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Can a golden souffle rise twice?
Click here to read the whole story or read an excerpt below. By Barry FitzGerald FOREIGNERS have been snapping up Victoria’s historic goldmines. But local junior explorers prefer to bet that if there is to be a Victorian gold renaissance, it will be based on virgin discoveries hidden for the last 30 million years beneath a blanket of Murray Basin sediments. The blanket is like getting 30m of... [Read more]
Returning to the gold
Click here to read the whole story or read an excerpt below. By Gabi Mills PERHAPS it’s his military training – Andrew Tunks was on his way to being a career soldier before an unfortunate accident put an end to that idea – or perhaps it’s just the confidence that comes from being an excellent geologist. Whatever the reason, Tunks, the new chief executive of Ausgold, has a... [Read more]
Robert Friedland forced out as Rio tightens grip on Ivanhoe Mines
Click here to read the whole story or read an excerpt below. By Sarah-Jane Tasker RIO Tinto chief executive Tom Albanese has scored a spectacular win over mining billionaire Robert Friedland by overhauling the board and management of Ivanhoe Mines, forcing out the mogul in the process and taking control of one of the world’s best new copper resources. Rio Tinto announced in London on Wednesday... [Read more]
FMG stock gains as miner forecasts “catch up” on delayed shipments
Click here to read the whole story or read an excerpt below. By Robb M. Stewart FORTESCUE Metals Group, one of the world’s largest iron ore producers, today said that third-quarter shipments of the steelmaking commodity missed its own guidance after two tropical cyclones temporarily shut ports along the coast of Western Australia. The Perth-based company shipped slightly more than 12 million... [Read more]
Sandpiper could fly but costs may ground it
Click here to read the whole story or read an excerpt below. By Tim Boreham Minemakers (MAK) 24c; UCL (UCL) 29c: THE good news with yesterday’s long-awaited feasibility study on the parties’ Sandpiper marine phosphate project off the Namibian coast is that it is, well, feasible. The bad news is that at $US387 million (plus maybe $US30m for a desal plant), the project will cost more than... [Read more]
BHP 3Q ore production up year-on-year but down on Q2 due to cyclones
Click here to read the whole story or read an excerpt below. By Robb M. Stewart BHP Billiton posted mixed production results for its financial third quarter today, with iron ore output up strongly on a year earlier but down on the prior quarter as a result of Australian cyclone activity. Iron ore production was 14 per cent higher on the year at 37.94 million metric tons [Read more] Read More →
Rio spends $300m on Wickham town to boost Pilbara ore production
Click here to read the whole story or read an excerpt below. By Robb M. Stewart WESTERN Australia approved mining giant Rio Tinto’s plan to invest more than $300 million to expand and renew the town of Wickham as part of efforts to significantly raise iron ore production in the state’s remote Pilbara region. Wickham will house the workers needed for Rio Tinto to reach its goal of 183... [Read more]
China’s Q1 GDP growth likely to slow has no impact on iron ore price
Click here to read the whole story or read an excerpt below. By Diana Kinch THE slight slowdown expected in China’s first-quarter economic-growth rate isn’t hitting the iron-ore market, where prices continue to edge up and analysts remain bullish, said Steve Randall, managing director of London price provider The Steel Index. [Read more] Read More →
Coalworks holds to independence amid Whitehaven Coal rumour
Click here to read the whole story or read an excerpt below. By Robb M. Stewart COALWORKS is determined to maintain its independence as it progresses toward becoming a coal producer, despite speculation it could be pulled into Whitehaven Coal’s web of consolidation. The company’s focus after raising $17.4 million is on completing the bankable feasibility study for the Vickery South project... [Read more]
Uranium demand to grow, says Energy Resources chair David Klinger
Click here to read the whole story or read an excerpt below. By Ross Kelly ENERGY Resources of Australia today said the long-term outlook for uranium prices remained positive as it prepared to begin test work for a new underground mine. Chairman David Klinger said that the nuclear accident at Fukushima, Japan in March 2011 – which occurred in the wake of the tsunami – sent uranium prices... [Read more]
Anglo doubles mine plan at Moranbah South
Click here to read the whole story or read an excerpt below. BRITISH miner AngloAmerican is planning one of Australia’s biggest coalmines, which will more than double the expected size of its Moranbah South underground mine. But the trade-off appears to be a two-year delay on operations, which is now not slated to start producing coking coal until 2017. [Read more] Read More →
Energy Resources of Australia lifts uranium oxide output guidance
Click here to read the whole story or read an excerpt below. By Ross Kelly ENERGY Resources of Australia today slightly upgraded its annual production guidance, based on an earlier start to mining at its Ranger pit, which had been affected by heavy rainfall. The Rio Tinto-controlled uranium miner said it expected to produce between 3200 [Read more] Read More →
Lawson Gold in deal with Saudi group to explore for gold-copper in the desert kingdom
Click here to read the whole story or read an excerpt below. By Barry Fitzgerald LAWSON Gold chairman David Hillier makes no apologies for wanting his sleepy Adelaide-based explorer to become a mark II version of Citadel Resource Group. Mr Hillier has cut a deal to take Lawson into Saudi Arabian gold-copper exploration through a joint venture with Saudi conglomerate Mawarid which, like many of the... [Read more]
Junior minor BC Iron upgrades Nullagine resource in the Pilbara
Click here to read the whole story or read an excerpt below. By Sarah-Jane Tasker PILBARA junior BC Iron has extended the life of its flagship mine as it eyes further potential tie-ups with joint venture partner Fortescue Metals Group. The miner, which operates the Nullagine project in a joint venture with Fortescue, revealed this week a resource upgrade at the West Australian project, saying the... [Read more]
BHP, Rio should seal it with diamonds, says Nomura
Click here to read the whole story or read an excerpt below. By Ross Kelly BHP Billiton and Rio Tinto may have fallen out of love with diamonds, but broker Nomura still thinks a marriage should be arranged. Nomura says BHP and Rio should consider merging the two into a new company [Read more] Read More →
Whitehaven Coal warns of production hit
Click here to read the whole story or read an excerpt below. By Sarah-Jane Tasker WHITEHAVEN Coal has warned its production will be hit by a 400,000 tonne shortfall in the second half of the year following adverse weather and mine scheduling issues. In a market update yesterday the NSW miner said abnormally heavy rainfall in February had caused widespread flooding that closed roads, prevented employees... [Read more]
Coalworks share issue plans to raise $17 million
Click here to read the whole story or read an excerpt below. By Gillian Tan COALWORKS is seeking to raise between $17 million ($US17.7 million) and $17.4 million by issuing 22.36 million new shares, a person familiar with the matter told Deal Journal Australia. [Read more] Read More →
Chinese move in on gold with tilt at Norton
Click here to read the whole story or read an excerpt below. By Sarah-Jane Tasker CHINA has extended its reach into Australian resources beyond the key targets of iron ore and coal, with the country’s largest goldminer launching a $299 million bid for Norton Gold Fields. [Read more] Read More →
Aquila sells 50pc stake in Isaac Plains coal mine to Sumitomo
Click here to read the whole story or read an excerpt below. By David Winning AQUILA Resources has sold its 50 percent interest in the Isaac Plains coal mine in Queensland to Japan’s Sumitomo for $430 million. The deal is significant for Aquila because it secures part of the financing needed for its proposed $5.77 billion West Pilbara iron ore project, [Read more] Read More →
Cheaper iron ore good for all: Fortescue chief
Click here to read the whole story or read an excerpt below. By Michael Sainsbury FORTESCUE chief executive Nev Power believes a lower price for iron ore will be good for producers and steelmakers and has predicted the price will settle at about $110 per tonne over the next few years. He also acknowledged the company had occasional supply and shipment problems into China but insisted its systems and... [Read more]
