The Alice Springs-based Lhere Artepe Group has acquired 51% of the CDE Group, taking indigenous ownership of the Australian mining and civil works contracting group to 84%. CDE’s current activities include providing services to Fortescue Metals Group’s Christmas Creek iron ore mine in Western Australia through the Downer EDI contracting group, and to Xstrata for the McArthur River zinc mine in the Northern Territory.
Australia Mining News
New Gold had their best year in 2010, with increased production and declining costs resulting in record earnings and cash flow, the B.C.-based company said on Friday. Consolidated revenue for the year was $530 million compared to $324 million in 2009, which the company attributed to higher production rates and elevated gold prices. Earnings from mine operations jumped 129% to USD$203 million, compared to $89 million in the previous year.
According to U.S. embassy cables released on Wikileaks, Australia's changes to foreign investment rules in 2009 were aimed at limiting Chinese investments in local mining companies.
Argonaut Resources NL (ASX: ARE) announced on Friday results from pre-collar assays from the Alford project (EL3969) on South Australia’s Yorke Peninsula. Highlights from the intercepts were ALDDH10: 78m at 0.62% Cu from 88m. It also included 54m at 0.86% Cu from 88m.
Southern Cross Goldfields says it has picked up high-grade, near-surface gold mineralisation at its King Brown prospect in W. Australia's Yilgarn goldfield
The Australian Government's statistics bureau (ABARE) is looking for further growth in iron ore, coal and gold exports in the current year as the commodities boom continues. PERTH (The West Australian) - Iron ore exports will climb another 12 per cent
What AMIRA describes as “one of exploration’s most important geological projects, P765A (Geochemical and Geological Halos in Green Rocks and Lithocaps), was completed as a resounding success in December 2010, and a new project P1060 (Enhanced Geochemical Targeting in Magmatic-Hydrothermal Systems) will shortly go on circulation to continue this work.”
Australia produced 266 tonnes of gold in 2010, up 17% on 2009 but not enough to secure it first place as China's output grew to 341 tonnes in the same period. Australia maintained its number two ranking in gold output behind China in 2010
Equinox Minerals Ltd. will make a hostile bid for Lundin Mining prior to the markets opening Monday morning, Vancouver-based Lundin announced in a news release on Sunday. "Lundin is not aware of the terms of the bid. Until Lundin Mining completes its review of the bid, it will not comment on the proposal," the release stated. "The Board of Directors of Lundin will update shareholders from time to time following receipt and consideration of the bid. Shareholders do not need to take any action in response to the bid at this time." The unsolicited takeover attempt could thwart the proposed merger between Lundin and Inmet Mining Corp. made public in January.
Making use of methane: Methane recovery technology by Australia-based Industrea is getting a lot of attention in China
In October 2010 the Chinese government shut down 1,611 illegal coal mines in an effort to improve an industry whose working conditions have been described as harsh, dangerous, and often fatal. Last year in China more than 2,600 people died in mining-related accidents, including explosions, floodings and cave-ins, although fatalities have decreased in recent years due to increased safety inspections and the government shuttering illegal mines.
Production of gold Down Under was at its highest levels since 2003 as miners cashed in on record prices, the Daily Telegraph was reporting on Sunday: Gold output from domestic mines in 2010 lifted by about 17 per cent or 38 tonnes to 266 tonnes or 8.5 million ounces (oz), Melbourne-based industry consultants Surbiton Associates Pty Ltd said in its latest survey of the Australian gold mining industry. "Gold produced from Australian mines in 2010 was worth some AUS$12 billion at the current spot price," Surbiton director Sandra Close said. "Gold remains one of Australia's top export earners."
Fortescue Metals Group has discovered more than one billion tonnes of iron ore in Western Australia's Pilbara and aims to develop it rapidly. Sydney Morning Herald reports: The new project, named Nyidinghu, is about 35 kilometers south of Fortescue's first mine, Cloudbreak, and contained an inferred resource of 1.032 billion tonnes of ore at a grade of 58 per cent iron, the company said.
Major global mineral sands producer, Iluka Resources returned to profit in 2010, primed by a dynamic transformation in the December half year. Iluka Ltd (ASX: ILU) reported a profit for the year of A$36.1 million (US$36.53 million) aided by higher zircon
The two mines, Blair Athol and Kestrel have been under force majeure since late December, after severe flooding in Queensland.
Pro and anti-uranium mining unions are marshalling forces in Queensland, Australian Mining is reporting. On the pro-side, the article says that the Australian Worker Union (AWU) will lobby governments to expand mining and overturn bans. On the other side, the Electrical Trades Union (ETU), which mostly represents electrical, communications and power industry workers, says it will oppose the expansion of uranium mining in Australia, citing safety concerns around exposure to radiation.
Andrew "Twiggy" Forrest may face directorship ban following the overturning of an earlier court case by the Australian Federal Court Today proved to be a day of champagne followed by flat beer for the chief executive of Fortescue Metals Group Ltd (ASX:
The Australian miner said annual sales could fall by around a fifth as a result of the heavy flooding that in the country that affected some of its collieries Australian miner Macarthur Coal's annual sales could fall by around a fifth
“Worldwide, Canada, Australia, Brazil, and Chile will likely remain the best jurisdictions in which to invest in and develop mining projects. Each of these nations will likely continue to see economic growth and mining investment.” This comment comes from a report, 2011 Ranking of Countries for Mining Investment Where ‘Not to Invest’. Most of us will agree with the company’s statement “the mining industry is vital to the creation of wealth and prosperity in any country. Countries that stifle it with detrimental political, economic, financial, and regulatory policies should be challenged to make changes that are more accommodative to its success.”
Temporary suspension of Laverton (WA) mining operations due to cyclone-related rains Crescent Gold Limited (ASX: CRE, TSX: CRA) advises that as a safety precaution, it has temporarily suspended operations at the Company's wholly-owned Laverton Gold.
The recent news that Ridley Terminals Inc (RTI), located near Prince Rupert on Canada’s northwest coast, has signed a new long-term agreement with its largest shipper, Western Coal Corp, comes at an opportune time.
Colorado-based Connors Drilling and sister company, Sanderson Drilling of Western Australia have purchased the assets of the Surface Diamond Division of Swick Mining Services (ASX: SWK) of Australia.
Rio Tinto announced net earnings of US$14.324 billion in 2010, up from US$4.872 billion in 2009. The company also announced a $5 billion share buy-back program and a 20 per cent increase in its dividend […]
Ian Smith, CEO of Newcrest Mining Limited, announced on Friday that he is stepping down. Greg Robinson, executive director of finance at Newcrest, will succeed Smith. During Smith's tenure, Newcrest merged with Lihir Gold, and […]
Australia Business Reviews reports: Rio Tinto’s quest for world domination in the mining industry continues with its latest US$1.2 billion investments in mining projects in Canada and Australia.
Georgina Rinehart is Australia's wealthiest individual with an estimated net worth of $9 billion, according to Forbes list of Australia's 40 Richest released on Wednesday. Rinehart's net worth rose $7 billion from the previous year's […]