|By Marketwired .||
|June 2, 2014 07:30 AM EDT||
JOHANNESBURG, SOUTH AFRICA -- (Marketwired) -- 06/02/14 -- Robert Friedland, Executive Chairman, and Lars-Eric Johansson, Chief Executive Officer of Ivanhoe Mines (TSX:IVN), announced today that the South African government's Department of Mineral Resources has approved Ivanhoe's application for a long-term mining right covering the development of platinum-group elements, nickel, copper and gold resources at the company's Platreef Project on the Northern Limb of the Bushveld Igneous Complex in South Africa's Limpopo Province.
The Department of Mineral Resources notified Ivanhoe Mines on Friday, May 30, that Platreef's mining right had been granted. Ivanhoe now has the right to mine and process all platinum group metals, nickel, copper, gold and certain associated metals and minerals from the Platreef Project mining area, subject to the company complying with the terms on which the mining right was granted - including the requisite environmental management program becoming effective, which is expected in due course. It also is expected that the mining right, when executed, will be for an initial period of up to 30 years and will be renewable for an unlimited number of consecutive periods each of up to 30 years.
"The awarding of this mining right is hugely significant not only for Ivanhoe Mines but for South Africa's mining industry as a whole and is a culmination of Ivanhoe's exploration on the Bushveld for the past 16 years," said Mr. Friedland.
He noted that the company launched a deep-drilling program in 2007 that produced the "transformational" Flatreef Deposit, Platreef's most remarkable discovery, which is projected to become Africa's lowest-cost producer of platinum-group metals.
"Ivanhoe now has the green light from the South African government to build a pre-eminent mine that will create thousands of new direct and indirect jobs and contribute to socio-economic development in the Mokopane region and beyond.
"We are looking forward to building and bringing our Platreef mine into production in partnership with local communities, entrepreneurs, employees and the government - stakeholders that share our commitment to responsible and responsive mining."
Mr. Friedland hailed the cooperation between officials of the Department of Mineral Resources (DMR) and other national and provincial government offices, local community representatives and members of Ivanhoe's project team who helped shape the Broad-Based Black Economic Empowerment (B-BBEE) initiative that has been designed to deliver significant benefits for its participants, particularly the residents in the local communities.
"The thorough, year-long examination of our mining-right application provided opportunities for the Ivanhoe team to present firm details of our undertakings and to share expectations of the extent of the economic and social benefits to be realized through the development of our discoveries. Platreef's creation of jobs and attraction of new capital investment will help to enhance South Africa's role as one of the world's leading mineral producing and processing nations."
Mr. Johansson said Ivanhoe would pursue its phased approach to the development of the Platreef Project that was announced in the independent, preliminary economic assessment released in March 2014.
The approval of the mining-right application followed an intensive review and engagement between representatives of Ivanhoe and the DMR which finalized details of Ivanhoe's corporate programs covering the required social, labour, environmental management and mining commitments.
Mr. Johansson expressed Ivanhoe's appreciation for the hard work and dedication of officials at the DMR to ensure that the Platreef mining-right application was thoroughly reviewed and approved prior to the expiration of the company's prospecting right on May 31.
"This inspires confidence in South Africa's regulatory framework and shows the government's commitment to growing the South African mining industry," said Mr. Johansson.
Agreement also was reached on acceptable terms for a B-BBEE participation structure that were progressively refined and optimized to ensure that the resulting partnership would deliver long-term benefits to local communities and entrepreneurs, as well as to Platreef's employees. In terms of Platreef's mining right, the B-BBEE partners will own a combined 26% of the Platreef Project. Additional details of the B-BBEE participation structure will be released in the near future.
Ivanhoe's present 90% ownership of the Platreef Project will be reduced to 64% after the 26% stake in the project is conferred on the B-BBEE entity. The remaining 10% will continue to be owned by a Japanese consortium of Itochu Corporation; ITC Platinum Development Ltd., an Itochu affiliate; Japan Oil, Gas and Metals National Corporation; and Japan Gas Corporation. The Japanese consortium's 10% interest in the Platreef Project was acquired in two tranches for a total investment of $290 million; the remaining proceeds of the investment are continuing to fund development work on the project.
The scientific and technical information in this news release has been reviewed and approved by Stephen Torr, P.Geo., Ivanhoe Mines' Vice President, Project Geology and Evaluation, a Qualified Person under the terms of National Instrument 43-101. Mr. Torr has verified the technical data disclosed in this news release.
Cautionary statement on forward-looking information
This news release contains "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian securities legislation. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this news release.
Specific statements contained in this news release that constitute forward-looking statements or information include, but are not limited to, the implementation of the Broad-Based Black Economic Empowerment structure for the Platreef Project; and the phased approach to the development of the Platreef Project.
With respect to forward-looking statements or information contained in this news release, in making such statements or providing such information, the company has made assumptions including upon the accuracy of the estimation of mineral resources; that studies of estimated mine life and production rates at the Platreef Project will provide results that support anticipated development and extraction activities; that the company will be able to obtain additional financing on satisfactory terms; that infrastructure anticipated to be developed or operated by third parties, including electrical generation and transmission capacity, will be developed and/or operated as currently anticipated; that laws, rules and regulations are fairly and impartially observed and enforced; that the market prices for relevant commodities remain at levels that justify development and/or operation of the Platreef Project; that parties to contracts perform as contracted, and that the company will be able to successfully negotiate land access with holders of surface rights.
A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including without limitation, the factors discussed in the company's Annual Information Form, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; changes in commodity prices; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; or litigation or court or regulatory proceedings.
Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable factors and assumptions, the company cannot assure readers that actual results will be consistent with these forward-looking statements. The company's actual results could differ materially from those anticipated in these forward-looking statements, as a result of, among others, those factors noted above and those listed in the Annual Information Form under the heading "Risk Factors". Accordingly, readers should not place undue reliance on forward-looking information. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable Canadian securities laws, the company assumes no obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
Ivanhoe Mines Ltd. - Investors
Ivanhoe Mines Ltd. - Media
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
Dec. 25, 2014 09:45 AM EST Reads: 1,518
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 25, 2014 09:00 AM EST Reads: 7,083
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Dec. 25, 2014 09:00 AM EST Reads: 2,542
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
Dec. 25, 2014 09:00 AM EST Reads: 1,341
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 25, 2014 08:15 AM EST Reads: 1,672
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Dec. 25, 2014 07:00 AM EST Reads: 2,280
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
Dec. 25, 2014 07:00 AM EST Reads: 1,868
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
Dec. 25, 2014 07:00 AM EST Reads: 1,732
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 25, 2014 06:30 AM EST Reads: 1,731
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 25, 2014 04:45 AM EST Reads: 1,880
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Dec. 25, 2014 04:00 AM EST Reads: 1,713
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Dec. 25, 2014 04:00 AM EST Reads: 1,973
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Dec. 25, 2014 04:00 AM EST Reads: 1,947
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Dec. 25, 2014 03:00 AM EST Reads: 2,275
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Dec. 25, 2014 03:00 AM EST Reads: 1,743