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Uralkali says spot potash may reach $600 per tonne
Click here to read the whole story or read an excerpt below. By Alfred Kuepper Spot potash prices could reach $600 per tonne by the end of the year, the chief executive of Russian potash producer Uralkali (URKAq.L), Vladislav Baumgertner, said on Tuesday at an investment forum in Moscow. He said that demand for potash is strong and major miners are operating at full capacity. [Read more] Read More →
UPDATE 2-Rio Tinto cuts Q3 iron ore prices as spot drops-sources
Click here to read the whole story or read an excerpt below. By Ruby Lian and Manolo Serapio Jr. Rio Tinto Ltd , the world’s No. 2 iron ore miner, will drop its prices by up to 3 percent for Chinese steel mills for the third quarter, sources with knowledge of the contract details told Reuters. The modest price cut was in line with a decline in spot prices of the steelmaking raw material. Global... [Read more]
UPDATE 1-Peregrine finds 3 more diamond formations
Click here to read the whole story or read an excerpt below. By Bhaswati Mukhopadhyay Peregrine Diamonds Ltd said it discovered three new diamond formations at its Chidliak exploration property in the northern Canadian territory of Nunavut. Chidliak is a joint venture between Peregrine and BHP Billiton Ltd , which has a 51 percent interest in the project. [Read more] Read More →
UPDATE 1-Commercial Metals Q3 profit beats Street; shares up
Click here to read the whole story or read an excerpt below. By Arup Roychoudhury Commercial Metals Co , posted its third estimate-beating profit in four quarters, helped by falling raw material prices and higher demand. For the March-May period, the metals processor and recycler’s net income was $36.2 million, or 31 cents a share, compared with a loss of $8.8 million, or 8 cents a share, a year... [Read more]
Gold gives up gains, euro zone crisis lingers
Click here to read the whole story or read an excerpt below. By Marie-Louise Gumuchian Gold gave up early gains on Monday but was still supported by euro zone debt woes after ministers delayed a decision on emergency loans to Greece, while bullion priced in sterling struck a lifetime high. Euro zone finance ministers postponed to July a final decision on extending a further 12 billion euros in... [Read more]
UPDATE 1-Spain Tubacex sees 2011 steel tube output up 15 pct
Click here to read the whole story or read an excerpt below. By Svetlana Kovalyova Spanish group Tubacex (TUBA.MC), the world’s second largest maker of seamless stainless steel tube, expects output to rise 15 percent in 2011 on demand from the oil and gas sector, Managing Director Guillermo Ruiz-Longarte told Reuters on Friday. “Total output (is expected to be) up 15 percent this year,”... [Read more]
Indonesia Bumi Q1 net profit up 16.5 pct on higher coal price
Click here to read the whole story or read an excerpt below. By Janeman Latul Bumi Resources , Asia’s biggest thermal coal exporter, said on Friday its first-quarter 2011 net profit rose 16.5 percent as higher coal prices made up for lower output. Bumi, controlled by the politically-connected Bakrie family and part-owned by Nathaniel Rothschild’s mining investment vehicle Vallar , said... [Read more]
CORRECTED – Afferro raises its Cameroon iron ore estimate by 36pct
Click here to read the whole story or read an excerpt below. By David Lewis Afferro Mining (AFF.V) has raised by 36 percent its estimate for resources at its Nkout iron ore mine in Cameroon, the firm said in a statement on Thursday. The new estimate increases to 1.42 billion tonnes the mineral resource estimate for the mine, which the firm fully owns and is in southern Cameroon. [Read more] Read More →
Redstar buys high-grade gold district near Alaska project
Click here to read the whole story or read an excerpt below. By Bhaswati Mukhopadhyay Canadian junior explorer Redstar Gold Corp said it acquired a large property surrounding its recently bought Shumagin project in Alaska. The property contains a past producer, a historic high-grade resource, a historic bulk tonnage resource, several identified gold targets and high potential greenfield exploration,... [Read more]
UPDATE 1-Ivanhoe Mines says 23 pct construction complete at Oyu Tolgoi
Click here to read the whole story or read an excerpt below. By Bhaswati Mukhopadhyay Ivanhoe Mines Ltd said nearly a quarter of construction of its flagship Oyu Tolgoi project in Mongolia was completed by May and it was ahead of schedule. Ivanhoe Mines, which is partnering Anglo-Australian miner Rio Tinto to develop the project, said commissioning of the concentrator’s first production line... [Read more]
UPDATE 1-Brigus Gold gives production forecast for Ontario mine
Click here to read the whole story or read an excerpt below. By Amruta Sabnis Canada’s Brigus Gold Corp said its expects its Black Fox mine in Ontario to produce 16,500-18,000 ounces of gold in the second quarter of 2011. The gold explorer, which also has operations in Saskatchewan as well as in Mexico and the Dominican Republic, said it was currently mining 300-400 tonnes of ore per day. [Read... [Read more]
Iron Ore-Spot prices steady, sentiment upbeat
Click here to read the whole story or read an excerpt below. By Manolo Serapio Jr. Spot iron ore prices were steady on Tuesday but were seen rising later this week as top buyer China restocks, allowing prices to rebound after losing around 6 percent last month. Chinese steel mills began returning to the market last Friday, helping spot prices rise for the first time in about a month. But activity stalled... [Read more]
UPDATE 1-Claude Resources Q1 gold output rises 6 pct
Click here to read the whole story or read an excerpt below. By Mayuresh Tungare Canadian mineral explorer Claude Resources Inc posted a six percent rise in first-quarter gold production and said it would continue the Phase-II drill program at its Madsen property in Red Lake gold camp in Ontario in 2011. Calgary, Alberta-based Claude said it produced 9,461 ounces of gold in the first quarter, up from... [Read more]
Itochu to acquire stake in Ivanhoe Nickel subsidiary
Click here to read the whole story or read an excerpt below. By Euan Rocha Japanese trading firm Itochu Corp said on Friday it agreed to acquire an 8 percent stake in Beales Ltd, which controls the Platreef platinum and nickel project in South Africa, for about $280 million. Beales is a subsidiary of privately-held Ivanhoe Nickel & Platinum, headed by well known mining financier Robert Friedland.... [Read more]
UPDATE 1-Rio Tinto to study pricing iron ore in yuan
Click here to read the whole story or read an excerpt below. By Sonali Paul Global miner Rio Tinto would study the possibility of switching iron ore price settlements to Chinese yuan, but has no current plans to do it, it said on Friday. “For us, it’s a complex issue, because our financing is currently in U.S. dollars, and trading in U.S. dollars acts as a natural hedge,” Walsh... [Read more]
UPDATE 1-Sabina Gold to sell some Nunavut properties to Xstrata
Click here to read the whole story or read an excerpt below. By Amruta Sabnis Canada’s Sabina Gold & Silver Corp said it would sell its Hackett River property and certain claims on the Wishbone Greenstone belt in Nunavut, Canada to Xstrata Zinc Canada . As part of the deal, Xstrata will pay C$50 million ($51.1 million) in cash and Sabina will reserve a silver production royalty equal to... [Read more]
Russia’s Gokhran to export palladium in ’12 -agency
Click here to read the whole story or read an excerpt below. By Alfred Kueppers Russia’s Gokhran state repository has sufficient palladium stocks to continue exports in 2012, and it also plans to melt down some reserves to improve their quality, a Finance Ministry official told Interfax. “In 2012 there will still be (exports),” the source said on Monday. “There are enough reserves... [Read more]
UPDATE 2-Coal India in talks to buy Indonesia mine stake for up to $1 bln-sources
Click here to read the whole story or read an excerpt below. By Sumeet Chatterjee Coal India , the world’s largest coal miner, is in advanced talks to buy up to 40 percent of Indonesia’s Golden Energy Mines for as much as $1 billion, three sources with direct knowledge of the deal said on Thursday. The rare move to grab such a large chunk of an Indonesian miner would be the biggest acquisition... [Read more]
UPDATE 1-Kirkland Lake Gold Q4 gold production rises
Click here to read the whole story or read an excerpt below. By Maneesha Tiwari Canadian gold miner Kirkland Lake Gold Inc said its quarterly gold production rose 56 percent. Quarterly gold production rose to 23,466 ounces, from 14,995 ounces, a year earlier. [Read more] Read More →
Greek ratings cut helps gold to near 2-week high
Click here to read the whole story or read an excerpt below. By Pratima Desai Gold rallied to its highest in nearly two weeks on Monday as investors seeking safety bought the precious metal after a barrage of bad news on debt and ratings from euro zone countries such as Greece. Spot gold hit $1,517.49 a troy ounce, its highest since May 11. It was bid at $1,509.19 an ounce at 1135 GMT from $1,507.39... [Read more]
