Friday's mining news: Sable nears Nimba resource estimate

Sable Mining Africa announced good progress at its Nimba iron ore project in Guinea, while Xstrata unveiled plans to increase production.

Sable nears maiden Nimba resource estimate

Sable Mining Africa (SBLM) on Friday said it expected a maiden Joint Ore Reserves Committee resource from its Nimba iron ore project in Guinea in the first quarter of 2013.

Sable intends to follow this with completion of a pre-feasibility study, environmental impact assessment submission and mining licence application.

The mine remains the focus for the company, which it believes has near-term direct shipping ore potential.

Sable remains well financed, with $23.4 million (

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LOUISIANA MID-CONTINENT OIL AND GAS ASSOCIATION's estimate

 

Marketplace radio passed along to listeners the oil industry assertion that it was spending $300 million a month on the wages of workers on offshore drilling rigs that have been idled by President Obama's moratorium on new deep water drilling. The Washington Post reports that the ban has idled 33 deep-water drilling rigs.

If the average worker on a rig earns $100,000 a year, the industry's claim about lost wages would imply that it was employing 36,000 workers, or more than 1,000 on each idled rig. This seems implausibly high, and should cause reporters to question the industry's claim rather than just report it as being true. (The industry has an incentive to exaggerate the impact of the moratorium on workers since it helps to advance its agenda of ending the moratorium.)

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