The smart money is waiting for fire sale prices before jumping into metals and mining. Or worse; has simply lost interest in the sector.
Paladin Energy, an Australian mining company, has been accused of discharging uranium-contaminated sludge into Lake Malawi, which supports 1.7 million people in three countries – Malawi, Mozambique and Tanzania.
The firm became the first major mining company to openly accept the toll that slumping commodity prices are taking on the global industry.
A well-known mining publication has just announced that RungePincockMinarco (RPM) has won their annual innovation award in the category of Mine Planning/Resource Modeling for their XPAC Solutions suite of products.
The miner, one of the biggest exporters of South African coal, may re-open those operations if economic conditions improve.
Chief Executive Lourenco Goncalves said restructuring proceedings have begun in Montreal and sale options will be explored.
Another slide on Tuesday drops iron ore price 13.4% year to date, but latest forecasts see another double digit dip from current levels.
The U.S. No.1 coal producer projects a much wider-than-expected loss for the current quarter.
Down 4% to fresh five-and-half year low.
Documents obtained and verified by The Australian, show that Rio Tinto offered Mongolia to forsake a “net smelter return” of 2% cent of the project’s revenue.
It also said it has reduced its net debt balance by more than $400 million.
The operations that may be added to the list of assets for sale are Dawson and Foxleigh, in Queensland.
The miner shed over 3.7% after two of its business divisions — Amplats and Kumba — warned they expected full-year earnings to shrink more than previously flagged.
December is a period that sees lower levels of exploration and resource announcements, and last month was every bit as disappointing as expected, an SNL report shows.
New evidence has emerged of China's interest in digging for oil, gas a minerals in the frozen continent.
World number one miner BHP Billiton achieved record production for eight operations and five commodities over the last six months.
The global miner and commodities has estimated spending on oil projects for this year and next of $2 billion and $1 billion on coal expansions.
The company pointed to the transition of its Argyle mine from open pit to underground, as well as a shift toward processing lower-grade ore at Diavik as the main reasons for the drop.
The world’s second largest iron ore miner is targeting a 18% output increase this year, adding to a mounting global glut that has driven down the commodity price.
The move will see the miner taking control of the Borden Gold project in northern Ontario.
The miner is now accusing him of 'misappropriating' $9.8 million, more than twice as much as previously thought.
Next round of displacements will come from mines "that just 18 months ago could have been making $50/mt or more in cash margin" says new report.
Price volatility, geopolitical turmoil, rising costs, declining grades and a general lack of financing will make of 2015 another challenging year for the sector.
An environmental group is attempting to radically change the way mining projects are assessed with a court case involving Adani's controversial coal mining complex in Queensland.
The 2015 Benchmark Report was launched by the Minister for Trade and Investment Andrew Robb this week.
Ceo Sam Walsh has said the firm expects to start exporting Australian uranium to India by 2017.
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