Northern Star to become Australia’s No.2 gold producer after acquiring Jundee mine

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Northern Star to become Australia’s No.2 gold producer after acquiring Jundee mine Posted: 13 May 2014 06:01 AM PDT Underground mining at Jundee gold began in 1997 and continues today. Shares in Aussie gold miner Northern Star Resources (ASX:NST) jumped 7.6%, or 8.5 cents, to close at A$1.20 on the news the miner, which aims to become Australia's second largest bullion producer, has bought US Newmont's (NYSE:NEM) Jundee underground gold mine near Wiluna for $91 million (A$82.5 million) in cash. Jundee is expected to lift Northern Star's production from about 350,000 ounces a year to about 550,000 ounces a year by 2015, making it the second largest ASX-listed gold miner behind Newcrest (ASX:NCM). The deal is the company's fourth purchase during the current financial year. In December Northern Star bought Barrick's Plutonic mine, and two more Barrick mines — Kanowana Belle and Kundana Gold— in January. This year's acquisitions meant the company has increased its production capacity five-fold to more than 550,000 ounces per year in just six months. Production at Newmont's Jundee began in 1995 from a complex of open pit mines that have now stopped operation. Underground mining began in 1997 and continues today, with the operation producing 279,000 ounces of gold last year. (Images, graphics, courtesy of Northern Star Resources)

Two workers killed in West Virginia coal mine accident Posted: 13 May 2014 03:14 AM PDT Two workers have been confirmed dead after an underground coal mine accident in West Virgina and rescue operations are wrapping up Tuesday morning as the local office of Miners' Health, Safety and Training confirmed there were no more miners reported trapped. The fatal incident occurred Monday night at Patriot Coal's Brody Mine No. 1, located in Boone County, in the southwestern part of the state. According to WOWK-TV the mine had received 253 "significant and substantial" violations from the U.S. government's Mine Safety and Health Administration (MSHA) during a 12-month review, which ended last August. The MSHA report says the violations show the mine had a disregard for the health and safety of its miners at the time the violations were issued. Secretary of State Natalie Tennant called for an investigation into the cause of the collapse in the center of the state. "As we learn more details, our first priority is ensuring the safe rescue and recovery of everyone involved and comforting the families in Boone County," Tennant said in a statement, as quoted by Reuters.. In March last year Patriot Coal filed for bankruptcy seeking to modify collective bargaining agreements and retiree healthcare benefits. The company runs 11 active mining complexes in Appalachia and the Illinois Basin and controls 1.8 billion tons of proven and probable coal reserves.

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