Australian Sharemarket Close Week 3 percent Higher
May/31/2010 | Under : Business - Finance - Stock - Trade & Market
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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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]
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.”
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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.
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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.
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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.
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China Steel Interest Investment In South African Mining Sector
Mar/14/2010 | Under : Coal Mine - Energy - Exploration - Steel Industry
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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Mining Investment : Nippon Steel to Invest in Iron Ore and Coal Mines
Mar/13/2010 | Under : Coal Mine - Iron Ore Mine - Steel Industry - Stock
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. [Read More]