Business Spectator

Gold firms as global equities rise

Gold has firmed as stock markets rose towards two-year highs on political moves to break a budget impasse in the United States and the euro steadied as the first euro zone finance ministers' meeting of the year got underway. Expectations that the Bank ...

Ferguson, Newman set to finalise Indian coal deal

Australian officials are in India to formalise a deal for the largest and most comprehensive coal mining exploration program undertaken in Australia.

Gold futures ease in wake of EU crisis plan

Gold futures have eased as investors weighed whether the European Union's latest crisis-fighting plan would soon ease the pressure on the bloc's banking system. Gold futures had surged along with the euro and other commodities, rising 3.5 per cent afte...

Viterra shareholders back Glencore takeover bid

The largest agricultural sector deal in years has taken one step closer to completion, as shareholders of Canadian grain handler Viterra Inc have voted strongly in favour of a friendly takeover offer by Swiss commodities trader Glencore International Plc.

WA premier slams mining tax

West Australian Premier Colin Barnett has slammed the federal government's mining tax, calling it discriminatory and an example of the commonwealth trying to hold back the advance of his state.

Linc denies sale of Teresa coal asset

Linc Energy Ltd has dismissed media speculation that is has found a buyer for its Teresa coal settlement in Queensland, stating that it has not entered in to any binding deals on the asset. Linc shares soared over 20 per cent late last week, amid media...

Queensland mine projects declared 'significant'

A proposed coal terminal and rail line in central Queensland, which will expand export capacities, have been declared projects of state significance.

Paynes Find Gold Trading Halted, Pending Company Announcement

The securities of Paynes Find Gold will be placed in trading halt session state, at the request of the company, until the earlier of the commencement of normal trading on Monday, 17 October 2011 or when the announcement is released to the market. Sourc...

Realm Resources secures 51 pct of thermal coal project

Realm Resources announced that it has completed the acquisition of Kalres and through Kalres acquired 51% of PT Katingan Ria, an advanced thermal coal exploration project located in Central Kalimantan, Indonesia, for a total transaction value of US$12.6m.

Australian Mines signs Mt Martin gold mine sale

Australian Mines Ltd announced a binding Tenement Purchase Agreement has now been executed for the acquisition of the Mt Martin Gold Mine and its associated leases by HBJ Minerals Pty Ltd, a wholly owned subsidiary of Alacer Gold Corp.

Perseus Mining progresses Edikan gold mine start up

Perseus Mining Ltd in an update on commissioning at its Edikan gold mine in Ghana said the process plant is currently achieving increasing rates of utilisation (87%) and mill throughput rates have recently been tested to 730t/hr for short periods on fresh/transition ore blends.

UBS buys and transfers in 22.6m Guildford Coal shares

UBS AG bought and transferred in a net 22,680,060 Guildford Coal Ltd shares between May 10, 2011 and September 8, 2011, becoming a substantial holder with 22,680,060 shares (5.43%).

Medusa Mining has 502,000 oz ore reserve at Co-O Mine

Medusa Mining Ltd advised the annual update of the JORC compliant ore reserve estimate for the Co-O Mine in the Philippines now stands at a probable reserve of 502,000 ozs contained in 1.5 million tonnes at 10.1 gpt Au.

Banks, miners lead market recovery in Aus

Financial and resources stocks led the local sharemarket's remarkable recovery at noon, with a number of blue chips trading at more than four per cent stronger. The big four banks made impressive gains, with Commonwealth Bank lifting 2.34 per cent to $48.09 after it reported a lift in full year cash profit.

AngloGold Ashanti to update guidance

AngloGold will this week update its full year gold production guidance after heavy rain earlier this year caused output to fall at its Sunrise Dam mine in WA. The rain in February flooded the underground operation, triggering a wall collapse and causing

Xstrata profits jump 27%, expects even better second half

Anglo-Swiss mining giant Xstrata said on Tuesday its first half net profit jumped 27 per cent to $US2.9 billion and that it expected even better earnings for the second half. "A substantially stronger financial performance in the first half reflected growing demand for our products from emerging Asian economies and recovering Western markets," Xstrata chief executive Mick Davis said in a statement.

Murchison posts better iron ore production

After a horror few months for Murchison Metals, the Pilbara iron ore miner has at least posted positive production and shipping results. Murchison was forced to admit last month it didn't have the funds for the $5.94 billion stalled Oakajee port and rail

Downer wins Xstrata coal contract

Downer EDI Ltd has secured contract worth more than $400 million with mining giant Xstrata Coal for development of a coal handling and preparation plant (CHPP) at its Ravensworth North Coal Project. The project, expected to secure over 400 jobs in the

OZ Minerals: copper production on track, gold down

OZ Minerals Ltd in its quarterly report announced Prominent Hill contained metal production was 28,017 tonnes copper and 44,219 oz total gold for the June quarter.

Rio workers return to work in Namibia

WINDHOEK - Workers at Rio Tinto Ltd's Rossing uranium mine in Namibia have returned to work after a three-day illegal strike, the company said, while talks to resolve the wage dispute are set to resume. "The strike is over and the workers are back at

Continental Coal director buys on-market

Continental Coal Ltd director Jason Brewer indirectly bought 250,000 shares on-market on July 15, 2011.He holds and has interests in 1,200,000 shares and 50,000,000 options.

Quarterly output rise flagged for Rio

Analysts expect mining giant Rio Tinto will reveal a quarter-on-quarter production rise later after rain hampered many of its Australian operations in the three months to March.

Highlands Pacific: Frieda on track for BFS in January 2012

Source: News BitesHighlands Pacific Ltd announced joint venture partner Xstrata Copper has completed infill drilling at the Frieda copper gold project in PNG with an updated resource estimate due in August prior to formal delivery of a bankable

Winmar Resources to acquire stake in two new iron ore projects

Winmar Resources Ltd is acquiring up to a 75% interest in two new iron ore projects from Cazaly Resources Ltd, the Ethel Creek (E46/0918) and Mt Stuart (E47/2012, E47/2027, E47/2043) iron projects.

WA labour crunch puts mine growth at risk

LONDON - Chronic labour shortages in Western Australia could put mining projects at risk, as the state struggles to plug a shortfall of skilled workers set to balloon to 150,000 by 2017, the region's jobs minister said. "I genuinely think that if you do