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Boart Longyear Expects Strong Demand as Miners Continue Projects
Click here to read the whole story or read an excerpt below. By Elisabeth Behrmann Boart Longyear Ltd. (BLY), the world’s biggest provider of mineral drilling services, expects demand to remain strong as large mining companies proceed with projects. “We still see very strong demand, particularly from the majors,” Craig Kipp, chief executive officer of the Salt Lake City, Utah-based company, told... [Read more]
Hwange Needs $200 Million for Coal Mine, Chronicle Says
Click here to read the whole story or read an excerpt below. By Brian Latham Hwange Colliery Co. (HWANGE), Zimbabwe’s biggest coal miner, needs $200 million to recapitalize, the state-controlled Chronicle reported, citing Managing Director Fred Moyo. The company has spent $15 million rebuilding a coke oven and is in talks with an Indian investor, the Bulawayo-based Chronicle said. Hwange exports... [Read more]
Iran Aluminum Output Rose 8.5% Year to March 19, Press TV Says
Click here to read the whole story or read an excerpt below. By Ayesha Daya Iran aluminum production rose 8.5 percent in the year ending March 19, Press TV reported, citing the deputy minister of industry, mining and trade. Output will exceed 400,000 tons by the end of the next Iranian calendar year, which started March 20, and will reach 1.5 million tons by 2025, [Read more] Read More →
SinoSteel Zimbabwe Unit Rebuilds Furnace, Herald Reports
Click here to read the whole story or read an excerpt below. By Brian Latham Sinosteel Corp.’s Zimbabwe chrome mining and smelting company, Zimasco (Pvt) Ltd., is spending $35 million refurbishing a furnace at its smelter in Kwekwe, the state-controlled Herald said, citing Zimasco administrative manager, Clara Sadomba. The re-building of the fire-damaged furnace should be completed this year and... [Read more]
Jordan Raises Fees on Phosphate to Boost Revenue, Al Arab Says
Click here to read the whole story or read an excerpt below. By Mohammad Tayseer Jordan’s government plans to more than double fees imposed on phosphate mining to $5 from $2 a metric ton to boost government revenue, starting in the second quarter of next year, Al Arab Al Yawm reported. The government received about 8.8 million dinars ($12.5 million) in mining fees from Jordan Phosphate Mines Co.... [Read more]
Caledonia Sells 51% of Blanket Mine in Zimbabwe for $30 Million
Click here to read the whole story or read an excerpt below. By Brian Latham Caledonia Mining Corp. (CAL) said it will sell 51 percent of its Blanket gold mine in Zimbabwe for $30.1 million to comply with the southern African country’s ownership laws. Flemiro Investments (Pvt) Ltd., a closely held Zimbabwean investment company, will pay $11 million for 15 percent of the mine, Caledonia said in a... [Read more]
Putin’s VEB Agrees to Lend $300 Million to Usmanov’s Copper Mine
Click here to read the whole story or read an excerpt below. By Ilya Khrennikov VEB, the state development bank with Russian President Vladimir Putin as chairman, agreed to lend as much as $300 million to billionaire Alisher Usmanov’s Udokan copper project in eastern Siberia for three years. The bank’s board agreed to lend the money to Baikal Mining Co., which holds the license to Udokan, the bank... [Read more]
Yanzhou Coal Said in Talks to Buy Vale’s Stake in Mine
Click here to read the whole story or read an excerpt below. By Brett Foley Yanzhou Coal Mining Co. (1171) is among companies in talks to buy Vale SA (VALE5)’s stake in an Australian coal mine for more than A$500 million ($503 million), said people with knowledge of the matter. Yanzhou and potential buyers from India are studying data on the Integra coal mine in New South Wales state and may make... [Read more]
Harmony Gold May Boost Output by 150,000 Ounces Next Year
Click here to read the whole story or read an excerpt below. By Carli Cooke Harmony Gold Mining Co. (HAR), the third- largest African miner of the metal, may boost output by 150,000 ounces in the fiscal year ending June 2013 as the company starts new projects, Chief Executive Officer Graham Briggs said. “There’s no doubt it will be better,” Briggs said today in an interview in Johannesburg. So-called... [Read more]
Silver Forecasters Bullish as Funds Retreat From Slump
Click here to read the whole story or read an excerpt below. By Nicholas Larkin At a time when hedge funds are reducing bullish silver bets by the most in two years, analysts predict a rally as manufacturing expands from China to the U.S., boosting demand for the precious metal most used in industry. Money managers cut wagers by 68 percent in two months as futures tumbled 21 percent, Commodity Futures... [Read more]
Nordic Mines Climbs Most in Three Weeks on Ore: Stockholm Mover
Click here to read the whole story or read an excerpt below. By Janina Pfalzer Nordic Mines AB (NOMI), a Swedish gold explorer, climbed the most in three weeks in Stockholm trading after saying ore reserves at the Laiva mine in Finland are larger than previously estimated. It rose as much as 8.8 percent, the biggest advance since April 18. It said proven and probable reserves were an estimated 16.9... [Read more]
Inmet to Sell $1 Billion Bonds to Fund Panama Copper Mine
Click here to read the whole story or read an excerpt below. By Michelle Yun Inmet Mining Corp. (IMN), the developer of the $6.2 billion Cobre Panamacopper mine, plans to sell $1 billion of bonds to help fund the operation instead of selling a stake in the project. The senior unsecured notes will mature in 2020, the Toronto-based company said in a statement dated yesterday. Inmet owns 80 percent of... [Read more]
Village Evaluating 1 Billion-Rand Offer for Tau Mine
Click here to read the whole story or read an excerpt below. By Jana Marais Village Main Reef Ltd. (VIL) rose the most in two weeks after the South African gold miner said it’s evaluating an unsolicited binding offer of 1 billion rand ($127 million) for its Tau mine from Tannous Investment Group. The offer amount for the Tau Lekoa mine near Orkney, southwest of Johannesburg, [Read more] Read More →
Exxaro Resources Considers Fast-Tracking Congo Iron-Ore
Click here to read the whole story or read an excerpt below. By Jana Marais Exxaro Resources Ltd. (EXX), a South African coal company, is studying speeding up an iron-ore project in the Republic of Congo after its 20 percent stake in a mine producing the commodity contributed more than half its earnings last year. “We’re looking at the geology, the plans, the product, the possible start date, the... [Read more]
India’s Quest for Coal Stalls as Red Tape Kills Mining Takeovers
Click here to read the whole story or read an excerpt below. By Larry Reibstein India’s quest for natural resources to power its growing economy and compete with China has met the enemy: Its own red tape. Thwarted by lengthy bureaucratic delays for approvals, Indian state companies have lost out on or walked away from at least seven purchases of overseas coal and mining assets in the last two years,... [Read more]
Romania May Ask Gabriel for Revised Mine Plan, Mediafax Says
Click here to read the whole story or read an excerpt below. By Andra Timu Romania may ask Canada’s Gabriel Resources Ltd. (GBU) to revise its Rosia Montana gold mine project after a court annulled a previous zoning plan last month, Mediafax said, citing outgoing Environment Minister Korodi Attila. A team of lawyers advised the ministry that the lack of a valid plan may hurt the project’s permitting... [Read more]
Randgold Says First-Quarter Profit Doubles After Output Climbs
Click here to read the whole story or read an excerpt below. By Thomas Biesheuvel Randgold Resources Ltd. (RRS), a miner of the precious metal in Africa, said first-quarter profit more than doubled percent after production increased and prices gained. Net income climbed to $89.4 million from $41.5 million a year earlier, the Jersey, Channel Islands-based company said today in a statement. Sales rose... [Read more]
Skadden Hires Paul Hastings’s Betts for Hong Kong Deals
Click here to read the whole story or read an excerpt below. By Douglas Wong Skadden, Arps, Slate, Meagher & Flom LLP, ranked third among legal advisers on global equity sales last year, hired Christopher Betts as a partner for its capital markets and mergers team in Hong Kong. Betts, who had worked at Paul Hastings LLP and Freshfields Bruckhaus Deringer LLP, is the fourth partner added in Asia... [Read more]
Gold Weakens as Manufacturing Data Improves
Click here to read the whole story or read an excerpt below. By Glenys Sim Gold declined for a second day as manufacturing in the U.S. and China improved, adding to evidence of a global recovery, while data showed holdings in exchange- traded products dropped to the lowest level in three months. Spot gold fell as much as 0.3 percent to $1,658.10 an ounce and traded at $1,659.40 at 12:51 p.m. in Singapore,... [Read more]
Grange Says Chinese, Asian Groups Interested in Mine Stake
Click here to read the whole story or read an excerpt below. By Elisabeth Behrmann Grange Resources Ltd. (GRR), Australia’s largest iron ore pellet producer, said companies in Asia are interested in buying a stake in its A$2.9 billion ($3 billion) Southdown project, whose cost estimate rose about 12 percent. “We’re looking at a number of finance options, one of which is selling a stake in the... [Read more]
