Asia Mining News

Uranium mining in Asia to flourish thanks to rising demand for nuclear power

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.

Adani refutes foreign workers accusations

Indian coal mining giant Adani denied claims it's cheating the Australian migration system by sneaking in foreign workers.

China has 'paid a big price' for its rare earth industry: government

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.

Papua New Guinea won't budge over Nautilus seabed mine. Shareholders abandon ship

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.

Olympus announces chief operating officer's resignation

In tow of the John Seton's announcement, Olympus stock climbed 14% to close at $0.28.

India’s polished diamond exports drop 44% in May

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.

Falling Rupee stalls diamond industry

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.

L&L Energy buys majority stake in Chinese coal mine

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.

Why a slowdown in China would be particularly bad for Canada

Andrew Hepburn writes that everyone is looking for signs that China is falling apart, but forget to consider how badly Canada would be hurt.

Kumtor’s freezing Kyrgyzstan’s ceasing

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.

Churchill Mining's $2-billion lawsuit will not be heard by Indonesia's supreme court

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.

Myanmar: what investors need to know

American based sanctions removed, over $2 billion invested and host to the South Asian Games.

Frenzy for Aldridge Minerals after resource update

Stock is up 28% after reporting an indicated resource of 2.6 million gold equivalent ounces at 3.05 g/t and a tripling of the inferred resource.

From mine to finished magnets: Molycorp closes US$1.3 billion acquisition of Neo Materials

US-based rare earth miners, Molycorp (NYSE:MCP), gets a foothold in Asia after completing its US$1.3 billion acquisition of Canadian-based Neo Material Technologies Inc. (TSX:NEM).

Singapore state fund builds up stake in Ivanhoe, does nothing for share price

Singapore's sovereign wealth fund Temasek Holdings has taken up a 5.5% stake in Canada's Ivanhoe Mines valued at roughly $420 million ahead of a $1.8 billion rights offer at the miner. Early Monday Ivanhoe, already down 43% this year shed another 3.8% in value.

Woulfe Mining is raising $20 million to reopen South Korean tungsten mine

Woulfe Mining (TSX-V) is raising $20 million to reopen one of the world's largest tungsten resources. The company announced on Wednesday that it will offer a convertible unsecured senior debentures at a price of $1,000 per […]

10-year review critiques the mining industry's sustainability

The IIED report urges the sector to move from improving its standards in principle to actually implementing them in practice.

Global mining industry profits and shares went different ways in 2011: PwC

Consulting firm says the top 40 global mining firms earned a record profit of $133 billion last year driven mainly by iron ore, however their market capitalization fell by 25%.

Discovery of world's largest tungsten mine sends Chinese stocks skyrocketing

Shares of China's tungsten companies climbed on Wednesday after the country’s Ministry of Land and Resources announced the discovery of the world's largest tungsten mine in east province of Jiangxi.

Ross Beaty laments Argentina, says the commodity supercycle is still intact

Ross Beaty, the founder of Pan America Silver and Equinox Resources, is not cowed by the bad economic news. He looks at the markets and still sees opportunity.

Frontline Gold submits application for operating license on the Menderes project; plans to complete further soil sampling

If accepted the license will allow the company to hold permits for a further 10 years and continue its exploration at the Menderes site in Turkey.

Are Indian consumers really falling out of love with gold? – Survey

Gold demand in India, one of the world's leading buyers, is likely to fall by at least 4% in volume in 2012, as higher inflation trims disposable local income, according to the latest research report by Morgan Stanley.

Potash stocks led by Mosaic and Potash Corp. hit annual lows on financial worries

Stocks of major fertilizer producers Mosaic and Potash Corp hit their lowest levels in almost two years on Monday, in what is considered yet another sign the commodity “supercycle” is gearing down as slower global growth cools demand.

Mining policy vacuum in Philippines is stifling investment

The national government should promptly address uncertainties now hounding the mining industry due to the former’s unclear policy towards the sector the Chamber of Mines of the Philippines says.

China to tax sale and production of rare earth

China is looking to allocate a value-added tax (VAT) permit to all rare earth companies in a desperate effort to curb resource plundering, dangerous artisanal mining and widespread pollution, as well as collecting revenue.