China Mining News

Finding America's recovery in a resource-based past

Ecnonobrowser, via Counterparties, looks at the current economic malaise in the U.S. and examines what possible sectors may help lead the economy out of its current slump.

Chinese copper demand to surge by 40% by 2015

Reuters quoted an official from the China NonFerrous Metals Industry Association as saying that China's apparent consumption of refined copper will rise by nearly 40% to 8.5 million tonnes per year by 2015.

China coal exports in August rises 37%

According to the latest data released by the General Administration of Customs China coal exports increased to 1.25 million tonnes in August up by 37.37% or 340,000 tonnes from 910,000 tonnes in July.

China sets national standards for 'high pure gold'

Authorities have released the first national standards on "high pure gold," a move that is likely to boost the country's gold consumption. "High pure gold," as it is called in the standards, refers to the gold with purity of 99.999 percent, or "five nines."

Guinea asks China to build 340 MW power plant

The project is part of ongoing negotiations between Guinea and CPI over the potential development of a bauxite mine in Boffa and construction of an alumina refinery and deepwater port, sources have said.

China daily crude steel output hit 2011 low in August

According to latest statistics China crude steel production hit 58.752 million tonnes in August 2011, up 13.8%YoY. Daily production set a year to date new low of 1.8952 million tonnes, down 180,000 tonnes compared with July.

China number two coal producer closes mine after fatalities

Xinhua News reports the mining operations of China National Coal in Shaanxi Province, the country's coal heartland, were ordered suspended after eight miners were confirmed dead in a colliery flooding on Saturday. Officials said the flooding exposed "serious problems" in the implementation of safety measures and the company would only resume operations after an overhaul. State-owned ChinaCoal is the country's second largest coal producer at 154 million tonnes/year. Due to a paucity of gas and oil China relies on coal for 70% of its energy needs and government analysts expect annual coal demand to reach at least 4 billion metric tons by 2020 even after taking into account unprecedented levels of investment in nuclear, wind, solar, and hydro. Official statistics show the death rate per million metric tons of coal produced stood at 2.63 in 2010.

Mongolian government endorses Chandgana power plant project

Prophecy Coal Corp. (TSX-V: PCY)(OTC-QX: PRPCF)(Frankfurt: 1P2) announces that its Chandgana Power Plant Project ("Project") has been officially endorsed by the Mongolian Ministry of Natural Resources and Energy.

Chinalco sees Oct. 2013 start at $2.2 bln Peru mine

China's Chinalco started construction on its $2.2 billion Toromocho Peru mine in May and it should be ready to operate in October 2013, the company said on Thursday. Chinalco has delayed the project's start date several times, awaiting government

Anvil Mining reins in $1 billion takeover rumours

Anvil Mining (TSE:AVM), a copper miner based in the central Africa, tamped down speculation that it may be acquired for $1 billion. Australian Finance Review reported that it was in serious discussion with a Chinese firm about some sort of business tie up. Last month, Anvil announced that it started a strategic review process and the company had formed a special transaction committee to ". . . review and consider the value maximizing alternatives available to the Corporation. BMO Capital Markets has been retained to assist in this regard," said the company in a statement.

Patriot Coal and Peabody Energy benefit from favorable pricing environment

Coal producers are benefitting from skyrocketing demand and improved pricing of late. Meanwhile, Coal shortages in China and India are directly assisting US exporters and have played a major role in the better pricing environment.

China buying gold in bid to devalue U.S. dollar

According to a recently released WikiLeaks cable, China is shifting some of its massive foreign holdings into gold and away from the U.S. dollar, undermining the dollar's role as the world's reserve currency.

Indian firms eye $6 billion Afghan iron ore contract

As the United States and its allies look back on a weekend of memorials and tributes to the nearly 3,000 victims of 9/11, the country that was struck in retaliation for the 2001 attack on America could become a hotbed of mining. The National reports that Indian firms are bidding billions of dollars for a contract to mine iron ore in a central district of Afghanistan: "A consortium led by the state-run Steel Authority of India (SAIL) could invest up to US$6 billion (Dh22bn) in the mine, railroads and a steel plant in a race with China to lock in raw materials for two of the world's fastest-growing economies."

Antimony tops metals and minerals risk list, China controls 50% of 52 critical chemicals

The British Geological Survey (BGS) on Wednesday published the latest list of the 52 elements, minerals and metals most at risk of supply disruption because global production is concentrated in a few countries, many with unstable governments. Surprisingly rare earths used in green technology and defence do not top the list but comes in at number five. Antimony, extracted mainly from stibnite (pictured), widely used for fireproofing is most at risk. The platinum group metals (auto catalysts) hold the second spot while niobium used in touch screens and scanners and tungsten for cutting tools are also at risk of supply disruption as a result of increased competition among the world's growing economies, political instability, resource nationalism, along with events such as strikes and accidents. China is the number one producer of 50% of the 52 chemicals on the list and produces 75% of the world's antimony.

China's plan for fewer mines and bigger mines

China plans to dramatically consolidate the number of mines in its country, according to Caterpillar (NYSE:CAT) and a study by MCCM. And China also wants its mines to be a lot more productive. Caterpillar released the results of a study in August. In 2004 China had 25,000 operating mines. By the end of 2013 China wants to get that number down to 4,000 mines. A minimum production of 300,000 tonnes per annum will be required for mine approval.

Philippine 2011 mining investment may hit $2.8 bln

Mining investments could reach $2.8 billion in the Philippines this year if Chinese investors proceed with plans to jointly develop mining projects in the country, a senior mining official said Tuesday. There is a good chance that an initial target of $1.4 billion could be doubled if Chinese investors follow through in the last quarter on investments they have expressed interest in, Mines and Geosciences Bureau director Leo Jasareno said.

China warns of Australia mining boycott over new rules

Chinese business leaders have warned of an investment strike over a decision by Treasurer Wayne Swan to impose a two-stage foreign approval process for resource exploration and mining.

Chongqing Steel posts increased crude steel output for Aug

Chongqing based Chinese steel maker Chongqing Steel produced 524,800 tonnes of crude steel in Aug this year, an increase of 15.67% compared to Jul and rising by 72.7% year on year, according to the company.

Copper lifted off 1-month lows as China comes to rescue of Italy

London copper prices rose 1.3% to $8,869.50 a tonne n Tuesday on reports that China could bolster Italy's flagging economy by buying its bonds. In the previous session, copper – considered a good indicator of economic activity – was dragged to a one-month low after Chile’s Codelco, the world’s largest producer, said some of its clients in the United States and Europe have asked to cancel orders. Italy has asked China to make "significant" purchases of Italian debt, the Financial Times reported on its website on Monday, saying that the chairman of China Investment Corp, headed up a delegation to Rome last week. Meanwhile Greek workers threatened to sabotage a new property tax, a last-ditch effort by the government to please international lenders and the US treasury secretary flies to Poland to meet with EU finance ministers on the Greek crisis.

Silvercorp 2011 losses hit 40% after stock plunges again

Shares in China-focused miner Silvercorp Metals slumped over 7% on Monday after British Columbia security regulators said they were joining the investigation into an anonymous letter accusing the company of a $1.3 billion fraud. Silvercorp was forced on Friday 2 September to make public the letter and at the same time disclosed that someone had built up a short position of 23 million shares – more than 13% of the number outstanding. The firm with projects in China and Canada plunged after the news broke and Monday's drop brings year to date losses close to 40% despite the firm's ongoing buyback programme.

Commodities, gold and Asian markets all down

Asian and Australian markets were down on Monday. The Shanghai Stock Exchange was down -0.03%; the Nikkei tumbled -2.31% and the Hang Seng Index fell -4.21%. The S&P ASX 200 was also down by -3.72%. Commodities were all down due to worries about the Euro Zone crisis and concern about sluggish worldwide growth. Copper was off -1.8% to US$8,665/ton.

Stable coal supply remains top priority in China

According to recent statistics from China National Coal Association, in the first half of this year, national coal output reached 1.77 billion tons, an increase of 12.7 percent compared with the same period in the previous year; the sale volume of coal

China’s August iron ore imports gain 8 pct from July on demand

China, the world’s biggest buyer of iron ore, boosted purchases 8.3 percent in August to the highest in five months as demand and prices rose. Imports totaled 59.09 million metric tons last month, up from 54.55 million tons in July and the most since

Afghanistans Hajigak iron ore deposit draws bids from India, Iran, Canada

Bloomberg09/07/2011By - Afghanistans richest iron-ore deposit drew bids from an Indian government-backed group, two Iranian contenders and Canadas Kilo Goldmines Ltd. (KGL), an Afghan official said. Hajigak Iron Ore in Bamian Province Hajigak canyon in

WFDB President calls on diamond trade to be positive ahead of Hong Kong show and holiday sales season

"As the pace of polished sales is now set in the major Asian markets, in particular in China and India, we have good reason to be optimistic about significant growth in those markets. We are hearing positive forecasts for the upcoming fairs and I expect