|By Marketwired .||
|June 2, 2014 07:31 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
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Jul. 30, 2016 09:00 AM EDT Reads: 576
On Dice.com, the number of job postings asking for skill in Amazon Web Services increased 76 percent between June 2015 and June 2016. Salesforce.com saw its own skill mentions increase 37 percent, while DevOps and Cloud rose 35 percent and 28 percent, respectively. Even as they expand their presence in the cloud, companies are also looking for tech professionals who can manage projects, crunch data, and figure out how to make systems run more autonomously. Mentions of ‘data science’ as a skill ...
Jul. 30, 2016 09:00 AM EDT Reads: 569
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 30, 2016 08:30 AM EDT Reads: 1,015
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 30, 2016 08:00 AM EDT Reads: 735
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 30, 2016 07:45 AM EDT Reads: 2,396
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
Jul. 30, 2016 07:45 AM EDT Reads: 856
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 30, 2016 07:45 AM EDT Reads: 708
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 30, 2016 07:30 AM EDT Reads: 448
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 30, 2016 07:30 AM EDT Reads: 1,680
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Jul. 30, 2016 07:15 AM EDT Reads: 447
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is 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 largest enterprises – and delivering real results. Am...
Jul. 30, 2016 05:45 AM EDT Reads: 2,389
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 30, 2016 05:15 AM EDT Reads: 2,710
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 30, 2016 05:15 AM EDT Reads: 1,470
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jul. 30, 2016 04:45 AM EDT Reads: 1,474
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jul. 30, 2016 04:00 AM EDT Reads: 2,134