China Mining News

China GengSheng Minerals to Report Second Quarter 2011 Financial Results on August 15, 2011

GONGYI, China, Aug. 8, 2011 /PRNewswire-Asia-FirstCall/ -- China GengSheng Minerals, Inc. (AMEX: CHGS), a leading China-based high-tech industrial materials manufacturer producing heat resistant, energy efficient materials for a variety of industrial

Gold One’s Rand Uranium buy, Chinese transaction approved

PERTH (miningweekly.com) The South African consumer watchdog has granted permission to ASX- and JSE-listed Gold One to continue with its takeover of Rand Uranium, as well as to take on a Chinese consortium as its majority shareholder. Gold One signed a

Foreign mining investment in China tops $175 billion

spur-ventures.jpg Intierra Resource Intelligence has released updated figures on foreign mining investment levels in China. The Intierra mining database identified that more than 60 companies with primary listings outside of China and Hong Kong have a direct market interest in quoted mineral resources in China. Foreign investments make up approximately $175 billion worth of total Chinese resources [...]

Laconia shares soar on JV deal

PERTH-based explorer Laconia Resources shares have spiked by as much as 16% after it announced a $A7.5 million deal with a Chinese syndicate to further explore and develop the Mooletar iron ore project in Western Australias Mid West.

China's gold output exceeds 164 tonnes in first half of year

China's gold output grew by 5.18 tonnes, or 3.25 percent year-on-year to 164.42 tonnes during the first half of the year, the Ministry of Industry and Information Technology (MIIT) said Friday. In June alone, the country

Copper seen above $4 a pound on China recovery says Codelco

Copper prices may remain above $4 a pound in coming months, driven by a recovery in demand from China, according to Codelco, the world's largest producer. Chinese inventories seem to have decreased and now the industry is catching up again," Diego Hernandez, chief executive officer of the Chilean state-owned company, said in an interview on Bloomberg Television. Output from Chile, the world's largest copper producer, may miss a target of 5.6 million metric tons in 2011 by 5 percent because of project delays, weather disruption and strikes at mine sites. Codelco plans to spend about $20 billion this decade to boost annual production to meet forecast rising global demand for copper.

Iron ore imports in China's Heilongjiang Province double, price up 41%

According to the local customs authorities, in the first half of this year the iron ore imports of China's Heilongjiang Province reached 2.507 million mt, which is 1.2 times the volume recorded in H1 last year. The 2.507 million mt was worth a total of $410 million. The average iron ore import price was $163.4/mt, up 41 percent year on year. Russia remained the leading source of imported iron ore arriving in Heilongjiang.

China Minmetals calls for rare earth production suspension

Reuters reports that Minmetals has urged all firms in the rare earth sector to maintain the national output quota by suspending production starting from the beginning of August.

Macarthur Coal lures bidders as Peabody rouses China

Peabody Energy Corp. is leaving the door open for a rival bidder to step in for Macarthur Coal Ltd. by offering less for the Australian mining company than it did last year, even as profit is projected to double.

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.