Top coal supplier Australia cut export forecasts over 5 percent on Tuesday as the sector struggles to recover from some of the worst flooding on record. Higher prices will cushion the blow to the nation's […]
Australia Mining News
Centurion Minerals announced that two diamond drill rigs have been secured to test multiple priority targets that the Company has identified on its epithermal gold and porphyry copper-gold prospects in Aceh, Indonesia. The first diamond drill rig is currently being mobilized and will be used to complete a minimum 2,000 metre drill program on the Company's Badak property.
Mongolian-focused coking coal explorer Aspire Mining Limited (ASX:AKM) (PINK:ASPXF) is pleased to announce the appointments of Mr Andrew Edwards and Mr Mark Read as Non- Executive Directors of the Company, effective 1 July, 2011. Mr Edwards is a recently retired senior partner with PricewaterhouseCoopers ("PwC"). Mr Edwards had a distinguished career with PwC spanning 35 years in Perth, Auckland and Sydney.
Australia's local governments have been warned the current mining boom is not big enough to carry the national economy. The Australian Local Government Association says its latest State of the Regions report indicates there is a risk that business confidence might evaporate in regions that depend on non-mining industries. The report, launched at the association's general assembly in Canberra on Sunday, acknowledges that mining makes up only about 20 per cent of the economy.
More than 1,000 workers at two BHP Billiton coking coal mines in Australia staged a third day of strikes in a dispute that is disrupting production from the world’s largest exporter of the steelmaking commodity. Analysts believe the industrial action, added to the 15% cut in annual production caused by monsoon rains and a cyclone, will support rampant prices for steel-making coal which hit an all-time high in April of $330 per tonne. Metallurgical coal accounts for A$24.5bn of the Australia’s A$202.17bn in total annual goods exports.
Altius Mining (ASX:AYM) has closed a $12 million initial public offering (IPO), with a strong response from retail and institutional investors across Australia and overseas resulting in the offer being over-subscribed. The funds will be put towards the company's flagship Forsayth gold mine in Far North Queensland, where the first gold pour is expected later this year. Altius will also initiate a drilling program at the Sofala gold project in the Lachlan Fold Belt in New South Wales. Altius holds 10 exploration projects in the Lachlan Fold Belt gold producing region.
Australian junior miner Alcyone Resources has poured its first silver bullion from its 100%-owned Texas silver and polymetallic project in Queensland it acquired 18 months ago, after starting in early April this year to re-irrigate the existing silver-rich heaps at the Twin Hills mine. Alcyone says its forecast cash operating cost is around A$15/ounce which provides strong margins with the silver price hovering above A$30/ounce. It expects to start full-scale operations by the September 2011 quarter at an initial annualised rate of 1.5-2.0m ounces. The ASX-listed penny stock is up some 120% so far this year.
The advanced rare earths explorer Arafura Resources Ltd (ASX: ARU)has welcomed the release by the South Australian Government of guidelines for an Environmental Impact Statement on a rare earths complex at the industrial city of Whyalla. Details on the EIS guidelines were released today by South Australia's Urban Development and Planning Minister John Rau and Mineral Resources Development Minister Koutsantonis.
India's Tata Steel on Thursday agreed to sell its 26 percent stake in Australia's Riversdale to Rio Tinto for $1.1 billion, giving the Anglo-Australian giant full control of the coal miner. Tata, the world's No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney on Thursday before Tata Steel's announcement.
In April/May, Peel Mining Limited (ASX:PEX) undertook an 18 line kilometre IP survey over the historic Tulloch silver mine and Rockvale arsenic mine areas in preparation for an upcoming drill programme. Peel is pleased to report that multiple zones of strong shallow chargeable anomalism have been identified, many of which are coincident or proximal to known historic workings. These chargeable IP responses are interpreted as areas of possibly concentrated sulphide mineralisation and will be high-priority targets for future drill programmes.
Rio Tinto’s inaugural participation in the Las Vegas shows was well received the company said Thursday. The diamond miner sought to support its clients by showcasing them in its boots as well directed visitors to clients' booth via a mobile application. On show at the Rio Tinto booth were a number of elements of its marketing mix, including pink diamonds.
Astra Mining, an Australian diversified mining company, has received an independent expert opinion from Hungary’s University of Miskolc confirming the potential of its revolutionary new steel manufacturing process. The end product, T-Steel, is significantly stronger than regular steel and provides vast production, operational and environmental benefits.
World no.2 iron ore miner Rio Tinto is investing $676 million to speed up its iron ore expansion by six months to capture demand as rival plans to boost production are impeded. Rio said on Wednesday it expects to increase its capacity by 50 percent to 333 million tonnes a year by the first half of 2015.
Mining giant Xstrata PLC says it will begin to export magnetite, a form of iron ore as it seeks to service Asian demand from its mining interests in Australia. The company spent $589 million redeveloping its Ernest Henry copper and gold mine in order to give it iron ore extraction capability.
Diversified Australian miner Astra Mining announced on Wednesday plans to list on the Frankfurt Stock Exchange before the end of August after two days earlier inking a deal to enter the Nigerian market and further expand its global presence. Deal-hungry Astra Mining’s global portfolio includes gold and tin interests in south east Asia and southern India, coal mines in Australia, iron ore in India, manganese in Africa and the commercialisation of a new high-strength steel technology from a base in Hungary.
Catalpa Resources and Conquest Mining have agreed to merge and buy a new asset from Newcrest Mining, Perth Now reported. The newspaper says the new entity will acquire a 70 percent stake in Newcrest's Cracow gold mine and will also buy the Mt Rawdon gold mine from Newcrest: In a statement to the Australian Securities Exchange Catalpa and Conquest said the merged company will be in a position to produce 400-450,000 ounces of gold by 2013, putting it into to the top five of the local gold producers. The combined market cap would be about $1.2 billion.
More than 400 workers at Melbourne-based BHP Billiton coking coalmines began strikes on Tuesday for the first time in a decade, disrupting production from the world’s largest exporter and adding to the woes of an industry already hard hit by summer floods. Analysts believe the industrial action, added to the 15% cut in annual production caused by monsoon rains and a cyclone, will support rampant prices for steel-making coal which hit an all-time high in April of $330 per tonne.
The Emerging Trends Report is 18 months into a planned 4-year circumnavigation of Australia, investigating specialty metal projects and recommending ASX-listed companies to clients. In this exclusive interview with The Critical Metals Report, we caught up with ETR Managing Editor Richard Karn shortly after he delivered the keynote address to the 2011 Energy and Resource Symposium for an update on the specialty metals market down under.
WPG Resources announced on Tuesday it has reached a major milestone for the development of its flagship Peculiar Knob (pictured) iron ore mine south east of Coober Pedy in South Australia, after receiving government approval. WPG also said that the company expects that the Mining and Rehabilitation Program for Peculiar Knob will be approved during July. Forecast production at 3.3 million tonnes annually destined for the Asian market is set to commence in late 2011, with sales in the June quarter 2012. Shares in the company jumped 3% amid a flat broader Australian market.
PNG Gold Corporation provides update: additional exploration and development at Imwauna contemplated and private placement financing announcement
PNG Gold Corporation outlined its exploration, development and financing plans for the Imwauna project, Normanby Island, Milne Bay Province, Papua New Guinea. The property contains numerous vein systems that outcrop at surface. The main vein system discovered to date - the Imwauna vein system - hosts high grade, low sulphidation, near-surface epithermal gold-silver mineralization.
Iron Road Limited (ASX:IRD) is pleased to announce the results of a Prefeasibility Study (PFS) conducted over the Murphy South and Boo-Loo deposits at the flagship Central Eyre Iron Project (CEIP) in South Australia. Prefeasibility Study underpins strong project fundamentals and development potential - 12.4 million tonne per annum iron concentrate operation based on the current Mineral Resource (Stage 1 'base case').
Perth-based iron ore junior FerrAus is set to accept Hong Kong limousine and investment company Wah Nam International's $170m takeover offer after the HK company gained a controlling stake in another miner in the region Brockman Resources. ASX-listed FerrAus said last month it will consider reversing its rejection of Wah Nam's bid because of the logic of developing FerrAus and Brockman neighbouring deposits together. Ferraus stock added over 5% on Tuesday, while Brockman had lost more than 12% at the close of the Australian bourse.
Xstrata Plc will start exporting iron ore concentrate to Asian buyers from Australia on Wednesday as part of a A$589 million redesign of its Ernest Henry copper and gold mine, the company said on Tuesday. Exports of the magnetite-type material at a rate of 1.2 million tonnes a year are a key component of Xstrata plan to transform the Ernest Henry mine from an open-cut design to an underground one, the company said.
As a coal industry study points to up to 14,000 jobs at risk, Prime Minister Julia Gillard says a carbon price will create more jobs in mining. An Australian Coal Association (ACA) survey of 82 […]
About 100 men in their 20s and 30s, filled a conference room at a Dublin hotel last week to hear a migration agent describe the personal fortunes waiting to be made a world away in the booming mining towns of the Australian outback. With unemployment running at close to 15 percent in Ireland, and local wages a fraction of those now on offer in Australia, it appeared to be an easy sell.