Australia Mining News

Coal explorer Carabella raises $29m

Coal explorer Carabella Resources says it has raised $29 million via a significantly oversubscribed placement to institutional and sophisticated investors, AAP reported: The company placed 16.08 million shares at a price of $1.80 per share to investors from Australia, Asia, Europe and United States.

Indian suitors eye Australia's Premier Coal

With Lanco looking to build on its recent Griffin Coal purchase, a new turf war is set to emerge between Indian suitors and some Chinese firms for the $500m assets of Premier Coal.

Mbalam iron ore project more than doubles indicated resources – Sundance

Australian mining firm Sundance Resources said on Thursday recent finds at its Mbalam iron ore project in Cameroon had more than doubled the amount of indicated resources in the area.

Nkwe Platinum regains Eerste Geluk

Allan Seccombe, writing in Business Day, reports on the results of a legal battle between a community and an Australian platinum mining company.

Japanese earthquake could impact Australia’s energy exports

The recent earthquake which has devastated Japan could also have serious consequences for Australia's energy exports to the region, says an article in The University of Queensland News, quoting UQ economist Dr. Liam Wagner.

ATO Ruling: Proposed OZ Minerals capital return not a dividend for Australian tax purposes

OZ Minerals is pleased to advise that the Australian Taxation Office (ATO) has issued a Class Ruling which advises that the proposed capital return by OZ Minerals is solely sourced from capital and so no part of the return will be treated as a dividend for Australian income tax purposes.

Rio warns on metals prices in the short to medium term

Global miner Rio Tinto warned that metals demand could fall in the near term and prices could be volatile in the medium term due to economic imbalances, but the long term growth outlook remained strong.

Heavy rains affect Australian gold output – AngloGold Ashanti

The world's third-largest gold miner said heavy rains in Australia have affected output at its Sunrise Dam mine.

Bearish nuclear picture clouds Olympic Dam expansion

BHP's $30-billion expansion of its Olympic Dam copper, uranium and gold mine could be in doubt as a result of the nuclear emergency unfolding in Japan, Barry Fitzgerald writes in The Sydney Morning Herald. With uranium stocks plunging over the last two days, BHP will have to factor in the outlook for a stable uranium outlook when determining the future of the project, which is the world's largest uranium deposit.

Plan for refining rare earths in Malaysia is controversial

Australian mining company Lynas is planning to set up a refinery in Malaysia that will receive rare earth ores from its Mount Weld mine in Western Australia. Jonathan Manthorpe, an international affairs columnist for the Vancouver Sun, examines the claims of critics who wonder why the company needs to ship the ore 4,000 kilometres away from the mine.

Fukushima crisis creates big fallout in Australian uranium stocks

Australian uranium counters took a substantial hit on Monday in the wake of the crisis at the Fukushima nuclear power plant in Japan.

Iron ore prices will fall to earth

Barry Fitzgerald says that iron ore prices will be falling to earth in the short-term due to over-supply: The big question is when will the crunch come? It is not that far off, raising fears […]

Uranium sector could be in for a 'cruel blow' after disaster in Japan

The Fukushima Daiichi Nuclear Power Plant has been in the news after the earthquake in Japan cut off the plant's cooling system. Robin Bromby, writing for The Australian, says that all the sensational news could […]

Discovery Metals says infill drilling enhances Botswana copper project

The Brisbane-based explorer has reported positive infill drilling results on its Zeta underground project on its 100% owned Boseto project in Botswana.

'Significant risk' associated with Equinox offer, Inmet says

Inmet Mining is holding firm on the proposed friendly merger with Lundin Mining, saying there are significant risks associated with the hostile Equinox offer for Lundin announced last week. Inmet continues to believe the proposed merger of equals between Inmet and Lundin to create Symterra provides superior benefits to shareholders of both Inmet and Lundin without the risks associated with the Equinox offer, Inmet stated on Thursday.

OZ Minerals buys big copper-gold find in Prominent Hill region

The spectacular Carapateena discovery that Canadian Teck Resources had seen as its big foreign play until the global financial crisis, is now passing into the hands of OZ Minerals Ltd (ASX: OZL). OZ Minerals said this week it had paid $US240 million for the project, making an immediate deposit of $US10 M.

Pancontinental Uranium Corporation: High Value Rare Earth Elements ("REE") Stream Sediment Results and New REE Hard Rock Drill Intersection at Charley Creek Project

Pancontinental Uranium Corporation (TSX VENTURE:PUC) ("Pancon") and its joint venture partner Crossland Uranium Mines Limited ("Crossland") (ASX:CUX) are pleased to provide the following update on the latest results from their expanding (REE) exploration program at […]

Institutional support for Rio Tinto offer is growing – Riversdale CEO

Institutional shareholders in Riversdale Mining are moving toward backing global miner Rio Tinto's sweetened A$3.9 billion takeover offer for the Mozambique-focused coal miner, Riversdale's chief executive said on Thursday. Rio Tinto raised its offer to A$16.50 a share on Thursday in a final bid to woo key shareholders who have held up the deal, and extended the offer for a third time, to April 1.

Riversdale Mining backs increased Rio Tinto takeover offer

Riversdale Mining head Steve Mallyon has backed Rio Tinto's increased offer for the coal company, warning investors there was no hint of a competing bid, The Wall Street Journal reported. The global giant today said it would increase its offer to $16.50 a share from $16 a share, if it gained more than a 50 per cent interest in the Mozambique-focussed company by March 23. Rio said it would not increase its offer beyond that point unless there was a competing proposal.

Equinox could sell Lundin assets to cut debt: Bloomberg

Equinox Minerals would consider selling some of Lundin Mining's assets in order to clear off debt, the company's CEO said in a conference call to analysts on Thursday. Equinox has bid CAD$4.8 billion in a challenge to Inmet Mining's friendly merger with Lundin, but needs a $3.2 billion bridge loan, according to the story by Bloomberg. “We would consider asset sales in the context of non-core, non-copper assets,” Craig Williams, chief executive of the Perth-based company, said today. Equinox may sell Lundin’s Zinkgruvan zinc mine in Sweden, he said.

Northern Star expands resources; revises mine plan

Northern Star Resources (ASX:  NST) said the resource inventory at its Paulsens Gold Mine in Western Australia has increased to 226,000 ounces while a new 2011 mine plan has concluded  that the company is set to generate […]

Laconia to acquire Lennons Find Base Metal Project and Yandicoogina Project

Laconia Resources, a Perth-based exploration company, purchased Jabiru Metals Limited (ASX: JML) equity in the Lennons Find Base Metal project in the Pilbara region of Western Australia. Laconia made the announcement on Wednesday in a statement. Laconia also agreed to purchase Shaw River Resources (ASX: SRR) 100% interest in the nearby Yandicoogina project, located less than 10km along strike from the Lennons Find project.

American Manganese to benefit in a world where steel majors scramble to secure raw materials

Manganese demand is closely tied to the global steel market. While there are questions about what 2011 will offer, in terms of steel demand, especially as China appears to be cooling off, there are other stories out there talking about India’s rampant appetite for raw materials for steel production in the face of rising prices.

China has reassessed approach to deals in Australia – Australian Resources Minister

Chinese companies wanting to invest in Australian resource firms have reassessed how they approach deals, and tensions over the last few years have evaporated, Australian Resources Minister Martin Ferguson said on Wednesday.

Scale of disaster may warrant overhaul for resources sector of force majeure clauses

The cyclone fuelled batterings this year of key Australian energy and mining operations should trigger a complete rethink on force majeure provisions, according to a senior resources lawyer. The caution comes as many of the country’s largest and mid-tier oil, gas and minerals producers, and owners of related export infrastructure, count the emerging full cost, liability and contractual exposure from operations shut down temporarily or permanently amid the massive floods, rain and storm damage that have swept Australia since New Year’s Day.