Yellen noted that the recovery had continued
from 2010 to 2012, despite shocks from the Eurozone
and fiscal tightening in the US but only, she said,
because the Fed was willing to provide extra stimulus
via asset purchases. She argued that was still the
case, saying that the Federal Open Market Committee
stands ready to adjust the pace of purchases as
warranted should the outlook change materially.
In the Eurozone, the European Central Bank has
so far resisted measures to increase monetary
accommodation but is reported to be working on
ways to accomplish effective financial easing. The
ECB is aware that a further rise in the Euro will be
counterproductive to European growth but its mandate
is to preserve the value of the Euro and the bank will
not want unduly to undermine Europes currency.
In Australia, JP Morgan chief economist Stephen
Walters says that falling business investment will be a
significant drag on the countrys economic growth. He
noted mining companies continue to scale back their
spending intentions, albeit more quickly than we had
anticipated, while those outside the mining sector are
treading water, at best.
BASE METALS SCENE
Commodity markets can be categorised as dull, and
many higher-cost mines are coming under pressure.
In copper, an Australian bank recently concluded that
around 10% of Chinese mine production would be
unprofitable at prices of under US$6,800/t. However,
the same research note argued that the incoming
surplus supports our view that any gains would be
capped at close to US$7,000/t.
Funds and futures traders are reported to be
unexcited by the prospect of sluggish copper price
movements for the remainder of the year. Most see
better opportunities in other metals, particularly nickel
and tin, and Mr Arnold reports that many planned to
short or reduce their activity in copper this year.
Goldman Sachs notes that China has up to US$160
billion of loans that use commodities as collateral but,
for the moment, the weak copper price, the growing
mined supply and insipid demand are at the forefront
of miners concerns.
Sentiment is turning increasingly bullish on
aluminium. Good technical support exists at around
US$1,820/t (basis three months), and a number of
funds are reported to be looking to establish long
positions when those levels are reached.
The aluminium market is very liquid, and the
fundamentals are beginning to improve on the back of
production cutbacks and rising demand. An increasing
number of analysts are talking about a modest supply
deficit market this year, with the hope of breaching the
overhead resistance around US$1,900/t.
Nickel continues to be the star of the metals
markets, and the metal hit a 14-month high of
US$18,000/t in mid-April. The nickel price has risen
29% so far this year thanks to the Indonesian ore
export ban, which came into force on January 12.
On the basis of fundamentals, there should be a
massive nickel deficit starting from the end of this
year. By 2016, analysts expect LME and producer
nickel inventories to be lower than in 2006/07, when
nickel prices were regularly trading above
US$20,000/t.
Zinc continues to be a steady market, with more
and more traders looking at US$2,150/t (basis three
months) as the next upside target. Good support exists
at around US$2,000/t, and the technical funds
continue to look for dips on which to establish fresh
long positions.
GOLD LOOKS WEAK
The fraught situation in the Ukraine has had little
effect on the gold price, which seems to be locked
within a tight range around US$1,340/oz (spot
London). There is good support existing at
US$1,280/ oz, with de mand in Asia remaining price
sensitive, but gold prices are widely expected to keep
falling through 2015. As evidence, analysts note a
normalisation of US monetary policy, and a trend by
investors into higher yielding assets.
The GFMS team at Thomson Reuters reported
recently that physical demand, which hit record levels
last year after prices plummeted in the second quarter,
is expected to remain firm. Nevertheless, this will not
be enough to offset a continued decline in Western
investment. GFMS expects prices to average
US$1,225/oz this year, down from an average of
US$1,410/oz in 2013 (the first year in which prices
had declined in over a decade).
GFMSs head of research, Rhona OConnell, warned
that the gold price may fall as low as US$1,100 in
2014 if gold is hit by further bouts of liquidation. Ms
OConnell said We have had a gold market that was
characterised from 2009 to 2012 by heavy investment
due to financial uncertainty. That has now turned
Market for Mining
continued
06 www.SNL.com/Metals Edition 2, 2014
around, and we are in a period where professional
investors have better places to put their money as far
as rates of return are concerned, and they are not as
concerned about risk.
Its likely that, financial tensions aside, if you look
at the next two to three years, you could be going into
a different kind of mindset where we get back to
looking at gold as a commodity, in the sense that it
will move into a deficit which will pull prices higher.
But that will take a few years.
Gold prices fell 28% last year as investors sold out
of investment products, such as physically backed
exchange-traded funds, on expectations that the
Federal Reserve would roll back its extraordinary
stimulus measures. Those measures had been a key
factor driving gold higher in the wake of the financial
crisis, weighing on interest rates (the opportunity cost
of holding the metal) while stoking fears of inflation.
GFMS reported that 880t of gold were liquidated
from Exchange Traded Funds last year, against inflows
of 279t in 2012. This helped offset a rise in physical
gold demand to a record 4,957t. Bar investment
jumped by one-third to an all-time high of 1,377t last
year, while jewellery buying rose 18% to a six-year
peak of 2,361t.
Demand was particularly strong in China, which
overtook India to become the top consumer of the
metal last year. Its gold-jewellery fabrication demand
surged 40% to a record 871.9t. The supply of scrap
gold fell 22% last year, meanwhile, as lower prices
made selling gold less attractive to consumers.
Buying of gold by central banks fell 25% to 409t.
Factoring in liquidation from ETFs and a rise in
mine production to a record 3,022t, the gold market
recorded a net surplus of 277t, GFMS said. Small
deficits are likely to be seen in the physical market in
2014 and 2015, Ms OConnell said, but a continued
drift lower in ETF holdings, reflecting a lack of interest
from professional investors, will put the market more
or less in balance.
GFMS concluded that the gold price will continue
to decline broadly during 2015. It wont be until
you get to 2016 that you will find incredibly strong
physical demand, if East Asia keeps growing the
way it is, results in the kind of deficit that will make
a difference to price.
Market for Mining
continued
GOLD DRILLING V GOLD PRICES
Prospects reporting drilling
Gold price
1,000
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1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3
2011 2012 2013
EXTRACT THE
TRUE COSTS FOR
A GIVEN MINE.
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07 www.SNL.com/Metals Edition 2, 2014
Exploration Hot Spots
International exploration for metals falls to yet
another all-time low
Global economies are recovering but the improvement
is not yet reflected in metals prices or the minerals
exploration scene. As the graph on p8 illustrates,
drilling activity fell again in the three months to
end-March.
Based on the number of prospects reporting drilling
results in the quarter just ended (856), exploration is
at only 56% of the year-ago level (1,517), which was
itself just 62% of the number of prospects reporting
drilling in the first quarter of 2012 (2,465).
Within this extremely low total, gold prospects
accounted for over 50% of the drilling announcements
in the March quarter (432 prospects). This
composition has varied within a narrow 45-53% range
each quarter for the past few years.
The overall trend remains downward but there are
monthly spikes. As the graph on p6 illustrates, gold
companies appear to time their drilling press releases
according to market conditions (represented here by
the gold price). It is also apparent that the majority of
drilling announcements are released during the first
month of every quarter (see graph p8).
This first-month spike is particularly apparent for gold
companies. For the March quarter, almost 47% of the
gold-drilling press releases were made during January.
This was a similar proportion to the year-ago experience
but much higher than the share of under 38% for
January announcements in the first quarter of 2012. In
the four quarters of 2013, the percentage of gold-
drilling announcements made during the first month of
each period ranged from 39% to over 48%, with an
average of almost 44%. The average in 2012 was in
line with chronological expectations at barely 38%.
These cumulative numbers for each quarter (taken
from the monthly figures shown in the graph on p8)
might include multiple reports of drilling from the
same prospect. The quarterly commodity totals (shown
in the tables on p8) exclude these multiple reports.
On a monthly basis, there was a spike in January
(396 prospects, as discussed above) but drilling
announcements in February and March totalled only
232 and 228, respectively.
Reports of gold drilling actually increased on a
quarter-on-quarter basis (378 prospects, compared with
354 in the December quarter) but the activity is still
sharply lower than the year-ago figure of 696 prospects.
Geographically, the gold-drilling improvement
(although it is from an extremely low base) was felt
everywhere, apart from North America and Europe.
Companies listed on the Australian Stock Exchange
showed a particularly improvement (rising to 140
prospects from only 108 in the previous quarter).
Companies with their primary listing on the Toronto
Stock Exchange and TSX-Venture still account for the
majority of the gold-drilling reports (193 prospects in
the March quarter) but activity was lower than during
the previous quarter (207 prospects).
Reports of copper drilling fell to 128 prospects in the
three months to end-March, compared with 168 in the
December quarter and 200 prospects a year ago. The
shortfall was spread fairly equally, with most of the
activity remaining in Australasia and North America.
RESOURCES UNCOVERED
The continued decline in drilling activity is reflected
in the announcement of new mineral resources and
ore reserves (shown in the tables on p9 as contained
metal).
Comparison is complicated, however, because of
delays in reporting resources and reserves, particularly
at year end. The data for the December quarter has
been restated to reflect announcements pertaining
to that period since the previous issue of SOTM went
to press.
Particularly large increases are apparent in the
figures for gold resources and reserves. For example,
gold resources reported for Canada in the December
quarter were given in SOTM, Edition 1, as under 5Moz
but have been revised here to almost 16Moz (the gold
reserves were little changed). The original figure for
new gold resources in North and Central America
during the December quarter (as reported by mid-
January) was 14Moz. This has now been revised to
78Moz after incorporating late reports.
Similarly, in the SOTM report published at the
end of January, there were under 4Moz of new gold
reserves announced in Africa for the December
quarter. These have now been revised to almost
12Moz.
For new copper reserves, the total for South
America was originally reported as under 1Mt for
the December quarter but now stands at almost 9Mt.
Such significant revisions are unusual but it is
likely, of course, that the resource-reserve totals
for the March quarter will be somewhat higher in
subsequent issues of SOTM. By comparing the
available data at equivalent times (ie examining press
releases made up to two weeks after the end of each
quarter), it is clear that new resources of gold and
silver have fallen again, while resources of copper
and zinc are higher than was apparent at the
equivalent time three months ago. In the reserves
category, there were falls for gold, silver and zinc, but
higher totals for copper, despite the decline in drilling
for that metal.
Total gold resources announced in the March quarter
amounted to 30.7Moz, compared with the original
35.6Moz during the December quarter (ignoring the
significantly higher revised numbers for that period).
Gold reserves fell from an unrevised 15.7Moz in the
December quarter to only 3.1Moz.
Taking the unrevised numbers for the December
quarter, resources and reserves of copper for the
March quarter were both higher; the former rising to
14.1Mt from 5.3Mt, and the latter to 2.6Mt from an
unrevised 1.3Mt in the December quarter.
08 www.SNL.com/Metals Edition 2, 2014
Exploration Hot Spots
continued
SILVER
Mar Q
2014
Dec Q
2013
Mar Q
2013
Canada 10 20 21
Australia 16 16 18
USA 3 18
Mexico 23 22 38
Brazil 1
N&C America 33 45 77
S. America 17 21 42
Europe 1 2
Africa 4 2 4
Asia 22 9 19
Australasia 16 16 18
TSX/TSX-V* 49 62 96
ASX* 36 26 35
London* 6 4 13
TOTAL 92 94 162
* Primary listing of issuing company
ZINC
Mar Q
2014
Dec Q
2013
Mar Q
2013
Canada 10 11 15
Australia 10 7 18
USA 2 4
Mexico 5 5 8
Brazil
N&C America 15 18 27
S. America 2 7 6
Europe 2 2 4
Africa 2 2 1
Asia 4 5 6
Australasia 10 7 18
TSX/TSX-V* 20 28 34
ASX* 14 12 20
London* 1 1
TOTAL 35 41 62
* Primary listing of issuing company
COPPER
Mar Q
2014
Dec Q
2013
Mar Q
2013
Canada 23 30 36
Australia 45 53 55
USA 3 8 11
Mexico 8 1 6
Brazil 2 4 4
N&C America 34 40 55
S. America 19 21 30
Europe 6 19 16
Africa 11 22 16
Asia 13 13 28
Australasia 45 53 55
TSX/TSX-V* 53 71 84
ASX* 71 89 99
London* 4 7 3
TOTAL 128 168 200
* Primary listing of issuing company
LEAD
Mar Q
2014
Dec Q
2013
Mar Q
2013
Canada 5 8 9
Australia 9 4 13
USA 1
Mexico 2 5 6
Brazil
N&C America 7 13 16
S. America 6 4
Europe 1 3
Africa 2 1
Asia 11 6 7
Australasia 9 4 13
TSX/TSX-V* 16 21 24
ASX* 12 9 15
London* 1 1
TOTAL 29 31 43
* Primary listing of issuing company
GOLD
Mar Q
2014
Dec Q
2013
Mar Q
2013
Canada 90 103 141
Australia 80 70 137
USA 25 28 50
Mexico 23 19 27
Brazil 6 6 23
N&C America 138 152 231
S. America 44 37 106
Europe 16 24 33
Africa 51 48 121
Asia 49 21 67
Australasia 80 72 138
TSX/TSX-V* 193 207 357
ASX* 140 108 231
London* 34 29 49
TOTAL 378 354 696
* Primary listing of issuing company
GLOBAL DRILLING ACTIVITY
QUARTERLY DRILLING REPORTS (INDIVIDUAL PROSPECTS)
ACTIVITY MAP (March Quarter; 2014)
Operational Development Exploration
0
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COPPER GOLD OTHER SILVER ZINC/LEAD
09 www.SNL.com/Metals Edition 2, 2014
QUARTERLY REVIEW OF RESOURCES / RESERVES ANNOUNCEMENTS
GOLD RESOURCES (000oz; contained metal) GOLD RESERVES (000oz; contained metal)
Mar Q 2014 Dec Q 2013 Mar Q 2013 Mar Q 2014 Dec Q 2013 Mar Q 2013
Canada 14,970 15,706 10,443 Canada 11,359 476
Australia 881 10,605 12,679 Australia 681 4,296 2,929
USA 1,631 38,009 4,221 USA 3,745
Mexico 309 20,181 5,787 Mexico 1,641 19,933
Brazil 638 11,585 1,321 Brazil 5,434 236
N&C America 16,909 77,936 21,370 N&C America 16,746 20,409
S. America 4,703 21,488 10,725 S. America 546 9,688 773
Europe 1,732 10,849 14,114 Europe 1,078 292 2,538
Africa 5,015 23,010 20,860 Africa 247 11,991 1,580
Asia 1,485 8,829 17,090 Asia 553 4,980 1,898
Australasia 881 10,977 12,721 Australasia 681 4,296 2,929
TOTAL 30,725 153,090 96,880 TOTAL 3,105 47,993 30,127
COPPER RESOURCES (000t; contained metal) COPPER RESERVES (000t; contained metal)
Mar Q 2014 Dec Q 2013 Mar Q 2013 Mar Q 2014 Dec Q 2013 Mar Q 2013
Canada 3,972 2,284 834 Canada 220
Australia 23 4,228 2,771 Australia 700 879
USA 3,352 13,600 2,786 USA 1,808 682 1,104
Mexico 1,403 9 Mexico 1,391 297
Brazil 741 94 Brazil 1,201
N&C America 7,324 17,493 3,928 N&C America 1,808 2,293 1,401
S. America 6,724 11,212 3,800 S. America 433 8,675 189
Europe 3,078 35 Europe 213 25
Africa 75 3,912 3,634 Africa 145 1,916
Asia 23 1,220 8,902 Asia 183 34
Australasia 4,228 2,771 Australasia 700 879
TOTAL 14,146 41,142 23,068 TOTAL 2,599 13,791 2,503
SILVER RESOURCES (000oz; contained metal) SILVER RESERVES (000oz; contained metal)
Mar Q 2014 Dec Q 2013 Mar Q 2013 Mar Q 2014 Dec Q 2013 Mar Q 2013
Canada 60,991 136,343 32,325 Canada 60,826 3,999
Australia 170,733 15,164 Australia 13,818 9,700
USA 4,720 157,492 32,335 USA 194,470
Mexico 18,240 389,311 350,902 Mexico 39,363 533,087
Brazil 6,595 222 Brazil
N&C America 83,950 687,455 415,562 N&C America 294,659 537,087
S. America 9,184 120,026 44,526 S. America 53,581 232,930 30,839
Europe 14,351 59,883 56,214 Europe 9,043 47,397 20,219
Africa 3,394 19,039 1,647 Africa 2,644
Asia 3,041 183,395 18,342 Asia 27,825 5,385
Australasia 170,733 15,164 Australasia 13,818 9,700
TOTAL 113,921 1,240,530 551,455 TOTAL 62,624 619,272 603,230
ZINC RESOURCES (000t; contained metal) ZINC RESERVES (000t; contained metal)
Mar Q 2014 Dec Q 2013 Mar Q 2013 Mar Q 2014 Dec Q 2013 Mar Q 2013
Canada 395 703 532 Canada 397
Australia 577 Australia 298
USA 171 6 USA 1,064
Mexico 1,770 903 Mexico 155 1,898
Brazil Brazil
N&C America 395 2,733 1,440 N&C America 397 1,219 1,898
S. America 1,459 140 S. America 73 122
Europe 17 625 18 Europe 4 608
Africa 94 139 57 Africa 286 89
Asia 556 1,018 Asia 21 519
Australasia 577 Australasia 298
TOTAL 506 5,511 3,250 TOTAL 402 2,206 2,926
Exploration Results
Summary of the best assay results announced during the past quarter,
and new resources/reserves
The best assays (in terms of grade x intersection)
announced during the three months to end-March are
shown on p10. Note that this ranking does not take
into account important factors such as the depth of
the intersection or the project location.
The top-ranked copper assay for the March quarter
came from Newcrest Mining Ltd at its 50%-owned
Wafi-Golpu project in Papua New Guinea. Hole WR499
intersected an average of 1.44% Cu (and 1.28g/t Au)
over 943m at a depth of 966m.
In second place this time (it was ranked first in the
December quarter), Reservoir Minerals Inc reported
further excellent results at its high-sulphide epithermal
Cukaru Peki deposit in eastern Serbia. Hole FMTC
1338 on the joint-venture project with Freeport-
McMoRan Exploration Corp returned 4.81% Cu
(and 2.88g/t Au) over 206m at 554m.
The third best copper assay of the quarter was in
Ecuador at the Alpha deposit of SolGold plc. The
company announced the discovery of 0.61% Cu over
1,346m from only 24m.
Excellent drill intersections continue to be reported
at the Duckhead gold project in Brazil. The project
makes top billing this time after being ranked second
10 www.SNL.com/Metals Edition 2, 2014
TOP-RANKED ASSAYS (MARCH QUARTER; GRADE X INTERSECTION)
COPPER COMPANY PROJECT HOLE GRADE (%) INTERSECTION (m) DEPTH (m) PROJECT LOCATION
1 Newcrest Mining Ltd Golpu WR499 1.44 943.0 966 60km SW Lae (PNG)
2 Reservoir Minerals Inc Cukaru Peki FMTC 1338 4.81 205.6 554 6km SE Bor (Serbia)
3 SolGold plc Alpala CSD-13-005 0.61 1,346.0 24 49km NNW Ibarra (Ecuador)
4 Seabridge Gold Inc Iron Cap IC-13-052 0.29 857.4 180 69km NNW Stewart (Canada)
5 NovaGold Resources Inc Galore Creek (Legacy) GC13-0895 1.50 135.3 304 165km SSW Dease Lake (Canada)
6 Great Western Exploration Ltd Spasskaya SPD0012 2.52 78.0 0 60km E Karagandy (Kazakhstan)
7 NGEx Resources Inc Josemaria JMDH80 0.44 434.1 144 115km E Vallenar (Argentina)
8 OZ Minerals Ltd Carrapateena (Khamsin) DD13KMS014 0.34 557.0 1,036 65km E Woomera (Australia)
9 Avanco Resources Ltd Antas North APBD-080 6.80 27.0 158 122km SW Maraba (Brazil)
10 CuDeco Ltd Rocklands (Las Minerale) LMRC266 1.49 121.0 12 15km WNW Cloncurry (Australia)
GOLD COMPANY PROJECT HOLE GRADE (g/t) INTERSECTION (m) DEPTH (m) PROJECT LOCATION
1 Beadell Resources Ltd Duckhead (Main lode) FVM382 143.0 29.0 73 125km NW Macapa (Brazil)
2 Eagle Hill Exploration Corp Windfall Lake EAG-13-527 416.0 7.8 226 130km SW Chibougamau (Canada)
3 Centamin plc Sukari UGRSD0041 162.0 10.0 92 200km ENE Aswan (Egypt)
4 Newcrest Mining Ltd Golpu WR499 1.3 943.0 996 60km SW Lae (PNG)
5 Crocodile Gold Corp Phoenix UDH0755 122.0 6.8 214 Near Fosterville (Australia)
6 SolGold plc Alpala CSD-13-005 0.5 1346.0 24 49km NNW Ibarra (Ecuador)
7 Northern Star Resources Ltd Paulsens (Voyager 2) PDU2839 73.2 8.9 54 Pannawonica 106km S (Australia)
8 Gold Road Resources Ltd Yamarna (Gruyere) 14GYDD0008 1.2 560.2 16 135km ENE Laverton (Australia)
9 Barkerville Gold Mines Ltd Cow Mountain CM11-102 293.0 2.2 77 60km E Quesnel (Canada)
10 Probe Mines Ltd Borden Lake (HG Zone) BL14-573 16.3 39.0 458 155km WSW Timmins (Canada)
LEAD COMPANY PROJECT HOLE GRADE (%) INTERSECTION (m) DEPTH (m) PROJECT LOCATION
1 KGL Resources Ltd Marshall-Reward KJCD048 19.60 18.0 287 270km ENE Alice Springs (Australia)
2 North River Resources plc Namib (Kempe) NLDDK011 10.50 23.3 2 30km ENE Swakopmund (Namibia)
3 Robust Resources Ltd Romang Island (Perak) LWD403 1.57 144.8 57 223km NE Dili (Indonesia)
4 New Pacific Metals Corp RZY ZK2402 4.13 35.3 26 155km WNW Yushu (China)
5 Red Metal Ltd Maronan MRN13002 6.62 17.5 513 155km ESE Mt Isa (Australia)
6 Levon Resources Ltd Cordero C13-257 0.41 276.0 46 37km NNE Hidalgo del Parral (Mexico)
7 Precious Metal Resources Ltd Halls Peak (Gibsons) DDH HP 026 2.30 48.0 0 45km SE Armidale (Australia)
8 Investigator Resources Ltd Paris (Paris North) PPRC101 2.45 39.0 21 150km WNW Whyalla (Australia)
9 Centerra Gold Inc Altan Tsagaan Ovoo #4 ATO-182ADD 0.65 79.5 187 135km ESE Choybalsan (Mongolia)
10 Trevali Mining Corp Stratmat ST-754 7.57 6.5 409 47km SW Bathurst (Canada)
SILVER COMPANY PROJECT HOLE GRADE (g/t) INTERSECTION (m) DEPTH (m) PROJECT LOCATION
1 Fortuna Silver Mines Inc San Jose (Trinidad North) SJOM-335 3,511 6.3 419 40km S Oaxaca (Mexico)
2 KGL Resources Ltd Marshall-Reward KJCD048 732 18.0 287 270km ENE Alice Springs (Australia)
3 Mandalay Resources Corp Yasna DLV13-086 497 26.4 529 110km S Coihaique (Chile)
4 New Pacific Metals Corp RZY ZK2402 343 35.3 26 155km WNW Yushu (China)
5 Musgrave Minerals Ltd Menninnie Dam (Frakes) MDAC375 990 10.0 43 115km WNW Whyalla (Australia)
6 Terramin Australia Ltd Menninnie Dam (Frakes) MDAC375 990 10.0 43 115km WNW Whyalla (Australia)
7 Almaden Minerals Ltd Tuligtic-Ixtaca (Main) TU-13-378 74 124.5 21 70km NNE Puebla (Mexico)
8 Paramount Gold and Silver Corp San Miguel (Don Ese) DS-13-039 2,295 4.0 368 75km NE Alamos (Mexico)
9 Mandalay Resources Corp Fabiola DLV13-086 854 9.1 484 110km S Cohaique (Chile)
10 IMPACT Silver Corp San Juan (Noche Buena) Z13-76 994 5.9 52 100km SW Mxico City (Mexico)
ZINC COMPANY PROJECT HOLE GRADE (%) INTERSECTION (m) DEPTH (m) PROJECT LOCATION
1 Precious Metal Resources Ltd Halls Peak (Gibsons) DDH HP 026 7.20 48.0 0 45km SE Armidale (Australia)
2 Robust Resources Ltd Romang Island (Perak) LWD403 2.04 144.8 57 223km NE Dili (Indonesia)
3 Red Pine Exploration Inc Cayenne/Chili CC13-01 9.36 27.5 11 95km SW Timmins (Canada)
4 North River Resources plc Namib (Kempe) NLDDK011 10.00 23.3 2 30km ENE Swakopmund (Namibia)
5 Tinka Resources Ltd Ayawilca A14-18 5.93 36.0 372 60km SSW Hunuco (Peru)
6 Trevali Mining Corp Stratmat ST-751 7.42 26.8 431 47km SW Bathurst (Canada)
7 Levon Resources Ltd Cordero C13-257 0.64 276.0 46 37km NNE Hidalgo (Mexico)
8 New Pacific Metals Corp RZY ZK2402 4.66 35.3 26 155km WNW Yushu (China)
9 Independence Group NL Bentley (Flying Spur) 13BUDD143 9.70 16.4 503 51km NNW Leonora (Australia)
10 Beaufield Resources Inc Tortigny TO-13-02 8.37 16.0 223 95km NNW Chibougamau (Canada)
Exploration Results
continued
in gold assays during the December quarter. Beadell
Resources Ltd reported 143g/t Au over 29m from
73m in an infill hole on the Main lode. The deposit
is relatively small but Beadell believes there is more
gold to be found in the area.
In mid-February, Eagle Hill Exploration Corp reported
416g/t Au over 7.8m at a depth of 226m at the Windfall
Lake property in Canada. The intersection extends the
high-grade mineralisation along strike and at depth.
At the end of January, Centamin plc announced a
162g/t Au assay over 10.0m at its Sukari gold mine in
Egypt. The drilling is part of the companys Stage 4
underground expansion to lift total production to over
450,000oz/y. The latest intersection is located at a
depth of 92m, 20m below the existing Amun workings.
The top-ranked zinc assay (see table below) was at
the Halls Peak property owned by Precious Metal
Resources Ltd. In the first of a planned six holes at
the former Gibsons mine near Armidale in Australia,
DDH HP026 returned 7.2% Zn (plus 1.1% Cu, 2.3%
Pb and 58g/t Ag) over 48.0m from surface.
The best silver assay announced during the March
quarter was reported by Fortuna Silver Mines Inc
following step-out drilling late in 2013 on the Trinidad
North discovery, which is contiguous with the San Jose
mine in Oaxaca, Mexico. A 6.3m intersection (true
width 3.7m) averaged 3,511g/t Ag (plus 15g/t Au)
from a depth of 419m.
11 www.SNL.com/Metals Edition 2, 2014
The top twenty short-term share-price performances
(following assay results) during the March quarter
are ranked below (as measured by the share price
20 days after the relevant press release). Note that
this simplistic ranking takes no account of underlying
market conditions (including metals prices) or
alternative impacts on the company valuation.
The table below shows a greater range in share-price
movements for the top 20 performances (gains of
16-200%) than were reported during the December
quarter (20-117%). Three companies saw share price
improvements of over 100% in the specified periods,
compared with only one during the December quarter.
Transition Metals Corp is a multi-metal exploration
company that focuses on the discovery of ore deposits
in Canada using, it says, the project-generator
business model. This involves focusing exclusively
on the discovery stage of the mining cycle, and, once
an interesting prospect has been identified, bringing
in a partner that earns an interest in the property by
funding advanced exploration.
In late January, the company announced
intersections (including 20m at 3.2g/t combined
PGMs) on its Sunday Lake equal joint venture with
Impala Platinum Holdings Ltd in Thunder Bay,
Ontario. Over the subsequent 20 days the companys
share price tripled to 30c/share, and has since risen
to over 40c.
The share price of Perth-based Parmelia Resources
Ltd more than doubled to over 3c/share in the first
half of February after it announced the results of
Phase 1 drilling at the Mushroom Reef prospect on
its Darvii Naruu project in Govi Altai province, western
Mongolia. The share price has subsequently retreated
to its original valuation.
The Parmelia example illustrates the problematic
nature of ranking changes at low share valuations.
Another example is the 10c/share price appreciation
in the second half of January by ASX-listed Hammer
Metals Ltd (formerly Midas Resources Ltd) following
the announcement of high-grade copper intersections
(including 14m at 2.62% Cu) at the Overlander North
and South projects at Mount Isa in Queensland. This
100% equity appreciation has occurred numerous
times over the past year, and the company is currently
trading in the middle of this range, at 15c/share.
A 70% equity appreciation (to 51c/share) was
recorded by ASX-listed Lamboo Resources Ltd during
the first half of March following the announcement
of significant flake graphite assays at its Geumam
project in South Korea. The share price has continued
to rise, and was recently trading above 80c.
Assay Share-Price Alert
Better-than-expected assay results can have a remarkable short-term
impact on equity values
IMPACT OF DRILLING RESULTS ON SHARE PRICES (March Quarter)
SHARE PRICE (US$)
COMPANY NAME PROPERTY PRESS RELEASE FROM TO# GAIN (%)
Transition Metals Corp Sunday Lake Jan 27 0.100 0.300 200.0
Parmelia Resources Ltd Darvii Naruu Jan 28 0.015 0.032 113.3
Hammer Metals Ltd Overlander Jan 17 0.100 0.200 100.0
Lamboo Resources Ltd Geumam Feb 27 0.300 0.510 70.0
Carlisle Goldfields Ltd Farley Lake Jan 20 0.045 0.075 66.7
Erin Resources Ltd Lingokoto Jan 28 0.008 0.012 50.0
IMX Resources Ltd Nachingwea Feb 24 0.040 0.060 50.0
Resource & Investment NL Peak Hill Jan 9 0.050 0.075 50.0
Columbus Gold Corp Montagne d'Or Feb 26 0.425 0.600 41.2
WCP Resources Ltd Al Hariqah Jan 23 0.030 0.042 40.0
Celsius Coal Ltd Kokkia Jan 22 0.010 0.014 40.0
Musgrave Minerals Ltd Menninnie Dam Jan 28 0.068 0.090 32.4
West African Resources Ltd Tanlouka Feb 7 0.100 0.130 30.0
Desert Mines and Metals Ltd Daehwa Feb 3 0.016 0.020 25.0
East Africa Resources Ltd Mkuju South Feb 7 0.008 0.010 25.0
Investigator Resources Ltd Peterlumbo Jan 29 0.045 0.055 22.2
Estrella Resources Ltd Altair Mar 18 0.120 0.145 20.8
Graphite One Resources Inc Graphite Creek Jan 8 0.120 0.145 20.8
Bauxite Resources Ltd Athena/Dionysus Jan 16 0.115 0.135 17.4
Metals of Africa Ltd Rio Mazoe Feb 2 0.070 0.081 15.7
# Share price movement 20 days after the first assay announcement
12 www.SNL.com/Metals Edition 2, 2014
Early announcements signal a significant decline in copper and gold production during
the quarter to end-March
Metals Production Outlook
By the end of April, production announcements had
been made by 144 gold, copper and iron ore mines
for the quarter to end-March. The equivalent number
of early reports for the December quarter was only
115 mines.
If these early announcements turn out to be
representative of all producers for the quarter then
there has been a significant reduction in copper and
gold production, with iron ore output only slightly
lower.
On May 1, as we went to Press, production reports
had been received for 55 identifiable gold mines,
compared with 49 early-reporting mines in the State of
the Market (SOTM) report for the December quarter.
These gold mines, which are all listed in the table on
p13, reported a combined 6.76Moz in the March
quarter, compared with 7.94Moz for the three months
to end-December (a decline of almost 15%). This
reverses the steadily increasing gold production from
early-reporting mines during 2013.
The overall production picture is similar for the
copper miners. Early production reports have been
received from 59 mines (45 copper mines had
reported in time for the last SOTM report). Overall
production from those operations that have already
announced their March quarter results amounts to
1.35Mt, which is 180,000t (12%) less than the
registered output from these same mines during the
quarter to end-December.
Like the gold mines, the total production from
early-reporting copper mines had increased each
quarter last year (starting with only 1.05Mt in the
March quarter).
The iron-ore scene during the March quarter was
different. Total production by the 30 iron-ore mines
that had reported production statistics by the end of
April was 165.6Mt for the March quarter; down only
1.12Mt (0.7%) on the December quarter figures from
the same mines. The individual performances from all
of these early-reporting iron-ore mines are shown in
the table on p15.
NOTABLE CHANGES
Amongst the 55 gold mines for which March quarter
production is already available, only 16 operations
(29%) reported higher output. Lower production was
reported at all but three of the 12 gold mines in
Australasia (see table p13), all but two of the eight in
South America, and all 11 of the early-reporting gold
mines in Europe saw lower production in the most
recent quarter. The production picture was more
mixed in Africa.
The greatest physical increases in quarter-on-quarter
gold production were reported at Thompson Creek
Metals Cos Mt Milligan mine, Newmont Mining Corps
51.4%-owned Yanacocha mine and four of Barrick
Gold Corps operations.
The ramp-up at the Mt Milligan mine continues to
progress, with mine pit grades as expected, metal
recoveries in the mill currently above expectations and
mill throughput steadily improving. Thompson Creek
expects mill throughput to achieve 75-85% of design
capacity by end-2014.
Between them, Barricks operations at Goldstrike,
Bald Mountain, Golden Sunlight and Veladero
increased quarter-on-quarter gold production by
56,000oz. This positive contribution was more than
offset, however, by reductions in production of
25,000oz at the companys Ruby Hill mine, of
14,000oz at Pierina and of 61,000oz at Lagunas
Norte. The 31% shortfall at the latter operation
OUTPUT ALERT
The tables on the following pages list only those
mines that have already announced their production
results for the March quarter. This early data for
the three commodities covered in this production
outlook (gold, copper and iron ore) enables
a prompt estimate of the trend for the quarter.
However, details of total production, and
confirmation of trends, will only be known at
a much later date.
+ =

13 www.SNL.com/Metals Edition 2, 2014
continued
Metals Production Outlook
EARLY PRODUCTION ANNOUNCEMENTS: GOLD (oz)
Company Announcement Q4 2013 Q1 2014 Rise/Fall Change (%)
AFRICA
North Mara African Barrick Gold plc 60,358 68,639 8,281 14
Bonikro Newcrest Mining Ltd 22,657 29,694 7,037 31
Golden Pride Resolute Mining Ltd 20,585 792 -19,793 -96
Driefontein Sibanye Gold Ltd 162,200 130,900 -31,300 -19
Ahafo Newmont Mining Corp 162,000 105,000 -57,000 -35
AUSTRALASIA
Nullagine Millennium Minerals Ltd 14,067 18,762 4,695 33
DeGrussa Sandfire Resources NL 5,957 10,035 4,078 68
Rosemont Regis Resources Ltd 8,259 10,736 2,477 30
Broula King Resource Base Ltd 2,736 1,707 -1,029 -38
South Kalgoorlie Metals X Ltd 8,844 3,208 -5,636 -64
Rosebery MMG Ltd 9,916 2,939 -6,977 -70
Mt Rawdon Evolution Mining Ltd 27,710 18,033 -9,677 -35
Garden Well Regis Resources Ltd 37,206 27,006 -10,200 -27
Plutonic Northern Star Resources Ltd 28,000 7,000 -21,000 -75
Kanowna Northern Star Resources Ltd 60,000 39,000 -21,000 -35
Macraes OceanaGold Corp 68,419 40,668 -27,751 -41
Telfer Newcrest Mining Ltd 156,789 127,489 -29,300 -19
EUROPE (Inc Russia)
Solcocon Auriant Mining AB 1,125 311 -814 -72
Asacha Trans-Siberian Gold plc 8,414 6,057 -2,357 -28
Svartliden Dragon Mining Ltd 9,467 7,094 -2,373 -25
Tardan Auriant Mining AB 6,173 2,379 -3,794 -61
Malomir Petropavlovsk plc 45,300 30,500 -14,800 -33
Pokrovskiy Rudnik Petropavlovsk plc 30,800 14,200 -16,600 -54
Titimukhta Polyus Gold International Ltd 37,100 17,200 -19,900 -54
Olimpiada Polyus Gold International Ltd 197,300 167,000 -30,300 -15
Blagodatnoye Polyus Gold International Ltd 111,300 80,600 -30,700 -28
Pioneer Petropavlovsk plc 111,500 65,400 -46,100 -41
Lenzoloto Polyus Gold International Ltd 51,400 500 -50,900 -99
NORTH AMERICA
Mt Milligan Royal Gold Inc 18,446 39,200 20,754 113
Goldstrike Barrick Gold Corp 242,000 262,000 20,000 8
Bald Mountain Barrick Gold Corp 14,000 24,000 10,000 71
Golden Sunlight Barrick Gold Corp 20,000 30,000 10,000 50
Bachelor Lake Metanor Resources Inc 16,833 25,282 8,449 50
Round Mountain Kinross Gold Corp 78,000 86,000 8,000 10
La Herradura Fresnillo plc 20,664 28,309 7,645 37
Holt St Andrew Goldfields Ltd 13,579 17,497 3,918 29
Mishi Wesdome Gold Mines Ltd 221 1,000 779 352
Pine Cove Anaconda Mining Inc 3,852 2,832 -1,020 -26
Elder Abcourt Mines Inc 3,684 1,436 -2,248 -61
Hislop St Andrew Goldfields Ltd 5,068 1,710 -3,358 -66
Minto Silver Wheaton Corp 9,126 5,128 -3,998 -44
Palmarejo/Gudalupe Franco-Nevada Corp 35,486 25,216 -10,270 -29
Kensington Coeur Mining Inc 37,404 25,428 -11,976 -32
Ruby Hill Barrick Gold Corp 35,000 10,000 -25,000 -71
Nevada Newmont Mining Corp 535,000 377,000 -158,000 -30
SOUTH AMERICA
Yanacocha Newmont Mining Corp 185,000 208,000 23,000 12
Veladero Barrick Gold Corp 142,000 158,000 16,000 11
Torrecillas Minera Gold Ltd 1,023 394 -629 -61
Fazenda Brasileiro Yamana Gold Inc 18,270 12,693 -5,577 -31
Chapada Yamana Gold Inc 28,223 20,455 -7,768 -28
Pierina Barrick Gold Corp 16,000 2,000 -14,000 -88
Tucano Beadell Resources Ltd 60,823 32,507 -28,316 -47
Lagunas Norte Barrick Gold Corp 195,000 134,000 -61,000 -31
SOUTH EAST ASIA
Ban Houayxai PanAust Ltd 32,933 23,356 -9,577 -29
Grasberg Freeport-McMoRan Copper & Gold Inc 502,000 209,000 -293,000 -58
14 www.SNL.com/Metals Edition 2, 2014
continued
Metals Production Outlook
reflected lower grades, as anticipated in the mine
plan, and the company forecast production this year
at 0.57-0.61Moz.
The two largest falls in quarter-on-quarter gold
production came at Newmonts Nevada operations,
and at Freeport-McMoRan Copper & Gold Incs
Grasberg operation in Indonesia.
PT Freeport Indonesia (PT-FI) resumed open-pit
mining at its Grasberg operations in mid-2013 in a
phased approach. However, in January this year the
government published regulations regarding the export
of minerals. As a result of the delay in obtaining
approvals for 2014 exports, PT-FI implemented
changes to its operations to align its concentrate
production with PT Smeltings operating plans.
During the March quarter, PT-FIs milling rate averaged
only 118,000t/day, which is approximately half of
normal rates. As a result, the mines copper production
(table below) also suffered, down 55% to 65,000t.
Newmonts Nevada operations produced only
377,000oz of gold in the March quarter, compared
with 535,000oz in the December quarter.
Significant changes were also reported at Newmonts
Ahafo mine (output down 35% to 105,000oz) and at
Polyus Gold International Ltds Lenzoloto mine. The
latter is a seasonal producer, with output of 51,400oz
in the December quarter but only 500oz in the March
quarter, and even this gold represents a carry-over
of gold-in-progress from sands washed in the
December quarter.
As in the previous SOTM reports, only the copper
mines where significant* changes have been reported
are tabulated below (amounting to 20 mines in the
latest quarter).
*Defined as the six mines with the greatest increase
in tonnage, the six with the greatest reduction in
tonnage, and any operations where there has been
a quarter-on-quarter change of more than 25%.
Of the 20 copper mines that reported these
significant production changes in the March quarter,
12 reported higher production. However, these
positive changes in tonnage were not as significant as
the negative changes in production. Also, most of the
operations that are not tabulated reported a decline in
copper production.
Apart from Grasberg, see above, the most significant
individual reductions in quarter-on-quarter copper
production were reported at Glencore Xstrata plcs
Collahuasi and Antamina mines in Chile and Peru,
respectively, and BHP Billiton Ltds Escondida mine
in Chile. All reported reductions in excess of 20,000t.
Collahuasis production increased due to continuing
higher grades and recovery from the SAG Mill 3
shutdown in the first quarter last year. Higher
grades reflect the current phase of mining and the
accelerated ore extraction to maximise productivity.
Lower grades are expected later in the year, however,
as ore supply increases from the next phase.
Despite the first quarter shortfall, full-year copper
production at Antamina is expected to be broadly
EARLY PRODUCTION ANNOUNCEMENTS: COPPER (t)
Company Announcement Q4 2013 Q1 2014 Rise/Fall Change (%)
AFRICA
Kipoi Central Tiger Resources Ltd 8,527 6,157 -2,370 -28
ASIA
Surda India Resources Ltd 473 997 524 111
Gedabek Anglo Asian Mining plc 71 141 70 99
Damajianshan Brockman Mining Ltd 304 55 -249 -82
AUSTRALASIA
DeGrussa Sandfire Resources NL 15,492 18,098 2,606 17
Golden Grove MMG Ltd 6,891 8,834 1,943 28
Kanmantoo Hillgrove Resources Ltd 4,306 5,838 1,532 36
Savannah Panoramic Resources Ltd 1,186 1,525 339 29
Mt Carlton Evolution Mining Ltd 83 364 281 339
NORTH AMERICA
Bingham Canyon Rio Tinto Ltd 64,500 69,200 4,700 7
Sierrita Freeport-McMoRan Copper & Gold Inc 18,500 22,500 4,000 22
Pinto Valley Capstone Mining Corp 14,856 17,322 2,466 17
SOUTH AMERICA
Cerro Colorado BHP Billiton Ltd 19,400 22,000 2,600 13
El Abra Freeport-McMoRan Copper & Gold Inc 40,000 42,000 2,000 5
Zaldivar Barrick Gold Corporation 32,500 24,000 -8,500 -26
Alumbrera Glencore Xstrata plc 34,900 26,000 -8,900 -26
Escondida BHP Billiton Ltd 291,900 271,300 -20,600 -7
Collahuasi Glencore Xstrata plc 141,700 118,900 -22,800 -16
Antamina Glencore Xstrata plc 125,600 98,000 -27,600 -22
SOUTH EAST ASIA
Grasberg Freeport-McMoRan Copper & Gold Inc 144,000 65,500 -78,500 -55
15 www.SNL.com/Metals Edition 2, 2014
EARLY PRODUCTION ANNOUNCEMENTS: IRON ORE (t)
Company Announcement Q3 2013 Q4 2013 Rise/Fall Change (%)
AFRICA
Sishen Kumba Iron Ore Ltd 8,395,000 8,658,000 263,000 3
Thabazimbi Kumba Iron Ore Ltd 151,000 157,000 6,000 4
Kolomela Kumba Iron Ore Ltd 2,740,000 2,513,000 -227,000 -8
AUSTRALASIA
Chichester Range Fortescue Metals Group Ltd 26,700,000 30,800,000 4,100,000 15
Mt Newman BHP Billiton Ltd 16,689,000 18,287,000 1,598,000 10
Hope Downs Hancock Prospecting Pty Ltd 9,112,000 9,559,000 447,000 5
Roper Bar Western Desert Resources Ltd 62,000 295,000 233,000 376
Wodgina Atlas Iron Ltd 1,197,000 1,397,000 200,000 17
Tallering Peak Mount Gibson Iron Ltd 571,000 659,000 88,000 15
Extension Hill Mount Gibson Iron Ltd 573,000 654,000 81,000 14
Karara Gindalbie Metals Ltd 829,000 901,000 72,000 9
Koolyanobbing Cliffs Natural Resources Inc 2,723,000 2,790,000 67,000 2
Nelson Bay River Shree Minerals Ltd 45,000 83,000 38,000 84
Kara Tasmania Mines Ltd 46,415 55,151 8,736 19
Abydos Atlas Iron Ltd 687,000 684,000 -3,000 0
Eastern Range Rio Tinto Ltd 2,513,000 2,447,000 -66,000 -3
Pardoo Atlas Iron Ltd 293,000 202,000 -91,000 -31
Spinifex Ridge Moly Mines Ltd 422,000 321,000 -101,000 -24
Area C BHP Billiton Ltd 13,392,000 13,273,000 -119,000 -1
Goldsworthy BHP Billiton Ltd 504,000 242,000 -262,000 -52
Mt Dove Atlas Iron Ltd 599,000 323,000 -276,000 -46
Karara (DSO) Gindalbie Metals Ltd 756,000 367,000 -389,000 -51
Koolan Island Mount Gibson Iron Ltd 915,000 468,000 -447,000 -49
Pannawonica Rio Tinto Ltd 8,661,000 8,168,000 -493,000 -6
West Angelas Rio Tinto Ltd 7,635,000 6,564,000 -1,071,000 -14
Yandi BHP Billiton Ltd 20,159,000 18,379,000 -1,780,000 -9
Hamersley Rio Tinto Ltd 35,868,000 33,898,000 -1,970,000 -5
EUROPE
Dannemora Dannemora Mineral AB 315,000 294,000 -21,000 -7
NORTH AMERICA
Carol Lake Rio Tinto Ltd 3,953,000 3,005,000 -948,000 -24
SOUTH AMERICA
Ponte Verde South American Ferro Metals Ltd 251,000 193,000 -58,000 -23
continued
Metals Production Outlook
unchanged from the 2013 financial year, given a
decline in copper ore grades in the second half of
the year, consistent with the mine plan.
Escondida also remains on track to produce 1.1Mt
of copper in the 2014 financial year before increasing
to a planned 1.3Mt in the 2015 financial year.
Supporting this target, the company reported a 28%
increase in the resource at Escondida compared with
the mid-2013 estimate.
All three copper mines in North America to have
so far reported their production for the March quarter
achieved significant increases in output. Rio Tinto
Ltds Bingham Canyon lifted output 7% (4,700t)
to 69,200t, Freeport-McMoRan reported a 22%
improvement (4,000t) to 22,500t at its Sierrita mine,
and Capstone Mining Corp improved output 17%
(2,466t) to 17,322t at the Pinto Valley operation.
Amongst the 30 iron-ore mines for which March-
quarter production is already available, 24 are in
Australasia, and 13 reported higher output (11 of
these mines being in Australasia and two in Africa).
There were particularly notable changes in
production at six operations in Australia. Three mines
reported much larger iron-ore output in the March
quarter (Chichester Range, Mt Newman and Hope
Downs), and three much lower output (Rio Tintos
West Angelas and Hamersley mines, and BHPBs
Yandi operation).
Fortescue Metals Group Ltds Chichester Range
operation in the Pilbara was the stand out performer,
lifting iron-ore production 15% (4.1Mt) to 30.8Mt.
Fortescue also celebrated completion of its group
expansion to 155Mt/y with the official opening of
the Kings Valley project at the Solomon Hub. All
components of the port, rail and the Chichester
and Solomon Hub expansions are now fully
operational, with significant construction and
major contracts complete.
16 www.SNL.com/Metals Edition 2, 2014
The total value of mergers and acquisitions (M&A)
during the first three months of 2014 (as announced
by mid-April) rose almost 66% to US$11.87 billion,
compared with the revised December quarter figure of
US$7.17 billion. This brought the total for the past
four quarters to US$38.09 billion, and, as the graph
below illustrates, confirms a healthy upward trend in
the total value of deals since the middle of 2013.
The number of deals announced, however, slipped to
62 during the March quarter, compared with 76 in the
December quarter. Over 56% of these deals were for
gold assets, with copper deals accounting for a further
23% of the total number.
By value, the lions share of M&A activity announced
so far in 2014 has been for copper assets. Coppers
US$6.60 billion (56%) share of the total was
dominated in the March quarter by the outline US$5
billion agreement between Glencore and China
Minmetals for the latter to acquire Las Bambas in
Peru. This deal contributed to a ten-fold increase
between the December and March quarters in M&A
activity involving copper assets.
Gold deals accounted for US$3.27 billion (almost
28% of the total) in the March quarter. This was a
three-fold increase from the gold deals worth US$1.09
billion in the December quarter.
The gold M&A activity in the quarter just ended
included the contested US$2.5 billion bid for Osisko
Mining Corp. Two major gold deals that were first
announced in December were finalised during the
Mergers and Acquisitions
There has been a sharp increase in M&A activity, led by deals involving
copper and gold
MINING DEALS (March Q 2014)
Value
(US$ million)
Deals
(Number)
By Acquirer Country:
China 5,286.7 4
Canada 3,170.6 20
UK 1,332.5 2
Australia 147.4 14
USA 123.8 5
Other 1,807.4 17
By Target Commodity:
Copper 6,601.3 14
Gold 3,271.1 35
Chrome 1,610.0 1
Iron Ore 66.8 2
Other 319.2 10
TOTAL 11,868.4 62
Note: Mining deals exclude energy minerals and construction materials
COPPER, GOLD AND IRON ORE TRANSACTIONS
BY VALUE (US$ million)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q2 2013 Q3 2013 Q4 2013 Q1 2014
Copper
Gold
Iron Ore
MINING M&A (Past Four Quarters)
Number of transactions (right-hand scale)
0
10
20
30
40
50
60
70
80
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Q2 2013 Q3 2013 Q4 2013 Q1 2014
V
a
l
u
e

o
f

d
e
a
l
s

(
U
S
$

m
i
l
l
i
o
n
)
MINING DEAL VALUES (March Q 2014)
Gold Copper Iron Ore Other Chrome
28%
56%
14%
17 www.SNL.com/Metals Edition 2, 2014
Mergers and Acquisitions
Continued
LARGEST MINING DEALS (March Q 2014)
Announced Status Object
Main
Metal
Share
(%)
Value
(US$ million)
Object
Country Buyer
Buyer's
Country Seller Seller's Country
Feb Pending Las Bambas Copper 100 5,000.0 Peru China Minmetals Corp China Glencore Xstrata plc Switzerland
Jan Pending Osisko Mining Gold 100 2,445.0 Canada Contested Canada n/a
Feb Failed AMCOL International Corp Chrome 100 1,610.0 USA Imerys SA France n/a
Jan Completed Turquoise Hill Resources Copper, Gold 0 1,222.5 Canada Rio Tinto plc UK n/a
Feb Failed Augusta Resource Copper 84 326.0 Canada Hudbay Minerals Inc Canada n/a
Feb Pending Marigold Mine Gold 100 275.0 USA Silver Standard Resources Inc Canada Goldcorp, Barrick Gold Canada
Jan Pending Langer Heinrich Mine Uranium 25 190.0 Namibia China National Nuclear Corp China Paladin Energy Australia
Feb Pending Anglogold Namibia Gold 100 110.0 Namibia QKR Corporation UK Anglogold Ashanti South Africa
March quarter; Asanko Golds US$180 million
acquisition of PMI Gold, and Primero Minings
US$210 million takeover of Brigus Gold.
Iron ore M&A activity slumped from the seven deals
worth (a revised) US$406.8 million in the December
quarter, to just two deals worth US$66.8 million in the
March quarter.
In terms of the location of the acquiring companies,
China again dominated, accounting for 45% (US$5.29
billion) of the US$11.87 billion M&A total in the
March quarter. Canada ranked second, with
its companies contributing deals worth a total of
US$3.17 billion (27% of the total).
The two largest deals announced during the March
quarter (see table) were for Las Bambas and for
Osisko, as mentioned above. However, the mooted deal
between Imerys SA and AMCOL, valued at US$1.6
billion, did not go through, and the parties decided
to end the sale agreement.
As the table at the bottom of p16 demonstrates, the
improvement in overall M&A activity has come from a
sharp increase in deals involving copper and gold. The
value of deals involving these two metals, plus the
third major metal, iron ore, rose four fold between the
December and March quarters, reaching some US$9.9
billion (83% of the total), compared with only US$2.1
billion (29% of the total) in the three months to
end-December 2013.
Much of the balance of M&A activity during the
December quarter was taken up by three large deals.
In the aluminium sector, Vale SA sold its 22% Norsk
Hydro stake in a deal valued at US$1.82 billion.
In phosphate, Mosaic Co paid US$1.40 billion for
assets held by CF Industries.
In the diamond sector, shares in Alrosa worth
US$1.30 billion (16% of the company) were
sold in a Russian public offering. The federal
government sold a 7% stake, and now owns 43.9%,
with the Yakutia government also selling 7%
(diluted its holding to 25%). The company itself
sold Treasury shares representing a 2% stake.
Notwithstanding the continued shortage of finance
(see p18), acquisition activity looks set to remain
strong in the current quarter. However, until funding
improves for small and medium-sized companies,
much of this likely to take the form of joint ventures
and earn-in arrangements.
DEAL VALUE BY BUYERS COUNTRY (March Q 2014)
Australia Canada China UK Other USA
1%
27%
1%
45%
11%
15%
18 www.SNL.com/Metals Edition 2, 2014
The increased level of merger and acquisition (M&A)
activity in the March quarter, as reported on the
preceding pages, was achieved in conditions of tight
finance. Total funds raised by the mining sector in the
three months to end-March fell below US$7.0 billion
from a restated US$9.8 billion in the quarter to
end-December.
This apparent quarter-on-quarter decline of 29%
might not be as worrying as it appears. The March-
quarter figure is based on the financing as reported
by the middle of April, and the final number will
inevitably be higher (the December quarter figure, for
example, was revised up from the US$6.2 billion
reported by the middle of January).
As in previous quarters, there was a sharp difference
between the amounts raised by explorers and by
producers. Funds raised by the latter companies fell
31% to under US$5.4 billion from almost US$7.8
billion. However, this absolute amount still compares
very favourably with the US$1.6 billion raised by
exploration companies (US$2.0 billion in the
December quarter). Barely US$1.1 billion was raised
during the quarter just ended by companies with a
market capitalisation of under US$100 million.
The shortfall in funding was felt most severely by
companies whose primary listing is on the Toronto
Stock Exchange (TSX), with funding down from
US$4.4 billion in the December quarter to US$1.6
billion in the March quarter. Companies listed on the
Australian Stock Exchange (ASX) saw funding drop
26% to US$1.2 billion.
Cash holdings (assessed one quarter in arrears)
were down slightly overall at the end of December
(US$108.1 billion) in comparison with the end-
September assessment (a reassessed US$111.8
billion). However, this overall figure disguises the
fact that almost all of this cash is held by the large
companies/producers.
Exploration companies had cash holdings of only
US$7.5 billion at end-December. The overlapping
group of 2,890 listed companies on the SNL database
with a market capitalisation of under US$100 million
(at the end of December) had combined cash holdings
of only US$6.5 billion at the end of December. This
equates to an average of under US$2.3 million,
representing 19% of this groups average market
capitalisation at that time.
Liquidity in the industry is not helped by depressed
metals prices, and mining companies have been
struggling to generate profits. For example, Barrick
Gold reported a loss of US$10 billion for 2013,
Newcrest and Vale reported losses in excess of US$5.5
billion, and Kinross Gold and Goldcorp reported losses
of around US$3 billion for 2013.
PROPERTY PRICING
The SNL database distinguishes between corporate
and single-property transactions, with the former
incorporating multiple-property deals and the
acquisition of a company and its assets. The table
on p19 represents data where the resource/reserve
information is available, and the amount paid for
these in-ground assets can be segregated from the
associated infrastructure.
The table on p16 consolidates all transactions into
overall expenditure, separated into commodity
categories. This amount will always be significantly
higher than the property-only values.
Accordingly, the pricing data in the table below
excludes the amount paid for any infrastructure, and
Mining Finance
Funding for the mining sector remained lacklustre in the
first quarter of 2014
FUNDS RAISED
Funds Raised (US$ million) Cash Holdings (US$ million)*
Q1 2014 Q4 2013 Q1 2013 Q4 2013 Q3 2013 Q4 2012
Company Size (US$ million)
<10 196 620 748 2,005 2,412 1,993
10-49 524 588 714 2,589 3,060 4,123
50-100 348 512 686 1,925 2,081 2,014
>100 5,912 8,045 4,404 101,550 104,287 38,286
Primary Exchange
TSX 1,585 4,400 1,628 24,516 25,309 30,288
ASX 1,221 1,640 1,666 29,851 29,935 6,192
London 393 433 637 9,691 9,994 1,925
Other 3,782 3,292 2,621 44,011 46,602 8,010
Company Type
Explorer 1,621 1,985 1,912 7,520 8,030 9,948
Producer 5,361 7,781 4,641 100,549 103,811 36,468
TOTAL RAISED / CASH 6,980 9,765 6,552 108,069 111,841 46,416
* One quarter lag in information
19 www.SNL.com/Metals Edition 2, 2014
Mining Finance
continued
PROPERTY PRICING (March Quarter)*
GOLD COPPER
Sales Price
(US$/oz resources)
Total Sales Value**
(US$ million)
Sales Price
(US$/t resources)
Total Sales Value**
(US$ million)
Q1
2014
Q4
2013
Q1
2013
Q1
2014
Q4
2013
Q1
2013
Q1
2014
Q4
2013
Q1
2013
Q1
2014
Q4
2013
Q1
2013
Canada 9.3 8.6 24.7 11.1 20.5 12.6 178.3 24.9 20.5 5.0
Australia 9.4 7.2 15.8 23.3 11.5 15.0 79.8 10.3
USA 18.8 2.4 27.0 48.4 0.6 25.2 51.9 2.2 28.0 1.2
Argentina 4.6 5.5
Peru 220.1 142.0
N&C America 40.9 24.5 51.8 68.3 140.9 37.8 236.6 24.9 2.2 59.2 5.0 1.2
S. America 220.1 54.5 142.0 4.8 8.2 8.6
Europe 15.6 0.0 10.9 0.0 188.8 20.6
Africa 15.2 79.3 5.6 206.2
Asia 184.8 12.6 44.4 29.5 6.5 78.2
Australasia 94.2 7.2 15.8 27.0 11.5 15.0 79.8 10.3
TOTAL 19.1 17.9 19.2 145.3 541.1 57.6 32.6 7.1 2.2 79.8 102.2 1.2
* Geographical breakdown of properties sold (evaluated in terms of the total amount, and per unit of metal in the ground)
**Data excludes infrastructure
also any transactions where the property-only price
can not be identified. The data also excludes multi-
project and multi-deposit (corporate) transactions.
Applying these rules, the overall price paid for
stand-alone gold properties during the March quarter
was only US$145 million, compared with US$541
million during the previous quarter. This corresponds
with US$19/oz of resources in the ground.
The total sales value of identifiable gold properties
increased in Asia and Australasia in the March quarter,
compared with the December quarter, but the values fell
elsewhere. The gold-sales value in North America halved
to US$68 million, with an even more dramatic decline in
Africa, and no identifiable gold values being identifiable
in either Europe or South America. (Note that this does
not mean that there were no gold-asset transactions in
these two continents, only that the individual gold
resources could not be isolated and valued.)
The asset valuations of these identifiable gold
transactions varied from barely US$15/oz for the
African deals to almost US$185/oz in Asia.
Identifiable copper-asset transactions were lower in
the quarter just ended, falling 20% to US$80 million,
most of which came in North and Central America,
with no resource values being identifiable in South
America, The average value of the resources that could
be isolated from infrastructure etc was US$33/t.
INDUSTRY VALUATION
There has been little change over the past three
months in terms of the industrys capital structure.
This remains sharply divided between big and
small companies, and between the related
categories of producers and explorers.
According to SNLs database, the 1,957
companies with a market value of less than
US$10 million (representing almost 57% of the
listed mining companies) had a combined market
capitalisation at the end of March of under US$6
billion (an average of just US$3.0 million). In
contrast, the 575 listed companies on the database
(17% of the total number) that have a market
value in excess of US$100 million accounted for a
combined market capitalisation of over US$1,808
billion (an average market value of US$3.1 billion).

INTERNATIONAL MINING MARKET
Company Size
(US$ million)
Number
Companies
End-Quarter
Market Cap
(US$ million)
Average
Market Cap
(US$ million)
<10 1,957 5,795 3.0
10-49 720 16,640 23.1
50-100 198 14,213 71.8
>100 575 1,808,236 3,144.8
TOTAL 3,450 1,844,884 534.7
20 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
The area above 60N contains some of the most prospective terrain
for mining but is underexplored
Over 18% of the Earths land area lies above a latitude
of 60 north, and this extensive region includes some
of the planets most attractive geology for mineralisation.
Although the circumference of the world at this
latitude is only half that of the equator, the area to the
north encompasses all of Finland, Greenland and
Iceland, most of Sweden, Norway and Alaska, and vast
areas of northern Russia. It also includes a tiny part
of the UK, as the Shetland Islands, to the north of
Scotland, lie mainly above 60N.
In Canada, the 60th parallel constitutes the
mainland boundary between the northern provinces
of Yukon, Northwest Territories and Nunavut, and the
southerly provinces of British Columbia, Alberta,
Saskatchewan and Manitoba. (It should be noted that
parts of Nunavut the islands of Hudson Bay and
James Bay are located south of 60N, and parts
of Quebec and of Newfoundland and Labrador are
located to the north.)
Some important cities lie on, or near, a latitude of
60N (note that each degree of latitude equates to
111km). These cities include Anchorage (61.2N,
149.9W) in North America, St Petersburg (59.9N,
30.3E) in Russia, and Helsinki (60.2N, 25.0E),
Stockholm (59.3N, 18.1E) and Oslo (59.9N,
10.8E) in Finland, Sweden and Norway, respectively.
Mining to the north of this latitude is not without its
difficulties. At 60N the North Pole is only 3,300km
away (half the distance of the equator), and the sun is
above the horizon for less than six hours at the Winter
solstice (although it is above the horizon for nearly 19
hours at the Summer solstice).
Being at the edge of the Northern Temperate Zone,
which extends from the Tropic of Cancer (23.5N),
mining becomes progressively more difficult to the
north. In particular, there are environmental and
operating issues related to working in the Arctic.
ARCTIC MINING
The Arctic comprises the region above the Arctic
Circle, which is the southernmost latitude in the
northern hemisphere at which the sun can remain
continuously above (or below) the horizon for 24 hours
(at the solstices in June and December, respectively).
The Arctic Circle is not a fixed latitude but is currently
66 33N (ie 66.5N), which is some 720km north of
the 60th parallel.
The Arctic Circle passes through eight countries (in
order, westward from Greenwich in the UK): Iceland
(where it passes through the small offshore island of
Grmsey), Denmark (Greenland), Canada, the US
(Alaska), Russia, Finland, Sweden and Norway.
The area north of the Arctic Circle extends for some
20 million km
2
(representing about 6% of the Earths
surface). This area incorporates northern Alaska
and northern Canada (Nunavut and the Northwest
Territories), most of Greenland, the northern parts of
Norway, Sweden and Finland, and northern Russia
(Chukota, Yakutia, Krasnoyarsk, Taymyr and Murmansk).
Historic northern operations include the Canadian
mines of Polaris and Lupin in Nunavut, both of which
are now closed. Polaris (Comincos zinc operation on
Little Cornwallis Island) was some 1,000km north of
the Arctic Circle at 75.4N (there is an unrelated
Polaris project at 56.5N in British Columbia). The
Lupin mine was actually just short of the Arctic proper,
at only 65.8N.
The worlds most northerly mines are three coal
operations at 77.9-78.2N in Spitsbergen on Norways
Svalbard Islands (see p22). The most northerly
exploration projects are Canada Coal Incs exploration
at 79.9N in Nunavut, and base metals exploration by
Ironbark Zinc Ltd and Avannaa Resources Ltd at
80.2-83.0N in Greenlands far north.
SNLs mining database lists over 100 companies
working in the Arctic, operating 55 mines/plants and
329 exploration/development projects, see summary
table below. Russia accounts for almost two-thirds
of the Arctic mines/plants, with none in Canada
despite the country contributing 27% of the worlds
documented Arctic exploration projects. There are no
Arctic mines in Greenland, and there are neither mines
nor projects in Iceland above 66.5N.
ARCTIC MINING
Country Mines/Plants Projects*
Greenland 0 31
Canada 0 89
USA (Alaska) 3 23
Russia 33 67
Finland 3 36
Sweden 7 58
Norway 9 25
TOTAL 55 329
*Includes categories not included in the tables on p25-36
ARCTIC CIRCLE (66.5N)
21 www.SNL.com/Metals Edition 2, 2014
continued
Special Report: Mining above 60N
ARCTIC OPERATIONS
Name Latitude Country Province Owner Commodities Location
Most Northerly Advanced-Exploration Projects
Nunavut 79.9 Canada Nunavut Canada Coal Inc Coal Quaanaaq, 430km NW
Havik 76.3 Greenland Qaasuitsup Red Rock Resources plc Gold, Iron ore, Magnetite Qaanaaq, 133km SSE
Ladderbjerg 73.5 Greenland NE National Park Unspecified Company Copper, Lead Kulusuk, 1050km NE
Syradasaiskaya 73.0 Russia Krasnoyarsk MMC Norilsk Nickel OJSC Coal Coking Noril'sk, 460km NNW
Rubjerg Knude 72.6 Greenland NE National Park Unspecified Company Copper Kulusuk, 940km NE
Ukkusissat 71.1 Greenland Qaasuitsup Angel Mining plc (Administration) Zinc Nuuk, 770km N
Repparfjord 70.4 Norway Finnmark Metallica Mining ASA Copper Hammerfest, 30km SE
Tomtor 70.0 Russia Yakutia (Sakha) Unspecified Co Niobium, Rare earth Yakutsk, 1,050km NW
Qeqertaa 69.6 Greenland Qaasuitsup Avannaa Resources Ltd Diamond Illulissat, 50km NE
Grundtjern 69.6 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 10km S
Sostervann 69.6 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 10km S
Tverrdalen 69.6 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 11km S
Bjornfell 69.6 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 12km S
Oskarsmalm 69.6 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 14km S
Jerntoppen 69.6 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 14km S
Severnij 69.6 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Gold, Nickel, PGMs Noril'sk, 38km NNE
Glubokij 69.6 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Gold, Nickel, PGMs Noril'sk, 32km NNE
Tuktu 69.0 Canada Nunavut Advanced Explorations Inc Copper, Magnetite Raw, Silver Baker Lake, 770km NE
Jennestad 68.8 Norway Nordland Nordic Graphite Ltd Graphite Harstad, 45km W
Yugo-Vostochnaya 68.6 Russia Murmansk MMC Norilsk Nickel OJSC Ilmenite, Titanium, Vanadium Murmansk, 109km NW
Arctic Pre-feasibility/Scoping Studies
Ymer 73.3 Greenland NE National Park NunaMinerals AS Antimony, Gold, Tungsten Ymer Island
Karrat 71.7 Greenland Qaasuitsup Avannaa Resources Ltd Rare earths, Yttrium Nuugaatsiaq, 20km E
Nussir 70.5 Norway Finnmark Nussir ASA Copper, Gold, PGMs Troms, 210km ENE
Ulveryggen 70.5 Norway Finnmark Nussir ASA Copper Hammerfest, 32km SE
Bidjovagge 69.3 Norway Finnmark Arctic Gold AB Copper, Gold Kautokeino, 40km NW
Skaergaard 68.2 Greenland Sermersooq Platina Resources Ltd Gold, Palladium, Platinum, PGMs Reyjkavik, 630km NW
Lik 68.2 Alaska Alaska Zazu Metals Corp Lead, Silver, Zinc Fairbanks, 775 km NW
Doris North 68.1 Canada Nunavut TMAC Resources Inc Gold Cambridge Bay, 120km SSW
Madrid 68.1 Canada Nunavut TMAC Resources Inc Gold Bathurst Inlet, 148Km NNE
Hope Bay 68.1 Canada Nunavut TMAC Resources Inc Gold Cambridge Bay, 130km SSW
Viscaria 67.9 Sweden Norrbotten Avalon Minerals Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 5km W
Sokli 67.8 Finland Lappi Laani (Lapland) Yara International ASA Apatite, Phosphate Kovdor, 50km NW
Discovery Zone 67.8 Sweden Norrbotten Hannans Reward Ltd Copper, Gold, Magnetite Kiruna, 8km SSW
Tributary Zone 67.8 Sweden Norrbotten Hannans Reward Ltd Magnetite Kiruna, 8km SSW
Rakkuri 67.8 Sweden Norrbotten Hannans Reward Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 10km S
Boston 67.7 Canada Nunavut TMAC Resources Inc Gold Bathurst Inlet, 115km NE
Nunasvaara 67.7 Sweden Norrbotten Talga Resources Ltd Graphite Kiruna, 50km ESE
Mertainen 67.7 Sweden Norrbotten LKAB Iron ore, Magnetite Kiruna, 30km ESE
Vuruchuaivench 67.5 Russia Murmansk MMC Norilsk Nickel OJSC Copper, Gold, Nickel, PGMs Monchegorsk, 80km SE
Workman's Bench 67.5 Alaska Alaska Silverado Gold Mines Ltd Antimony, Gold Wiseman, 7km NW
High Lake 67.4 Canada Nunavut MMG Ltd Base metals, Copper, Gold Bathurst Inlet, 136km WNW
Upper Kobuk 67.2 Alaska Alaska NovaCopper Inc Copper, Gold, Lead, Silver, Zinc College, 460km NW
Arctic 67.2 Alaska Alaska NovaCopper Inc Copper, Gold, Lead, Silver, Zinc Fairbanks, 460km NW
Usinsk 3 67.1 Russia Komi Novolipetsk Steel OJSC Coal, Coal Vorkuta
Ulu 66.9 Canada Nunavut Elgin Mining Inc Gold Cambridge Bay, 340km SW
Three Bluffs 66.6 Canada Nunavut North Country Gold Corp Diamonds, Gold, Silver Baker Lake, 330km NE
Committee Bay 66.6 Canada Nunavut North Country Gold Corp Diamonds, Emerald, Gold, Silver Baker Lake, 290km NNE
White Mountain 66.5 Greenland Qeqqata Hudson Resources Inc Alumina, Anorthosite Saqqarliit, 39km SSE
Sarfartoq 66.5 Greenland Qeqqata Hudson Resources Inc Cerium, Diamond, Rare earths Nuuk, 250km N
22 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
ARCTIC OPERATIONS
Name Latitude Country Province Owner Commodities Location
Arctic Feasibility Studies
Citronen Fjord 83.0 Greenland NE National Park Ironbark Zinc Ltd Lead, Zinc North Pole, 775km S
Malmbjerg 71.8 Greenland Sermersooq KGHM Polska Miedz SA Molybdenum Scoresbysund, 200km NW
Mary River 71.3 Canada Nunavut Baffinland Iron Mines Corp Iron ore Pond Inlet, 157km SSE
Souker 69.4 Russia Murmansk Kola Mining Corp Copper, Nickel Nikel', 12km ENE
Maslovskoye 69.2 Russia Taymyr MMC Norilsk Nickel OJSC Cobalt, Copper, Gold, PGMs Noril'sk, 14km SSW
Pellapakh 68.5 Russia Murmansk Grangesberg Iron Ore plc Copper, Molybdenum Kola Penninsula
Roche Bay 68.4 Canada Nunavut Advanced Explorations Inc Copper, Iron ore, Magnetite Baker Lake, 740km NE
Kuervitikko 67.6 Finland Lappi Laani (Lapland) Northland Resources SA Copper, Gold, Iron ore, Magnetite Kittila, 40km WSW
Hannukainen 67.6 Finland Lappi Laani (Lapland) Northland Resources SA Copper, Gold, Iron ore, Magnetite Kittila, 41km WSW
Fedorova 67.5 Russia Murmansk Barrick Gold Corp Copper, Gold, Nickel, PGMs Apatity, 90km E
Pellivuoma 67.4 Sweden Norrbotten Northland Resources SA Copper, Gold, Iron ore, Magnetite Pajala, 25km NW
Stora Sahavaara 67.4 Sweden Norrbotten Northland Resources SA Copper, Iron ore, Magnetite Pajala, 19 km NNW
Novogodnee Monto 66.8 Russia Yamalo-Nenets Petropavlovsk plc Gold, Iron ore
Under Construction
Lunckefjell 78.0 Norway Spitsbergen Store Norske AS Coal Longyearbyen, 35km SE
Black Angel 71.7 Greenland Qaasuitsup Angel Mining plc (Administration) Lead, Silver, Zinc Nuuk, 770km N
Skalisty 69.6 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 33km NNE
Kekura Centre 67.0 Russia Chukotka (Chukot) Bazovye Metally CJSC Gold Aliskerovo, 92km SSW
Operating
Store Norske 78.2 Norway Spitsbergen Store Norske AS Coal Longyearbyen
Gruve No7 78.1 Norway Spitsbergen Store Norske AS Coal Longyearbyen, 16km SE
Svea Nord 77.9 Norway Spitsbergen Store Norske AS Coal Longyearbyen, 40km SE
Almazy Anabara 71.0 Russia Yakutia (Sakha) Alrosa OJSC Diamonds Noril'sk, 990km ENE
Elkem Tana Quarry 70.5 Norway Finnmark Elkem Tana AS Quartz Nikel', 135km NNW
Sydvaranger 69.7 Norway Finnmark Northern Iron Ltd Magnetite Kirkenes, 10km S
Bjornevatn 69.7 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 8km S
Fisketind Ost 69.6 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 13km S
Kjellmannsasen 69.6 Norway Finnmark Northern Iron Ltd Iron ore, Magnetite Kirkenes, 15km S
Oktyabrsky 69.6 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 28km N
Taimyrsky 69.6 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 29km NNE
Komsomolsky 69.5 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 26km NNE
Talnakh Concentrator 69.5 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel Noril'sk, 24km N
Mayak 69.5 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 23km NNE
Pechenga 69.4 Russia Murmansk MMC Norilsk Nickel OJSC Copper, Gold, Ilmenite, PGMs Murmansk, 110km NW
Kaula-Kotselvaara 69.4 Russia Murmansk MMC Norilsk Nickel OJSC Copper, Gold, Nickel, PGMs Nikel, 3km SE
Severny-Gluboky 69.4 Russia Murmansk MMC Norilsk Nickel OJSC Copper, Gold, Nickel, PGMs Nikel, 22km E
Nadezhda Smelter 69.3 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel Noril'sk, 9km W
Norilsk Concentrator 69.3 Russia Taymyr MMC Norilsk Nickel OJSC Nickel Noril'sk, 1km S
Taimyr Peninsula 69.3 Russia Taymyr MMC Norilsk Nickel OJSC Cobalt, Copper, Gold, PGMs Norilsk
Medvezhy Ruchey 69.3 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 4km SSW
Zapolyarny 69.3 Russia Taymyr MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 5km SW
Mayskoye 69.0 Russia Chukotka (Chukot) Polymetal International plc Gold, Silver Komsomol'skiy, 54km E
Franzefoss 68.4 Norway Nordland Franzefoss Miljokalk AS Limestone Narvik, 20km W
Olenogorsky 68.2 Russia Murmansk Olkon JSC Iron ore, Magnetite Raw Olenegorsk
23 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
MINING PROJECTS ABOVE 60N
Status Iceland Greenland Canada Alaska Russia Finland Sweden Norway TOTAL
Grass Roots 24 539 42 9 33 35 10 692
Exploration 10 315 47 9 28 34 4 447
Adv Exploration 9 112 21 21 57 59 12 291
Pre-Feas/Scoping 7 33 9 8 14 14 6 91
Feasibility Studies 7 32 2 7 7 7 62
Construction 1 1 7 1 8 1 1 20
Operating 3 1 13 6 70 20 16 16 145
Rehabilitation 1 1
TOTAL 4 59 1,052 128 132 160 165 49 1,749
Active Companies 3 18 281 67 36 42 42 21 478*
*Some companies are active in more than one country
ARCTIC OPERATIONS
Name Latitude Country Province Owner Commodities Location
Operating (continued)
Olkon 68.2 Russia Murmansk Olkon JSC Iron ore, Magnetite Raw Olenegorsk
Red Dog 68.1 Alaska Alaska Teck Resources Ltd Germanium, Lead, Silver, Zinc Fairbanks, 760km WNW
Kittila 67.9 Finland Agnico-Eagle Mines Ltd Gold Kittila, 40km NE
Monchegorsk Refinery 67.9 Russia Murmansk MMC Norilsk Nickel OJSC Cobalt, Copper, Nickel Monchegorsk
Lovozersky 67.9 Russia Murmansk Lovozersky GOK Beryllium, Cerium, Rare earth Apatity, 65km NE
Kiruna 67.8 Sweden Norrbotten LKAB Iron ore, Magnetite Kiruna, 3km SW
Kevitsa 67.7 Finland First Quantum Minerals Ltd Cobalt, Copper, Gold, PGMs Kemijrvi, 110km N
Oleniy Ruchey 67.7 Russia Murmansk Acron JSC Apatite, Nepheline Syenite Kirovsk, 25km ENE
Kirovsky 67.7 Russia Murmansk Apatit OJSC Bauxite, Nepheline Syenite Kirovsk, 6km NE
Apatit 67.7 Russia Murmansk Apatit OJSC Bauxite, Nepheline Syenite Kirovsk
Gruvberget 67.7 Sweden Norrbotten LKAB Magnetite Svappavaara, near
Pahtavaara 67.6 Finland Lappland Goldminers (Administration) Gold Sodankyl, 25km NNW
Rasvumchorr 67.6 Russia Murmansk Apatit OJSC Bauxite, Nepheline Syenite Kirovsk, 7km NE
Vostochny 67.6 Russia Murmansk Apatit OJSC Bauxite, Nepheline Syenite Kirovsk, 20km ENE
ANBP-3 Concentrator 67.6 Russia Murmansk Apatit OJSC Phosphate Kirovsk
Central 67.6 Russia Murmansk Apatit OJSC Bauxite, Nepheline Syenite Kirovsk, 8km ENE
Dvoinoye 67.6 Russia Chukotka (Chukot) Kinross Gold Corp Gold, Silver Aliskerovo, 76km ESE
ANBP-2 Concentrator 67.6 Russia Murmansk Apatit OJSC Phosphate Apatity
Kovdorsky 67.6 Russia Murmansk EuroChem Mineral Co Apatite, Iron ore, Magnetite Kovdor
Svappavaara 67.6 Sweden Norrbotten LKAB Iron ore, Magnetite Kiruna, 40km SE
Little Squaw Creek 67.6 Alaska Alaska Goldrich NyacAU Placer LLC Gold College, 290km N
Vorkutaugol 67.5 Russia Komi Vorkutaugol JSC Coal Vorkuta
Nolan Creek 67.5 Alaska Alaska Silverado Gold Mines Ltd Antimony, Gold Wiseman, 7km N
Tapulivuoma 67.4 Sweden Norrbotten Northland Resources SA Iron ore, Magnetite Pajala, 25km NNW
Kaunisvaara 67.4 Sweden Norrbotten Northland Resources SA Copper, Gold, Iron ore, Magnetite Pajala, 20km NNW
Kandalaksha Smelter 67.2 Russia Murmansk UC RUSAL plc Aluminium Kandalaksha
Malmberget 67.2 Sweden LKAB Iron ore, Magnetite Malmberget
Aitik 67.1 Sweden Norrbotten Boliden AB Copper, Gold, Molybdenum Gallivare, 15km ESE
Kupol 66.8 Russia Chukotka (Chukot) Kinross Gold Corp Gold, Silver Aliskerovo, 140km SE
Sentachan 66.5 Russia Yakutia (Sakha) GeoProMining Ltd Antimony Yakutsk, 600km NE
24 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
LATITUDE BANDS
According to the SNL database, there are 1,749
exploration and mining projects above 60N (see table
p23), with 60% of these being in Canada. This total
excludes operations under care and maintenance (five)
and projects whose status is unknown (12) or from
which no information has been received for five years.
It is highly likely that there is an under-
representation of Russian projects because of the
difficulty in capturing early-stage information. The
database reports that half of the 145 mines/plants
operating above 60N are in Russia but that the
country has just a similar number of exploration
projects. In contrast, Canada has only 13 mines/plants
but over 1,000 exploration projects.
There are no mines in the world north of the 80th
parallel, and only three projects all of which are
in Greenland. As noted above, Ironbark Zink is
conducting a feasibility study for a lead-zinc mine at
Citronen Fjord (83.0N), just 775km from the North
Pole. Some 270km to the south, exploration is being
conducted for base metals in Washington Land
(80.2-80.5N) by Ironbark and by Avannaa Resources.
There is also relatively little work underway between
the 70th and 80th parallels:
MINING ACTIVITY 70-80N*
Exp/Dev Mining
Greenland 16 0
Canada 20 0
Russia 2 1
Norway 6 4
Total 44 5
* No activity in Iceland, Alaska, Finland or Sweden
The mines in this latitude band comprise Alrosas
Almazy diamond mine in Russia (71.0N), and four in
Norway. The latter are Elkem Tana ASs quartz quarry
in Finnmark (70.5N), and three coal mines operated
in Spitsbergen by Store Norske AS at 77.9-78.2N.
Not surprisingly, it is the area between the 60th and
70th parallels that accounts for the great majority of
the whole regions mining activity (see tables p25-36).
There are three operations above 60N in Iceland
but they are all aluminium smelters (owned by Alcoa
Ltd, Century Aluminium Co and Rio Tinto Ltd) at
64.0-65.0N. In Greenland, the only mine above 60N
is the Nalunaq gold mine (at 60.4N).
There are 13 operations in Canada above 60N, all
in the band below 70N. These are led by Agnico-
Eagle Mines Ltds Meadowbank gold mine in Nunavut
(at 65.0N) and Dominion Diamond Corps Ekati mine
in the Northwest Territories (64.7N).
Alaska boasts six operations above 60N, including
three in the Arctic; Teck Resources Ltds Red Dog
multi-metal mine at 68.1N, Goldrich Mining Cos
Little Squaw Creek gold mine at 67.6N (operated by
NyacAu Placer LLC) and Silverado Gold Mines Ltds
Nolan Creek mine at 67.5N.
Russia has an impressive 33 mines/plants in the
Arctic (one of which, the Almazy diamond mine, is
above 70N). The country has 69 operations between
the 60th and 70th parallels, with the northerly mines
including MMC Norilsk Nickel OJSCs various copper-
nickel operations in Taymyr (clustered around 69.6N)
and its copper-gold-nickel operations in Murmansk.
All 20 of Finlands operations above 60N are south
of 70N. The country has three operations in the
Arctic; Agnico-Eagle Mines Ltds Kittila gold operation
(67.9N), First Quantum Minerals Ltds Kevitsa
cobalt-copper operation (67.7N) and the Pahtavaara
gold mine (67.6N) owned by Lappland Goldminers.
A similar grouping is true of Swedens 16 mines
above the 60th parallel, all being south of 70N, with
seven operations in the Arctic. Those above 66.5N
include LKABs four magnetite/iron-ore mines at
Kiruna (67.8N), Gruvberget (67.7N), Svappavaara
(67.6N) and Malmberget (67.2N). Also in the far
north of the country are Northland Resources SAs
Tapulivuoma iron-ore mine and Kaunisvaara multi-
metal mine, and Boliden ABs Aitik copper-silver mine.
Norway has seven operations between 60N and the
Arctic Circle, with nine mines above 66.5N. Four of
the latter are above 70N; these are three coal mines
in Spitsbergen, on the island of Svalbard, at 77.9-
78.2N, and the Elkem Tana quartz quarry at 70.5N
in the countrys Finnmark province. Other northerly
operations in Finnmark include four mines owned by
Northern Iron Ltd at around 69.6N.
CORPORATE ACTIVITY
The SNL database records 478 companies as being
active north of the 60th parallel, with 281 of these
having projects in Canada (see table, p23). Relatively
few of these companies are active in more than one
country, with only 26 companies being engaged in two
countries and just three companies (Agnico-Eagle
Mines, Boliden and Kinross Gold) registering work
above 60N in three countries.
Although there is a surprising lack of geographical
diversity amongst the northern explorers, many
companies have numerous projects within their target
country. Amongst the most notable in this regard
is Strategic Metals Ltd, which has 110 Canadian
projects recorded in the SNL database.
The search in Greenland is led by Nuna Minerals AS,
with 12 projects, in Finland by Altona Minerals Ltd
(23 projects), and in Norway by Northern Iron Ltd (10)
and Drake Resources Ltd (7).
There are a number of competing multiple explorers
in Alaska, Russia and Sweden. The latter country
includes Hannans Record Ltd (21), Talga Resources
Ltd (17), Continental Precious Minerals Inc (10),
Botnig Exploration Holdings AB (9) and Boliden AB (7).
Companies active in Alaska include North Fork Resources
Ltd (10 projects), Kiska Metals Corp (8) and GoldRich
Mining Co (8). The most prominent in Russia are Norilsk
Nickel (24), Alrosa (22) and Polymetal International plc (21).
25 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
USA (ALASKA)
Name Latitude Owner Commodities Location
Adv. Exploration
Tobin Creek 67.5 Goldrich NyacAU Placer LLC Gold Fairbanks, 300km NNW
Big Creek 67.5 Goldrich NyacAU Placer LLC Gold Fairbanks, 300km NNW
Hammond 67.5 Silverado Gold Mines Ltd Gold Fairbanks, 320km N
Sun 67.1 Andover Mining Corp Copper, Gold, Lead, Silver, Zinc Fairbanks, 425km NW
Bornite 67.1 NovaCopper Inc Cobalt, Copper Fairbanks, 480km NW
Bluff 64.6 Bering Straits Native Corp Gold Nome, 80km E
Illinois Creek 64.3 Plan B Minerals Corp Copper, Gold, Lead, Silver, Zinc Anchorage, 540km NW
Lost South (LMS) 64.2 Corvus Gold Inc Gold, Silver Delta Junction, 20km NNE
Taurus 63.6 Senator Minerals Inc Copper, Gold, Molybdenum Delta Junction, 220km E
Stellar 63.3 Millrock Resources Inc Copper, Gold Anchorage, 280km NE
MAN Alaska 63.2 Pure Nickel Inc Copper, Gold, Nickel, PGMs Delta Junction, 90km SSW
Delta 63.2 Agnico-Eagle Mines Ltd Copper, Gold, Lead, Silver, Zinc Delta Junction, 120km SE
Golden Zone 63.2 Alix Resources Corp Copper, Gold, Silver Fairbanks, 200km SSW
Rainbow Hill 63.2 CanAlaska Uranium Ltd Gold Delta Junction, 130km SW
Caribou Dome 63.1 C-D Development Corp Copper Anchorage, 255km NE
Vinasale Block 62.8 Freegold Ventures Ltd Gold Anchorage, 340km WNW
Whistler 62.0 Kiska Metals Corp Copper, Gold, Silver Anchorage, 165km WNW
Fish Creek 61.7 WestMountain Gold Inc Gold, Silver Anchorage, 220km WNW
Jonesville 61.7 Black Range Minerals Ltd Coal Thermal Anchorage, 75km NE
Shotgun 60.4 TNR Gold Corp Gold Anchorage, 450km W
Pre-feasibility/Scoping
Lik 68.2 Zazu Metals Corp Lead, Silver, Zinc Fairbanks, 775 km NW
Workman's Bench 67.5 Silverado Gold Mines Ltd Antimony, Gold Wiseman, 7km NW
Upper Kobuk 67.2 NovaCopper Inc Copper, Gold, Lead, Silver, Zinc College, 460km NW
Arctic 67.2 NovaCopper Inc Copper, Gold, Lead, Silver, Zinc Fairbanks, 460km NW
Golden Summit 65.1 Freegold Ventures Ltd Gold, Silver, Tungsten Fairbanks, 30km NNE
Gil 65.0 Kinross Gold Corp Gold Fairbanks, 38km NE
Graphite Creek 65.0 Graphite One Resources Inc Graphite Nome, 60km N
Nome 64.6 NovaGold Resources Inc Gold, Gravel Nome, 5km N
Feasibility Study
Livengood 65.5 International Tower Hill Mines Ltd Gold Fairbanks, 80km NNW
Donlin 62.1 Donlin Gold LLC Gold Anchorage, 450km WNW
Construction
Terra 61.8 WestMountain Gold Inc Gold, Silver Anchorage, 210km WNW
Operating
Red Dog 68.1 Teck Resources Ltd Germanium, Lead, Silver, Zinc Fairbanks, 760km WNW
Little Squaw Creek 67.6 Goldrich NyacAU Placer LLC Gold College, 290km N
Nolan Creek 67.5 Silverado Gold Mines Ltd Antimony, Gold Wiseman, 7km N
Fort Knox 65.0 Kinross Gold Corp Gold Fairbanks, 24Km NE
Pogo 64.5 Sumitomo Metal Mining Co Gold Fairbanks, 140km ESE
Usibelli 64.0 Usibelli Coal Mine Inc Coal Fairbanks, 115km SSW
26 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
CANADA
Name Province Latitude Owner Commodities Location
Adv. Exploration*
Nunavut Nunavut , Ellesmere Island 79.9 Canada Coal Inc Coal Quaanaaq, 430km NW
Tuktu Nunavut 69.0 Advanced Explorations Inc Copper, Magnetite Raw, Silver Baker Lake, 770km NE
Arcadia Nunavut 67.7 Canada Carbon Inc Gold Bathurst Inlet, 173Km NW
Copper River Nunavut 67.4 GPM Metals Inc Copper, Diamonds, Nickel, PGMs Kugluktuk, 73m SW
Mountain Lake Nunavut 67.3 Canterra Minerals Corp Uranium Cambridge Bay, 520km WSW
Turner Lake Nunavut 67.2 Bama Gold Corp Copper, Gold, Nickel, PGMs Bathurst Inlet, 56km NW
Pistol Lake Nunavut 67.1 Leeward Capital Corp Gold Bathurst Inlet, 39km NW
Qilalugaq Nunavut 66.6 North Arrow Minerals Inc Diamonds Rankin Inlet, 510km NNE
Glacier Lake Northwest Territories 66.1 Alberta Star Development Corp Copper, Gold, Nickel, Silver Port Radium, 0.5km SE
Hood Nunavut 66.1 MMG Ltd Copper, Silver, Zinc Yellowknife, 400km N
Jericho Nunavut 66.0 Shear Diamonds Ltd Diamonds Yellowknife, 420km NE
Contact Lake Northwest Territories 66.0 Alberta Star Development Corp Copper, Gold, Lead, Moly Port Radium, 15km SE
Jericho Regional Nunavut 65.9 Shear Diamonds Ltd Diamonds Yellowknife, 420km N
Lupin Nunavut 65.8 Elgin Mining Inc Gold Yellowknife, 390km NNE
Yava Nunavut 65.6 Savant Explorations Ltd Copper, Gold, Lead, Silver, Zinc Yellowknife, 470km NE
Crest Yukon Territory 65.3 Chevron Corp Iron ore Whitehorse, 520km NNE
Iron Creek Yukon Territory 65.3 Chevron Corp Iron ore Whitehorse, 520km NNE
Blue Caribou Nunavut 65.2 Mega Precious Metals Inc Copper, Gold, Molybdenum, Silver Yellowknife, 500km NE
Gayna River Northwest Territories 65.0 Eagle Plains Resources Ltd Gallium, Lead, Silver, Zinc Keno Hill, 240km ENE
Hart River Yukon Territory 64.6 Panarc Resources Ltd Copper, Gold, Lead, Silver, Zinc Keno Hill, 110km NW
Sissons Schultz Nunavut 64.6 AREVA SA Uranium Iqaluit
Goz Creek Yukon Territory 64.4 Tarsis Resources Ltd Germanium, Lead, Silver, Zinc Mayo, 180km NE
Blende Yukon Territory 64.4 Blind Creek Resources Ltd Lead, Silver, Zinc Dawson City, 233km ENE
Colomac Northwest Territories 64.4 Nighthawk Gold Corp Gold, Silver Yellowknife, 210km N
Andrew Lake Nunavut 64.3 AREVA SA Uranium Hamlet
WO Block Northwest Territories 64.3 Peregrine Diamonds Ltd Diamonds Yellowknife, 300km NE
Cass Northwest Territories 64.3 Pine Cliff Energy Ltd Gold Yellowknife, 200km N
Indin Lake Northwest Territories 64.3 Nighthawk Gold Corp Gold Yellowknife, 210km NW
Chidliak Nunavut 64.3 Peregrine Diamonds Ltd Diamonds Iqaluit, 118km NE
Tiger Yukon Territory 64.2 ATAC Resources Ltd Gold Whitehorse, 390km NNE
Rackla Yukon Territory 64.2 ATAC Resources Ltd Gold, Indium, Lead, Silver Keno Hill, 45km NE
Damoti Lake Northwest Territories 64.2 Nighthawk Gold Corp Gold Yellowknife, 194km NNW
Brewery Creek Yukon Territory 64.1 Americas Bullion Royalty Corp Gold Dawson City, 55km E
Walsh Lake Northwest Territories 64.0 Seabridge Gold Inc Gold Yellowknife, 230km NE
Hopeful Yukon Territory 64.0 Other Parties/Vendors Silver Dawson City, 110km E
Hopeful Yukon Territory 64.0 18526 Yukon Inc Silver, Tin Keno Hill, 100km W
Red Mountain 2 Yukon Territory 64.0 AM Gold Inc Gold Mayo, 60km NW
Keno Yukon Territory 63.9 Independence Gold Corp Copper, Gold, Lead, Silver, Zinc Keno Hill, 3km NW
Red Mountain Yukon Territory 63.9 AM Gold Inc Gold Whitehorse, 360km N
Keno Hill Yukon Territory 63.9 Alexco Resource Corp Gold, Lead, Silver, Zinc Keno Hill, 19km W
Elsa Tailings Yukon Territory 63.9 Alexco Resource Corp Gold, Lead, Silver, Zinc Whitehorse, 360km NNW
Bermingham Yukon Territory 63.9 Alexco Resource Corp Gold, Lead, Silver, Zinc Whitehorse, 350km N
Lone Star Yukon Territory 63.9 Klondike Gold Corp Gold Dawson, 19km SE
Sue-Dianne Northwest Territories 63.8 Fortune Minerals Ltd Copper, Gold, Silver Yellowknife, 190km NW
* Only the advanced exploration projects above 63.6N are listed; others available on request.
27 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
CANADA
Name Province Latitude Owner Commodities Location
Pre-feasibility/Scoping
Doris North Nunavut 68.1 TMAC Resources Inc Gold Cambridge Bay, 120km SSW
Madrid Nunavut 68.1 TMAC Resources Inc Gold Bathurst Inlet, 148Km NNE
Hope Bay Nunavut 68.1 TMAC Resources Inc Gold Cambridge Bay, 130km SSW
Boston Nunavut 67.7 TMAC Resources Inc Gold Bathurst Inlet, 115km NE
High Lake Nunavut 67.4 MMG Ltd Base metals, Copper, Gold Bathurst Inlet, 136km WNW
Ulu Nunavut 66.9 Elgin Mining Inc Gold Cambridge Bay, 340km SW
Three Bluffs Nunavut 66.6 North Country Gold Corp Diamonds, Gold, Silver Baker Lake, 330km NE
Committee Bay Nunavut 66.6 North Country Gold Corp Diamonds, Emerald, Gold, Silver Baker Lake, 290km NNE
George Lake Nunavut 65.9 Sabina Gold & Silver Corp Gold Bathurst Inlet, 100km SSE
Hackett River Nunavut 65.9 Glencore Xstrata plc Copper, Gold, Lead, Silver, Zinc Bathurst Inlet, 110km S
Back River Nunavut 65.9 Sabina Gold & Silver Corp Base metal, Gold Bathurst Inlet, 112km SSE
Goose Lake Nunavut 65.6 Sabina Gold & Silver Corp Gold Bathurst Inlet, 74km SE
Kiggavik-Sissons Nunavut 64.5 AREVA SA Uranium Baker Lake, 80km WNW
Sissons Nunavut 64.3 AREVA SA Uranium Baker Lake, 80km WNW
Courageous Lake Northwest Territories 64.1 Seabridge Gold Inc Gold Yellowknife, 240km NE
FAT Northwest Territories 64.1 Seabridge Gold Inc Gold Yellowknife, 240km NE
Wolf Yukon Territory 64.0 Victoria Gold Corp Tungsten Mayo, 48km NNE
Dublin Gulch Yukon Territory 64.0 Victoria Gold Corp Antimony, Gold, Silver, Tungsten Keno Hill, 30km WNW
Marg Yukon Territory 64.0 Redtail Metals Corp Copper, Gold, Lead, Silver, Zinc Keno Hill, 35km E
Lucky Queen Yukon Territory 63.9 Alexco Resource Corp Gold, Lead, Silver, Zinc Keno Hill, 3km W
Onek Yukon Territory 63.9 Alexco Resource Corp Gold, Lead, Silver, Zinc Keno Hill, 5km SW
Flame and Moth Yukon Territory 63.9 Alexco Resource Corp Gold, Lead, Silver, Zinc Keno Hill, 8km SW
Tom & Jason Yukon Territory 63.1 HudBay Minerals Inc Lead, Silver, Zinc Whitehorse, 367km NE
Wrigley Northwest Territories 63.1 Mackenzie Mountain Metals Inc Lead, Silver, Zinc Wrigley, 12km W
Meliadine Nunavut 63.0 Agnico-Eagle Mines Ltd Gold Rankin Inlet, 25 km NNW
Ferguson Lake Nunavut 62.9 Unspecified Company Cobalt, Copper, Nickel, PGMs Kivalliq region
Nucleus Yukon Territory 62.3 Northern Freegold Resources Ltd Copper, Gold, Silver Whitehorse, 217km NW
Revenue Yukon Territory 62.3 Northern Freegold Resources Ltd Copper, Gold, Molybdenum, Silver Whitehorse, 220km NNW
Freegold Mountain Yukon Territory 62.3 Northern Freegold Resources Ltd Copper, Gold, Lead, Moly Keno Hill, 200km SSW
Wellgreen Yukon Territory 61.5 Wellgreen Platinum Ltd Cobalt, Copper, Gold, PGMs Whitehorse, 250km WNW
Pine Point Cluster Northwest Territories 60.8 Tamerlane Ventures Inc Lead, Zinc Hay River, 72km E
Northern Dancer Yukon Territory 60.0 Largo Resources Ltd Molybdenum, Tungsten Whitehorse, 210km SE
Feasibility Study
Mary River Nunavut 71.3 Baffinland Iron Mines Corp Iron ore Pond Inlet, 157km SSE
Roche Bay Nunavut 68.4 Advanced Explorations Inc Copper, Iron ore, Magnetite Baker Lake, 740km NE
Izok Corridor Nunavut 65.6 MMG Ltd Copper, Gold, Lead, Silver, Zinc Yellowknife, 360km NNE
Izok Lake Nunavut 65.6 MMG Ltd Copper, Lead, Silver, Zinc Yellowknife, 360km NNE
Eagle Yukon Territory 64.0 Victoria Gold Corp Gold Keno Hill, 30km WNW
NICO Northwest Territories 63.5 Fortune Minerals Ltd Bismuth, Cobalt, Copper, Gold Yellowknife, 172km NW
Gahcho Kue (AK) Northwest Territories 63.4 De Beers SA Diamonds Yellowknife, 280km ENE
MacTung Yukon Territory 63.3 North American Tungsten Corp Ltd Ammonium Sulphate, Copper, Gold Keno Hill, 260km ESE
Nicholas Lake Northwest Territories 63.2 Tyhee Gold Corp Gold, Tungsten Yellowknife, 90km NNE
Yellowknife Northwest Territories 63.2 Tyhee Gold Corp Gold, Silver, Tungsten Yellowknife, 80km NNE
Ormsby Northwest Territories 63.2 Tyhee Gold Corp Gold Yellowknife, 80km NNE
Goodwin Lake Northwest Territories 63.1 Tyhee Gold Corp Gold, Silver Yellowknife, 65km NNE
28 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
CANADA
Name Province Latitude Owner Commodities Location
Feasibility Study (continued)
Clan Lake Northwest Territories 62.9 Tyhee Gold Corp Gold Yellowknife, 50km N
Yukon Yukon Territory 62.9 Overland Resources Ltd Lead, Zinc Whitehorse, 280km NNE
Darcy Yukon Territory 62.9 Overland Resources Ltd Zinc Ross River, 105km N
Andrew Yukon Territory 62.9 Overland Resources Ltd Germanium, Lead, Silver, Zinc Ross River, 89km NNW
Darin Yukon Territory 62.9 Overland Resources Ltd Lead, Zinc Ross River, 100km N
Casino Yukon Territory 62.7 Western Copper and Gold Corp Copper, Gold, Molybdenum, Silver Keno Hill, 220km SW
Selwyn Yukon Territory 62.6 Yunnan Chihong Zinc & Germanium Co Lead, Zinc Whitehorse, 364km NE
Howards Pass Yukon Territory 62.6 Yunnan Chihong Zinc & Germanium Co Lead, Zinc Tungsten, 85km NW
ANNIV Central Yukon Territory 62.6 Yunnan Chihong Zinc & Germanium Co Lead, Zinc Whitehorse, 360km NE
ANNIV East Yukon Territory 62.5 Yunnan Chihong Zinc & Germanium Co Lead, Zinc Whitehorse, 360km NE
Don HC Yukon Territory 62.5 Yunnan Chihong Zinc & Germanium Co Lead, Zinc Whitehorse, 365km NE
Brodel Yukon Territory 62.5 Yunnan Chihong Zinc & Germanium Co Lead, Zinc Whitehorse, 365km NE
XY Central Yukon Territory 62.5 Yunnan Chihong Zinc & Germanium Co Lead, Zinc Whitehorse, 370km NE
Carmacks Yukon Territory 62.3 Copper North Mining Corp Copper, Gold, Silver Keno Hill, 190km SSW
Nechalacho Northwest Territories 62.1 Avalon Rare Metals Inc Beryllium, Cerium, Rare earth Yellowknife, 100 km ESE
Prairie Creek Northwest Territories 61.6 Canadian Zinc Corp Copper, Lead, Silver, Zinc Dease Lake, 450km NE
Mequillon Quebec 61.5 Jilin Jien Nickel Industry Co Cobalt, Copper, Gold, PGMs Kangiqsujuaq, 95km W
Division Mountain Yukon Territory 61.3 Pitchblack Resources Ltd Coal Coking Whitehorse, 85 km NW
Pine Point N204 Northwest Territories 60.9 Tamerlane Ventures Inc Lead, Zinc Yellowknife, 170km SSE
Construction
Indian River Yukon Territory 63.7 Klondike Star Mineral Corp Gold Dawson, 30km SE
Mesamax Quebec 61.6 Jilin Jien Nickel Industry Co Cobalt, Copper, Gold, PGMs Kangiqsujuaq, 68km W
Expo Quebec 61.6 Jilin Jien Nickel Industry Co Cobalt, Copper, Gold, PGMs Kangiqsujuaq, 80km W
Expo Ungava Quebec 61.5 Canadian Royalties Inc Cobalt, Copper, Gold, PGMs Schefferville, 840km NNW
Ivakkak Quebec 61.4 Jilin Jien Nickel Industry Co Cobalt, Copper, Gold, PGMs Kangiqsujuaq, 90km W
Pine Point Northwest Territories 60.9 Tamerlane Ventures Inc Lead, Zinc Yellowknife, 180km S
Pine Point R190 Northwest Territories 60.7 Tamerlane Ventures Inc Lead, Zinc Yellowknife, 200km SSW
Operating
Meadowbank Nunavut 65.0 Agnico-Eagle Mines Ltd Gold, Silver Baker Lake, 77km N
Ekati Northwest Territories 64.7 Dominion Diamond Corp Diamonds Yellowknife, 310km NE
Diavik Northwest Territories 64.5 Diavik Diamond Mines Inc Diamonds Yellowknife, 300km NE
Bellekeno Yukon Territory 63.9 Alexco Resource Corp Silver Whitehorse, 353km N
Eastern Keno Hill Yukon Territory 63.9 Alexco Resource Corp Gold, Lead, Silver, Zinc Keno Hill, 6km SW
Snap Lake Northwest Territories 63.6 De Beers SA Diamonds Yellowknife, 220km NE
Minto Yukon Territory 62.6 Capstone Mining Corp Copper, Gold, Silver Minto, 20km W
Cantung Northwest Territories 62.0 North American Tungsten Corp Ltd Copper, Tungsten, Zinc Whitehorse, 385km ENE
Raglan Operation Quebec 61.7 Glencore Xstrata plc Cobalt, Copper, Nickel, PGMs Salluit, 117km SE
Raglan Zone 3 Quebec 61.7 Glencore Xstrata plc Cobalt, Copper, Nickel Salluit, 115km SE
Katinniq Quebec 61.7 Glencore Xstrata plc Cobalt, Copper, Nickel Montreal, 1,800km N
Raglan Zone 2 Quebec 61.7 Glencore Xstrata plc Cobalt, Copper, Nickel Salluit, 120km SE
Wolverine Yukon Territory 61.4 Yukon Zinc Corp Copper, Gold, Lead, Silver, Zinc Whitehorse, 275km ENE
29 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
FINLAND
Name State/Province Latitude Operator/Significant Owner Commodities Location
Adv. Exploration*
Iso-Kuotko Lappi Laani (Lapland) 68.0 Agnico-Eagle Mines Ltd Gold Rovaniemi, 175km NNW
Hanhimaa Lappi Laani (Lapland) 67.9 Agnico-Eagle Mines Ltd Copper, Gold, Lead, Silver, Zinc Kittila, 31km NNE
Lomalampi Lappi Laani (Lapland) 67.9 Government of Finland Cobalt, Copper, Gold, Nickel, PGMs Sodankyla, 70km NE
Kettukuusikko Lappi Laani (Lapland) 67.8 Taranis Resources Inc Gold Kittila, 17km NE
Riikonkoski Lappi Laani (Lapland) 67.7 Taranis Resources Inc Copper, Gold Kittila, 10km NE
Kuusamo North Oulun Laani 66.3 Dragon Mining Ltd Cobalt, Copper, Gold, Rare earth Kuusamo, 35km N
Kivimaa Lansi-Suomen Laani 66.2 Endomines AB Copper, Gold Rovaniemi, 50km SW
Kuusamo South Oulun Laani 66.2 Dragon Mining Ltd Cobalt, Gold Kuusamo, 25km NNW
Kuusamo 66.1 Belvedere Resources Ltd Cobalt, Copper, Gold, Uranium Ruka, 11km W
Kaukua Oulun Laani 65.9 Finore Mining Inc Copper, Gold, Nickel, PGMs Kemijrvi, 90km SSE
Lantinen Koillismaa Oulun Laani 65.9 Finore Mining Inc Cobalt, Copper, Gold, Nickel, PGMs Kemijrvi, 90km SSE
Haukiaho 65.9 Finore Mining Inc Copper, Gold, Nickel, PGMs Oulu, 150km NE
Oijarvi Lappi Laani (Lapland) 65.7 Agnico-Eagle Mines Ltd Gold, Silver Kemi, 60km E
Tormua Oulun Laani 65.3 Nordic Mines AB Gold Taivalkoski, 70km ESE
Kuhmo 65.2 Altona Mining Ltd Cobalt, Copper, Nickel, PGMs Oulu, 170km E
Nuottijarvi Oulun Laani 64.4 Elite Vantage Development Uranium Kajaani, 40km NE
Kiimala Oulun Laani 64.1 Aquila Resources Inc Copper, Gold Oulu, 100km SSW
Angesneva Oulun Laani 64.1 Aquila Resources Inc Gold Oulu, 100km S
Koski Oulun Laani 64.1 Vuorokas Oy Iron ore, Magnetite, Titanium Kajaani, 22km SW
Otanmaki Oulun Laani 64.1 Vuorokas Oy Magnetite, Titanium, Vanadium Kajaani, 30km WSW
Vuorokas Oulun Laani 64.1 Vuorokas Oy Iron ore, Magnetite, Titanium Kajaani, 32km WSW
Vesipera Oulun Laani 64.1 Aquila Resources Inc Gold Raahe, 65km Sof
Hirsikangas 64.1 Belvedere Resources Ltd Gold Kokkola,40km NE
Koivusaarenneva Lansi-Suomen Laani 63.9 Unspecified Company or Entity Ilmenite, Iron ore, Magnetite, Titanium Kokkola, 15km ENE
Outovesi 63.7 Keliber Oy Lithium, Spodumene Kokkola, 35km ESE
Syvajarvi 63.7 Keliber Oy Lithium, Spodumene, Tantalite Kokkola, 35km ESE
Rautavaara Ita-Suomen Laani 63.4 FinnAust Mining plc Cobalt, Copper, Nickel Siilinjrvi, 50km NE
Hosko Ita-Suomen Laani 63.1 Endomines AB Gold Ilomantsi, 48km NNE
Kokka Ita-Suomen Laani 63.0 Altona Mining Ltd Cobalt, Copper, Nickel Outokumpu, 28km NNW
Karelian Line Ita-Suomen Laani 63.0 Endomines AB Gold Ilomantsi, 40km NE
Kaavi-Kuopio 2 Ita-Suomen Laani 62.9 Sunrise Resources plc Diamonds Kuopio, 20km ENE
Saramaki 62.9 Altona Mining Ltd Cobalt, Copper, Nickel, Zinc Kylylahti, 15km NW
Muurinsuo Ita-Suomen Laani 62.8 Endomines AB Gold Ilomantsi, 24km ENE
Korvilansuo Ita-Suomen Laani 62.8 Endomines AB Gold Ilomantsi, 40km NE
Perttilahti Ita-Suomen Laani 62.8 Altona Mining Ltd Cobalt, Copper, Nickel, Zinc Joensuu, 38km NW
Kuittila Ita-Suomen Laani 62.8 Endomines AB Gold Ilomantsi, 15km ENE
Vuonos Ita-Suomen Laani 62.8 Altona Mining Ltd Cobalt, Copper, Zinc Joensuu, 35km WNW
Outokumpu 2 Ita-Suomen Laani 62.7 Altona Mining Ltd Cobalt, Copper, Nickel, Zinc Outokumpu
Riihilahti Ita-Suomen Laani 62.7 Altona Mining Ltd Cobalt, Copper, Nickel Joensuu, 55km WNW
Hautalampi Ita-Suomen Laani 62.7 Altona Mining Ltd Cobalt, Copper, Nickel, Zinc Joensuu, 40km WNW
Sikakangas Etela-Suomen Laani 62.7 Government of Finland Gold Seinajoki, 10km S
FinnAust Regional Oulun Laani 62.7 FinnAust Mining plc Cobalt, Copper, Nickel, Zinc Joensuu, 50km W
Valkeisenranta Ita-Suomen Laani 62.6 Altona Mining Ltd Cobalt, Copper, Nickel Varkaus, 30km NNW
Sarkalahti Ita-Suomen Laani 62.5 Altona Mining Ltd Copper, Nickel Varkaus, 20km N
* Only the advanced exploration projects above 62.4N are listed; others available on request.
30 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
FINLAND
Name State/Province Latitude Operator/Significant Owner Commodities Location
Pre-feasibility/Scoping
Sokli Lappi Laani (Lapland) 67.8 Yara International ASA Apatite, Phosphate Kovdor, 50km NW
Arctic 66.2 Gold Fields Ltd Copper, Gold, Nickel, PGMs Rovaniemi, 45km SE
Suhanko 66.1 Gold Fields Ltd Copper, Gold, Nickel, PGMs Rovaniemi, 43km SSE
Vaara 65.3 Altona Mining Ltd Cobalt, Copper, Nickel, PGMs Suomussalmi, 29km NNE
Peura-Aho 65.2 Altona Mining Ltd Cobalt, Copper, Nickel, PGMs Suomussalmi, 29km NNE
Sika-aho 65.2 Altona Mining Ltd Copper, Nickel Suomussalmi, 29km NNE
Hietaharju Oulun Laani 65.1 Altona Mining Ltd Cobalt, Copper, Nickel, PGMs Suomussalmi, 30km NNE
Arola Oulun Laani 64.4 Altona Mining Ltd Nickel Kajaani, 69km ENE
Kopsa Oulun Laani 63.8 Belvedere Resources Ltd Copper, Gold, Silver Haapajrvi, 5 km WNW
Lantta 63.6 Keliber Oy Beryl, Lithium, Spodumene, Tantalite Kokkola, 55km ESE
Keliber 63.6 Keliber Oy Lithium, Spodumene, Tantalite Kokkola, 55km ESE
Kalvia Lansi-Suomen Laani 63.6 Cove Resources Ltd (In Administration) Ilmenite, Magnetite Raw Kokkola, 60km ESE
Kaire Lansi-Suomen Laani 63.6 Cove Resources Ltd (In Administration) Ilmenite, Magnetite Raw Kokkola, 60km ESE
Haveri Lansi-Suomen Laani 61.7 Unspecified Company Copper, Gold Tampere, 36km NW
Feasibility Study
Kuervitikko Lappi Laani (Lapland) 67.6 Northland Resources SA Copper, Gold, Iron ore, Magnetite Kittila, 40km WSW
Hannukainen Lappi Laani (Lapland) 67.6 Northland Resources SA Copper, Gold, Iron ore, Magnetite Kittila, 41km WSW
Mustavaara Lappi Laani (Lapland) 65.8 Mustavaaran Kaivos Oy Iron ore, Magnetite, Titanium Rovaniemi, 130km SE
Otanmaki Oulun Laani 64.1 Vuorokas Oy Iron ore, Magnetite, Titanium Kajaani, 32km WSW
Koivu Lansi-Suomen Laani 63.6 Cove Resources Ltd (In Administration) Ilmenite, Magnetite Raw Kokkola, 60km ESE
Lahtojoki Ita-Suomen Laani 63.0 Kimberley Diamonds Ltd Diamonds Kuopio, 47km WNW
Ramepuro Ita-Suomen Laani 62.9 Endomines AB Gold Ilomantsi, 30km NE
Construction
Taivaljarvi 63.9 Sotkamo Silver AB Copper, Gold, Lead, Zinc Kuhmo, 30km SW
Operating
Kittila 67.9 Agnico-Eagle Mines Ltd Gold Kittila, 40km NE
Kevitsa 67.7 First Quantum Minerals Ltd Cobalt, Copper, Gold, Nickel, PGMs Kemijrvi, 110km N
Pahtavaara 67.6 Lappland Goldminers (Administration) Gold Sodankyl, 25km NNW
Kemi Lappi Laani (Lapland) 65.8 Outokumpu Oyj Chromite Kemi, 7km ENE
Tornio Smelter Lappi Laani (Lapland) 65.8 Outokumpu Oyj Ferrochrome Tornio
Laiva Oulun Laani 64.5 Nordic Mines AB Gold Raahe, 15km SSE
Talvivaara Oulun Laani 64.0 Talvivaara Mining Co (Administration) Cobalt, Copper, Uranium, Zinc Kajaani, 30km SSE
Kokkola Smelter Lansi-Suomen Laani 63.9 Boliden AB Cadmium, Zinc Kokkola, 4km NW
Kokkola Refinery Lansi-Suomen Laani 63.9 Freeport-McMoRan Copper & Gold Inc Cobalt Kokkola, 5km W
Pyhasalmi Oulun Laani 63.7 First Quantum Minerals Ltd Copper, Gold, Silver, Sulphur, Zinc Iisalmi, 55km W
Siilinjarvi Lansi-Suomen Laani 63.1 Yara International ASA Apatite, Phosphate Siilinjrvi, 5km NNE
Pampalo Ita-Suomen Laani 63.0 Endomines AB Gold Lieksa, 70km ESE
Luikonlahti Plant Ita-Suomen Laani 62.9 Altona Mining Ltd Copper, Gold, Nickel Outokumpu, 27km NNW
Kylylahti 62.9 Altona Mining Ltd Cobalt, Copper, Gold, Nickel, Zinc Outokumpu, 25km NE
Outokumpu Ita-Suomen Laani 62.7 Altona Mining Ltd Cobalt, Copper, Gold, Nickel, Zinc Outokumpu
Orivesi Lansi-Suomen Laani 61.7 Dragon Mining Ltd Gold Tampere, 26km NE
Vammala Lansi-Suomen Laani 61.3 Dragon Mining Ltd Gold Tampere,50km SW
Harjavalta Refinery Lansi-Suomen Laani 61.3 Boliden AB Copper, Gold, Nickel, Silver Pori, 26km SE
Harjavalta Refinery Lansi-Suomen Laani 61.3 MMC Norilsk Nickel OJSC Nickel Pori, 26km SE
Jokisivu Lansi-Suomen Laani 61.1 Dragon Mining Ltd Gold Rauma, 55km E
31 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
GREENLAND
Name Province Latitude Owner Commodities Location
Adv. Exploration
Havik Qaasuitsup 76.3 Red Rock Resources plc Gold, Iron ore, Magnetite Qaanaaq, 133km SSE
Ladderbjerg NE National Park 73.5 Unspecified Company Copper, Lead Kulusuk, 1050km NE
Rubjerg Knude NE National Park 72.6 Unspecified Company Copper Kulusuk, 940km NE
Ukkusissat Qaasuitsup 71.1 Angel Mining plc (Administration) Zinc Nuuk, 770km N
Qeqertaa Qaasuitsup 69.6 Avannaa Resources Ltd Diamond Illulissat, 50km NE
Storoe Sermersooq 64.4 NunaMinerals AS Gold Nuuk, 40km NE
Aries Kujalleq 61.2 Ram Resources Ltd Niobium, Rare earths, Tantalum, Zircon Qassiarsuk, 30km E
Motzfeldt Kujalleq 61.2 Ram Resources Ltd Niobium, Rare earths, Tantalum, Uranium Qassiarsuk, 17km NE
Isortoq Kujalleq 61.0 West Melville Metals Inc Iron ore, Magnetite, Titanium Nuuk, 420km SE
Pre-feasibility/Scoping
Ymer NE National Park 73.3 NunaMinerals AS Antimony, Gold, Tungsten Ymer Island
Karrat Qaasuitsup 71.7 Avannaa Resources Ltd Rare earths, Yttrium Nuugaatsiaq, 20km E
Skaergaard Sermersooq 68.2 Platina Resources Ltd Gold, Palladium, Platinum, PGMs Reyjkavik, 630km NW
White Mountain Qeqqata 66.5 Hudson Resources Inc Alumina, Anorthosite Saqqarliit, 39km SSE
Sarfartoq Qeqqata 66.5 Hudson Resources Inc Cerium, Diamond, Rare earths Nuuk, 250km N
Aappaluttoq Sermersooq 63.0 True North Gems Inc Ruby, Sapphire Nuuk, 145km SSE
Fiskenaesset Sermersooq 63.0 True North Gems Inc Ruby, Sapphire Nuuk, 160km S
Feasibility Study
Citronen Fjord NE National Park 83.0 Ironbark Zinc Ltd Lead, Zinc North Pole, 775km S
Malmbjerg Sermersooq 71.8 KGHM Polska Miedz SA Molybdenum Scoresbysund, 200km NW
Isua Sermersooq 65.2 London Mining plc Magnetite Nuuk, 140km NE
Kvanefjeld Kujalleq 61.0 Greenland Minerals and Energy Rare earth, Uranium, Yttrium, Zinc Nuuk, 465km SE
Zone 3 Kujalleq 61.0 Greenland Minerals and Energy Rare earth, Uranium, Yttrium, Zinc Nuuk, 465km SE
Sorensen Kujalleq 60.9 Greenland Minerals and Energy Cerium, Dysprosium, Rare earths Nuuk, 465km SE
Tanbreez Kujalleq 60.9 Tanbreez Mining Greenland AS Feldspar, Niobium, Rare earths Nuuk, 470km SE
Construction
Black Angel Qaasuitsup 71.7 Angel Mining plc (Administration) Lead, Silver, Zinc Nuuk, 770km N
Operating
Nalunaq Kujalleq 60.4 Angel Mining plc (Administration) Gold Nanortalik, 33km NE
ICELAND
Name Province Latitude Owner Commodities Location
Construction
Helguvik Aluminium Smelter 64.0 Century Aluminum Co Aluminium Reykjavik, 35km WSW
Operating
Fjardaal Aluminium Smelter 65.0 Alcoa Inc Aluminium Reykjavik, 385km ENE
Nordural Aluminium Smelter Grundartangi 64.4 Century Aluminum Co Aluminium Reykjavk, 25km NNE
Reykjavik Aluminium Smelter 64.0 Rio Tinto Ltd Aluminium Reykjavik, 11km SW
32 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
NORWAY
Name Province Latitude Owner Commodities Location
Adv. Exploration
Repparfjord Finnmark 70.4 Metallica Mining ASA Copper Hammerfest, 30km SE
Grundtjern Finnmark 69.6 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 10km S
Sostervann Finnmark 69.6 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 10km S
Tverrdalen Finnmark 69.6 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 11km S
Bjornfell Finnmark 69.6 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 12km S
Oskarsmalm Finnmark 69.6 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 14km S
Jerntoppen Finnmark 69.6 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 14km S
Jennestad Nordland 68.8 Nordic Graphite Ltd Graphite Harstad, 45km W
Joma Tailings Nord-Trondelag 64.9 CRD Holdings AB Copper, Gold, Iron ore, Silver Trondheim, 230km NE
Espedalen Oppland 61.4 Drake Resources Ltd Cobalt, Copper, Nickel Lillehammer, 55km NW
Dalen Oppland 61.4 Drake Resources Ltd Cobalt, Copper, Nickel Lillehammer, 58km NW
Stormyra Oppland 61.3 Drake Resources Ltd Cobalt, Copper, Nickel Lillehammer, 58km NW
Pre-feasibility/Scoping
Nussir Finnmark 70.5 Nussir ASA Copper, Gold, PGMs Troms, 210km ENE
Ulveryggen Finnmark 70.5 Nussir ASA Copper Hammerfest, 32km SE
Bidjovagge Finnmark 69.3 Arctic Gold AB Copper, Gold Kautokeino, 40km NW
Engebo Sogn og Fjordane 61.5 Nordic Mining ASA Garnet, Rutile Bergen, 120km N
Hurdal Akershus 60.5 Intex Resources ASA Molybdenum Oslo, 60km NNE
Nesodden Hordaland 60.1 Nordic Mining ASA Quartz Bergen, 50km SE
Construction
Lunckefjell Spitsbergen, Svalbad 78.0 Store Norske AS Coal Longyearbyen, 35km SE
Operating
Store Norske Spitsbergen, Svalbad 78.2 Store Norske AS Coal Longyearbyen
Gruve No7 Spitsbergen, Svalbad 78.1 Store Norske AS Coal Longyearbyen, 16km SE
Svea Nord Spitsbergen, Svalbad 77.9 Store Norske AS Coal Longyearbyen, 40km SE
Elkem Tana Quarry Finnmark 70.5 Elkem Tana AS Quartz Nikel', 135km NNW
Sydvaranger Finnmark 69.7 Northern Iron Ltd Magnetite Kirkenes, 10km S
Bjornevatn Finnmark 69.7 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 8km S
Fisketind Ost Finnmark 69.6 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 13km S
Kjellmannsasen Finnmark 69.6 Northern Iron Ltd Iron ore, Magnetite Kirkenes, 15km S
Franzefoss Nordland 68.4 Franzefoss Miljokalk AS Limestone Narvik, 20km W
Kvannevann Nordland 66.4 Rana Gruber AS Iron ore, Magnetite Kvannevann
Mosjoen Smelter Nordland 65.9 Alcoa Inc Aluminium Mo I Rana, 100km SW
Sunndal Smelter Oppland 62.4 Norsk Hydro ASA Aluminium Molde, 90km E
Ardal Smelter Sogn og Fjordane 61.6 Norsk Hydro ASA Aluminium Bergen, 200km NE
Hoyanger Smelter Sogn og Fjordane 61.2 Norsk Hydro ASA Aluminium Bergen, 100km NNE
Gudvangen Sogn og Fjordane 60.9 Nordic Mining ASA Aluminous Clay, Anorthosite Bergen, 95km NE
Odda Smelter Hordaland 60.1 Boliden AB Aluminium, Zinc Odda , 3km NNW o9f
33 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
RUSSIA
Name Province Latitude Owner Commodities Location
Pre-feasibility/Scoping
Vuruchuaivench Murmansk 67.5 MMC Norilsk Nickel OJSC Copper, Gold, Nickel, PGMs Monchegorsk, 80km SE
Usinsk 3 Komi 67.1 Novolipetsk Steel OJSC Coal, Coal Vorkuta
Mangazeisky Yakutia (Sakha) 65.7 Silver Bear Resources Inc Copper, Gold, Lead, Silver, Zinc Yakutsk, 390km N
Oroch Magadan 63.7 Polymetal International plc Gold, Silver Magadan, 950km NE
Amaam North Chukotka (Chukot) 63.0 Tigers Realm Coal Ltd Coal Anadyr, 200km SSE
Solur-Vostochnaya Yakutia (Sakha) 62.7 Alrosa OJSC Diamonds Mirnyy, 25km NW
Amaam Chukotka (Chukot) 62.7 Tigers Realm Coal Ltd Coal, Coal Coking Anadyr, 240km SSE
Nezhdaninskoye Yakutia (Sakha) 62.5 Polyus Gold International Ltd Gold, Silver Yakutsk, 450km E
Feasibility Study
Souker Murmansk 69.4 Kola Mining Corp Copper, Nickel Nikel', 12km ENE
Maslovskoye Taymyr 69.2 MMC Norilsk Nickel OJSC Cobalt, Copper, Gold, Nickel, PGMs Noril'sk, 14km SSW
Pellapakh Murmansk 68.5 Grangesberg Iron Ore plc Copper, Molybdenum Kola Penninsula
Fedorova Murmansk 67.5 Barrick Gold Corp Copper, Gold, Nickel, PGMs Apatity, 90km E
Novogodnee Monto Yamalo-Nenets 66.8 Petropavlovsk plc Gold, Iron ore Salekhard, 25km N
Prognoz Magadan 63.7 Polymetal International plc Gold, Silver Magadan, 950km NE
Perevalnoye Magadan 62.7 Polymetal International plc Copper, Lead, Silver, Zinc Omsukchan, 25km WNW
Construction
Skalisty Taymyr 69.6 MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 33km NNE
Kekura Centre Chukotka (Chukot) 67.0 Bazovye Metally CJSC Gold Aliskerovo, 92km SSW
Grib Arkhangel 65.5 Lukoil OAO Diamonds Arkhangel, 120km NNE
Karpinskogo-1 Arkhangel 65.3 Alrosa OJSC Diamonds Arkhangel'sk, 90km NNE
Botubinskaya Yakutia (Sakha) 65.0 Alrosa OJSC Diamonds Nyurba, 200km NNW
Nachalnoye-2 Magadan 62.6 Polymetal International plc Silver Omsukchan, 25km WNW
Natalka Magadan 61.6 Polyus Gold International Ltd Gold Magadan, 280km NW
Ametistovoe Kamchatka 61.5 Renova Group Gold Tilichiki, 125km NW
Operating
Almazy Anabara Division Yakutia (Sakha) 71.0 Alrosa OJSC Diamonds Noril'sk, 990km ENE
Oktyabrsky Taymyr 69.6 MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 28km N
Taimyrsky Taymyr 69.6 MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 29km NNE
Komsomolsky Taymyr 69.5 MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 26km NNE
Talnakh Concentrator Taymyr 69.5 MMC Norilsk Nickel OJSC Copper, Nickel Noril'sk, 24km N
Mayak Taymyr 69.5 MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 23km NNE
Kola Peninsula (Pechenga) Murmansk 69.4 MMC Norilsk Nickel OJSC Copper, Gold, Ilmenite, Nickel, PGMs Murmansk, 110km NW
Kaula-Kotselvaara Murmansk 69.4 MMC Norilsk Nickel OJSC Copper, Gold, Nickel, PGMs Nikel, 3km SE
Severny-Gluboky Murmansk 69.4 MMC Norilsk Nickel OJSC Copper, Gold, Nickel, PGMs Nikel, 22km E
Nadezhda Smelter Taymyr 69.3 MMC Norilsk Nickel OJSC Copper, Nickel Noril'sk, 9km W
Norilsk Concentrator Taymyr 69.3 MMC Norilsk Nickel OJSC Nickel Noril'sk, 1km S
Taimyr Peninsula (Polar) Taymyr 69.3 MMC Norilsk Nickel OJSC Cobalt, Copper, Gold, Indium, PGMs Norilsk
Medvezhy Ruchey Taymyr 69.3 MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 4km SSW
Zapolyarny Taymyr 69.3 MMC Norilsk Nickel OJSC Copper, Nickel, PGMs Noril'sk, 5km SW
Mayskoye Chukotka (Chukot) 69.0 Polymetal International plc Gold, Silver Komsomol'skiy, 54km E
Olenogorsky Murmansk 68.2 Olkon JSC Iron ore, Magnetite Raw Olenegorsk
Olkon Murmansk 68.2 Olkon JSC Iron ore, Magnetite Raw Olenegorsk
Monchegorsk Refinery Murmansk 67.9 MMC Norilsk Nickel OJSC Cobalt, Copper, Nickel Monchegorsk
Lovozersky Murmansk 67.9 Lovozersky GOK Beryllium, Cerium, Rare earth Apatity, 65km NE
Oleniy Ruchey Murmansk 67.7 Acron JSC Apatite, Nepheline Syenite Kirovsk, 25km ENE
Kirovsky Murmansk 67.7 Apatit OJSC Bauxite, Nepheline Syenite, Phosphate Kirovsk, 6km NE
34 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
RUSSIA
Name Province Latitude Owner Commodities Location
Operating (continued)
Apatit Murmansk 67.7 Apatit OJSC Bauxite, Nepheline Syenite, Phosphate Kirovsk
Rasvumchorr Murmansk 67.6 Apatit OJSC Bauxite, Nepheline Syenite, Phosphate Kirovsk, 7km NE
Vostochny Murmansk 67.6 Apatit OJSC Bauxite, Nepheline Syenite, Phosphate Kirovsk, 20km ENE
ANBP-3 Concentrator Murmansk 67.6 Apatit OJSC Phosphate Kirovsk
Central Murmansk 67.6 Apatit OJSC Bauxite, Nepheline Syenite, Phosphate Kirovsk, 8km ENE
Dvoinoye Chukotka (Chukot) 67.6 Kinross Gold Corp Gold, Silver Aliskerovo, 76km ESE
ANBP-2 Concentrator Murmansk 67.6 Apatit OJSC Phosphate Apatity
Kovdorsky Murmansk 67.6 EuroChem Mineral Co Apatite, Iron ore, Magnetite, Phosphate Kovdor
Vorkutaugol Komi 67.5 Vorkutaugol JSC Coal Vorkuta
Kandalaksha Smelter Murmansk 67.2 UC RUSAL plc Aluminium Kandalaksha
Kupol Chukotka (Chukot) 66.8 Kinross Gold Corp Gold, Silver Aliskerovo, 140km SE
Sentachan Yakutia (Sakha) 66.5 GeoProMining Ltd Antimony Yakutsk, 600km NE
Udachny Division Yakutia (Sakha) 66.4 Alrosa OJSC Diamonds Udachnyy, 19km WSW
Udachny Yakutia (Sakha) 66.4 Alrosa OJSC Diamonds Udachnyy, 19km WSW
Zarnitsa Yakutia (Sakha) 66.4 Alrosa OJSC Diamonds Udachny, 18km E
Komsomolskaya Yakutia (Sakha) 66.0 Alrosa OJSC Diamonds Aykhal, 10km NE
Jubilee Yakutia (Sakha) 66.0 Alrosa OJSC Diamonds Aykhal, 12km NW
Aikhal Yakutia (Sakha) 65.9 Alrosa OJSC Diamonds Aykhal, 1km S
Aikhal Division Yakutia (Sakha) 65.9 Alrosa OJSC Diamonds Aykhal, 1km S
Arkhangelskaya Arkhangel 65.3 Alrosa OJSC Diamonds Archangel, 86km NNE
Lomonosov Division Arkhangel 65.3 Alrosa OJSC Diamonds Arkhangel'sk, 85km NNE
Nyurba Division Yakutia (Sakha) 65.0 Alrosa OJSC Diamonds Nyurba, 200km NNW
Nyurbinskaya Yakutia (Sakha) 65.0 Alrosa OJSC Diamonds Nyurba, 200km NNW
Nyurba (Placer) Yakutia (Sakha) 65.0 Alrosa OJSC Diamonds Nyurba, 200km NNW
Timan Komi 64.8 UC RUSAL plc Aggregate, Bauxite Ukhta, 155km NNE
Karelsky Okatysh Karelia 64.7 Karelsky Okatysh JSC Magnetite Raw Kostomuksha, 7km W
Sarylakh-Surma Yakutia (Sakha) 64.4 GeoProMining Ltd Antimony, Gold Ust-Nera, 75km SW
North Onega Arkhangel 64.0 UC RUSAL plc Bauxite Arkhangel
Badran Yakutia (Sakha) 64.0 Zapadnaya Gold Mining Ltd Gold Ust-Nera, 90km SW
Birkachan Magadan 63.9 Polymetal International plc Gold, Silver Magadan, 950km NE
Nadvoitsy Smelter Karelia 63.9 UC RUSAL plc Aluminium Segezha, 16km N
Kubaka Magadan 63.7 Polymetal International plc Gold, Silver Magadan, 950km NE
Tsokol Magadan 63.7 Polymetal International plc Gold, Silver Magadan, 950km NE
Arylakh Magadan 63.2 Polymetal International plc Gold, Silver Sinegor'ye, 260km ENE
Lunnoye Magadan 63.1 Polymetal International plc Gold, Silver Omsukchan, 134km from
Berelekh Magadan 62.8 Susumanzoloto OJSC Gold Susuman, 3km NW
Dukat Magadan 62.6 Polymetal International plc Gold, Silver Omsukchan, 25km WNW
Dalniy Magadan 62.5 Polymetal International plc Gold, Silver Karazhal, 26km WSW
Mirny Division Yakutia (Sakha) 62.5 Alrosa OJSC Diamonds Mirnyy, 8km ESE
Mir Yakutia (Sakha) 62.5 Alrosa OJSC Diamonds Mirnyy, 8km ESE
Sopka Kvartsevaya Magadan 62.5 Polymetal International plc Gold, Silver Karazhal
Mirny Alluvial Yakutia (Sakha) 62.5 Alrosa OJSC Diamonds Mirnyy, 25km ESE
International Yakutia (Sakha) 62.5 Alrosa OJSC Diamonds Mirny, 15km SW
Goltsovoye Magadan 61.0 Polymetal International plc Lead, Silver, Zinc Magadan, 575km NE
Shemurskoye Sverdlovsk 60.6 Ural Mining and Metallurgical Co Copper, Gold, Silver, Zinc Ivdel', 35km WSW
North Urals Sverdlovsk 60.2 UC RUSAL plc Bauxite Severouralsk, 4km N
Blagodatnoye Krasnoyarsk 60.1 Polyus Gold International Ltd Gold Vangash, 37km WNW
Khakanja Khabarovsk 60.0 Polymetal International plc Gold, Silver Okhotsk, 92km NW
Khakanja Khabarovsk 60.0 Polymetal International plc Gold, Silver Okhotsk, 90km NW
35 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
SWEDEN
Name Province Latitude Owner Commodities Location
Adv. Exploration*
Sautusvaara Norrbotten 67.9 Hannans Reward Ltd Iron ore, Magnetite Kiruna, 25km E
Vieto Norrbotten 67.8 Hannans Reward Ltd Copper, Iron ore, Magnetite Kiruna, 20km W
Laukujarvi Norrbotten 67.8 Hannans Reward Ltd Copper, Iron ore, Magnetite Kiruna, 30km W
Sorvivuoma Norrbotten 67.8 Talga Resources Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 41km E
Puoltsa Norrbotten 67.8 Hannans Reward Ltd Iron ore, Magnetite Kiruna, 15km WSW
Vathanvaara Norrbotten 67.8 Talga Resources Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 41km ESE
Ekstromsberg Norrbotten 67.8 Hannans Reward Ltd Iron ore, Magnetite Kiruna, 30km WSW
Pahtohavare Norrbotten 67.8 Hannans Reward Ltd Copper, Gold Kiruna, 9km SW
Norrbotten Norrbotten 67.8 Elgin Resources Inc Copper, Gold, Iron ore, Magnetite Kiruna Mining District
Manty Vathanvaara Norrbotten 67.8 Talga Resources Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 42km ESE
Vittangi Norrbotten 67.8 Talga Resources Ltd Copper, Gold, Graphite, Iron ore Kiruna, 50km ESE
Kuusi Nunasvaara Norrbotten 67.7 Talga Resources Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 50km ESE
Harrejaure Norrbotten 67.7 Hannans Reward Ltd Iron ore, Magnetite Kiruna, 32km SW
Renhagen Norrbotten 67.7 Hannans Reward Ltd Iron ore, Magnetite Kiruna, 32km SW
Kiruna Norrbotten 67.7 Hannans Reward Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 40km WSW
Tjarrojakka Norrbotten 67.7 Hannans Reward Ltd Copper, Iron ore, Magnetite Kiruna, 49km WSW
Pattok Norrbotten 67.7 Hannans Reward Ltd Iron ore, Magnetite Kiruna, 50km WSW
Jankka Norrbotten 67.7 Talga Resources Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 48km ESE
Kiruna South Norrbotten 67.6 Antofagasta plc Copper, Gold Kiruna, 25km SSE
Masugnsbyn Norrbotten 67.5 Talga Resources Ltd Iron ore, Magnetite Kiruna, 85km SE
Akosjegge Norrbotten 66.9 Hannans Reward Ltd Iron ore, Magnetite Gallivare, 56km SW
Purnu Norrbotten 66.9 Botnia Exploration Holding AB Copper, Gold Gllivare, 40km SE
Kallak North Norrbotten 66.8 Jokkmokk Iron Mines AB Iron ore, Magnetite Malmberget, 78km SW
Kallak Norrbotten 66.8 Jokkmokk Iron Mines AB Iron ore, Magnetite Malmberget, 78km SW
Munka Norrbotten 66.6 Beowulf Mining plc Molybdenum Kiruna, 185km SSW
Raitajarvi Norrbotten 66.5 Talga Resources Ltd Graphite Boden, 95km NE
Skuppesavon Norrbotten 66.4 Continental Precious Minerals Inc Uranium Gllivare, 135km WSW
Pleutajokk Norrbotten 66.3 Continental Precious Minerals Inc Uranium Mo i Rana, 150km E
Ballek Norrbotten 66.1 Beowulf Mining plc Copper, Gold, Silver, Uranium Gllivare, 155km SW
Lulepotten Norrbotten 66.1 Beowulf Mining plc Copper, Gold, Silver Arjeplog, 13km E
Kvarnan Norrbotten 66.0 Continental Precious Minerals Inc Uranium Boden, 55km WNW
Laver Norrbotten 65.8 Boliden AB Copper, Gold, Molybdenum, Silver Boden, 67km W
Svartliden Norrbotten 65.3 Norrliden Mining AB Copper, Gold, Silver, Zinc Skellefte, 95km NW
stone Norrbotten 65.3 Norrliden Mining AB Copper, Gold, Lead, Silver, Zinc Arvidsjaur, 37km SSE
Sellmansberget Vasterbotten 65.2 Botnia Exploration Holding AB Tungsten Skellefte, 180km WNW
Eva Vasterbotten 65.2 Norrliden Mining AB Copper, Gold, Lead, Silver, Zinc Skellefte, 90km WNW
Gubbtrask Vasterbotten 65.1 Lappland Goldminers (Administration) Gold, Lead, Silver, Zinc Skellefte, 160km WNW
Nyborg Vasterbotten 65.1 Terraco Gold Corp Copper, Silver, Zinc Skellefte, 115km WNW
Stekenjokk Vasterbotten 65.1 Vilhelmina Mineral AB Copper, Gold, Lead, Silver, Zinc Mo i Rana, 135km S
Norra Vasterbotten 65.1 Orex Minerals Inc Copper, Gold, Silver, Zinc Skellefte, 165km WNW
Barsele Vasterbotten 65.0 Orex Minerals Inc Gold Skellefte, 165km WNW
Barsele Vasterbotten 65.0 Orex Minerals Inc Copper, Gold, Silver, Zinc Skellefte, 165km WNW
Langdal Vasterbotten 64.8 Wiking Mineral AB Copper, Gold, Lead, Silver, Zinc Skellefte, 35km WNW
Jormlien Trondelag 64.7 Botnia Exploration Holding AB Copper, Zinc Trondheim, 220km NE
* Only the advanced exploration projects above 64.5N are listed; others available on request.
36 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
SWEDEN
Name Province Latitude Owner Commodities Location
Pre-feasibility/Scoping
Viscaria Norrbotten 67.9 Avalon Minerals Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 5km W
Discovery Zone Norrbotten 67.8 Hannans Reward Ltd Copper, Gold, Magnetite Kiruna, 8km SSW
Tributary Zone Norrbotten 67.8 Hannans Reward Ltd Magnetite Kiruna, 8km SSW
Rakkuri Norrbotten 67.8 Hannans Reward Ltd Copper, Gold, Iron ore, Magnetite Kiruna, 10km S
Nunasvaara Norrbotten 67.7 Talga Resources Ltd Graphite Kiruna, 50km ESE
Mertainen Norrbotten 67.7 LKAB Iron ore, Magnetite Kiruna, 30km ESE
Ronnbacken Vasterbotten 65.5 Nickel Mountain Group AB Cobalt, Nickel, PGMs Storuman, 90km NW
Storuman Vasterbotten 65.3 Tertiary Minerals plc Fluorite Storuman, 30km NW
Vargbacken Vasterbotten 65.1 Botnia Exploration Holding AB Gold Skellefte, 130km WNW
Norra Norrliden Vasterbotten 65.0 Elgin Mining Inc Copper, Gold, Lead, Silver, Zinc Skellefte, 70km WNW
Haggan Jamtland 63.1 Aura Energy Ltd Molybdenum, Nickel, Uranium Ostersund, 21km SW
Viken Jamtland 63.0 Continental Precious Minerals Inc Copper, Molybdenum, Nickel Ostersund, 23km SW
Woxna Gavleborg 61.5 Flinders Resources Ltd Graphite, Lead Bollns, 50km WNW
Vindfall-Sortarnan Gavleborg 60.6 Wiking Mineral AB Copper, Lead, Silver, Zinc Sandviken, 8km ESE
Feasibility Study
Pellivuoma Norrbotten 67.4 Northland Resources SA Copper, Gold, Iron ore, Magnetite Pajala, 25km NW
Stora Sahavaara Norrbotten 67.4 Northland Resources SA Copper, Iron ore, Magnetite Pajala, 19 km NNW
Faboliden Vasterbotten 64.6 Lappland Goldminers (Administration) Gold, Silver Lycksele, 35km W
Haksberg Dalarnas 60.2 Nordic Iron Ore AB Iron ore, Magnetite Ludvika, 5km N
Ludvika Dalarnas 60.1 Nordic Iron Ore AB Iron ore, Magnetite Ludvika, 8km WSW
Blotberget Dalarnas 60.1 Nordic Iron Ore AB Iron ore, Magnetite Ludvika, 7km WSW
Grangesberg-Risberg Dalarnas 60.1 Grangesberg Iron AB Iron ore, Magnetite Grangesberg
Operating
Kiruna Norrbotten 67.8 LKAB Iron ore, Magnetite Kiruna, 3km SW
Gruvberget Norrbotten 67.7 LKAB Magnetite Svappavaara, near
Svappavaara Norrbotten 67.6 LKAB Iron ore, Magnetite Kiruna, 40km SE
Tapulivuoma Norrbotten 67.4 Northland Resources SA Iron ore, Magnetite Pajala, 25km NNW
Kaunisvaara Norrbotten 67.4 Northland Resources SA Copper, Gold, Iron ore, Magnetite Pajala, 20km NNW
Malmberget 67.2 LKAB Iron ore, Magnetite Malmberget
Aitik Norrbotten 67.1 Boliden AB Copper, Gold, Molybdenum, Silver Gallivare, 15km ESE
Bjorkdal Vasterbotten 64.9 Elgin Mining Inc Gold Skellefte, 25km NW
Kankberg Tellurium Vasterbotten 64.9 Boliden AB Gold, Silver, Tellurium Skelleftea, 35 km WNW
Boliden Vasterbotten 64.9 Boliden AB Copper, Gold, Lead, Tellurium Skelleftea, 30km WNW
Svartliden Vasterbotten 64.8 Dragon Mining Ltd Gold Umea, 160km NW
Ronnskar Refinery Vasterbotten 64.7 Boliden AB Copper, Gold, Lead, Selenium Skelleftehamn, 3km SE
Kubikenborg Smelter Vasternorrland 62.4 UC RUSAL plc Aluminium Sundsvall, 3km SE
Kringel Gavleborg 61.4 Flinders Resources Ltd Graphite Bollns, 40km W
Garpenberg Dalarnas 60.3 Boliden AB Copper, Gold, Lead, Silver, Zinc Hedemora, 12km ENE
Dannemora Uppsala 60.2 Dannemora Mineral AB Iron ore, Magnetite, Manganese Uppsala, 40km NE
37 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
0890763 BC Ltd
18526 Yukon Inc
19651 Yukon Inc
21st North
37999 Yukon Inc
4763 NWT Ltd
524520 BC Ltd
644981 BC Ltd
7606 Yukon Ltd
877384 Alberta Ltd
953725 NWT Ltd
Aben Resources Ltd
Acme Resources Inc
Acron JSC
Adamera Minerals Corp
Advanced Explorations Inc
Agnico-Eagle Mines Ltd
Akkerman Exploration BV
Alaska Gold Corp
Alberta Star Development Corp
Alcoa Inc
Alexco Resource Corp
Alix Resources Corp
All Star Minerals plc
Almaden Minerals Ltd
Alrosa OJSC
Altona Mining Ltd
AM Gold Inc
Americas Bullion Royalty Corp
Anconia Resources Corp
Andesite Capital LLC
Andover Mining Corp
Angel Mining (in administration)
Anglo Alaska Gold Corp
Anglo American plc
Anglo Canadian Mining Corp
Ansell Capital Corp
Anthill Resources Ltd
Antofagasta plc
Apatit OJSC
Aquila Resources Inc
Arctic Gold AB
Arctic Star Exploration Corp
Arcturus Ventures Inc
Arcus Development Group Inc
AREVA SA
Argentum CJSC
Argonaut Gold Inc
Argus Metals Corp
Arkticheskiye Geolog' Raboty
Arrowstar Resources Ltd
Ashburton Ventures Inc
ATAC Resources Ltd
Aura Energy Ltd
Aura Silver Resources Inc
Aurchem Exploration Ltd
Aurchem Ltd
Aurion Resources Ltd
Avalon Minerals Ltd
Avalon Rare Metals Inc
Avannaa Resources Ltd
Avaron Mining Corp
Azimut Exploration Inc
Azteca Gold Corp
Baffinland Iron Mines Corp
Bama Gold Corp
Banyan Gold Corp
Barrick Gold Corp
Bathurst Inlet Developments (1984) Ltd
Bazovye Metally CJSC
BCGold Corp
Bearing Resources Ltd
Beaufield Resources Inc
Belvedere Resources Ltd
Benz Capital Corp
Beowulf Mining plc
Bering Straits Native Corp
Bitterroot Resources Ltd
Black Range Minerals Ltd
Black Sea Metals Inc
Blind Creek Resources Ltd
Bluenose Gold Corp
Bluestone Resources Inc
Boliden AB
Boss Resources Ltd
Boxxer Gold Corp
Brandenburg Energy Corp
Bristol Bay Native Corp
Brookemont Capital Inc
Bullmoose Mines Ltd
Burnstone Ventures Inc
Cache Exploration Inc
Calista Corp
Cameco Corp
Canada Carbon Inc
Canada Coal Inc
Canadian Dehua International Mines
Inc
Canadian Natural Resources Ltd
Canadian Royalties Inc
Canadian Zinc Corp
CanAlaska Uranium Ltd
Canterra Minerals Corp
Cantex Mine Development Corp
Capstone Mining Corp
Cariboo Rose Resources Ltd
Carlin Gold Corp
Cathro Resources Corp
C-D Development Corp
Central Resources Corp
Century Aluminum Co
Chevron Corp
Clear Creek Resources Ltd
CMC Metals Ltd
Coastal Gold Corp
Colorado Resources Ltd
Commander Resources Ltd
Comstock Metals Ltd
Conroy Gold and Natural Resources plc
Constantine Metal Resources Ltd
Continental Precious Minerals Inc
Copper North Mining Corp
Corvus Gold Inc
Cove Resources Ltd (In Administration)
Coventry Resources Inc
CRD Holdings AB
Cullen Resources Ltd
Curlew Lake Resources Inc
CW Properties LLC
Dalradian Resources Inc
Dannemora Mineral AB
Darnley Bay Resources Ltd
Dawson Gold Corp
De Beers SA
Denali Resources Ltd
Diadem Resources Ltd
Diavik Diamond Mines Inc
Dominion Diamond Corp
Donlin Gold LLC
Dragon Mining Ltd
Drake Resources Ltd
Eagle Plains Resources Ltd
E-Energy Ventures Inc
Elgin Mining Inc
Elgin Resources Inc
Elite Vantage Development
Elkem Tana AS
EMC Metals Corp
Endomines AB
Endurance Gold Corp
Equitas Resources Corp
Erex International Ltd
Ethos Gold Corp
Eurasia Mining plc
Eurasian Minerals Inc
EuroChem Mineral Co
Expedition Mining Inc
Exploratus Ltd
FinnAust Mining plc
Finore Mining Inc
Fire River Gold Corp
Firesteel Resources Inc
First Point Minerals Corp
First Quantum Minerals Ltd
Flinders Resources Ltd
Fortune Minerals Ltd
Forum Uranium Corp
Franzefoss Miljokalk AS
Freegold Ventures Ltd
Freeport-McMoRan Copper & Gold Inc
Full Metal Minerals Ltd
Full Metal Zinc Ltd
G & S Trading Inc
GCO Minerals Co
GDK Baimskaya LLC
Geoforum Scandinavia AB
GeoProMining Ltd
Georgetown Corp
GGL Resources Corp
Glencore Xstrata plc
Gold Fields Ltd
Gold World Resources Inc
Goldbank Mining Corp
Goldbar Resources Inc
GoldON Resources Ltd
GoldRich Mining Co
Goldrich NyacAU Placer LLC
Goldspike Explorations Inc
Goldstrike Resources Ltd
Gorilla Minerals Corp
GPM Metals Inc
Grangesberg Iron AB
Grangesberg Iron Ore plc
Graphite One Resources Inc
Great Bear Resources Ltd
Greatland Exploration Ltd
Greenland Minerals and Energy
GV Gold OJSC
Hannans Reward Ltd
Hawkeye Gold & Diamond Inc
HFX Holding Corp
Highland Gold Mining Ltd
Hodges Resources Ltd
Hornby Bay Mineral Exploration Ltd
HudBay Minerals Inc
Hudson Resources Inc
Hunter Bay Minerals plc
Hunter Exploration Group
Independence Gold Corp
Inform Resources Corp
Interior Alsaka Mining LLC
International Gold Resources Inc
International Lithium Corp
International Samuel Exploration Corp
International Tower Hill Mines Ltd
Intex Resources ASA
Ironbark Zinc Ltd
Jien International Investment Ltd
Jilin Jien Nickel Industry Co
Jokkmokk Iron Mines AB
Jome Naeringspark
Juuan Dolomiittikalkki Oy
Kaiyue International Inc
Kalac Holdings Ltd
Kaminak Gold Corp
Kapuskasing Gold Corp
Karelian Diamond Resources plc
Karelsky Okatysh JSC
Kaska Minerals Corp
Keliber Oy
Kennady Diamonds Inc
Kennecott Exploration Co
Kestrel Gold Inc
Kettle River Resources Ltd
KGHM Polska Miedz SA
Khalkos Exploration Inc
Killdeer Minerals Inc
Kimberley Diamonds Ltd
King Terrence Ernest
Kinross Gold Corp
Kiska Metals Corp
Kivalliq Energy Corp
KJ Gold Canada Ltd
Klondike Gold Corp
Klondike Silver Corp
Klondike Star Mineral Corp
Kobex Minerals Inc
Kola Mining Corp
Kopparberg Mineral AB
Lakeland Resources Inc
Lappland Goldminers (Administration)
Largo Resources Ltd
Leeward Capital Corp
Les Ressources Tectonic Inc
Liberty Gold Corp
Liberty Star Uranium & Metals Corp
Linc Energy Ltd
Linux Gold Corp
LKAB
Lobo del Norte Exploration Inc
Logan Resources Ltd
London Mining plc
Lornex Capital Inc
Lovozersky GOK
COMPANIES ACTIVE ABOVE 60N (RED INDICATES ACTIVITY IN MORE THAN ONE COUNTRY)
38 www.SNL.com/Metals Edition 2, 2014
Special Report: Mining above 60N
continued
Lukoil OAO
Luxwing Holdings Ltd
Mackenzie Mountain Metals Inc
Magnus Minerals Ltd
Mangazeya Mining Ltd
Manson Creek Resources Ltd
Mawson Resources Ltd
McEwen Mining Inc
Mega Precious Metals Inc
Melkior Resources Inc
Metallica Mining ASA
Metals Creek Resources Corp
Millrock Resources Inc
Mindat Research
Mineral Exploration Network Ltd
Miranda Gold Corp
MMC Norilsk Nickel OJSC
MMG Ltd
Monster Mining Corp
Mountain Island Exploration Ltd
MPH Ventures Corp
Mustavaaran Kaivos Oy
NA Potash Developments Inc
Naughty Blair Lawrence
Network Exploration Ltd
New Dimension Resources Ltd
New Nadina Explorations Ltd
New Pacific Metals Corp
Newera Resources Ltd
Newmont Mining Corp
NexGen Energy Ltd
Nickel Mountain Group AB
Nighthawk Gold Corp
Nordic Graphite Ltd
Nordic Iron Ore AB
Nordic Mines AB
Nordic Mining ASA
Norrliden Mining AB
Norsk Hydro ASA
Nortec Minerals Corp
North American Nickel Inc
North American Tungsten Corp Ltd
North Arrow Minerals Inc
North Country Gold Corp
North Fork Resources Pty Ltd
North Sur Resources Inc
Northern Dynasty Minerals Ltd
Northern Freegold Resources Ltd
Northern Iron Ltd
Northern Shield Resources Inc
Northern Tiger Resources Inc
Northland Resources SA
Northquest Ltd
Norton Gold Fields Ltd
NovaGold Resources Inc
Novolipetsk Steel OJSC
NunaMinerals AS
Nunavik Nickel Mines Ltd
Nunavut Tunngavik Inc
Nussir ASA
Nycon Resources Inc
Nyrstar NV
Oceanic Iron Ore Corp
O'Connor Lake Mines Ltd
Olivut Resources Ltd
Olkon JSC
Opawica Explorations Inc
Ore Exploration AB
Orex Minerals Inc
Osisko Mining Corp
Outokumpu Oyj
Overland Resources Ltd
Ovoca Gold plc
Pacific Bay Minerals Ltd
Pacific North West Capital Corp
Pacific Ridge Exploration Ltd
Panarc Resources Ltd
Panoramic Resources Ltd
Pasinex Resources Ltd
Peregrine Diamonds Ltd
Perlis Enterprise Inc
Petropavlovsk plc
Pine Cliff Energy Ltd
Pitchblack Resources Ltd
Plan B Minerals Corp
Platina Resources Ltd
Platinum Group Metals Ltd
Playfair Mining Ltd
Polymetal International plc
Polyus Gold International Ltd
Precipitate Gold Corp
Promithian Global Ventures Inc
Prospector Resources Corp
Prosperity Goldfields Corp
Pure Energy Minerals Ltd
Pure Nickel Inc
Pure Nickel Inc
Rackla Metals Inc
Ram Resources Ltd
Rana Gruber AS
Range Minerals Corp
Rare Earth Minerals plc
Redtail Metals Corp
Regent Ventures Ltd
Renaissance Minerals Ltd
Renova Group
Resolve Ventures Inc
Rhyolite Resources Ltd
Rio Tinto Ltd
Rockhaven Resources Ltd
Rosander Mining Co
Ross River Minerals Inc
Royal Pretoria Gold Ltd
Ryan Gold Corp
Ryanwood Exploration Inc
Sabina Gold & Silver Corp
Sanatana Resources Inc
Savant Explorations Ltd
Scavo Resources Corp
Scout Exploration Inc
Seabridge Gold Inc
Senator Minerals Inc
Shear Diamonds Ltd
Shoshoni Gold Ltd
Sienna Resources Inc
Silver Bear Resources Inc
Silver Predator Corp
Silver Pursuit Resources Ltd
Silver Range Resources Ltd
Silver Standard Resources Inc
Silverado Gold Mines Ltd
Slave Lake Diamond Corp
Snowfield Development Corp
Solid Resources Ltd
Solomon Resources Ltd
Sotkamo Silver AB
Stakeholder Gold Corp
Status LLC
Stina Resources Ltd
Store Norske Spitsbergen AS
Stornoway Diamond Corp
Strategic Metals Ltd
Strongbow Exploration Inc
Stroshein Robert
Sumitomo Metal Mining Co
Sunrise Resources plc
Susumanzoloto OJSC
Taku Gold Corp
Talga Resources Ltd
Talmora Diamond Inc
Talvivaara Mining Co (Administration)
Tamerlane Ventures Inc
Tanbreez Mining Greenland AS
Tanqueray Resources Ltd
Taranis Resources Inc
Tarsis Resources Ltd
Tasman Metals Ltd
Teck Resources Ltd
Terraco Gold Corp
TerraX Minerals Inc
Tertiary Minerals plc
Teryl Resources Corp
Thompson Creek Metals Co
Thunderstruck Resources Ltd
Tigers Realm Coal Ltd
Tiktaliik Gold Corp
Tintina Mines Ltd
TM Resources AB
TMAC Resources Inc
TNR Gold Corp
Trans Atlantic Metals AG
Transition Metals Corp
Troymet Exploration Corp
True North Gems Inc
True North Nickel Inc
Tushtena Resources Inc
Twyford Ventures Inc
Tyhee Gold Corp
UC RUSAL plc
Ucore Rare Metals Inc
Ultra Resources Corp
Ural Mining and Metallurgical Co
Uravan Minerals Inc
Ur-Energy Inc
URU Metals Ltd
Usibelli Coal Mine Inc
Veris Gold Corp
Victoria Gold Corp
Viking Gold Exploration Inc
Vilhelmina Mineral AB
Virginia Mines Inc
Vorkutaugol JSC
Voyager Gold Corp
Vuorokas Oy
War Eagle Mining Company Inc
Wellgreen Platinum Ltd
West Melville Metals Inc
Western Copper and Gold Corp
Western Troy Capital Resources Inc
WestMountain Gold Inc
Whetstone Minerals Ltd
White Pine Resources Inc
Wiking Mineral AB
Wildwood Exploration Inc
Wolverine Minerals Corp
WPC Resources Inc
XinXing Ductile Iron Pipes Co
Yankee Hat Minerals Ltd
Yara International ASA
YES Exploration Syndicate Inc
Yukon Zinc Corp
Yunnan Chihong Zinc & Germanium Co
Zapadnaya Gold Mining Ltd
Zazu Metals Corp
Zinccorp Resources Inc
COMPANIES LIST (CONTINUED)
39 www.SNL.com/Metals Edition 2, 2014
Special Report: Cash Costs for Base Metals Mining
With base metals prices falling, the industry has responded with a reduction
in cash operating costs
Cash costs for the major base metals declined in
2013 from an apparent cyclical peak in 2012. For
copper operations, onsite mining and milling cash
costs fell 3.1% to an average of US$33.5/t of ore
mined and milled. Zinc operations saw average mine
and mill costs fall 1.6% to US$60.4/t. Lead costs
fell 0.4% to US$65.8/t, while nickel cash costs were
down 2.5% to US$117.5/t of ore mined and milled.
ONSITE MINE & MILL CASH COSTS (US$/t Ore)
2013 2012 Change (%)
Copper 33.53 34.61 -3.1
Zinc 60.42 61.38 -1.6
Lead 65.77 66.00 -0.4
Nickel 117.50 120.55 -2.5
COPPER CASH COSTS (2013)
Cost (US c/lb) Share (%)
Labour 40.9 24.2
Energy 28.4 16.8
Reagents 16.9 10.0
Other onsite 55.6 33.0
Offsite 26.9 15.9
Total 168.8 100.0
Note: Copper cost is pro-rata across all mine products, no credits
'Offsite' comprises treatment, refining and shipping.
This reduction in cash costs is largely attributable to
lower diesel prices and a fall in the cost of electricity.
These reductions more than offset a relatively modest
increase in labour costs in most producer countries.
These changes are consistent with a decline in
producer country exchange rates against the US
dollar, with the only significant exceptions being
Mexico, Sweden and the Eurozone. For copper
operations, lower acid prices resulted in a significant
fall in SX-EW costs. The table above shows the
average cost composition for copper mines in 2013.
COPPER COST CHANGES 2000-2013 (c/lb Cu)
0
20
40
60
80
100
120
140
160
180
2000 2002 2004 2006 2008 2010 2012
Offsite
Other Onsite
Reagents
Energy
Labour
The chart above illustrates the movement in five
cost drivers since 2000. Offsite costs, such as
smelting and refining, have remained relatively stable
compared with the onsite costs of energy and labour
costs. Other onsite costs (which include machinery,
spares, explosives and tyres) increased quite rapidly
until the credit crunch of 2008, as did acid prices.
Costs in terms of metal produced are more ambiguous
because the effects of offsite smelting, refining costs
and product shipping costs have to be taken into
account, plus changes in metal prices and the effects
of by-product credits. Even for mines producing only
one product, cost movements will not necessarily
change with underlying onsite production costs, since
changes in grades can push costs in either direction,
even before considering changes in offsite costs.
Normal costing is used to compare cash costs
across single and multi-product mines. In this
method, mine and mill costs are assigned pro-rata to
each mine product according to its value to the mine
owner. This means that each metal bears its pro-rata
share of onsite mine and mill costs, plus the cost of
treatment, refining and shipping for that metal.
As a result of incorporating the value of metal in the
cost calculation, the apparent cost of metal will depend
on the price of each mine product. This explains why the
pro-rata cost of producing copper from multi-product
mines in recent years has increased along with the
copper price, however increased precious metals prices
have had the opposite effect on copper costs. This
confuses the cash cost picture.
Taking pro-rata cash costs for the major base metals
in 2013, copper metal costs fell only 1.0% to 168.8c/
lb, even though copper mine and mill costs were down
3.1% in terms of the copper ore. This is explained by
the increase in treatment and refining costs for
copper, and the relative increase in the pro-rata weight
for copper at multi-product mines. (Note that while
LME copper prices were down 7.3% last year, copper's
main co-products, gold and silver, saw even bigger
price falls in 2013, which means that copper's share
in mine costs actually increased.)
This pro-rata costing effect was even more
pronounced with zinc and lead, where metal costs
rose 3.0% for zinc metal (to 61.9c/lb) and 6.1% for
lead (to 63.3c/lb), despite modest reductions in onsite
mine and mill costs for the ore. Reductions in
treatment costs for these two metals were offset by
increases in pro-rata costs because lead prices
actually rose by 4.0% last year, and the 1.9% fall in
zinc prices was significantly less than the falls in
copper, silver and gold prices.
PRO RATA CASH COSTS (USc/lb)
2013 2012 Change (%)
Copper 168.8 170.4 -1.0
Zinc 61.9 60.1 3.0
Lead 63.3 59.7 6.1
Nickel 569.3 641.9 -11.3
The price of nickel fell by almost as much as gold
last year (down 14.3% on the LME). As a result,
40 www.SNL.com/Metals Edition 2, 2014
Special Report: Cash Costs for Base Metals Mining
continued
nickel costs fell 11.3% in 2013 (to 569c/lb) despite
onsite mine and mill costs falling only 2.5%.
Costs are normally presented after taking into account
by-product credits. This approach raises more
interpretational problems because adding back all
available credits will result in many mines having
negative costs. Nevertheless, this 100% crediting
assumption is becoming more common, so this
method is applied below (all mine costs are allocated
to the metal of interest, and then 100% of the value
of all co-product and by-product metal is deducted).
For cash costs in 2013, a crediting calculation
leaves averages of 122.6c/lb for copper, -11.9c/lb for
zinc, -85.8c/lb for lead and 413c/lb for nickel. These
figures compare with cash costs in 2012 (after 100%
co- and by-product crediting) of 107.9c/lb for copper,
-31.8c/lb zinc, -145c/lb lead and 463.1c/lb nickel.
CASH COSTS AFTER 100% CREDITS (USc/lb)
2013 2012 Change (%)
Copper 122.6 107.9 13.6
Zinc -11.9 -31.8 62.7
Lead -85.8 -145.8 41.2
Nickel 413.0 463.1 -10.8
These credit-included cash costs increased last year
for copper, zinc and lead because of the significant
decline in silver and gold prices, which have
supported base-metals miners in recent years.
Nickel costs fell last year as the metal gets far less
benefit from by-product crediting; nickel laterites
have only minor credits available from cobalt, and over
22% of nickel production in the Minecost sample is
ferronickel, which earns no credits at all. Nevertheless,
since the price of all the principal nickel by-product
metals (copper, cobalt and PGMs) fell last year, lower
credits for the metal reinforced the underlying
downward trend in onsite nickel mine and mill costs.
During the early years of the decade, such
crediting reduced net copper cash costs by around
50% of the total. When the gold price increased
significantly in the middle of the last decade, the
value of credits increased so much that copper net
costs were zero, or negative, by 2007.
This trend was reversed in 2008, and by 2013 the
benefit of by-product credits to copper production had
more or less returned to the levels seen ten years ago.
The way prices are looking in 2014, this trend can be
expected to hold steady.
The data in this Special Report was provided by
minecost.com, which maintains detailed
engineering-based financial models for over 300
mines, which produce at least 85% of western
world base-metals production.
CASH COST DATA IS ALSO AVAILABLE FOR GOLD MINES ON SNL (2013, US$/oz)
41 www.SNL.com/Metals Edition 2, 2014
Special Report: Regional Activity
Although Asia dominates metals production, Latin America remains an important
target for mine development
Only 95 new projects, with a total anticipated capital
expenditure of US$38 billion, were registered last year
in the development-pipeline database of Stockholm-
based Raw Materials Group (RMG, part of SNL Metals
& Mining). This amount contrasts with the 113
projects, valued at US$47 billion, recorded in 2012,
and the peak year of 2010 when 167 projects worth
US$115 billion were recorded.
By the end of last year, RMGs database contained
1,307 projects where a development investment has
been published. The database contains a further
3,400 projects where news has been received during
the past eight years but for which no investment
estimates have been made (most of these are at the
conceptual stage). The committed projects have total
committed capital expenditure of almost US$791
billion (see table, p42), which compares with the
1,282 development projects in 2012 that had an
investment total of under US$735 billion.
These recorded development projects are fairly
evenly distributed around the world but almost half
of the total capex commitment comes from projects
located in the Americas. The RMG database contains
project details from the largest 700 mining companies
but these companies only account for a combined
40% of the worlds mined metal, by value. Much of
the remaining output comes from countries where
transparency, especially with regard to investment
plans, is low. As a result, the project data reported
here for Asia is almost certainly an underestimate.
Because of the financial crisis and depressed metals
prices, the mining industrys investment in new
projects has declined in recent years. Nevertheless,
the committed capital expenditure in the development
pipeline has continued to grow. One reason for this
is the tendency for the expected development
expenditure to rise as projects move up the
development pipeline, for example from feasibility
to the construction phase.
Many of the industrys largest gold and copper
projects reported higher-than-expected capex last year.
For example, during 2013 the 13 largest copper
projects (individual capex of over US$4 billion)
increased their capex expectations by a total of US$19
billion (54% above the level of 2012). The 11 leading
gold projects (those having individual capex
expectations of over US$2 billion) reported a US$7
billion increase in capex during 2013 (an increase
of 60%).
As reported in the previous edition of State of
the Market, the number and value of projects at the
feasibility stage have increased strongly over the past
two years, accounting for 24% of the total projects
and over 30% of the total development investment
(see chart p42). This trend was to be expected given
the high numbers of new projects announced in 2010
and 2011.
On the other hand, the number of projects at the
conceptual and pre-feasibility stages has decreased
recently. This reflects declining investment appetite
and increasing corporate financial problems. The
concern is that this decline at the early stage of
project development might mean that there will not
be enough projects to satisfy metals demand in a
few years.
The expenditure on projects at the construction
stage fell 17% in 2013 to below US$68 billion (from
almost US$82 billion in 2012) at an average cost of
US$787 million. This is 15% lower than the average
cost in 2012, and is close to the US$645 million
average of 2011. Behind these numbers are several
high-cost projects that are being put on hold or went
into production.
REGIONAL CONTRIBUTIONS
Latin America maintained its top position in 2013 in
terms of the number of projects and the capital
expenditure commitments for the 1,307 development
projects with capex estimations. The region also
continues to contribute a significant share of the
worlds metals production (see tables, p44).
Although lower than the peak of 32% achieved in
2010, Latin America had a 29% share of committed
development capital expenditure last year. In absolute
terms, development capex in Latin America has risen
from the US$210 billion earmarked in 2012 to
US$229 billion committed in 2013.
The SNL database records 293 committed
development projects in Latin America at an average
project investment of US$780 million. This is the
highest average of all regions (it contrasts with an
average of only US$572 million in Australasia), and is a
result of the large number of very large projects in the
continent (in 2013 there were 62 projects in Latin
America with capital expenditure of more than
US$1 billion).
Committed development projects in North America
accounted for 20% of the total projected capex last
year, with Australasia contributing 15% of the total.
Africa and Europe are both close to Australasia in
activity (14% and 13%, respectively), while Asia has
dropped below 10% for the first time in five years.
Project investment in North America (recorded in the
database as the US and Canada, with Mexico being
included under Latin America) has risen to 20% from
a 15% contribution in 2010. In absolute terms, the
continent accounted for US$161 billion in 2013,
some US$15 billion higher than registered in 2012,
and a significant growth compared with the total of
US$77 billion in 2009.
On a national basis, Canada has taken over as
the leading location for development projects,
outperforming Australia in 2013 with committed capex
of US$117 billion (a growth of 12%). The main reason
behind Australias decline to second place is the
falling price of iron ore. This metal is very important to
the Australian mining sector but Canada has a much
wider mix of projects, including gold and base metal
42 www.SNL.com/Metals Edition 2, 2014
Special Report: Regional Activity
continued
projects that are among the worlds largest developments
(including five iron-ore projects, two copper projects
and 12 gold projects in the top-20 rankings of
each commodity).
Australasias development investment fell almost
US$5 billion to barely US$116 billion in 2013,
reducing the regions share of the world total to 15%,
compared with 16% in 2012. Within this amount,
Australias share of mining investment declined 5%.
However, although Australia fell from top place in
terms of the value of its overall investments, it remains
the leading country in terms of the number of projects
in the pipeline. Iron-ore projects continue to dominate
the countrys development programme, accounting for
nine of the top 30 iron-ore projects worldwide, with
total investment of US$33 billion.
Africas share of total investment remained at 14%
in 2013, but the total amount committed increased
to over US$110 billion, with an average capex of
US$549 million. The SNL database registers 26
projects in the region with a capex commitment of
greater than US$1 billion in 2013, compared with
23 projects in 2012. These are mostly iron-ore
projects, led by Rio Tintos Simandou project in
Guinea with an estimated capex of US$10 billion.
Europe (including all of Russia in terms of the
database records) showed a positive trend between
2012 and 2013, with its share of the total
development capex increasing from 10% to 13%.
Much of this European improvement was attributed
to a jump of 53% in Russian total investment
commitments, which reached US$74 billion in 2013.
The main reason for the increased Russian
investment is the announcement of three high-cost
projects last year. These comprise the Oroyek poly-
metallic deposit, with a preliminary development cost
of US$5 billion (this was announced by the Russian
government but has not yet been put up for auction);
the Elanskoye nickel deposit, owned by Norilsk Nickel,
which has around US$3.3 billion in capital expenditure;
and Intergeos US$2.3 billion Kingashsky nickel-
copper-PGM project. Most of the projects in Russia are
financed by local investors, and the share of funding
from abroad is minimal.
DEVELOPMENTS: COMMITTED CAPITAL EXPENDITURE
(US$ billion) 2009 2010 2011 2012 2013
Conceptual 83 147 172 110 130
Prefeasibility 92 129 167 159 158
Feasibility 135 103 113 204 241
Construction 50 57 66 82 68
Operating, exp/plans 73 93 125 147 160
Susp, restart/constr 25 27 27 21 22
Closed, reopen/plans 6 6 6 12 13
Total 465 562 675 735 791
PROJECT CAPEX (US$ billion)
5
10
15
20
25
30
4
54
104
154
204
254
2009 2010 2011 2012 2013
Conceptual Prefeasibility Feasibility
Construction
Right-hand scale:
Operating, exp/plans
Susp, restart/constr Closed, reopen/plans
PROJECT (Numbers)
0
20
40
60
80
100
120
140
160
150
200
250
300
350
400
2009 2010 2011 2012 2013
Conceptual Prefeasibility
Feasibility
Construction
Right-hand scale:
Operating, exp/plans
Susp, restart/constr
Closed, reopen/plans
DEVELOPMENT PROJECTS (Committed)
Capex (US$ billion) 2009 % 2010 % 2011 % 2012 % 2013 %
Africa 68 15 79 14 99 15 106 14 110 14
Asia 65 14 73 13 73 11 75 10 71 9
Europe 50 11 62 11 75 11 77 10 103 13
Latin America 134 29 180 32 192 28 210 29 229 29
North America 77 17 86 15 124 18 146 20 161 20
Australasia 71 15 81 14 113 17 121 16 116 15
Total Capex 465 562 675 735 791
43 www.SNL.com/Metals Edition 2, 2014
Asia reached an investment peak in 2009 (14% of
the world total) and its world share has been falling for
the past four years (accounting for only 9% in 2013).
The region has a total of 209 development projects in
the SNL database, 22 of which have a capex of more
than US$1 billion, led by the disputed Tampkana
copper project in the Philippines (US$5.2 billion). The
regions project-investment average is the lowest of all
regions at US$342 million, which is less than half the
average in Latin America.
The data reported for Asia is far less certain than
elsewhere, and the investment figure for China is most
certainly an underestimate. Many of the projects are
run by state-owned companies and details are sparse.
However, Chinese projects are mostly small, with an
average project cost of just US$193 million.
PRODUCTION TRENDS
The production tables on p44 show mined output for
five metals, separated over the past four years into
six regions.
The world production of zinc was little changed last
year at 13.6Mt but the output of gold (2,950Moz),
copper (17.9Mt), lead (5.3Mt) and nickel (1.85Mt)
were all 5.4-6.5% higher than in 2012.
Indeed, with the exception of copper in 2011, the
output of gold, copper, zinc, lead and nickel has risen
each year for the past three years. Last years
production, compared with world output in 2010, was
higher by almost 16% for gold, 11% for copper, 10%
for zinc, 26% for lead and 22% for nickel.
Led by Chinese output, Asia dominates this
burgeoning global production, being the leading
continent in 2013 for gold (26% of the world output),
zinc (48%), lead (60%) and nickel (40%). The
continent also produced over 20% of the worlds
copper, where it is in second place to Latin America
(which accounts for 45% of the global total).
Since 2010, Asias zinc production has risen by
over 21%, its gold production by almost 15% and
its copper production by 14%. The latter three year
average incorporates year-on-year increases of 9.5%
and 7.1% in the past two years, after a decline in
output during 2011. Even greater three-year increases
have been achieved for lead (up almost 52%) and
nickel (over 62%).
Special Report: Regional Activity
continued
DEVELOPMENT REGION: CAPEX (US$ million)
0 50,000 100,000 150,000 200,000 250,000
2009
2010
2011
2012
2013
Australasia North America Latin America
Europe Asia Africa
DEVELOPMENT REGION: PROJECTS (Number)
0 100 200 300 400
2009
2010
2011
2012
2013
Australasia North America Latin America
Europe Asia Africa
44 www.SNL.com/Metals Edition 2, 2014
Special Report: Regional Activity
continued
PERCENTAGE PRODUCTION CHANGES
GOLD
Region 2011 vs 2010 (%) 2012 vs 2011 (%) 2013 vs 2012 (%)
Africa 5.7 -2.2 2.0
Asia 5.5 3.1 5.5
Europe -4.9 6.9 16.2
Latin America 4.1 0.5 2.0
North America 3.5 -1.0 3.7
Australasia -3.0 -2.0 3.4
Total 2.7 6.9 5.4
COPPER
Region 2011 vs 2010 (%) 2012 vs 2011 (%) 2013 vs 2012 (%)
Africa 6.8 6.8 24.9
Asia -3.0 9.5 7.1
Europe 1.7 3.6 1.8
Latin America -0.6 4.1 6.6
North America 4.3 2.6 5.9
Australasia 5.6 -4.2 3.1
Total -0.8 4.8 6.5
ZINC
Region 2011 vs 2010 (%) 2012 vs 2011 (%) 2013 vs 2012 (%)
Africa -5.0 4.0 7.0
Asia 11.3 12.9 -3.7
Europe 4.0 -2.1 -1.7
Latin America -6.0 0.6 2.4
North America -1.3 -0.1 -14.0
Australasia 2.0 1.3 -5.2
Total 4.4 5.1 0.0
LEAD
Region 2011 vs 2010 (%) 2012 vs 2011 (%) 2013 vs 2012 (%)
Africa 3.1 -9.0 0.0
Asia 25.3 11.6 9.0
Europe 13.7 1.6 0.9
Latin America -7.9 4.8 8.6
North America -7.5 1.4 -10.6
Australasia -5.9 -7.7 9.8
Total 10.6 7.6 6.0
NICKEL
Region 2011 vs 2010 (%) 2012 vs 2011 (%) 2013 vs 2012 (%)
Africa 0.1 5.3 21.5
Asia 37.6 6.9 10.2
Europe 4.6 -2.4 -5.6
Latin America 31.4 30.0 -4.7
North America 38.6 -6.9 10.0
Australasia 14.3 10.2 1.9
Total 6.5 8.4 5.8
North America Latin America
Total Right scale:
Left scale:
Africa Asia Australasia Europe
2,500
2,650
2,800
2,950
3,100
200
350
500
650
800
2010 2011 2012 2013
16,000
16,500
17,000
17,500
18,000
1,000
3,250
5,500
7,750
10,000
2010 2011 2012 2013
12,000
12,500
13,000
13,500
14,000
100
1,825
3,550
5,275
7,000
2010 2011 2012 2013
1,500
1,600
1,700
1,800
1,900
0
200
400
600
800
2010 2011 2012 2013
REGIONAL METALS PRODUCTION
GOLD (Moz)
COPPER (000t)
ZINC (000t)
LEAD (000t)
NICKEL (000t)
4,000
4,450
4,900
5,350
5,800
50
1,050
2,050
3,050
4,050
2010 2011 2012 2013
45 www.SNL.com/Metals Edition 2, 2014
Special Report: Regional Activity
continued
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46 www.SNL.com/Metals Edition 2, 2014
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