Asia Mining News

Indonesia not only wants to own foreign mining co's, now it will impose higher taxes on them too

Indonesia wants to have its mining cake and eat it too, as the country, one of the world's largest exporters of copper and coal, will speed up a tax on mining exports, the industry minister Mohamad S. Hidayat told Reuters today.

World Bank trims China’s growth outlook

The World Bank cut its growth forecast for China on Thursday, adding to warnings the world’s second-largest economy might slow too abruptly, and said Beijing should be ready to launch a new stimulus if needed.

Lynas wins a battle, but war with Malaysians who oppose rare earth plant goes on

In what could be considered a slight victory for embattled Australian rare earths miner Lynas Corporation (ASX:LYC), the Malaysian High Court ruled today against a request to review a recent decision to grant the Lynas a temporary licence (TOL) for its processing plant.

New high grade silver/zinc hits on Kalgoorlie's doorstep

Junior explorer McPhersons Resources is hoping to exploit the strong silver price to develop a mine on the southern doorstep to Australia's historic gold mining capital of Kalgoorlie.

Look ma, no rare earths

Hitachi has built an 11-kilowatt motor that uses no rare earth materials. The motor took four years to develop, and commercial production is expected in two years.

How serious are China and India about their gold?

Despite the Dow Jones Industrial Average and the S&P 500 suffering their worst day of the year on Tuesday, precious metals were able to decouple and climb higher.

1/2-million ounce gold reserve confirmed at Tembang, Sumatra

Sumatra Copper & Gold has released a new reserve estimate for its Tembang gold-silver project in southern Sumatra, Indonesia.

BHP Billiton to permanently close Norwich Park coal mine

BMA have today announced it will cease production at the Norwich Park coal mine.

Alcoa BEATS earnings estimates, stock surges after hours

Alcoa reported first quarter results that topped expectations on both the top and bottom lines as revenue surged to a record high, the company said this afternoon.

A worry for Caterpillar: plunging Chinese excavator sales

Caterpillar has gotten a lot of juice out of overseas sales, and China’s been a growing market for the company. So anything undermining that is a concern for investors.

'Chinese imports of gold can only be described as massive right now': Von Greyz

Egon von Greyerz told King World News that gold imports in China have ramped up considerably due to concerns about the world economy. Von Greyerz, managing director of Matterhorn Asset Management AG, says that worries about […]

Molycorp's rare earth reserves jump 36%

U.S.-based Molycorp, Inc., one of the only non-Chinese producers of rare earths, announced today that its proven and probable reserves of rare earth minerals at its Mountain Pass, California facility have increased by 36 percent, according to a new independent estimate.

Vedanta Group says mining ban in India hits iron ore output

London-listed diversified miner Vedanta Resources (LON:VED) announced today a significant drop in its full-year iron ore output, attributed to both a mining ban in India’s southern state of Karnataka and logistical bottlenecks in nearby Goa, which hurt one of its key profit generators.

No bubble here: Rogers says Chinese property market is cooled down

Legendary commodity-investor and Singapore resident, Jim Rogers, told China Daily News that the property market has been slowed down and there is no crisis.

Rare earths shortage would spur Pentagon action, official says

The Defense Department would intervene in case of a shortage of rare earth materials for defense electronics and motors, Brett Lambert, the Pentagon official responsible for industrial policy, said.

Ready, set, go: China’s long-awaited rare earth industry group is already here

In a move to curb the rampant domestic illegal mining of rare earth, as well as to regulate its rare earths players, China launched on Sunday its industry association for the precious metal commodity, as anticipated last week.

New regulations on gold trading introduced in Vietnam

The Prime Minister has issued a decree on the management of gold trading, stipulating that the government will hold a monopoly over the production of gold bars as well as the import and export of unprocessed gold.

Indian gold traders call off strike after curbing March imports by as much as 80%

Indian imports may have tanked over 80% in March and could drop 40% in the second quarter after gold traders and jewelers went on a three week strike over taxes.

Top 10 gold producers: Indonesia leaves 31 tonnes underground

The price of gold averaged $1,571 an ounce in 2011 meaning the South East Asian country missed out on $1,7 billion in potential revenue.

Too much of a good thing?

A recent study published by Canberra-based think tank The Australia Institute calls for a slowdown in mining investment.

Lynas rare earths plant in Malaysia gets momentary red light

Malaysia's Atomic Energy Licensing Board (AELB) has postponed granting a temporary rare earths mine operating license (TOL) to Australian miner Lynas Corp. (ASX:LYC) until an outstanding appeal by residents to the science, technology and innovation minister has been completed.

Rio and BHP should team up: analysts

Rio Tinto and BHP Billiton could have more success selling their diamond assets if they team up, according to analysts from Nomura.

Russia can't be a potential market for polished diamond export

Will the Gems and Jewellery Export Promotion Council (GJEPC) succeed in its endeavour of establishing Russia as a potential market for polished diamond export through the Indo-Russian buyers sellers meet (BSM) in Surat? It seems like a distant dream for many in Surat.

Indonesia's proposed export tax has Indian power companies scrambling

Indonesia's proposed tax on mining exports is having a ripple effect on Indian power companies that buy fuel for coal-fired power plants.

'King of mining' to appeal charge of market abuse

Ian Hannam, better known as the "king of mining" after advising on some of the biggest deals in the past two decades, including BHP's London listing through its merger with Billiton, is fighting to save his reputation.