Asia Mining News

Molycorp sues contractor for over $45 million

Molycorp Inc. (NYSE:MCP), one of the only non-Chinese producers of rare earths, has sued the engineering company responsible for designing the chemical processes at its troubled Project Phoenix for over $45 million in damages.

Canada to supply India with nuclear energy

After two years fine-tuning details of their nuclear cooperation agreement, Canada and India have finally reached consensus and the countries representatives announced Tuesday a deal that will see Canadian companies ship their uranium to the South Asian nation for nuclear energy.

WTO to decide on China-EU solar power dispute

The ongoing battle over renewable energy between China and the European Union got a lot worse Monday, after Beijing filed a complaint to the World Trade Organization charging the EU with violating rules governing subsidies to its solar-components industry.

B.C. unions go to court over Chinese miners

Two major unions of the Canadian province of British Columbia have applied to have the Federal Court overturn a decision to allow about 200 foreign workers work at HD Mining Ltd.’s planned Murray River underground coal mine near Tumbler Ridge.

Two years in jail for diamond swallower

Sri Lanka's diamond-swallowing story from early September continues to be an unsolved mystery, but the Chinese man who swallowed a fake diamond in a daring bluff that allowed an accomplice to get away with a real stone pleaded guilty Monday.

Rio Tinto to Oyu Tolgoi mine: Let there be light

After months of difficulties, Rio Tinto’s (LON:RIO) flagship Mongolian copper-gold mine, Oyu Tolgoi, will start producing early next year as the giant miner has finally solved the issue of power supply from next-door China.

Canada looks into the hiring of Chinese miners in B.C.

Canada’s federal government has launched a formal investigation into the use of foreign workers at a HD Mining International Ltd.’s coal mine in northern British Columbia, joining the provincial government, which opened an inquiry last week.

China deeply vested in Canada, with more to come

Imagine for a moment that you have a credit card with a limit of a few trillion dollars but with one caveat: you need to use those funds exclusively to provide for your family. It sounds easy, until you realize your “family” is 1.1 billion people...The Chinese government is in a similar position.

Sesa Goa expects some mining restrictions in Goa to be lifted in November 2012

State of Goa expected to lift a number of iron ore mining restrictions by end of month

Thanks bro: one Friedland helps another

Eric Friedland has been buying Peregrine Diamonds as the stock sinks lower

Unauthorised gold traders 'dupe Malaysians'

Gold trading is unregulated in Malaysia and the central bank says more than 20 so-called gold investment companies are involved in making unauthorised transactions.

Moratorium no more for nuclear power

Despite safety concerns, China has made the right decision to re-start construction of nuclear reactors. Boosting the nation's energy supply remains pivotal for sustaining long-term economic developments in the country.

Vietnamese Banks Got Caught Selling Clients' Gold

Several months ago, we reported about a troubling development in Vietnam, happy inflationary host of one of the world's most rapidly devaluing and best named currencies, that in direct refutation of Ben "Gold is not money, it is tradition" Bernanke's claim that gold is just a trinket one can fondle with no inherent value, the local banks had gone as far as paying the local residents a dividend to "store" their gold (recall all those charges against gold that it never, ever pays a dividend....).

Donghua to buy Cambodian gold mine from Yuetai Group

Guangzhou Donghua Enterprise Co., Ltd. announced that it has signed a letter of intent with controlling shareholder Guangzhou Yuetai Group Co., Ltd. to acquire its gold mining subsidiary Xinyuan Mining.

Chinese Premier’s $2.7 billion fortune thanks largely to his wife 'the Queen of Diamonds' – report

Chinese Premier Wen Jiabao has accumulated vast wealth during his time in power, but reports of his $2.7 billion fortune —and the influence of his wife, Zhang Beili, the "Queen of China's Diamonds"— have been blocked in China.

Myanmar poised to become new mining Mecca for Chinese investors

Chinese companies are seeking the wealth of mining opportunities that neighbouring Myanmar (ex-Burma) has to offer, as the country opens its economy to foreign investment after more than half a century of military ruling.

Asia needs global trade needs Asia

Weakness in the developing world has had an ugly recent effect: vibrant Asian economies wilted over the summer months, and now face a less certain path in the months ahead.

Nautilus seabed mining project jeopardized again

Canada-based Nautilus Minerals Inc. (TSX&LON:NUS) sank to fresh lows Wednesday in London, falling almost 5%, hit by the news of a Papua New Guinea’s landowners petition to the Government to cancel the firm’s seabed mining permit.

Chinese coal firms in Canada favour foreign labour – report

The Chinese coal mining companies that are staring business in B.C., Canada, have been accused of favouring Chinese applicants to fill available positions, as they have posted ads looking for workers who speak Mandarin, not a language spoken by most Canadians.

Polymetal hopes to sell precious metal concentrates to Japan, Korea

Polymetal International has made several trial shipments of precious metals concentrates to Japan and South Korea and is planning talks on further supplies, Polymetal's CEO Vitaly Nesis said in an interview.

Vietnam may buy more gold to boost supply

As the November 25 deadline for credit institutions to stop gold mobilization approaches, Vietnam is considering to import more gold to boost supply and reduce price gap between domestic and global prices.

Centerra Gold says independent report proves claims against Kumtor mine groundless

Canadian Centerra Gold (TSX:CG) said Tuesday an independent assessment of a Kyrgyz Republic Parliamentary report backs the company’s view that the report’s allegations against its Kumtor gold mine are unfounded.

Alcoa's results lead markets down

US and Canadian markets dipped on Wednesday as earnings season began with Alcoa (NYSE:AA), the world's leading producer of aluminum, forecasting slower demand for the metal.

Anglo Asian gold production on the rise

Anglo Asian Mining disclosed Tuesday a surge in gold production at its flagship gold, copper and silver mine, in Azerbaijan, in the third quarter.

Diamond supply crunch on its way — analysts

Global production of diamonds reached 124 million carats last year and, according Bain & Company consultants, 13 new mines should be adding 23 million carats by the end of 2012. But Money Week’s analyst Tom Bulford is warning those and other figures are not sufficient to avoid a looming supply crunch.