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Downer EDI wins $570m contract for Karara mine project
Click here to read the whole story or read an excerpt below. By Lisa MacNamara DOWNER EDI has been awarded a $570 million contract with Karara Mining for its magnetite iron ore project in Western Australia. Under the six-year contract, Downer will set up the infrastructure for the mine and provide drill and blast services as well as load and haul waste and ore. [Read more] Read More →
Zyl finds buyer interest in Mbila coking coal output
Click here to read the whole story or read an excerpt below. By Robb M. Stewart AUSTRALIAN mining company Zyl, which last year attracted takeover interest, today said six companies have approached it about securing more than 600,000 tonnes a year of coking coal from its planned Mbila mine in South Africa. The expressions of interest, including one from an unnamed international mining company, [Read... [Read more]
Gold jumps on Bernanke signals
Click here to read the whole story or read an excerpt below. By Matt Day GOLD futures gained this morning for the sixth time in seven sessions, settling at the highest level in 11 weeks as the Federal Reserve chief urged Congress to tackle the fiscal challenges facing the US. Gold for April delivery, the most actively traded contract, rose $US9.80, or 0.6 per cent, to settle at $US1759.30 a troy ounce... [Read more]
Good as gold, but no big-bang buy for Newcrest
Click here to read the whole story or read an excerpt below. NEWCREST is not about to follow up its $9.5 billion acquisition of Lihir Gold in 2010 with another big-bang purchase despite forecasting that gold could race off to as much as $US2500 an ounce in the next five years. The miner’s new chief executive, Greg Robinson, said yesterday Newcrest was “not really looking to do a large... [Read more]
Gold futures rise on weaker US dollar and stronger data
Click here to read the whole story or read an excerpt below. By Matt Day GOLD climbed to the highest level in almost two months overnight as investors sought the precious metal as an alternative to the slipping US dollar after a batch of upbeat global economic data. Gold for April delivery, the most actively traded contract, rose $US9.10, or 0.5 per cent, at $US1,749.50 a troy ounce on the Comex division... [Read more]
China takes shine off the aluminium story
Click here to read the whole story or read an excerpt below. By Robin Bromby FORGET the China story, so far as aluminium is concerned. Patricia Mohr, who heads commodities research at Canada’s Scotiabank, puts it more circumspectly, but she is convinced the world’s most populous country [Read more] Read More →
Gold futures gain despite US data and weaker euro
Click here to read the whole story or read an excerpt below. By Tatyana Shumsky GOLD futures carved out a slight gain overnight as weaker US data and a declining euro tempered earlier gains. Gold for April delivery settled at its highest level in nearly eight weeks, gaining $US6, or 0.4 per cent, to finish trade at $US1,740.40 a troy ounce on the Comex division of the New York Mercantile Exchange.... [Read more]
Aquila Resources approves Eagle Down coal project
Click here to read the whole story or read an excerpt below. AQUILA Resources has formally approved the Eagle Downs coal project it has been fighting over in court with joint venture partner Vale. Aquila said the approval of the hard coking coal project in Queensland meant it would not pursue action in the state’s Supreme Court against Brazil’s Vale. [Read more] Read More →
Gold futures nearly flat on stronger US dollar and eurozone worries
Click here to read the whole story or read an excerpt below. By Matt Day GOLD futures ended nearly flat overnight, settling with slight losses as a stronger US dollar and caution during a series of European debt-related negotiations outweighed the market’s recent upward momentum. Gold for February delivery, the most actively traded contract, fell $US1.20, or 0.1 per cent, to settle at $US1,731... [Read more]
Coalspur Mines shares jump on upgrade
Click here to read the whole story or read an excerpt below. By David Winning COALSPUR Mines said today its proposed $C1.23 billion ($1.16bn) Vista mine in Canada may produce 24 per cent more coal than previously thought, as the company moves to lock in project financing with offtakers. Coalspur said a detailed study showed the Vista project, near Hinton in Alberta province, could have an annual production... [Read more]
Indian companies to bid for gold, copper in Afghanistan
Click here to read the whole story or read an excerpt below. By Shivom Seth Close on the heels of bagging the rights to mine iron ore and set up a steel plant at Hajigak in Afghanistan with an investment of up to $11 billion, a consortium of Indian companies led by Steel Authority of India has turned its sights to gold and copper exploration. In November, a seven member consortium of Indian companies... [Read more]
Copper climbs to new highs on Fed rates statement
Click here to read the whole story or read an excerpt below. By Matt Day COPPER futures continued to climb overnight, touching fresh four-month highs on increased demand for growth-sensitive assets after the Federal Reserve’s low interest-rate outlook. The most actively traded copper contract, for March delivery, recently traded up 6.2 cents, or 1.6 per cent, at $US3.8915 a pound on the Comex... [Read more]
Copper futures hit four-month high on Fed interest rate statement
Click here to read the whole story or read an excerpt below. By Matt Day COPPER futures edged higher overnight, settling at the highest price in more than four months as the Federal Reserve’s forecast for low interest rates into 2014 stoked investor demand for commodities. The most-actively traded copper contract, for March delivery, rose 2.2 cents, or 0.6 per cent, to settle at $US3.8295 a... [Read more]
Gold futures rise on US Fed’s lending rate policy
Click here to read the whole story or read an excerpt below. By Tatyana Shumsky GOLD futures settled above $US1700 overnight for the first time in six weeks, as news that the Federal Reserve expects short-term interest rates to stay near zero eclipsed worries about Europe’s sovereign-debt crisis. The most actively traded contract, for February delivery, vaulted to a high of $US1704.50 a troy... [Read more]
Newcrest to list on TSX by March as gold output falls
Click here to read the whole story or read an excerpt below. By Robb M. Stewart NEWCREST Mining, Australia’s largest gold producer, said today it expects to list on the Toronto Stock Exchange by March. An application for a proposed secondary listing was lodged with the TSX last month, the Melbourne-based company said. [Read more] Read More →
Chinese one step closer to uranium buyout
Click here to read the whole story or read an excerpt below. A CHINESE nuclear company has moved a step closer to bidding for Australian uranium explorer Extract Resources but the target says it is still seeking alternative suitors. State-owned China Guangdong Nuclear Power Group is pursuing Extract because of its rights to the Husab uranium deposits in Namibia, reputedly the fourth-largest in the... [Read more]
African Iron backs takeover bid
Click here to read the whole story or read an excerpt below. AFRICAN Iron’s board has recommended shareholders accept Exxaro’s $338 million takeover offer. Exxaro has offered up to $338m for the prospective iron ore miner in the Republic of Congo. [Read more] Read More →
Local steel cost more, says miner
Click here to read the whole story or read an excerpt below. By Andrew Burrell GINDALBIE Metals says it imported most of the steel for its $2.6 billion Karara iron ore project in Western Australia from China because the local bids were three times more expensive. The miner defended the deal after The Australian reported yesterday that it had been accused of favouring its biggest shareholder, Beijing... [Read more]
Gold futures gained as worries about the eurozone receded
Click here to read the whole story or read an excerpt below. By Matt Day GOLD futures gained along with the euro today as easing worries about a credit crunch in the eurozone spurred investment in the precious metal as an alternative asset. The most actively traded gold contract, for February delivery, rose $US4.30, or 0.3 per cent, to settle at $US1,659.90 a troy ounce on the Comex division of the... [Read more]
BHP joins iron ore record list, but warns of headwinds
Click here to read the whole story or read an excerpt below. BHP Billiton has joined Rio Tinto and Fortescue Metals Group in posting record December-quarter iron ore production but has warned that industrial relations, a strong dollar and weak metal markets could weigh on profits this financial year. [Read more] Read More →
