China's 27 largest steel companies saw a 15.7% decrease in the first-half profits from a year earlier for a combined profit of $1.6 billion, according to the Shanghai-based researcher Wind Info, as soaring iron ore costs squeezed margins. The woes of China's steelmakers, which have been switching to cheaper low grade ore to cut costs as prices top $180/tonne, are in stark contrast to profits at miners. Last week results for BHP Billiton showed its iron ore division accounted for the bulk of its record $22 billion in profits. BHP, Vale and Rio Tinto – control nearly 70% of the 1 billion tonne annual iron ore seaborne trade and dominate price talks.
China Mining News
Rescue workers on Tuesday saved 19 miners from a flooded Chinese mine where they had been trapped for a week, state media said, in a rare good-news story for an industry in which thousands die each year.
Sinocast reports China's market for rare earths has begun to see negative effects of its crazy growth this year with an increasing number of downstream players finding it difficult to make deals despite price cuts. Prices of certain elements such as cerium used to polish TV screens and lenses are down 10% over the summer after months of break-neck price hikes. Reuters reports China is in the midst of a crackdown on illegal miners and processors and the busy black market trade that have sprung up, but has struggled to impose a REE production cap, with actual annual output exceeding official quotas by 40% to 50% since 2007.
China said on Wednesday that it would appeal against a World Trade Organisation ruling that it illegally restricted exports of certain rare and speciality metals and minerals including bauxite, coking coal, fluorspar, magnesium, manganese, silicon metal, silicon carbide, yellow phosphorus and zinc. The United States, European Union and Mexico argued that the minerals are key inputs for numerous industries and any cut in supplies could lead to sharp spikes in world prices. The complainants fear a similar situation to rare earths where the price of certain elements have tripled thanks to export cuts and China's virtual monopoly on production.
Rescue workers on Tuesday saved 19 miners from a flooded Chinese mine where they had been trapped for a week, state media said, in a rare good-news story for an industry in which thousands die each year.The state CCTV television network
China Daily reports local land and mineral resource officials in the Qinghai province estimate that the Dachang gold mine in the Tibetan autonomous prefecture of Yushu is likely to become one of the largest gold mines in Asia with 300 tonnes in proven reserves. The geological exploration was conducted jointly by Qinghai mining development bureau and TSX-listed Inter‐Citic Minerals with a total investment of $31.3 million. The project is at an elevation of approximately 4,500 meters and consists of five exploration licenses covering some 279 square kilometers. Tiny Inter-Citic says it allocated $6.3 million in exploration expenses for this year.
Silvercorp Metals has achieved record silver production and record sales from its Chinese operations for the first quarter of the 2012 financial year. The company recorded 1.6 million ounces of silver production, up 15% from the same period a year ago. Revenue was US$69.7 million which was 90% more than the same quarter last year. The silver figures were achieved from the four mines at the Ying Mining Camp in Henan Province. The company is well on track for the fiscal year 2012 production guidance of 5.6 million ounces.
Shares of Aluminum Corporation of China (ACH) are down 4.4 pct after the firm reports a 22 pct drop in H1 net profit. The company says losses from hedging activity and rising sales costs socked profits.
Shares of Aluminum Corporation of China ( ACH ) are down 4.4% after the firm reports a 22% drop in H1 net profit. The company says losses from hedging activity and rising sales costs socked profits. Post your comment!
China COSCO (Ocean Shipping Group Co) Holdings Company, the country's top shipping conglomerate, on Friday reported a loss of CNY 271 billion (USD 432 million) for the first half of 2011, registering a massive decline of 176.8% YoY. Image is from geograph.org.uk
Yalian Steel Corporation announced its financial and operating results for the three and nine months ended June 30, 2011. The Company or Yalian refers to Yalian Steel Corporation and its subsidiary, Yangzhou Yalian Steel Pipe Co Ltd which operates
BEIJING, Aug. 29 (UPI) -- Rescuers in northeast China's Heilongjiang province worked Monday to save 22 workers trapped in a flooded coal mine for a week, officials said. During the weekend, rescuers retrieved the body of a worker who had drowned and
Copper futures declined in New York on concern that moves to curb credit growth and tame inflation by China, the world’s biggest consumer of the metal, may reduce demand for raw materials.
South Korean steel giant Pohang Iron and Steel Co Limited or POSCO has quickened its expansion in China and bet heavily on the populous market in recent years.
Three miners trapped for more than four days in a flooded mine shaft in northeast China were rescued Saturday as authorities battled to reach another 23 workers still underground, state media said.
Most mining companies are highly diversified, but Antofagasta and Kazakhmys are pretty much single-country, single commodity miners. Both companies mine for copper, Antofagasta in Chile, Kazakhmys in Kazakhstan.
China's coal mine safety watchdog said on Friday it had completed a manned experiment of a permanent underground chamber that can shelter miners in case of an accident as part of its efforts to reduce mining casualties.
Guinea is in advanced talks with state-owned China Power Investment to develop a bauxite mine and build an alumina refinery, deep water port and a power plant in the West African state, Guinean government sources said.
Shaanxi Coal Industry plans an initial public offering in Shanghai to raise up to 17.3 billion yuan ($2.7 billion) in what could be China's biggest IPO this year. The China Securities Regulatory Commission (CSRC) said late on Thursday that it would review Shaanxi Coal's IPO application on August 29.
While China's demand for gold is expected to surge to around 25% of global production, the world's largest producer is also ensuring a huge domestic stockpile of the precious metal.
Ten people were confirmed dead and three others injured in two unrelated coal mine accidents on Thursday in east China, local authorities said.
As of the end of July, work safety authorities had shut down 1,289 coal mines in the nationwide crackdown on illegal production at coal mines, Zhao Tiechui, deputy head of the State Administration of Work Safety, said on Thursday.
Cat plans to build Asian Pacific proving ground and large wheel loader facility in Tongzhou, Jiangsu Province
Caterpillar Inc. on Aug. 24 announced an expansion of the company’s operations in China in what the company says is in support of the company’s strategy to grow its business to a leadership position in China.
The economic malaise that had markets pushing deep into the red over the last two weeks hit a bright spot on Tuesday. Copper futures rose the most in over a week, Bloomberg reported, on news of an uptick in the Chinese manufacturing sector.
EKM visits Majestic Gold's (MJS.V) new mill and gold mine near Yantai, China. Featuring interviews from the President of Majestic, Rod Husband, as well as director Rudy Brauer, this video takes you on the ground to see the operations first hand.
GobiMin Inc. (TSXV:GMN) has agreed to dispose of its 24.5 per cent indirect interest in the Balikun coal project and expects to realize US$6.33 million gain as a result of the transaction, the company announced Tuesday.