The Asia Miner

SEP-OCT 2014

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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2 | ASIA Miner | September/October 2014 From The Editor WWW.ASIAMINER.COM The ASIA Miner® Suite 9, 880 Canterbury Road, Box Hill, Melbourne,Victoria, 3128 Australia Phone: + 61 3 9899 2981 Mobile: + 61 417 517 863 Editor—John Miller, G —Michael Florman Editorial Director—Steve Fiscor, Production —Dan Fitts, Europe—Simon Walker, North America—Russ Carter, Latin America—Oscar Martinez, South Africa—Antonio Ruffni, SALES Publisher—Lanita Idrus, North America—Victor Matteucci, Germany, Austria, Switzerland— Gerd Strasmann Rest of Europe—Colm Barry, Jeff Draycott, Japan—Masao Ishiguro, Indonesia—Dimas Abdillah, 8751 East Hampden Ave, Suite B-1 Denver, Colorado 80231, U.S.A. Phone: +1 303-283-0640 Fax: +1 303-283-0641 President—Peter Johnson, Subscriptions: $120/year—Tanna Holzer, —Lorraine Mestas, The ASIA Miner® is published six times per year by Mining Media International. Every endeavour is made to ensure that the con- tents are correct at time of publication. The Publisher and Editors do not endorse the opinions expressed in the magazine. Editorial advice is non-specifc and readers are advised to seek profes- sional advice for specifc issues. Images and written material sub- mitted for publication are sent at the owners risk and while every care is taken, The ASIA Miner® does not accept liability for loss or damage. The ASIA Miner® reserves the right to modify editorial and advertisement content. The contents may not be reproduced in whole or in part without the written permission of the publisher. Copyright 2014 Mining Media International Pty Ltd ISSN: 1832-7966 PHOTOCOPIES: Authorization to photocopy articles for internal corporate, personal, or instructional use may be obtained from the Copyright Clearance Center (CCC) at +1.978.750.8400. To obtain further information, visit By John Miller /Editor DURING these very diffcult times for the global mining industry, the word resilient has a number of appropriate defnitions. As a noun resilience is a description for all those who are surviving the tribula- tions despite poor prices, higher costs, lack of capital, increasing ant-mining sentiment and declining demand while as an adjective resilient defnes the capability of companies to keep afoat, or in shape, despite being bent, stretched or deformed. Other words that can be used to describe the qualities of the mining industry and companies battling to stay in front, whether they be exploring, developing, mining, supplying or investing, are determination, inno- vation and common-sense. For the vast majority of companies whose work is showcased in this edition some, if not all, of these words depict what they are doing now. The feature region is Mongolia and although there are diffculties for all mining companies around the world, nowhere is this more evident than Mongolia. As well as being due to all of the factors mentioned previously, companies in the mining space in the landlocked north Asian nation are also combatting government intervention which has crippled investment and lack of infrastructure. As its economy is heavily dependent on mining, this downturn has come at the worst possible time for the people. Before the advent of mining, the country's population led a largely subsistence existence but in more recent years the vast majority of people have been starting to appreciate the benefts mining brings – better living conditions, more wealth, improved facilities, etc. The downturn has led to these benefts being eroded and the situation is not helped by gov- ernment policies aimed at reaping more from mining rather than encouraging its continuing development. It is a gloomy picture but there are still mining companies weathering the storm and plying their trade because they have adopted the qualities brought about by resilience, determination, innovation and common-sense. The 'Road To Success' feature article explains how Canadian-listed Kincora Copper is still managing to explore at a time when there is very little occurring in Mongolia. The company has been encouraged by some recent announcements coming from the government which may help to enhance conditions for explorers, developers and miners but is also concerned that some of the issues that have dogged the industry in the past two years are still not being effectively addressed. A key to kick-starting the mining industry in Mongolia is the proposed underground develop- ment at Oyu Tolgoi which has been delayed by ongoing disputes between the government and the operating company. This has dragged on far too long and must be resolved by the end of the year otherwise there could well be no way back for mining in Mongolia. This edition also demonstrates the resilience shown by other mining companies throughout the Asia Pacifc region as well as the optimism among uranium companies for the future of the nuclear power industry post Fukushima. Innovation comes into play when one considers the major role Australian mining technol- ogy has played in development of the global mining industry over the past few decades. Despite the downturn, Australian METS companies still have a very important role to play in helping mining survive. This edition includes a special feature dedicated to Australian technology and the ways in which it is helping mining companies raise productivity and lower production costs. As CRCMining CEO Professor Paul Lever says, "Mining is at the beginning of a period of transition for which the drivers are larger than our industry and refective of the growing global economy and increasing needs to bring the burgeoning population to an acceptable standard of living. In the last 10 years demand for minerals has steepened considerably over historical trends. In the future, companies will have to meet this increasing demand by more effectively mining lower-grade and more diffcult deposits." Australian technology can play a major role in opening new mines using more productive processes and methods and, where applicable, transitioning older mines. Resilience in diffcult times

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