• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 8 mins Iran downs US drone. No military response . . Just Destroy their Economy Completely. Can Senator Kerry be tried for aiding enemy ?
  • 6 hours Emissions Need To Be Halved To Avoid 3C Warming
  • 2 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 28 mins Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 10 mins Coal Boom in Asia is Real and a Long Trend
  • 5 hours Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 16 hours Solar Panels at 26 cents per watt
  • 7 hours Pioneer CEO Said U.S. Oil Production would be up to 15 mm bbls/day NOW if we had the pipelines. Permian pipelines STARTING Q3
  • 2 hours Huge UK Gas Discovery
  • 21 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 21 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 21 hours US to become net oil exporter in November: EIA
  • 19 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 18 hours US Shale Drilling lacks regulatory body.
Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Spot the Difference Between These Giant Gold Deposits

Very interesting data points this week on two of the world's largest gold projects.

First, the negative. In Alaska, major producer Anglo American announced it is pulling out of the Pebble gold-copper project. Anglo is writing down $300 million spent on the project since 2007 and walking away.

Contrast this with (possibly) positive news from the massive Minas Conga gold-copper deposit in Peru.

Peruvian Mines and Energy Minister Jorge Merino said at a recent mining conference that round table discussions with dissident residents near the deposit may be making headway. Potentially paving the way for its owners (including gold major Newmont) to develop the stalled project.

Interesting that we have one major throwing in the towel while another appears to be persevering. What does this tell us about the current project development environment?

Both Pebble and Conga are world-class geologically. Pebble is probably the world's largest undeveloped gold deposit. Conga is likely in the top ten.

Both are controversial. Vigorous protests have been a material impediment to development, costing owners time and money.

Here's one difference that may explain the differing tack of each project's big player: infrastructure.

Conga is located in the shadow of the massive Yanacocha mining district. Newmont has stated it plans to "leverage existing operations" here to help with capital and operating costs.

Pebble by contrast, is hundreds of kilometres from major road infrastructure. And distant from any significant mining operations.

Is this factor causing one project to shovel on while the other is shelved? There's no way to know for sure. Perhaps Anglo American and Newmont have different world views. Or maybe it's other interveners like local costs or permitting environment.

But in the current mining downturn it's interesting to see which projects are emerging as the survivors. There's a lot of talk today about cost management and rationalization. You'd think that in such an environment, good infrastructure would be climbing the "most desired" list for developers.

Here's to being in the right place at the right time,

By. Dave Forest




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Gordon Steingart on September 20 2013 said:
    The Pebble project was doomed many years ago. Teck Resources once owned it and very correctly abandoned it. It's a good sales pitch by Hunter Dickinson,imo. Buy Northern Dynasty stock because ; Pebble is the Largest gold and copper resource in the world in mining friendly Alaska . Anglo American as a 50% partner sewed up the deal. Just buy NAK and wait .

    Then later,we find tailings ponds could destroy a fishery ,which could lead to multiple problems for the area and beyond. Extremely low grade means a lot of waste.
    Alaska has plenty of mining opportunity ,I guess they can live without that one ,despite its size.

    I think Hunter Dickinson really believed the Pebble could work, but in case it didn't ,issuing ,then at high priced times with promotion in full gear , having insiders selling shares and having salaries paid for many years has likely been beneficial to Northern Dynasty and Hunter Dickinson people. The real losers are the retail investors.
    I'm surprised Anglo American ever bought in. They must have realized the potential for failure was very high. After all ,they are pro's. I'm not surprised at all that this project is likely shelved permanently.

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News