The $2.5 billion deal saw European Goldfields add 6.4% in afternoon trade on Tuesday while Eldorado gained 6% to bring their combined market value to $10 billion.
Brazil Mining News
Brazilian copper developer Avanco Resources (ASX:AVB) said today that it would double the company’s copper gold resources through the acquisition of the Pedra Branca Copper-Gold Project in Brazil's Carajas Mineral Province from Xstrata Copper.
Vale is the world's largest producer of iron ore and a top nickel miner, reported a quarterly net profit of $4.67 billion, compared to $5.9 billion in the same quarter last year.
Brazilian mining giant Vale SA (VALE, VALE5.BR) on Thursday said its board of directors has approved a deal to lease for another 30 years a potash mine in northeastern Brazil, from Brazilian oil giant Petroleo Brasileiro SA (PBR, PETR4.BR).
Verde Potash shares fell $1.66 or 19.4% to $6.90 on Tuesday, recovering from even steeper losses earlier in the day, after the company released a preliminary economic assessment report for its Brazil project that disappointed investors.
Brazilian miner Vale SA is granted an operation license to mine a high grade iron ore pit at Carajas in north Brazil.
Australia Minerals and Mining Group (AMMG), through its wholly owned subsidiary Kaolin Resources, has signed a non-binding memorandum of understanding with Kalamazon Estudos Geologicos (KEG), the wholly owned subsidiary of Kalamazon Minerals.
Jose Sergio Gabrielli is no longer CEO of Petrobras, Brazil's state-controlled oil company. He was replaced by Maria das Graças Foster, a business leader with close ties to the president of Brazil, Dilma Rousseff.
Kinross Gold (K.TO) erased 19.46% of its value, with shares dropping to $10.65 a share on Tuesday, after it disclosed that it will take ". . . a material non-cash accounting charge, primarily relating to the goodwill recorded for the Tasiast mine in connection with the 2010 Red Back acquisition."
The Porto Sudeste tunnel project in Brazil features a 20.5 m wide tunnel and will accommodate four conveyor lines to become one of the widest tunnels of its type globally.
The Kellogg Innovation Network (KIN) at Northwestern University’s Kellogg School of Management is to partner with Brazil’s Fundacao Dom Cabral (FDC) to host a select group of high-level officers and direct reports from around the world for a collaborative exploration of challenges facing the mining industry.
Reuters reports spot iron ore was trading close to seven-week highs after a cyclone closed down the world's largest export terminal in Australia and heavy rains in three Brazilian states halted Vale's shipments.
Iron ore steadied near seven-week highs, helped by supply disruptions in top exporters Australia and Brazil although lean Chinese demand is limiting the impact of fewer available fresh cargoes.
Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE) is pleased to provide the following update regarding the previously announced strategic review process, which was initiated by the Board of Directors on November 16, 2011.
Giant German utility E.ON said on Wednesday it will team with Brazilian billionaire Eike Batista to build the largest privately held network of power plants in Brazil, as it bets on emerging markets amid stagnant growth in Europe.
Verde Potash: Cerrado Verde Inferred Resource Estimation Expanded 100% to 2.68 Billion Tonnes at 8.8% K2O
Verde Potash Plc (TSX-V:NPK) ("Verde" or the "Company") is pleased to announce an expansion as a result of further drilling, to the resource estimate for the Cerrado Verde Potash Project located in Minas Gerais State, Brazil ("Cerrado Verde"). The estimate comprises an indicated resource of 74 million tonnes with an average grade of 9.22% K2O and an inferred resource of 2.68 billion tonnes with an average grade of 8.88% K2O (applying a 7.5% K2O cut-off).
Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to provide a review of the results and achievements for 2011 and its capital expenditure and exploration work programs and outlook for 2012 for which it has allocated a total budget of approximately $152 Million. The Corporation is pleased with the achievements it made in 2011 on its two wholly owned assets: 1) Riacho dos Machados Gold Mining Project (the "RDM Mine" or "Project") in Brazil which is now in the mine construction phase and; 2) the Rovina Valley Project in Romania which is currently undergoing a Pre-feasibility Study.
Vale SA, Cia. Siderurgica Nacional SA and MMX Mineracao e Metalicos SA operations in southeastern Brazil may suffer output disruptions and transportation delays for a third year because of heavy rains.
Brazil’s Vetorial Participações will keep its merchant pig iron business despite moving into a 7.6 billion Reais ($4 billion), 20 million-tpy iron ore joint venture called Vetria Mineração.
Anglo American (LON:AAL) has increased the capital expenditure budget for its largest project in development, the Minas-Rio iron ore mine in Brazil, by 15%, the London-listed major miner announced on Tuesday. That takes the capex for the project up to US$5.78 billion.
ABB has recently been contracted to supply gearless mill drive (GMD) systems for two 38 ft SAG mills at the Serra Azul iron ore mine in Brazil. The Serra Azul mine unit, owned by MMX Mineração e Metálicos, an EBX Group company, is located in the iron quadrangle of Minas Gerais near Belo Horizonte.
Luna Gold Corp. (TSX-V: LGC.V - News)(BVLAC: LGC.V - News) ("Luna Gold" or the "Company") is pleased to announce a significant mineral resource update at the Aurizona gold mine in Brazil.
The Vale Beijing, the globe's largest bulk carrier, is disabled in a Brazilian port and shipping agents tell Reuters the vessel had ruptured its hull. If the $110 million vessel should sink it could also turn out the be the final nail in the coffin of Vale's disastrous strategy to tighten its grip on the world's annual 1 billion tonnes sea-borne iron-ore trade. China, the world's number one market for the steelmaking ingredient to where Vale ships about 45% of its output, turned away another carrier in the fleet earlier this year.
Bloomberg reported Minsur SA (LIN:MINSURI1) aims to quadruple production at the Pitinga mine in Brazil in four years.
Rio Novo Gold Inc. (TSX:RN.TO - News)(TSX:RN-WT.TO - News) ("Rio Novo" or the "Company") is pleased to announce that the "Licenca de Instalacao", (the "LI" or "Construction License") has been issued for its Almas Gold Project by the Tocantins State Natural Resources and Environment Authority (NATURATINS). TORONTO, ONTARIO--(Marketwire - Dec. 2, 2011) - Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") is pleased to announce that the "Licenca de Instalacao", (the "LI" or "Construction License") has been issued for its Alma...