China Mining News

Coal Shortages Force China’s Hand and Motivate It Speed up on Clean Energy

Every booming economy could be handicapped by one vita resource – cheap energy. It’s no different for China whose economic juggernaut is entailing a high cost in terms of energy. Coal power plants are shutting down and causing massive outages.

Diamond Federation of Hong Kong holds bourse elections

The Diamond Federation of Hong Kong, China Limited has announced its Executive Committee for 2011 through 2013, naming LEUNG, Sik Wah as honorary life president, MA, Y.Y. Lawrence as president and CHOW, W.S. Winston as Chairman. Other appointments

Cobalt is the king of critical metals

Most people don't know or care about cobalt. But, as with a number of metals we seldom hear about, we would certainly miss cobalt if it were not available for use in many cutting-edge applications. In this exclusive interview with The Critical Metals Report, Rick Mills, editor of Ahead of the Herd, talks about the supply and demand for critical metals and tells us why cobalt is the "King of Critical Metals."

Beijing’s coal use to be capped

The capital city will cap its annual coal consumption at 20 million tons by 2015, as part of its plan to release less carbon and further reduce air pollution, the municipal commission of development and reform said on Monday.

Eyre magnetite jumps 200 pct

Chinese steel major Wuhan Iron & Steel (WISCO) and Centrex Metals have boosted the total mineral resource for their Eyre Peninsula joint venture iron operation by 200% after posting an initial resource estimate of 319.4 million tonnes.

China copper spree defies market jitters

Chinese companies and investors are stepping up commodity buys such as copper. The show of confidence stands in contrast to the turmoil in western markets.

Iron ore miners call the shots as China steelmakers' profits melt away

China's 27 largest steel companies saw a 15.7% decrease in the first-half profits from a year earlier for a combined profit of $1.6 billion, according to the Shanghai-based researcher Wind Info, as soaring iron ore costs squeezed margins. The woes of China's steelmakers, which have been switching to cheaper low grade ore to cut costs as prices top $180/tonne, are in stark contrast to profits at miners. Last week results for BHP Billiton showed its iron ore division accounted for the bulk of its record $22 billion in profits. BHP, Vale and Rio Tinto – control nearly 70% of the 1 billion tonne annual iron ore seaborne trade and dominate price talks.

China pulls 19 from flooded mine in rare rescue

Rescue workers on Tuesday saved 19 miners from a flooded Chinese mine where they had been trapped for a week, state media said, in a rare good-news story for an industry in which thousands die each year.

On China's rare earth black market prices are falling

Sinocast reports China's market for rare earths has begun to see negative effects of its crazy growth this year with an increasing number of downstream players finding it difficult to make deals despite price cuts. Prices of certain elements such as cerium used to polish TV screens and lenses are down 10% over the summer after months of break-neck price hikes. Reuters reports China is in the midst of a crackdown on illegal miners and processors and the busy black market trade that have sprung up, but has struggled to impose a REE production cap, with actual annual output exceeding official quotas by 40% to 50% since 2007.

China wants to keep rare mineral export restrictions

China said on Wednesday that it would appeal against a World Trade Organisation ruling that it illegally restricted exports of certain rare and speciality metals and minerals including bauxite, coking coal, fluorspar, magnesium, manganese, silicon metal, silicon carbide, yellow phosphorus and zinc. The United States, European Union and Mexico argued that the minerals are key inputs for numerous industries and any cut in supplies could lead to sharp spikes in world prices. The complainants fear a similar situation to rare earths where the price of certain elements have tripled thanks to export cuts and China's virtual monopoly on production.

China pulls 19 from flooded mine in rare rescue (AFP)

Rescue workers on Tuesday saved 19 miners from a flooded Chinese mine where they had been trapped for a week, state media said, in a rare good-news story for an industry in which thousands die each year.The state CCTV television network

Small Canadian miner's Tibetan plateau gold mine likely largest in Asia

China Daily reports local land and mineral resource officials in the Qinghai province estimate that the Dachang gold mine in the Tibetan autonomous prefecture of Yushu is likely to become one of the largest gold mines in Asia with 300 tonnes in proven reserves. The geological exploration was conducted jointly by Qinghai mining development bureau and TSX-listed Inter‐Citic Minerals with a total investment of $31.3 million. The project is at an elevation of approximately 4,500 meters and consists of five exploration licenses covering some 279 square kilometers. Tiny Inter-Citic says it allocated $6.3 million in exploration expenses for this year.

Silvercorp reaches record production in China

Silvercorp Metals has achieved record silver production and record sales from its Chinese operations for the first quarter of the 2012 financial year. The company recorded 1.6 million ounces of silver production, up 15% from the same period a year ago. Revenue was US$69.7 million which was 90% more than the same quarter last year. The silver figures were achieved from the four mines at the Ying Mining Camp in Henan Province. The company is well on track for the fiscal year 2012 production guidance of 5.6 million ounces.

Shares of Aluminum Corporation of China (ACH) are down 4.4 pct after the firm reports a 22 pct drop in H1 net profit. The company says losses from hedging activity and rising sales costs socked profits.

Shares of Aluminum Corporation of China ( ACH ) are down 4.4% after the firm reports a 22% drop in H1 net profit. The company says losses from hedging activity and rising sales costs socked profits. Post your comment!

Slowdown signs – COSCO reports H1 loss of CNY 271 billion

China COSCO (Ocean Shipping Group Co) Holdings Company, the country's top shipping conglomerate, on Friday reported a loss of CNY 271 billion (USD 432 million) for the first half of 2011, registering a massive decline of 176.8% YoY. Image is from geograph.org.uk

Yalian Steel announces Q3 financial and operational results

Yalian Steel Corporation announced its financial and operating results for the three and nine months ended June 30, 2011. The Company or Yalian refers to Yalian Steel Corporation and its subsidiary, Yangzhou Yalian Steel Pipe Co Ltd which operates

22 trapped in flooded Chinese mine

BEIJING, Aug. 29 (UPI) -- Rescuers in northeast China's Heilongjiang province worked Monday to save 22 workers trapped in a flooded coal mine for a week, officials said. During the weekend, rescuers retrieved the body of a worker who had drowned and

Copper declines on concern Chinese lending curbs may cut demand

Copper futures declined in New York on concern that moves to curb credit growth and tame inflation by China, the world’s biggest consumer of the metal, may reduce demand for raw materials.

POSCO quickens expansion in Chinese market

South Korean steel giant Pohang Iron and Steel Co Limited or POSCO has quickened its expansion in China and bet heavily on the populous market in recent years.

3 rescued in China mine, 23 still trapped (AFP)

Three miners trapped for more than four days in a flooded mine shaft in northeast China were rescued Saturday as authorities battled to reach another 23 workers still underground, state media said.

Copper miners tap into China growth

Most mining companies are highly diversified, but Antofagasta and Kazakhmys are pretty much single-country, single commodity miners. Both companies mine for copper, Antofagasta in Chile, Kazakhmys in Kazakhstan.

China tests underground refuge chamber in bid to reduce mining casualties

China's coal mine safety watchdog said on Friday it had completed a manned experiment of a permanent underground chamber that can shelter miners in case of an accident as part of its efforts to reduce mining casualties.

Guinea and China in talks over bauxite mine, alumina refinery

Guinea is in advanced talks with state-owned China Power Investment to develop a bauxite mine and build an alumina refinery, deep water port and a power plant in the West African state, Guinean government sources said.

China's Shaanxi Coal plans $2.7 bln IPO

Shaanxi Coal Industry plans an initial public offering in Shanghai to raise up to 17.3 billion yuan ($2.7 billion) in what could be China's biggest IPO this year. The China Securities Regulatory Commission (CSRC) said late on Thursday that it would review Shaanxi Coal's IPO application on August 29.

Gold production in China set to climb over 10 pct

While China's demand for gold is expected to surge to around 25% of global production, the world's largest producer is also ensuring a huge domestic stockpile of the precious metal.