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Gold output slips in Australia, says World Gold Council
Click here to read the whole story or read an excerpt below. By Rhiannon Hoyle AUSTRALIAN gold mining companies reported a marginal decline in output in the first quarter of 2012, as lower grades from older operations meant less gold content was present in the ore mined, the World Gold Council said today. While global gold mining supply overall increased by 3 per cent in the quarter, [Read more] Read More →
Kloppers warns iron ore export window is closing
Click here to read the whole story or read an excerpt below. By Matt Chambers BHP Billiton chief executive Marius Kloppers has a more bearish forecast on iron ore demand than arch-rival Rio Tinto, and warns that the window is closing for new investment in the nation’s most valuable export. In a presentation to investors in Miami, Mr Kloppers highlighted the growing cost [Read more] Read More →
Miners must plan for lower growth, BHP boss Marius Kloppers says
Click here to read the whole story or read an excerpt below. By Alex MacDonald THE majority of mining companies will face lower cash flows as slower growth, lower commodity prices and higher costs all take their toll, BHP Billiton chief Marius Kloppers has said today. BHP Billiton was tweaking the sequence of its capital expenditure plans to maximize [Read more] Read More →
Silver Wheaton poised for more growth
Click here to read the whole story or read an excerpt below. By Jonathan Ratner Despite recent weakness in shares of Silver Wheaton Corp., several analysts remain very bullish on the leading metals streaming company as it appears well-positioned to add to its portfolio. On Monday, Silver Wheaton reported first quarter earnings per share of US41¢, which was broadly in-line with consensus estimates.... [Read more]
Metals X, Westgold in $330m merger
Click here to read the whole story or read an excerpt below. By Gillian Tan METALS X and Westgold Resources are joining forces to create a junior miner with a market value of more than $330 million. Westgold shareholders will receive 11 Metals X shares for every 10 Westgold shares held, representing 22c a share, a premium of 33.3 per cent [Read more] Read More →
Cape Lambert sells copper project
Click here to read the whole story or read an excerpt below. By Robb M. Stewart CAPE Lambert Resources said today it has reached an agreement to sell a copper project in Australia for $25 million in cash, and will use the money to develop other assets in the company’s portfolio. The company, the investment vehicle of businessman Tony Sage, said a binding term sheet has been reached to sell the... [Read more]
Hancock to sell iron ore on China exchange
Click here to read the whole story or read an excerpt below. By Andrew Burrell GINA Rinehart’s $9 billion Roy Hill project is still more than two years away from producing iron ore but the billionaire has already signed up to sell some of the mine’s planned output through China’s first electronic trading platform, which was launched this week. The platform, run by state-owned China... [Read more]
Aditya Birla may bid for Northern Iron
Click here to read the whole story or read an excerpt below. INDIA’S Aditya Birla Group has submitted a non-binding bid to buy Australia’s Northern Iron, the Economic Times reported today, citing two sources with direct knowledge of the matter. Northern Iron – which has an annual iron-ore production capacity [Read more] Read More →
Mirabela shares dive amid fears of dilutive equity raising
Click here to read the whole story or read an excerpt below. By Barry FitzGerald FEARS that ASX-listed Brazilian nickel producer Mirabela cannot avoid a highly dilutive equity raising sent the group’s shares into freefall yesterday. [Read more] Read More →
Jindal Steel & Power to make significant investment in Apollo Minerals
Click here to read the whole story or read an excerpt below. By Prasenjit Bhattacharya INDIA’S Jindal Steel & Power has acquired a 9.25 per cent stake in Australian iron ore miner Apollo Minerals for $1 million. In a statement late yesterday, Apollo said the acquisition of the stake by JSPL [Read more] Read More →
Sentiment in iron ore uncertain in April, price up 2pc on March
Click here to read the whole story or read an excerpt below. By Diana Kinch SENTIMENT in the global iron ore market remained uncertain in April, even though prices for the steel-making ingredient continued to firm over the first 20 days of the month, price provider The Steel Index said in its monthly bulletin. Spot reference prices for ore with 62 per cent iron content, delivered to China, [Read... [Read more]
World Bank shores up Rio’s hold over Simandou venture
Click here to read the whole story or read an excerpt below. By Barry FitzGerald THE World Bank’s private sector development financing arm, International Finance Corporation, is planning to invest $US150 million ($147.6m) of equity in Rio Tinto’s Simandou iron ore project in Guinea as the joint venture races towards first production from the potentially world-class project by 2015 at... [Read more]
Lynas seeks more rare-earths buyers
Click here to read the whole story or read an excerpt below. MINING: Lynas is in negotiations with potential buyers of its rare-earths products in Europe, Japan and the US as it looks to push ahead with a ramp-up of its Malaysian processing plant later this year. The company, whose facility in the Malaysian city of Kuantan is all but complete, is already majority-contracted for its first phase of... [Read more]
Rio underlines strategy but says it will balance growth with returns
Click here to read the whole story or read an excerpt below. By Robb M. Stewart RIO Tinto is holding fast to expectations of continued long-term demand for its metals and minerals, with the appetite for copper in particular forecast to increasingly outstrip the global supplies over the coming years, chief executive Tom Albanese said. “Our belief in the long-term demand story is unchanged,”... [Read more]
Xstrata injects $87m to lift zinc output
Click here to read the whole story or read an excerpt below. By Alex MacDonald ANGLO-SWISS miner Xstrata today said it will invest $87 million to boost its annual net zinc output by 5 per cent to 25,000 tonnes. The miner plans to reach its target by accelerating the development of its Lady Loretta underground mine project [Read more] Read More →
BHP, Independent find two-speed economy not all roses
Click here to read the whole story or read an excerpt below. By Stephen Bell AUSTRALIA is often portrayed by politicians and economists as a two-speed economy with cashed-up miners surging ahead of stragglers in the manufacturing, retail and tourism sectors. But the fast lane has a few potholes, as evidenced by zinc and copper miner Kagara [Read more] Read More →
Japan to produce dysprosium in JV with Kazakhstan
Click here to read the whole story or read an excerpt below. JAPAN will jointly develop rare earths with Kazakhstan as part of its efforts to secure supplies of the key minerals now controlled by China, a newspaper said. Japan plans to reach an accord when trade and industry minister Yukio Edano visits the central Asian country in early May and meets Kazakh government officials, including President... [Read more]
Atlas Iron plans to boost output to feed China growth
Click here to read the whole story or read an excerpt below. By Sarah-Jane Tasker ATLAS Iron has outlined its aggressive plans to increase production to capture increasing demand from China, as it remains on track to hit annual guidance. The Perth-based miner today released its quarterly results, [Read more] Read More →
OZ Minerals eyes acquisitions after solid Q1
Click here to read the whole story or read an excerpt below. By Robb M. Stewart OZ Minerals which is scouting for potential acquisition targets in a number of countries, said today it remained on track to hit its copper and gold production targets for the year after a modest rise in first-quarter output despite heavy rains at its Australian mine. The Prominent Hill mine in South Australia produced... [Read more]
Rio spruiks diamond assets to US investors
Click here to read the whole story or read an excerpt below. By Sarah-Jane Tasker RIO Tinto has been talking up its diamonds business to US investors, highlighting price and demand strength for the sector as it continues to identify assets that could be divested. The diversified global major, which last month put its diamond assets under review, told US investors this week the sector had strong fundamentals... [Read more]
