SEG 45 Final_qx4 - Society of Economic Geologists

28 SEG NEWSLETTER No 53 • APRIL 2003
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Exploration Reviews (Continued)
EXPLORATION REVIEWS
another microdiamond from its Wanda
prospect, 300 km northeast of Alice
Springs. Many of the indicators and
microdiamonds were found near the
headwaters of river and stream
drainages suggesting a proximal
source. Rio Tinto has announced its
intention to close the Merlin diamond
mine, after failing to find a buyer for
the small scale operation. Decommissioning
and rehabilitation are scheduled
to be completed during 2003.
In the Tennant Creek gold field,
Giants Reef Mining has begun mining
the open pit at its Chariot project and
expects to pour the first gold by July. The
development comprises a small open cut
and underground mine, processing a
total of 434,000 tonnes grading 14.5 g/t
for a contained 203,000 oz of gold.
NEW ZEALAND
Heritage Gold plans to drill at Waihi
North and Karangahake, near
Newmont’s Martha mine within the
Waihi gold mining district (historic production
of 9 Moz of gold and 47 Moz of
silver). Newmont completed 30,000 m
of core drilling on the high-grade
Favona deposit at Waihi and plans an
exploration drive. GRD Macraes continues
drilling on the Sams Creek
intrusion-related gold prospect.
PNG
Exploration and mining received a
boost following the adoption of new
incentives. Below is a summary of fiscal
terms for mining.
Income Tax 30%
Dividend
withholding tax 10%
Depreciation
Royalty 2%
Exploration
expenditure
deductions 200%
25% declining
balance pool
Additional profits tax
Ring fencing
Mining levy
Capital gains tax
State equity
Fiscal stability
abolished
relaxed
none
none
under review
optional
Highlands Pacific is gathering technical
information aiming for a 2004
start-up of the 1 Moz Kainantu Au
deposit. At Frieda there is diamond
drilling of Cu-Au porphyry targets. Field
work is planned to re-commence soon
at Wafi Cu-Au, testing for extensions to
the existing resource, of 100 Mt at 1.3%
Cu and 0.6 g/t Au for a contained 1.3
Mt of copper metal and 1.9 m oz of
gold. At Hidden Valley Au there is
assessment of components of the latest
feasibility study. 1
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