Mining Companies Exploration and Investment News

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.
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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.
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Like India’s steel giants, China is also showing interest in investing in South Africa’s mining sector.

According to the minister of mines in South Africa, China had shown strong interest in investing in the African nation’s mining sector.

China, Africa’s biggest emerging market partner, has been investing in the continent’s mining and energy sectors.

China is interested in manganese, platinum and uranium. But S Africa is also cautious to see if their investment is going to benefit South Africa. It is critical for the country to ensure its own interest.
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Nippon Steel Corp., Japan’s largest steelmaker, will pursue investments in iron ore and coal mines, joining rivals in a bid to curb costs and secure supplies of the steelmaking ingredients.

The company wants to supply 50 percent of its raw material needs by buying stakes in mines or developing new ones “as early as we can,” Executive Vice President Shinichi Taniguchi said March 4 in an interview in Tokyo. Mines partly owned by the mill supply 35 percent of its iron ore and 25 percent of its coking coal needs. (continue reading…)

Patriot Coal Corporation today reported that it has temporarily suspended active mining operations at the Federal No. 2 mine near Fairview, West Virginia. Mining operations ceased after one measurement in an abandoned area of the mine was found to be out of compliance during routine testing in accordance with the mine’s ventilation plan. As a result, the Company is making further refinements to its ventilation plan to address these conditions. The Company intends to review these refinements with the U.S. Department of Labor, Mine Safety & Health Administration as soon as possible in order to resume production at the mine.

Glencore International AG, the world’s largest commodity trader, will buy back a Colombian coal unit from Xstrata Plc, setting the stage for an initial public offering that may value the trading company at $35 billion.
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Nippon Steel Corp., Japan’s largest steelmaker, will pursue investments in iron ore and coal mines, joining rivals in a bid to curb costs and secure supplies of the steelmaking ingredients.

The company wants to supply 50 percent of its raw material needs by buying stakes in mines or developing new ones “as early as we can,” Executive Vice President Shinichi Taniguchi said March 4 in an interview in Tokyo. (continue reading…)

Essar Group said its purchase of Trinity Coal Corp., the Indian company’s first overseas coal mine acquisition, will help lock in raw materials with coal and iron ore prices poised to rise as the global economy recovers.

The $600 million buyout of West Virginia-based Trinity raises Essar’s total U.S. investment to $4 billion, Chief Executive Officer Prashant Ruia said. (continue reading…)