Ivanhoe Mines announced its financial results for the year ended December 31, 2010. The approved 2011 capital budget for Oyu Tolgoi is estimated at $2.3 billion. Principal components of the 2011 construction program include $561 million for the 100,000-tonne-per-day concentrator complex; $186 million for the initial mining fleet and to start pre-stripping of the Southern Oyu open-pit mine; and $713 million for project infrastructure, electrical power and completion of the process-water supply. The number of workers assigned to the Oyu Tolgoi site recently surpassed 7,000 for the first time. On-site jobs at Oyu Tolgoi are expected to peak at almost 14,000 in mid-2011, with an additional 3,700 Mongolians receiving skills training sponsored by Oyu Tolgoi.
China Mining News
Silver is continuing to trade stronger than gold and is rising today too.
China will increase a tax on rare earths from April 1, the official Xinhua News Agency said on Thursday. The State Administration of Taxation website carried a local media report, saying the resource tax would be raised to 30-60 yuan per tonne, depending on the type of rare earth mineral, a substantial increase from the current level of 0.5-3 yuan per tonne.
To put it in a nutshell stagflation is where economies do not grow or fall, while money cheapens persistently, ensuring no protection against wealth attrition.
China's exports of rare earth metals burst through the $100,000-per-tonne mark for the first time in February, up almost ninefold from a year before, while the volume of trade stayed far below historical averages. China's squeeze on rare earths, which are used in a wide range of hardware including precision-guided weapons, hybrid car batteries and iPads, has forced prices up dramatically since July last year, when each tonne fetched a mere $14,405 on average.
Silver is increasingly becoming a global monetary metal, mostly due to inflationary concerns and the debasement of the world’s major currencies.
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.
In July 2007, one year after the housing bubble peaked and five months before the beginning of the Great Recession, Citigroup CEO Chuck Prince talked to the Financial Times about the health of the housing market. "When the music stops," he said, "things will be complicated. But as long as the music is playing, you've got to get up and dance."
Shanghai-listed Western Mining Co Ltd said it plans to build a 100,000-tonne-per-year copper smelter in the northern western Chinese province of Qinghai, Reuters reported: The cost of the project was estimated at 2.28 billion yuan ($347 million), the company said in a statement on Friday, adding that it would seek a partner to build the smelter with the Western Mining holding a majority stake. "The project is going to add pressure to the local supply of copper concentrate," said senior copper analyst Yang Changhua at state-backed research firm Antaike.
Reuters reported that China's aluminum alloy exports may fall in the coming two to three months as top buyer Japan cuts imports after a massive quake forced some car plants to stop production.
Financial Post mining writer Peter Koven discusses why a perfect storm of factors has conspired to make Canada the next great producer of iron ore — with help from the world's largest customer of raw materials — China.
Eric Lam, writing in The Financial Post, reports on junior companies that are tapping a rich vein of investor interest in Hong Kong and China. So much so that some are considering listing on the Hong […]
China's move on Kalahari Minerals could flush out other bidders for the uranium miner but even long-term suitor Rio Tinto may balk at getting into a bidding war with such a formidable foe.
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.
IAMGOLD Corporation signed a memorandum of understanding on Monday with China National Gold Group Corporation to cooperate in the development of mineral deposits. "This agreement marks the beginning of what we believe will be a […]
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.
Jiangxi Copper, China's top copper producer, sees copper prices rising this year as supply remains tight and demand continues to increase.
China's top copper producer Jiangxi Copper (0358.HK) (600362.SS) expects domestic copper prices to rise this year, mainly due to a supply squeeze, its chairman said on Saturday.
The head of China's largest metals trader has called for government efforts to consolidate the rare earth industry and nurture competitive domestic firms in the sector. Zhou Zhongshu, president of China Minmetals, said that the difficulties facing China's rare earth industry mainly come from the fact that local authorities, owners of rare earth mines, tend to issue mining licenses to local firms.
The latest reports out of China put consumer gold demand in the first 2 months of the current year at a phenomenal 200 tonnes - and buying momentum is still continuing.
According to U.S. embassy cables released on Wikileaks, Australia's changes to foreign investment rules in 2009 were aimed at limiting Chinese investments in local mining companies.
China may have dominated mining news headlines over the past year, but it is a small player when it comes to mergers and acquisitions, according to a report released today from PwC. The Mining Deals report states that in 2010, just 6% of global mining involved purchases by Chinese companies, compared to 36% from companies domiciled in Canada, 16% in the US and 16% in Australia. The numbers appear to dispel the myth that China is amassing control of the world's resources by merging and acquiring firms into its orbit.
Australia produced 266 tonnes of gold in 2010, up 17% on 2009 but not enough to secure it first place as China's output grew to 341 tonnes in the same period. Australia maintained its number two ranking in gold output behind China in 2010
Making use of methane: Methane recovery technology by Australia-based Industrea is getting a lot of attention in China
In October 2010 the Chinese government shut down 1,611 illegal coal mines in an effort to improve an industry whose working conditions have been described as harsh, dangerous, and often fatal. Last year in China more than 2,600 people died in mining-related accidents, including explosions, floodings and cave-ins, although fatalities have decreased in recent years due to increased safety inspections and the government shuttering illegal mines.
In this series of short articles I present a few of my notes and observations on thermal coal, uranium, vanadium, molybdenum, copper and gold — commodities that were discussed at Roundup 2011 technical exploration conference in […]