Asia Mining News

Central banks double last year's gold buys

Central banks demand for gold in the second quarter reached 157.2 tonnes, a record high and more than double last year's Q2.

Coal India board may approve changes in model FSA

Coal India board is likely to approve on Monday the model fuel supply agreement (FSA) to be signed with power firms, with significant changes in the penalty clause for failing to supply to them a minimum 80 per cent quantity of the total fuel contract.

Mining hits farm sector in India's Sandur: Study

Rampant illegal mining conducted in Sandur taluk of Bellary district has caused an enormous damage to the environment, health of human beings and animals over the last decade, a recent study has revealed.

China's main gold miner posts gloomy results

Zijin Mining Group Co, China's largest gold producer by output, said Saturday that its net profits slumped 19.95 percent year-on-year in the first half of 2012 as the world's economic weakness and shrinking demand weighed on global gold prices.

Myanmar is open for business and ready for a gold rush

Myanmar —until recently called Burma— is slowly but steadily starting to attract foreign investment, driven mainly by international resource firms eager to tap into the mineral-rich South East Asia's country.

Analysts say dump Lynas

Analysts from Foster Stockbroking told investors to purge their shares in rare earths miner Lynas Corporation as there is no end in sight for the ongoing problems that have forced the company to halt operations in Malaysia.

Meet China's new rare earth mega-company

China is delivering on its promise to consolidate its mining industry with the formation of a new rare earth mega miner, the new “mega-corporation” will “team up” with rare earth producers in the provinces Shandong, Gansu and Sichuan.

Rio Tinto banking on China rebound as profits drop 34%

Giant miner Rio Tinto is closing down its Blair Athol coal mine in Australia as the company considers whether to limit spending on new projects next year.

Filipino miners balk at mining rules

Artisanal miners in the Philippines are accused of causing environmental devastation but the miners vow to resist mining reforms announced by President Benigno Aquino.

Miners buying existing projects rather than starting their own: study

Escalating costs and economic instability may be the two main reasons why mining companies worldwide are acquiring existing projects instead of starting their own, shows the latest report from global firm Ernst & Young.

G-Resources pours first gold at Indonesia's Martabe mine

The Hong Kong-listed miner said on Wednesday that the start of production at Martabe marked a significant milestone for the company.

Vietnam gold mine destroys environment

An inspection team from Lao Cai last Thursday visited the site of operations by the Ecotech gold-mining company in Van Ban District in northern province of Lao Cai after receiving a report about company violations.

India's Jindal employees in Bolivia arrested and equipment seized for alleged ‘breach of contract’

Two employees of India’s Jindal Steel and Power were arrested on Friday and equipment confiscated in Bolivia, after the company abandoned its $2.1 billion El-Mutun iron ore project five days ago.

China’s Sino Iron mine in Australia just got $2 billon more expensive

The cost of building China's CITIC Pacific’s first iron ore mine in Australia, Beijing’s largest investment in the Aussie mining sector, has increased to a shocking $8 billion.

Rare earth mining rights in China have just been cut in half

The Chinese government has halved the number of rare earth mining rights in the country pulling 65 permits in all, according to a report by ChinaDaily USA.

Copper hits 2-week high on China easing hopes

Copper strengthened further on Thursday in a generally stronger base metals sector on comments from China Premier Wen Jiabao which was interpreted as suggesting possible further monetary easing there.

Goa must clean up mining practices or lose heritage destination

A UK Labour MP has moved an “early day motion” in the House of Commons seeking a debate on mining in the Indian state of Goa, calling upon the British government to urge local authorities to address the issue as a matter of urgency.

China's Zijin Mining obtains regulatory approval for Norton Gold takeover

Zijin Mining Group (HK:2899), China’s largest gold producer, announced on Friday that its bid for Australia’s Norton Gold Fields Limited (ASX:NGF) had successfully obtained approval from Australian regulators.

No option: China has to deleverage

Dee Woo writes in the Business Insider that the Chinese government no longer has any policy options left, and it must start deleveraging.

China Q2 growth slows to GFC levels

The Chinese economy logged 7.6% of growth in the second quarter, falling beneath the 8% threshold for the first time in three years, and hitting its lowest level since the first quarter of 2009, when the global financial crisis was still raging.

China data upsets markets, gold

Worries about China and the possibility of a hard landing weighed on markets and commodities.

Rio Tinto releases bunder project sustainable development report

Rio Tinto Diamonds has released the first sustainable development report for its diamond Bunder Project in India, due to begin commercial diamond production in 2016.

China still growing says Alcoa

Despite concerns that China may be slowing—or worse—aluminum giant Alcoa still sees robust demand in China for its products and pegs growth at 11% this year.

The Philippines hike mining royalties and expand bans

After months of intense debate among mining companies, environmentalists, local groups and church leaders, the government of the Philippines has decided to increase royalties from mining companies.

Another clue China's economy is going soft: Vancouver home sales hit a 10-year low

The National Post reports that June home sales hit a 10-year low.