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Thursday, January 1, 2009

Pricing a Top Concern In '2009 for Metal and Mining Companies

Metals and mining companies will persist to fight in 2009 amid a potentially stretched drop in stipulate and falling metal prices.

The ratings agency said demand has dropped harshly owing to rigid credit and the depression, consequential in the entire supply chain trying to preserve cash by reducing inventory, orders and production levels.

Prices have go down for aluminum, copper, zinc, nickel and steel amid lower demand, and most of the prices have however to stabilize, according to S&P. Only coal and gold prices stay somewhat strong.

Of the 43 U.S. metals and mining companies rated by S&P, 13 have negative credit outlooks or their credit ratings are under evaluation for a downgrade, whereas only four have positive outlooks or are being measured for an upgrade.

Still, many in the trade were in a strong liquidity position at the opening of the downturn, after some years of excellent earnings and cash flow, producing conquering acquisitions, expansions and adequate liquidity to provide a cushion through the current economic slowdown.

S&P still warned that additional price refuse and low commodity prices for an extended period might lead to lower ratings across the sector.

Some companies, as well as Nucor Corp. (NUE) and Freeport-McMoRan Copper & Gold Inc. (FCX) are likely to be constant if they can amend operations to new pricing and demand levels, as the companies are better-capitalized than most.

S&P said key factors affect metal and mining companies in the next few months comprise a stable economic climate to free up the credit markets, government stimulus packages, growth in China and lower costs and possibility of the Detroit Three automakers, which use about 30% of total steel sold in the U.S.

Friday, December 12, 2008

The U.S. Environmental Protection Agency ordered former mine operator Sunoco, Inc

U.S. EPA orders former East Bay mine operator to take action to prevent contamination of waterway / Former Mt. Diablo Mercury Mine operator must stabilize pond containing mercury

The U.S. Environmental Protection Agency today ordered former mine operator Sunoco, Inc. to stabilize a mine waste impoundment pond at the abandoned Mt. Diablo Mercury Mine in Contra Costa County, Calif., that threatens to release mercury-contaminated waters and sediments into a nearby stream that could potentially reach the San Francisco Bay Estuary.

Currently, Dunn Creek is cutting into the berm of an impoundment pond that holds mercury-contaminated water and fine sediment. The EPA's order requires the former operator to stabilize the berm before the winter rain season begins to prevent it from collapsing, potentially causing contamination downstream to Marsh Creek and to the Marsh Creek Reservoir – which leads to the Bay.

"All too often, abandoned mines leave behind a toxic legacy that now threatens the health of people and the natural resources of the state," said Daniel Meer, the Superfund assistant director for Emergency Response, Preparedness and Prevention for the EPA's Pacific Southwest region. "This is one of many actions that may need to be taken at this site to continue to protect public health."

The mine, located on the northeast slope of Mount Diablo, is situated along the well-traveled Morgan Territory Road.

In October, the EPA sampled water and sediment for mercury contamination. The results exceeded background levels and the EPA's regulatory levels. Mercury can also be released with dust generated at the site, where airborne particulates can be deposited into the waterways as well as pose an inhalation and ingestion risk to human health.

Stabilizing the impoundment dam will mitigate the imminent threat of contaminated water and sediment from releasing at the site. Additional site assessment and characterization is needed to develop future actions to address any remaining threats posed by the former mining operations.

Mercury exposure occurs from breathing air contaminated with mercury or ingesting contaminated water and food. Short-term exposure to high levels of mercury vapors can cause lung damage, nausea, vomiting, diarrhea, increased blood pressure or heart rate, skin rashes and eye irritation. Mercury, at high levels of exposure, may cause damage to the brain, kidneys and developing fetus. The nervous system is very sensitive to all forms of mercury. Young children are more sensitive to mercury than adults.

Monday, December 8, 2008

Hecla Mining Company agrees to pay $85,000 for federal Clean Water Act and hazardous waste violations

The Hecla Mining Company, owner and operator of the "Lucky Friday" Mine and Mill in Idaho's northern panhandle, has agreed to pay $85,000 and provide more than $17,000 in cash and emergency equipment as part of it's latest legal settlement with the U.S. Environmental Protection Agency.

The deal is outlined in a Consent Agreement and Final Order (CAFO) that resolves the Company's alleged Clean Water Act and Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) violations.

Today's settlement involves actions related to a spill at Hecla's lead and zinc mine complex located near Mullan, Idaho on November 3, 2006. On that day, approximately 22,500 gallons of mine tailings spilled at the facility, with an estimated 898 gallons of liquid mill tailings and 191 pounds of solids entering the South Fork Coeur d'Alene River.

According to EPA officials, Hecla failed to immediately report the spill - as required by law - to the National Response Center.

"The health and safety of workers, responders and our communities depend on prompt spill reporting," said Mike Bussell, Director of EPA's Office of Compliance & Enforcement in Seattle. "Effective spill response begins with timely notification, which allows local, state or federal responders to take action and reduce risks to public safety and the environment."

Further, EPA inspections on June 6, 2006, and November 16, 2006, revealed that Hecla failed to adequately maintain on-site storm water controls and had experienced discharges from its outfalls that exceeded its National Pollutant Discharge Elimination System (NPDES) permit limits. This information was supported by Hecla’s own (self-reported) record-keeping.

"Discharge permitting protects our nation's waters," said EPA's Bussell. "Facilities must abide by their permits and ensure our waters remain healthy for the enjoyment and use of future generations. If they don't, they will pay a penalty"

In addition to the penalty payment, Hecla will also perform a Supplemental Environmental Project (SEP), providing over $17,000 in emergency response equipment for the Shoshone County Fire District #3. This equipment will expand the Department's ability to respond to wildfires. This equipment will allow firefighters to be able to draft water from remote locations such as creeks and ponds.

Monday, December 1, 2008

International Partnership Opens Doors to Methane Reductions in India

At an event in Ranchi, India, the U.S. Environmental Protection Agency, in cooperation with the Government of India and other U.S. federal partners, launched a new Methane to Markets information center that will help India reduce methane emissions and aid in the global fight against climate change. The Coal Mine Methane/Coalbed Methane (CMM/CBM) Clearinghouse is the first of its kind in India and will be instrumental in developing programs to recover methane from coal mines and use the gas as clean energy.

By bringing together suppliers, purchasers, financers, and regulators, Methane to Markets and EPA are ensuring that valuable methane is captured and a clean source of energy does not go to waste. Through the partnership, successful coal mine methane clearinghouses are in operation in several other countries including China, Russia, and Ukraine.

The clearinghouse, located at the Central Mine Planning and Design Institute in Ranchi, will be the initial point of contact for domestic and international investors interested in the development of coalbed and coal mine methane projects in India. It will also help develop and promote the CMM/CBM market, providing information on technical, economic, financial, and policy issues to potential investors and service providers.

Event sponsors include the U.S. Trade and Development Agency, EPA, the Indian Ministry of Coal, the Indian Ministry of Petroleum and Natural Gas, and Coal India Ltd.

Methane, a powerful greenhouse gas, is more than 20 times more effective than carbon dioxide at trapping heat in the atmosphere. As the primary component of natural gas, methane is a valuable and clean-burning energy resource.

Methane to Markets, launched in 2004, is a public/private partnership that reduces greenhouse gas emissions by promoting the cost-effective, near-term recovery and use of methane, while providing clean energy to markets around the world. The partnership has grown to include 27 countries and more than 750 private sector entities, financial institutions, nongovernmental agencies and other organizations.

Sunday, November 23, 2008

Collection of Soil and Water Samples Underway in Camden County, Mo.

The U.S. Environmental Protection Agency is currently sampling soil and water from private wells at residences in Camden County, Mo. The samples are being screened for the presence of lead and other metals. There is no cost to the property owner or resident for the sampling.

For most of its history, Missouri was the largest lead producer in the country. Historical records show that lead was mined in Camden County from 1830 to 1947. Mining, smelting and milling activities have contributed to lead contamination in soils and water in various locations throughout the state.

Previous sampling in the Central Mining District (Camden, Cole, Miller, Moniteau and Morgan counties) has identified some private water wells with lead, arsenic, or cadmium at concentrations above health-based drinking water standards. Lead is a toxic metal that is harmful if inhaled or swallowed. Children are more sensitive to lead than adults and can develop life-long learning disabilities and behavior problems from lead exposure.

EPA will only collect samples after the property owner has granted access. The sampling will be performed by a team of EPA contractors carrying proper identification. Sampling will take less than 30 minutes and the results will be reported to the resident within two months. Residents do not need to be home when the samples are collected. Water samples are typically collected from an outside spigot, so home entry is not usually required.

Wednesday, November 12, 2008

EPA Orders Mining Companies to Continue Cleanup Work at Midnite Mine

The U.S. Environmental Protection Agency (EPA) issued a unilateral administrative order to international mining company Newmont USA Limited and its subsidiary Dawn Mining Company, LLC, to continue treating contaminated water at the Midnite Mine Superfund Site in eastern Washington State.

EPA's Order requires the companies to continue operating a system that captures and treats water at the site to remove uranium and other metals. Failure to operate the system would contaminate Blue Creek, which flows to the Spokane River, and would delay the overall cleanup of the site. The Order was issued on Friday, November 7 to the two companies that operated this open-pit uranium mine on the Spokane Indian Reservation from the mid-50s until 1981.

Since starting water treatment in 1992, the mining companies have disposed of the resulting treatment sludge, which contains uranium, at the mill where they once processed ore. The mill, located in Ford, Washington, is being closed under Washington State authority. As a result, the mining companies must prepare to dispose of the sludge at an alternative disposal site. As low-level radioactive waste, the sludge will have to be taken to a licensed facility, such as U.S. Ecology in Washington State, until the treatment system can be altered to remove the uranium separately.

"EPA and the State of Washington have encouraged the mining companies to plan alternative disposal for the sludge for some time," said Dan Opalski, Director of EPA's Region 10 Office of Environmental Cleanup in Seattle. "EPA's action will ensure that Blue Creek isn't impacted while design of the overall cleanup goes forward."

In a ruling earlier this summer, the federal district court in Spokane found both Newmont USA Limited and Dawn Mining Company LLC liable for approximately $15 million in EPA investigative costs and for future cleanup costs at the site. The cleanup plan, selected by EPA in 2006, calls for moving and covering over 33 million tons of waste rock to prevent formation of acid drainage. Future cleanup costs are estimated at $150 million.

Sunday, November 2, 2008

Premier Inspects Growth In Tasmania's Mining Industry

David Bartlett has made his first visit to the West Coast as Premier, inspecting progress in Tasmania's robust mining industry and connecting with members of the Queenstown community.

Mr Bartlett visited the Avebury nickel mine near Zeehan this morning before hosting the latest in the Government's series of community forums in Queenstown, attracting more than 100 people.

The Avebury mine produced its first concentrates in July and is now ramping up to planned production, which is expected to create work for 260 people, including contractors.

"The mining industry is one of the pillars of Tasmania's economy and is the lifeblood of the West Coast, so it's great to see new investment and expansion taking place," Mr Bartlett said.

Mining and mineral processing represents more than half of our export earnings and is worth more than $2.8 billion-a-year to Tasmania.

Developments like the Avebury mine ensure the health of this important sector for years to come.

We have seen strong growth in spending on mineral exploration across Tasmania over the last couple of years, with only the traditional large resource regions of Western Australia, Queensland and the Northern Territory showing stronger growth than Tasmania.

There are 580 active mining leases across the state and a further 45 are being processed, which speaks volumes for the strength of the mining sector and its long-term potential to help underpin our continued economic growth.

During his tour of the Avebury facility with general manager Matt Daly, Mr Bartlett went underground to meet miners and inspected the operation's above-ground computer control facilities.

"The mine has a projected life of nine years and promises to create a major employment boost for the West Coast over that time" he said.

This is an exciting time, with production of 6,750 tonnes of nickel in concentrate from 900,000 tonnes of ore planned for 2009 alone.

It is anticipated that this will ramp up to 1.5 million tonnes of ore per annum, with an agreement already struck to sell all production to the Jinchuan Nickel Group in China.

Mr Bartlett said the Government was holding the Queenstown community forum to give West Coasters a chance to speak directly to ministers and the heads of departments.

"I want to lead a connected Government that is in-touch with the thinking in communities all across Tasmania" Mr Bartlett said.

“We will be holding 12 of these forums each year and this is the fifth since I took over as Premier, following similar events in Smithton, Oatlands, Devonport and Bicheno.

It's a great way of ensuring the Government retains a proper understanding of what's happening in the community and gives us a chance to hear directly from people about what they do and don't like.

"I am committed to working with councils to progress the ideas that come out of these forums and to reporting back as soon as possible on what the Government intends to do in response"