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.
China Mining News
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.
Bloomberg reports nickel surplus may narrow on increasing stainless-steel demand from China and stalled mining projects have lowered prices.
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.
Mena FN reports that according to Dow Jones, Global lead prices will surge owing to stronger Chinese demand.
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.
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 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.
The world's steel mills are churning out crude steel at a rapid pace, say the latest numbers from the World Steel Association.
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.
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.
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'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, the world's largest diamond producer, announced Tuesday that it will further expand its retail outlets in China, the Wall Street Journal reported.
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 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 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
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.
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.
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.
China Gold International Resources Corp. Ltd. (TSX: CGG, HK: 2099) (the "Company") is pleased to announce that as of June 1, 2011 the project lenders ( Agriculture Bank of China, Bank of China, and a syndicate of banks comprised of the Bank of China
TEX reported that while the central government of China already decided to impose 20% of duty on export of electrolytic manganese metal from China and has been enforcing this imposition of the export duty from January 2008, the electrolytic manganese
Qiao Xing Universal Resources Inc, a leading company in the molybdenum mining business as well as a company with substantial assets in the resources industry, announced that the company has filed its Annual Report on Form 20-F for the fiscal year ended
Chinese steel production and iron ore demand are set to come under pressure from government-mandated electricity allocation restrictions in coming months, according to New York City-based consultancy Commodore Research.
Overlooking a deep black gash in the Gobi desert, Od Jambaljamts watched Caterpillar trucks rumble across the rim of the world’s biggest undeveloped coal deposit. He mused on Mongolia’s good fortune to have the world’s most voracious consumer of