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Zimbabwe’s Gold Mining Companies stop operations
Zimbabwe’s largest gold mining firm has stopped operations at its five mines across the country, resulting in 5,000 people losing their jobs and officials laying the blame squarely at the door of the Central Bank.
Saudi Aramco Says Oil Price Falls May Curb Investment
Saudi Aramco, the world’s biggest state-owned oil company, said a further drop in crude oil prices may curtail investments needed to offset declining output in aging fields.
Investment is also needed to expand production capacity to meet long-term demand growth, Chief Executive Officer Abdallah Jum’ah said in a handout distributed today at an industry summit in [...]
OPEC Plans Oil cuts likely if no price rally
OPEC nations could further reduce oil output if moves last month to slash production do not bolster plummeting oil prices, OPEC president Chakib Khelil said Saturday.
Khelil, who is also Algeria’s energy minister, said an OPEC report would show by the end of the month whether all cartel members have enforced the daily 1.5 million barrel [...]
Mineral Resource Exploration Conflict in Congo
The conflict in eastern Congo is being fueled and funded by a tussle for mineral resources that end up in cell phones, laptops and other electronics — deepening the stakes in a war that sprung out of festering hatreds from the Rwandan genocide.
Rebel militias and Congolese army troops are fighting each other for control of [...]
Vancouver uranium firm closes mine
Vancouver’s Uranium One Inc. has decided to shut down work on its Dominion Uranium Project located 150 kilometres southwest of Johannesburg, South Africa.
The continuing decline of uranium and significant inflation-related increases in project costs were cited as the main reasons for the shelving of the project.
Riversdale Mining To Start Mining Exploration in SA, Coal-Mine Future Growth Project
ASX-listed Riversdale Mining on Wednesday said that the development project of the Ngwabe block at the Zululand anthracite colliery (ZAC), in South Africa, has been approved, and that negotiations were under way to start the project in the first quarter of 2009.
In the company’s quarterly activities report, it said that the final shaft position had [...]
Nemi Northern and Aviva of Australia agree to merge into bigger coal company
Nemi Northern Energy & Mining Inc. (TSX:NNE.A), a Vancouver-based coal developer, has agreed to merge with Australia’s Aviva Corp. in a move to create a larger producer of metallurgical and thermal coal.
Nemi announced the deal Tuesday, saying Aviva shareholders will get 0.59 Nemi shares for each Aviva shares they hold. Existing shareholders of Nemi and [...]
China National Petroleum Corporation to tap oilfield in Uzbekistan
China National Petroleum Corporation (CNPC), the country’s largest oil company, has signed an agreement with Uzbekistan’s state oil company to jointly develop an oilfield in the central Asian country.
The field has oil reserves of over 30 million tons, and is expected to have an annual capacity of 2 million tons, CNPC said on its website [...]
Vedanta Resources Reports Record Production Of Zinc, Iron Ore And Aluminium
FTSE 100 copper, zinc, iron ore, aluminium and bauxite mining group, Vedanta Resources climbed 13% after reporting solid progress as its operations in India, Australia and Africa. Shares in Vedanta have fallen along with the rest of the mining index, having reached almost £2.80 per share earlier this year at the peak of the [...]
