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]
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]
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.
[Read More]
Steelmaker United States Steel Corp. Big Upgraded to “Buy” at Goldman Sachs
Mar/12/2010 | Under : Exploration - Iron Ore Mine - Steel Industry
Steelmaker United States Steel Corporation caught a big upgrade on Monday from analysts at Goldman Sachs.
The analyst raised its rating on X to “Buy” from “Neutral,” and lifted its six-month price target on the stock to $79 from $55. U.S. Steel shares had closed at $58.90 on Friday.
[Read More]
Australia Gold Output Rise : World Second-Biggest Gold Producer
Mar/10/2010 | Under : Companies - Gold Mine - Mineral Exploration
Australian gold output rose 14 percent in the fourth quarter last year, helped by Newmont Mining Corp.’s Boddington mine, confirming the country as the world’s second-biggest producer, a research group said.
Gold production in Australia rose to 62 metric tons during the three months to Dec. 31, Melbourne-based Surbiton Associates Pty said in an e-mailed statement. [Read More]