Mining Companies Exploration and Investment News

The Australian sharemarket closed three per cent higher for the week, as middling-to-positive leads from European stocks and Wall Street culminated in a solid weekly close, after China rejected reports it was considering reviewing its European bond holdings.

For the week, the benchmark S&P/ASX200 index gained 3.15 per cent to 4,457.5 points, while the broader All Ordinaries index jumped 7.58 per cent to 4,479 points.

AMP Capital Investors chief economist Shane Oliver said it looked like a correction in equities and commodities prices was under way, and a decent rally was beginning.
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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…)

Goldcorp Inc. today reported gold production of 601,300 ounces at a total cash cost(1) of $289 per ounce for the quarter ended December 31, 2009. Fourth quarter adjusted net earnings(2) amounted to $182.7 million, or $0.25 per share, and operating cash flows before working capital changes(3) for the fourth quarter was $307.6 million or $0.42 per share. For the year, Goldcorp produced 2.42 million ounces of gold at a total cash cost of $295 per ounce, generating adjusted net earnings of $588.2 million or $0.80 per share and operating cash flows before working capital changes of $1.2 billion or $1.61 per share.
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The Mines Ministry is likely to give an in-principle approval to global giant Rio Tinto for its diamond mining project in Madhya Pradesh in which the London-based firm is looking to invest around Rs 2,200 crore.

“The Madhya Pradesh government has already recommended mining lease to Rio Tinto’s Bunder project and now the Centre may clear it in the next 10-15 days,” a senior Mines Ministry official told PTI today.
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Shares of gold and copper exploration companies are the most likely to shine in the Canadian junior mining sector this year, as large miners raise their exploration budgets and scout for promising projects.

Small-cap stocks on the TSX Venture exchange enjoyed a strong run last year with the S&P/TSX Venture Composite Index gaining more than 90 percent through the course of the year.
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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…)

BlackRock-managed Global Mining Investments Ltd has a preference for copper, gold and iron ore as China leads a global recovery in commodities markets but is negative on aluminium because of oversupply, the firm’s chief said on Tuesday. (continue reading…)

Crude oil rose for a second day on speculation improving world demand and OPEC supply restrictions will help slow growth in stockpiles.

A report tomorrow in the U.S., the world’s largest oil consumer, will probably show consumer confidence is at its highest in a month, according to a Bloomberg News survey of economists. (continue reading…)