Zambia’s Copper Output Down In January 2009 Closures Mine
Mar/17/2010 | Under : Aluminium - Companies - Copper Mine - Exploration - Mineral Exploration
Copper production in Zambia, Africa’s largest copper producer, fell 13 percent in January 2010 compared with January 2009 due to earlier mine closures but analysts said there were good prospects for higher output.
Zambia has previously said copper production could hit 1.0 million tonnes by 2011 as new mines come on stream and expansions and upgrades take place at existing mines.
Its copper production declined to 54,518 tonnes in January this year from 62,621 tonnes in the same month last year, the central bank said on Tuesday.
Copper exports in January 2010 increased to 56,676 tonnes versus 55,199 produced in 2009, the Bank of Zambia (BOZ) said. [Read More]
Bullion Monarch Mining Inc. Continues to Earn Record Revenues
Mar/17/2010 | Under : Companies - Exploration - Gold Mine - Investment - Oil and Gas Drilling
Bullion Monarch Mining Inc., a precious metals royalty and resource development company based in the United States, is pleased to again announce record quarterly revenue of $1,501,769 for the company’s third quarter ended January 31, 2010. This substantial boost in revenue is the result of increased production both in grade and volume by Newmont Mining in the prolific Northeast Nevada Carlin Trend. This represents a year over year quarterly revenue increase of approximately 49% and quarterly earnings of about USD $0.01 per share.
Newmont Mining’s declaration of increased exploration and development in areas where Bullion Monarch Mining holds royalty interests, confirms the company’s internal position of growing royalty revenues from the area over the long term. [Read More]
Moly Mines Investment Gets Final Approval From China Government
Mar/17/2010 | Under : Companies - Investment - Metals & Mineral - Mineral Exploration - Steel Industry
A major investment by a Chinese company puts a big mining project near Eureka back on track.
General Moly Mines Ltd. expects to begin mining construction of its Mount Hope molybdenum mine in early 2011, with production scheduled to begin 20 months later.
Construction employment is projected to average more than 700 workers, with peak employment near 1,000. General Moly has said the mine will employ 400 people when it’s in operation.
The project had been on a slow track until General Moly reached agreement with Sichuan Hanlong Group about 10 days ago.
The Chinese company will make an $80 million equity investment in General Moly, taking a 25 percent stake in the company headquartered at Lakewood, Colo. [Read More]
Jaguar Mining Enterprises Will Begin Extraction on the Cascaronal Mine
Mar/17/2010 | Under : Companies - Exploration - Iron Ore Mine - Mineral Exploration
Jaguar Mining Enterprises, Inc. today announced that they are completing the patio area which is very important for the extraction of the company’s iron ore proven reserves and also to enable (JAGR) rates and overhead to be as efficient as possible in order to show our loyal shareholders the highest return on investment (R.O.I.) as possible. Dale Williams, President & C.E.O., has stated, “We are right on track to have our first crews extracting as we stated in our past release as I am pleased with every member of my staff. We also have a second geological firm coming out to the Mine to ensure the second vein that was discovered just weeks ago can be extracted efficiently as well. [Read More]
Global Economic Focus : China Wary Of “Double Dip” Economic Crisis This Year
Mar/14/2010 | Under : Economy - Investment
China vowed Sunday to remain alert to any renewed signs of economic crisis, but said it will hold the line against critics urging an appreciation of its currency and will not seek an aggressive leading role in world affairs.
Premier Wen Jiabao also repeated China’s stance that a recent dip in relations with the United States was entirely the fault of Washington for allowing the Dalai Lama to visit the U.S. and approving the sale of arms to Taiwan.
“The responsibility does not lie with the Chinese side, but the United States,” Wen said. “We hope the U.S. will face the issue squarely … so as to restore and improve China-U.S. relations.”
[Read More]
Gold May Decline a Fourth Day in New York on China Economy Data
Mar/14/2010 | Under : Economy - Gold Mine - Investment - Trade & Market
Gold prices, little changed in New York today, may decline for a fourth day after China’s inflation and industrial output accelerated, adding pressure on the government to pare stimulus measures.
China’s inflation reached a 16-month high and production increased the most in more than five years. Bullion climbed 24 percent last year as central banks maintained low interest rates and spent trillions to stimulate economies. Gold prices dropped the most in a month yesterday on speculation demand for the metal will slow as the Greek financial crisis eases.
[Read More]
Mongolia Energy Plans Delivery First Coking Coal in August
Mar/14/2010 | Under : Coal Mine - Investment
Mongolia Energy Corp, a former technology company that remade itself into a natural resources developer in 2007, will deliver its first coking coal cargo this August and is also looking at projects beyond Mongolia, a senior executive said.
Mineral rich Mongolia is attracting more attention from global investors after a deal in October with Ivanhoe Mines and Rio Tinto to develop the $3 billion Oyu Tolgoi mine, one of the world’s biggest untapped copper and gold deposits.
[Read More]
Coking Coal Index : BHP Push Coking Coal Set Pricing
Mar/14/2010 | Under : Coal Mine - Steel Industry - Trade & Market
PLATTS has launched the world’s first daily coking coal index as it looks to exploit a push by BHP Billiton to abandon annually set pricing.
BHP Billiton attempt to move to quarterly or index-based pricing has been quicker than most expected, sparking a number of data providers to look at starting up spot price indexes for coking coal, which is used in steelmaking.
As well as Platts, US-based Energy Publishing has started up a weekly coking coal index for exports out of Queensland, while Britain’s Argus Media is also preparing an index.
[Read More]