China Mining News

Yanzhou Coal buys two Australian coal mines for $202 million

Yanzhou Coal Mining Co. China's fourth-largest coal producer, yesterday acquired two Australian coal producers, Syntech Holdings Pty Ltd and Syntech Holdings II Pty Ltd, for A$202.5 million in cash.

Australia's Beijing bind

Australia's Treasurer Wayne Swan may soon have another foreign investment headache on his hands, as a Chinese entrepreneur says he has Beijing's backing to step around Australian investment rules and become the world's fourth force in iron ore. Liu Han, chairman Hanlong Group said the company could achieve it within 10 years, giving China ''a say'' in iron-ore price negotiations and stem as much as $80 billion in national losses flowing to the big producers.

HSBC becomes first foreign bank to enter China’s gold futures market

HSBC’s China banking unit has become the first and only foreign bank to be granted access to the country’s gold futures market, Reuters reports. HSBC Bank (China) received regulatory approval to become a member of the Shanghai Futures Exchange. The

SF Diamond rises most since debut after reporting profit gain

SF Diamond Co., a Chinese maker of drill bits and cutting tools, gained the most since its trading debut in Shenzhen more than five months ago after saying first- half profit rose 7 percent from a year earlier. SF Diamond’s first-half earnings report implies a 53 percent increase in second-quarter net income from a year earlier, compared with a 57 percent decline for profit in the first-three months of the year. The company, based in the city of Zhengzhou in central China’s Henan province, said first- quarter profits fell partly due to one-time expenses associated with its listing.

Global steel production to hit a record of 1500 million tons in 2011

China’s crude steel output hit a all time record of 350.64 million tons in the first six months of 2011. The steel output growth rate was 11.5 percentage points higher than that in the same period of last year.

HSBC to begin trading in gold in Shanghai Futures Exchange

HSBC, the leading bank with operations worldwide, has become the first foreign bank in China to be given membership in Shanghai Futures Exchange and would start trading in gold futures, Reuters reported.

Six dead in covered-up coal mine accident in China

Six people were killed in a coal mine explosion that had been covered up for 13 days in China's northeastern Heilongjiang Province, a provincial work safety official said today.

Nickel surplus to narrow on China’s demand for steel

Bloomberg reports nickel surplus may narrow on increasing stainless-steel demand from China and stalled mining projects have lowered prices.

Rev up for resources boom in China

Last week I sat down with Laura Mandaro from Marketwatch to discuss what’s currently driving commodity markets. One of the key drivers today is the robust economic activity and commodity demand taking place in Asia.

Global lead prices likely to rise as China demand recovers

Mena FN reports that according to Dow Jones, Global lead prices will surge owing to stronger Chinese demand.

China’s Wing Hing to buy SA gold assets in $580m deal

China’s Wing Hing said on Thursday that it planned to buy up to 87% of South African gold company Taung Gold for $580-million to take advantage of the surging gold price. Gold continued to hit record highs above $1 620/oz this week as concerns over the prospect of a US debt default grew, prompting investors to buy the precious metals as a haven from risk.

Building the world's largest coal mine turning into diplomatic disaster

China Briefing News reports state-owned Shenhua, the leader of a joint Chinese, Mongolian, Russian, and US consortium awarded the western block of Mongolia's Tavan Tolgoi coking coal field – the world's largest – faces a rocky road ahead to bring the project to fruition. According to CBN the political structuring is typical but none of the three operators have given public explanations as to how they may proceed or even work together. While losing bidders from Brazil, India and South Korea are smarting, Japan have gone so far as to call the bidding process'extremely regrettable'. And all this while Mongolia hopes to raise as much as $5 billion privatizing Tavan Tolgoi early next year.

Loesche receive third order for copper matte mill

Loesche was awarded the third order of Copper Matte mill-LM31.3 in Fangchenggang City, P.R. China, following the YangGu Copper Matte project in September 2009 and Tongling Copper Matte project in July 2010.

Iron ore production not keeping up with steel: Reuters

The world's steel mills are churning out crude steel at a rapid pace, say the latest numbers from the World Steel Association.

Metso to supply minerals processing equipment to TISCO in China

Metso will supply minerals processing equipment to Taigang Group Lanxian Mining Co. Ltd, (TISCO), the largest stainless steel manufacturer in China. The value of the order will not be disclosed. The delivery is scheduled for the first quarter of 2012.

Fear beginning to replace greed as mining boom gets long in the tooth

Despite a flurry of mergers and acquisitions and a robust IPO market reports out on Wednesday suggest that fear is slowly replacing greed in the mining finance business. The Financial Post reports for investment bankers, the low-hanging fruit is long gone and the biggest financings are now high-risk: gold juniors in Africa, coal in Colombia and an infamous Quebec lithium play that overstated its resource. Global Mining Finance's July round-up says untrustworthy financial and resource reporting, threats of new royalty regimes, "super-profit" and carbon taxes, political turmoil, strikes and government takeovers are worrying resource investors all around the world.

Escondida strike buoys copper prices but markets nervous on global demand

London copper futures rose for a second day on Wednesday as supply worries brought on by an extended strike at the world's largest copper mine countered concerns over protracted talks in the United States to lift its debt limit. But the thin trading volumes in Asian hours and modest gains suggest investors were far from aggressive in pushing up copper prices, now trading just around 3 percent away from historic highs, given a shaky outlook for global demand. Satellite image of Escondida Mine in Chile

Mongolia state-owned miner signs coal deal with China's Chalco

Mongolia's state-owned miner Erdenes Tavan Tolgoi (TT) has agreed to sell $250 million worth of coal from the east Tsankhi deposit to Aluminium Corp of China Ltd (Chalco) , a move insiders said was aimed at raising cash to help fund its impending listing fees. Under the agreement, Chalco would resell 30 percent of the coal to Japanese trading houses Itochu Corp and Mitsui as well as state-owned Korea Resources Corp (KORES), Erdenes TT LLC said in a statement seen on Wednesday.

De Beers plans to expand in China

De Beers, the world's largest diamond producer, announced Tuesday that it will further expand its retail outlets in China, the Wall Street Journal reported.

Fertilizer costs threaten China's food security

China Daily reported that agricultural development in China is strained because of high potash prices. According to Li Qiang, a spokesperson for Sinochem Group, the international price rise potash fertilizer is partly caused by the international price rise of raw materials and resources.

Zijin Mining buys A$27.67m stake of Norton Gold

ZIJIN Mining Group Co agreed to buy a minority stake in Australia's Norton Gold Fields Ltd for A$27.67 million (US$30 million) to boost gold reserves. China's leading gold producer said it would buy 138.35 million shares at 20 Australian cents apiece.

China target to break Big 3 grip on iron ore

China Daily cited an industry official said China the world largest steelmaker and iron ore consumer has set a target of dramatically increasing ore imports from Chinese invested resources in the steel industry 12th Five-Year Plan (2011-2015) Mr Li

Fortescue can still make profits at US$70/t, new CEO says

The bubble that is keeping iron ore prices at historic highs may be about to burst, and when it does, iron ore giant Fortescue Minerals will still be making money, the company's new CEO predicts.

We'll buy iron ore from our own companies, Chinese warn

Beijing has issued a veiled threat to Australia's long-term economic future. It has vowed to break the power of the big mining companies by sourcing 50 per cent of its iron ore imports from Chinese-invested companies.

China Iron Ore & Steel Assoc. seeks to break grip of Big 3 miners

A top official from the China Iron Ore & Steel Association says China will only be able to break the grip of the three major iron ore miners, if it gets half of its iron ore imports from Chinese-vested operations.