China's global share of rare earth output will drop steeply in the next two years as other countries ramp up production to compensate for domestic curbs on mining the minerals, a former government official and future rare earth group chief said. The country's rare earth output would drop from 95 percent of global output to 60 percent, reversing global reliance on China, Wang Caifeng, a former Ministry of Industry and Information Technology (MIIT) official told the official China Daily.
China Mining News
Gold One International Limited (ASX and JSE: GDO) announced that it had entered into an agreement to implement a transaction with a consortium of Chinese investors whereby the consortium is seeking to become the long term strategic partner of Gold One
Iron ore prices will remain firm in the medium term, as tight supply struggles to keep up with Chinese steel output, said Macquarie Commodities Research senior analyst Colin Hamilton at Platts Steel Methodology Forum in New York. The global iron-ore supply chain is struggling to keep up with that demand, and flat iron imports to China reflect the strain in existing infrastructure.
Ivanhoe Mines to receive US$502 million from Rio Tinto's exercise of all outstanding warrants to advance construction of Oyu Tolgoi copper-gold-silver mining complex in Mongolia
Ivanhoe Mines' Chief Executive Officer Robert Friedland announced today that the company expects to receive US$502 million from Rio Tinto later today following Rio Tinto's decision to exercise all remaining share-purchase warrants that it holds in Ivanhoe Mines.
According to a report by Chinese news agency Xinhua, China has been sharply increasing its output of gold and silver coins to meet seemingly ever-increasing popular demand for precious metals as people buy to protect against perceived rising inflation. Indeed it has more than doubled the maximum issuance for 2011 for some popular gold coin sizes from its previously announced levels.
India, the world's top gold importer, may have just turned net exporter over the last couple of months given the high level of exports of gold jewellery, medallions and coins from the country. Export of items of the yellow metal rose to a staggering $1.24 billion during March and April 2011.
Canada’s Dumas Contracting and JCHX Mining Management Co (JCHX), a leading Chinese mining contractor, have entered into a strategic alliance. The scope of the strategic alliance covers supporting Chinese clients with projects in Dumas’ core markets of Canada and Latin America. In addition, Dumas will provide its technical expertise in supporting JCHX on shaft-sinking projects in China.
TORONTO/BEIJING, 20 June 2011 – Dumas Contracting Ltd. (“Dumas”) and JCHX Mining Management Co., Ltd (“JCHX”), a leading Chinese mining contractor, have entered into a strategic alliance. The scope of the strategic alliance covers supporting […]
The IDEX Online Polished Diamond Price Index set a record Monday, crossing 142.25, the highest level the Index reached since its introduction in July 2004. Diamond prices have been rising sharply in the first half of the fiscal year, especially so in the second quarter, as the graph below shows.
Green Technology Solutions, Inc. (OTCQB:GTSO) continues preparations to send core samples from three Mongolian rare earth mining sites to South Korea for analysis as prices on heavy rare metals more than double due to China’s tightening control of rare earth mining, production and exports. U.K.-based trade publication Industrial Metals reported last week that rare earth minerals dysprosium oxide and europium oxide, used in high-tech applications from nuclear reactors to smartphones, rose by more than 100 percent since the beginning of the month.
Reuters reports that zinc prices ended May slightly firmer, recovering from an early rout but the prospect of a sizeable supply surplus this year and next will continue to weigh on the market, especially if other metals weaken. Ms Claire Hassall of consultancy CHR Metals said that market watchers were concerned about weakness in the Chinese economy. The general feeling is that demand is not particularly strong in China at the moment using latest car sales figures as an illustration of the source of these worries.
Prices of the certain rare earths used in energy saving lightbulbs, lasers, nuclear reactors, magnets and plasma televisions more than doubled in the past two weeks as China, responsible for upwards of 95% of world supply, further tightens control of mining, trading and exports, research house Industrial Minerals said over the weekend. China in recent months closed or consolidated more than 35 rare earth mines and cut export quotas sparking concerns in the US and other industrial nations about access to supplies and causing an exploration and mine development frenzy with over 250 projects on the go worldwide.
Mining Weekly reported that Silvercorp Metals, a Vancouver-based company with mines in China, as well as a silver project in BC, could see revenues approaching half a billion dollars if silver prices remain at current levels. Silvercorp currently operates four mines at its Ying camp, in China's Henan province, where the company produced 1.05-million ounces of silver in the three months ended March 31. It plans to ramp up production from the mine to 1 000 t/d by spring 2012, and to 2 000 t/d a year later.
Chinese industrial executives say the world's supply of rare earth minerals will outstrip demand within five years, ending reliance on China's exports. Wang Hongquain, general manager of China Nonferrous Metal Industry's Foreign Engineering and Construction Company (NFC), toldChina Daily more nations with large rare-earth deposits will resume exploration, which will lead to a global reallocation of the minerals.
Rising inflation in China and India's tenth interest rate hike since March 2010, is set to take a toll on consumers preference for the yellow metal, according to analysts and traders. ``Gold and silver will surely get pummelled in the near term with signs of a stronger US dollar and yet another rate hike in India. Investors have very little savings these days and prefer not to invest in gold,'' said Manoj Maheswari, bullion analyst at a brokerage firm here.
Modular Mining Systems, one of the world leaders in information management solutions for mining operations, has announced that SouthGobi Resources has chosen to implement the Modular IntelliMine Integrated Asset Management Suite at its Ovoot Tolgoi coal operation in southern Mongolia. The installation will include the DISPATCH fleet management system, PowerView reporting software, MineCare maintenance management system, and ProVision machine guidance solution for shovels, dozers, and drills. “We chose Modular because the IntelliMine suite covers all aspects of our business,” said Justin Kapla, General Manager, Ovoot Tolgoi Operations. “From safety, to asset management, to increased productivity, they have solutions that meet all of our needs. We look forward to the value their products will add to our business.”
China Valves Technology signs a strategic cooperation agreement with Sinopec International Petroleum Service Corporation
China Valves Technology, Inc. (NASDAQ: CVVT), a leading Chinese metal valve manufacturer, today announced that the company has signed a strategic cooperation agreement with Sinopec International Petroleum Service Corporation. Under the agreement, the company would supply various valve products for Sinopec Petroleum Service's international projects. Read more
Schneider Electric, the global specialist in energy management, has signed an agreement to acquire Leader Harvest Power Technologies Holdings, one of the leading players in the fast-growing medium voltage drives market in China with a key position in mining drives supply.
Chinese asset managers are rushing to launch funds that invest in natural resources and precious metals overseas, responding to feverish domestic demand for inflation-hedging tools.
Gold rebounded on Tuesday after posting its biggest one-day loss in a month in the previous session on growing worries about another global economic downturn, but a weaker U.S. dollar and bargain hunting by jewellers offered support. While signs of a cooling Chinese economy could weigh on industrial metals, dealers expect no change in China's appetite for bullion. Investors were also awaiting a trail of U.S. data later in the day which could set the tone for commodities.
Kazakhmys agreed on Monday to borrow $1.5 billion loan from China Development Bank to help develop a large copper deposit in eastern Kazakhstan, officials said at a signing ceremony. The loan, to be disbursed by the end of this year, will enable Kazakhmys to develop the Aktogay copper field in eastern Kazakhstan without selling a stake in the deposit to China's Jinchuan Group Ltd.
Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX:ELD)(NYSE:EGO)(ASX:EAU) ("Eldorado" the "Company" or "we") is pleased to announce that Eldorado, through its 100% owned subsidiary Tuprag Metal Madencilik Sanayi ve Ticaret ("Tuprag"), has received its Trial Operating Permit ("Permit") at the Efemcukuru Gold Project in Izmir and the supplementary Environmental Impact Assessment Positive Certificate ("EIA") at Kisladag Gold Mine in Usak.
China's imports of unwrought copper and semi finished copper products dropped 3% on the month in May because of high stocks. Traders said that extra bookings placed in May will raise June arrivals. High bonded stocks in Shanghai limited China's imports
China exports for coke and semi-coke in May this year decreased 3.7% on year to 450,000 tonnes, showed the latest data released by the General Administration of Customs. In the first five months, the volume exported from the country totaled 2.13 million
Tightness in the Chinese power market could mean lower output of aluminum and nickel pig-iron, plus deceleration in steel production and a probable increase in thermal-coal imports, says Deutsche Bank. More than 10 provinces started […]