Chinalco Yunnan Copper Resources Limited has now earned a 70 per cent equity interest in the Mary Kathleen Joint Venture with Goldsearch Limited, located in North Queensland, Australia. CYU previously announced commencement of drilling on […]
China Mining News
Ivanhoe Mines Ltd said nearly one-fourth of the construction of its flagship Oyu Tolgoi project in Mongolia was completed by May and it continued to be ahead of schedule, sending its shares up 3 percent […]
Silver is searing hot in China as imports are set to hit a new high. The white metal's widespread use in industry and jewellery has ensured that though commodities may drift lower in the near […]
Aluminum Corporation of China (Chinalco) has taken a 45 percent majority stake in a rare earth joint venture in Jiangsu province, boosting such assets, which is part the firm's strategic development plan, a company spokesman […]
China showed robust demand for crude oil and coal in May, shrugging off higher prices to boost imports by more than 20 percent, but its appetite for overseas copper supplies remained sickly and iron ore […]
Migao Corporation (TSX:MGO), a China-based leading specialty potash fertilizer producer, this week reported financial results for the year ended March 31, 2011. Migao reported net income of $34.5 million or $0.66 per basic share from record revenues of $317.0 million (RMB 2.1 billion) for the 12-months ended March 31, 2011 as compared to net income of $38.3 million or $0.80 per basic share from revenues of $269.1 million (RMB 1.7 billion) for the year ended March 31, 2010. EBITDA for the year was $34.5 million as compared to $38.3 million in the prior year.
Ron Leven of Morgan Stanley has recently delivered a presentation under the auspice of ETF Securities Ltd. in which he outlined his expectations for the major currencies.
China showed robust demand for crude oil and coal in May, shrugging off higher prices to boost imports by more than 20 percent, but its appetite for overseas copper supplies remained sickly and iron ore buying showed signs of ending a strong run.
Silver is searing hot in China as imports are set to hit a new high. The white metal's widespread use in industry and jewellery has ensured that though commodities may drift lower in the near term on worries about the global economy, the silver market is likely to remain bullish, maintain analysts.
Aluminum Corporation of China (Chinalco) has taken a 45 percent majority stake in a rare earth joint venture in Jiangsu province, boosting such assets, which is part the firm's strategic development plan, a company spokesman said on Friday.
Short seller Jim Chanos is well known for his negative assessments of China, especially Chinese real estate. One of his more colorful expressions about China's economy is "the Chinese are on a treadmill to Hell." […]
China is giving its biggest, state-owned rare earths miner and producer a monopoly for the northern part of the country in reforms aimed at bringing the strategically important resource that's crucial to advanced manufacturing under tighter control.
The Board of Western Areas (TSX:WSA)(ASX:WSA) is pleased to announce an important milestone for the company. Since the first shipment ten months ago, Western Areas has exported over 100,000 tonnes of high grade nickel concentrate from Esperance Port to Jinchuan in China. This represents a gross value of over US$300 million based on average nickel prices since shipping commenced.
Shares in China Shenhua Energy fell on Tuesday after it said it had halted construction on mine shafts at two of its coal mines that had violated regulations by starting building without the necessary approvals.
Shanghai Securities News citing unspecified government authorities reported that China’s demand for coking coal is expected to increase by 180 million tonnes by 2015. And, coking coal output in North China’s Shanxi province, the main production base for steelmaking material, would merely gain 80 million tonnes, which may result in demand shortfall of 100 million tonnes, due to limited increase in other production provinces. According to reports of relevant government departments, it is estimated that China consumed 540 million tonnes or so washed coking coal for the production of over 380 million tonnes coke in 2010.
The Australian reports Fortescue Metals' Chinese shareholder Hunan Valin Steel plans to triple its capacity through mergers and capital investment and is eyeing a listing on the Hong Kong stockmarket to raise up to $1.68bn. The Chinese government last month began another push to consolidate the country's fractured steel industry and is planning to create six or seven mega-groups with the aim of boosting its negotiating power with iron ore giants including miners Rio Tinto and BHP Billiton. Hunan Valin is considered second-tier at the moment but wants to push production to over 30m tonnes/year, similar to industry behemoth Baosteel.
Baotou Steel Rare Earth (Group) Hi Tech Co, the world's largest rare earth producer, will consolidate 35 local miners this month and further unify the distribution and processing of the 17 elements. The Inner Mongolia autonomous region, the site of 97% of China's reserves, has drafted a plan to concentrate all resources under Baotou. The move follows the announcement last week that the state-owned firm will set up the country's first rare earth products exchange to further regulate the market. China accounts for upwards of 95% of global supply. To combat China's domination of the market the US recently declared rare earth to be a strategic resource for the country.
Indian traders on Saturday sent gold prices higher amid the Indian wedding season and firming overseas trends and silver snapped its three-day losing streak. On global markets on Friday Gold for August delivery added $9.70 to $1,542.40 an ounce after US economic data showed job growth slowed to a crawl in May. The weak dollar and the spectre of a return to recession in the US on top of a European debt crisis have buoyed the gold price this year and long term fundamentals – buying in India and China – remain strong. India remained the top purchaser of gold buying 291 tonnes in the first quarter while China added 93 tonnes of bars and coins from January to March, more than double the 2010 level and jewellery demand increased 21% from a year earlier to a record 143 tonnes.
SouthGobi Resources announces Soumber coal deposit officially registered with Government of Mongolia
SouthGobi Resources announced that it has been notified by the Mineral Resource Authority of Mongolia (MRAM) that the company's Soumber coal deposit has been officially registered. The registration process includes calculation of resources to Mongolian standards, review of the calculations by MRAM-appointed industry experts, and defense of the calculations before the Minerals Resource Committee. Mineral deposit registration is a prerequisite for applying for a Mining License.
The global mining industry is facing stiff new competition in getting deals done. The new competitors for the world’s resources have a mandate to secure long term resource deals for domestic use and have the financing capabilities any major mining company, or for that matter any government, would be envious of.
Commodity Online online reports on Thursday rare earth monopoly China’s Jiangxi Province saw its output surged 30.15% year on year to 5,694 metric tons in the first four months of the year, boosted by rising prices. In the first three months of this year, the rare earth industry in Jiangxi realized RMB4.95bn ($770m) in operating revenue, up 83% from the first quarter 2010, due to increases in both output and prices. The industry saw its gross profit surged 166% year on year to RMB934m ($144m) during the period.
Rio Tinto and Chinalco will be positioning their drills in Mainland China, the two companies announced today, in a new exploration joint venture to operate under the name Chinalco Rio Tinto Exploration Co. Ltd. (CRTX). According to a press release issued by Rio Tinto, the primary focus of CRTX will be copper exploration, with coal and potash to be considered later.
My readers are familiar with my forecast that the US dollar is in terminal decline. America is tragically bankrupt, unable to pay its lenders without printing the dollars to do so, and enmeshed in an economic depression. The clock is ticking until the dollar faces a crisis of confidence like every other bubble before it.
The world's biggest consumer of steel is ready to raise the stakes. Steel demand in China is expected to rise by around 25% by the year 2015, to a huge 750 million metric tonnes. To ensure an adequate supply position, China is set to create three iron ore mining groups, with an output capacity of 100 million tonnes each. Six other groups with a capacity of 30 million tonnes are to be cobbled together to ensure steady supplies. Iron ore is the principal raw material used to make steel.
Top coal consumer China should see import demand more than double in the next four years and India will be close behind as both hoover up supplies on international markets to feed rapidly growing power industries, industry executives said on Monday. China's thermal coal imports could rise to 200 million tonnes in 2015 from around 90 million tonnes in 2011, Neil Dhar, executive vice president of trading house Noble Group, told the Coaltrans Asia conference.