Nautilus Minerals, locked in a dispute with Papua New Guinea over ownership of the world's first sea-floor mine, dropped 9.7% on Thursday, hurt by news of violence, kidnapping, vote rigging and delays after the first week of general elections in the country.
Asia Mining News
Shares of Centerra Gold fell 16% by midday after an announcement that one of its directors had quit.
Kyrgyzstan's parliament has approved a review to the operating license for Centerra Gold, which is developing a major gold mine that accounts for 12% of the Central Asian nation's economy, announced the company Wednesday.
Worldwide reserves of potash could surpass demand by between 59% to100% by 2020, says the latest report published by Rabobank.
The total value of the copper, silver, indium and manganese reserves discovered by South Korean company Kores in Bolivia last year, may be worth more than $8 billion.
Shares in Centerra Gold Inc. are down 25% in the last five days, following the release of a critical report on its Kumtor mine in Kyrgyzstan.
With the precious cargo slung over his shoulder, Vikram Singh strides through his field spreading the white granular stuff where it matters most.“I can't afford to waste any...I had to buy it on the black market,” says the 38-year-old farmer from Dostpur Mangroli village in the northern Indian state of Uttar Pradesh.
The rapid industrialization of China and India will be good for the diamond business, and in the next decade demand will break through the peak reached in 2006, according to an analyst at Bain & Co.
Analysts are now saying that the world's second largest economy may not be the "long-term structural importer of thermal coal" suppliers have been betting on.
Economic data last week from around the world have dampened the demand outlook for basic resources.
As many as 10 percent of Indonesian coal producers are operating mines below cost after prices for the commodity slumped amid weaker Asian demand, according to Australia & New Zealand Banking Group.
Commodity bulls point to the massive build out in the developing countries to buttress their argument that the long-term outlook for metals is bullish—and the party has only just begun
The company's supervisory board, which met in the wake of Russia's announcement to sell its in 51% stake in Alrosa, outlined intentions to reduce open-pit mining, increase diamond reserves to over 1.1 billion carats and invest in iron ore.
According to the Australian Bureau of Resources and Energy Economics and Sciences, the spot price of uranium, which averaged $62 per pound mark in 2011, will reach around $81 a pound by 2016 due to the massive surge in demand.
Indian coal mining giant Adani denied claims it's cheating the Australian migration system by sneaking in foreign workers.
China is restricting the export of rare earths to protect its environment, said Su Bo, vice-minister of industry and information technology at a news conference in Beijing on Wednesday.
Canada's embattled Nautilus Minerals dropped 11.5% on Wednesday after Papua New Guinea said it is within its rights to terminate a deal made last year for the development of the world's first commercial seabed mine.
In tow of the John Seton's announcement, Olympus stock climbed 14% to close at $0.28.
The month of May delivered 44% drop (on yearly basis) in India’s polished diamond exports which is valued at $1.245 billion, while the volume of exports declined 50% to 2.574 million carats.
Indian firms that have borrowed funds from overseas banks would now have bear a higher burden for discharging their debts. Moreover, the diamond industry is dependent on import of rough diamonds and depreciation of rupee would push up the import cost even when prospects for exports of polished diamond might remain uncertain.
US-based L&L Energy, Inc. (NASDAQ: LLEN), a company with five-year track record of profitable coal operations in China, announced it has entered into an MOU to acquire the Lashu Mine in HeZhang County, Guizhou Province.
Andrew Hepburn writes that everyone is looking for signs that China is falling apart, but forget to consider how badly Canada would be hurt.
Kyrgyzstan's economy will grow by barely a quarter of the 7.5 percent originally forecast because of the collapse in output from the nation's flagship venture with Canada's Centerra Gold.
Indonesia will not be righting the perception that it's a place safe for miners after the country's supreme court said it will not hear Churchill Mining's (LON:CHL) appeal in its two-year legal battle to get compensation for a coal project that the company says was unfairly seized.
American based sanctions removed, over $2 billion invested and host to the South Asian Games.