China Mining News

Japan rare earth imports from China jump 40% in March

Japan's imports of rare earths from China rose 40 percent in March from the previous month, Ministry of Finance data showed, with some observers saying demand is so far unaffected by last month's devastating quake though the outlook remains murky.

Chinese co secures MOU on Australian ferrovanadium project

TNG Ltd (ASX: TNG), which recently released a positive scoping study review of Mt Peake said today it had a memorandum of understanding (MOU) with a major Chinese engineering and development company. It was also now in discussions with other potential funding/development partners.

China tries to curb over-capacity in aluminium sector

China has called on central and provincial authorities to stop approving the construction of new aluminium smelting capacity as over-capacity in the industry is expanding. Nine ministries and departments jointly issued an urgent circular reinforcing Beijing's policy to restrict aluminium capacity expansion. The circular was published on the website of the Ministry of Industry and Information Technology on Wednesday. (www.miit.gov.cn). Picture, a German aluminium coin from the time of the hyperinflation, is from Images of Elements.

China planning to ‘protect’ strategic coking coal resources

Platts reports the Chinese government is planning to categorize coking coal as a strategic resource that will be “protected” via incentives to optimise production and industry consolidation, Deutsche Bank said in a report last week.

China supply, demand outlook for copper: The price correction continues

Reports from China indicate the Chinese economy grew 9.7% in the first quarter of 2011 with foreign exchange holdings rising to a record $3 trillion. This brought about a fresh round of speculation that the Chinese government will tighten lending further in an attempt to curb and control inflation after two years of record credit expansion. The central bank has already raised interest rates four times since October 2010 along with increasing reserve requirements for Chinese banks.

Is commodities boom nearing its end?

The commodity bull has shown little sign of running out of steam - until now. Prices began to stumble as soon as a note from Goldman Sachs, the American banking giant, whizzed around trading desks across the globe last week. The broker advised clients to close its profitable "CCCP" play, which involved investing in a basket of crude oil, copper, cotton, platinum and soybeans. The commodities team, led by Jeffrey Currie, argued that after gaining 25pc since December, the risks to the trade had changed.

Chinese group makes billion-dollar bet on B.C. coal: Globe

A coal project in northeastern B.C. that is being developed by a Chinese consortium could produce up to 2 million tonnes of met coal annually for the next 30 years, the Globe and Mail reports: A Chinese group is making a $1-billion bet on coal in British Columbia to secure a key raw material for its steel making industry, the latest in a series of moves this year by international companies to stake a claim on Canadian resources.

Update on regulatory approvals for Consolidated Thompson Iron Mines arrangement with Cliffs Natural Resources

Consolidated Thompson Iron Mines announced that Cliffs Natural Resources has received approval under the Investment Canada Act for completion of the plan of arrangement pursuant to which Cliffs will acquire all the outstanding common shares of CLM. The closing of the Arrangement remains subject to certain other customary conditions, including obtaining approval of the MOFCOM filing with the Anti-Monopoly Bureau of the Ministry of Commerce of the People's Republic of China.

China’s Equinox play part of deeper strategy in Africa: Globe and Mail

Rita Trichur, writing in Saturday's Globe and Mail, goes behind the headlines in discussing the $6.3 billion bid by China Minmetals to take over TSX-listed Equinox Minerals. The bid, Trichur writes is emblematic of an emboldened, more savvy China, as the country seeks to gain control over mineral resources in Africa.

China tests home-grown coal refuge chamber at Changcun mine

Lu’an Group, a large Shanxi-based coal producer, completed what was, according to state newsletter People’s Daily Online, China’s first manned test of an underground refuge chamber on April 10. A team of 80 miners, rescue workers and researchers stayed in a permanent refuge chamber in the company’s Changcun coal mine for 48 hours. Read more

Moly Mines Limited: China Development Bank approves US$500 million project finance facility for the Spinifex Ridge molybdenum/copper project

Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to announce it has been advised by Hanlong Mining Investment Pty Ltd (“Hanlong”), that the China Development Bank (“CDB”) has approved US$500 million in project finance facilities to develop […]

China reselling SA coal into Europe

At least four capesize cargoes of South African coal have been sold back to the original sellers by Chinese buyers during the past month and all are coming to Europe, said sources familiar with the deals. The South African coal is being stockpiled in Amsterdam-Rotterdam-Antwerp and at power plants either for sale into Europe or to be burned at the main buyer's own power plants.

Moly Mines Limited: China Development Bank approves US$500 million project finance facility for the Spinifex Ridge molybdenum/copper project

Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to announce it has been advised by Hanlong Mining Investment Pty Ltd ("Hanlong"), that the China Development Bank ("CDB") has approved US$500 million in project finance facilities to develop the Spinifex Ridge Molybdenum / Copper mine. CDB have agreed to expand their commitment from the US$250 million, announced on 1st February 2011, to US$465 million and make available US$35 million in further working capital facilities to meet Hanlong's US$500 million financing commitment to Moly Mines. A formal commitment letter is expected to be issued by CDB within the next two weeks.

Caterpillar to form venture to build transmissions

Caterpillar Inc. said Friday it agreed to form a joint venture with a Chinese transmission manufacturer that will build drivetrain systems and other components for Caterpillar machinery and produce a line of automatic transmissions for […]

China tests home-grown coal refuge chamber at Changcun mine

chinaminer460.jpg Lu’an Group, a large Shanxi-based coal producer, completed what was according to state newsletter, People’s Daily Online, China’s first manned test of an underground refuge chamber on April 10. A team of 80 miners, rescue workers and researchers stayed in a permanent refuge chamber in the company’s Changcun coal mine for 48 hours.

The China REE import debate.

April 7, 2011 (Robin Bromby, Editor www.RareMetalBlog.com) - China is going to be a net importer of REE from about 2015, right? Well, that seems the latest consensus.

Australian regulator halts Regent Pacific's attempt to drop BC Iron bid

Hong Kong-based Regent Pacific Group Ltd said it would consider reinstating debt funding for its original bid for Australian iron ore producer BC Iron Ltd. This move follows a decision by Australia's Takeovers Panel declaring a case of "unacceptable circumstances" for Regent's "purported termination" of its takeover scheme with BC Iron.

China's Minmetals makes surprise C$6.3 bn offer for copper miner Equinox

Equinox's hard-fought battle for Lundin may be aborted by a financially superior hostile bid for Equinox by China Minmetals' subsidiary Minmetals Resources.

China bumps up rare earth export quota

China has increased its 2011 rare earth export quota, says an article by International Business Times: China has set its total output of rare earth at 93,800 tonnes this year, 4,600 tonnes more or 5.16 percent higher compared to last year's, the Ministry of Land and Resources said this week.

FT/Alphaville says 700,000 mt of Chinese copper used for financing, not construction

In a worrying report for copper bugs, FT/Alphaville looks more closely at a practice in China whereby copper is warehoused and used as collateral to get financing rather than actually used to build things. The […]

China TV reports gold sales ‘going through the roof' and shortages for fabricators

A Chinese TV station last week reported 'through the roof' gold demand which was leading to a shortage of supplies for fabrication.

Oyu Tolgoi copper-gold-silver project now in peak year of construction

Ivanhoe Mines announced its financial results for the year ended December 31, 2010. The approved 2011 capital budget for Oyu Tolgoi is estimated at $2.3 billion. Principal components of the 2011 construction program include $561 million for the 100,000-tonne-per-day concentrator complex; $186 million for the initial mining fleet and to start pre-stripping of the Southern Oyu open-pit mine; and $713 million for project infrastructure, electrical power and completion of the process-water supply. The number of workers assigned to the Oyu Tolgoi site recently surpassed 7,000 for the first time. On-site jobs at Oyu Tolgoi are expected to peak at almost 14,000 in mid-2011, with an additional 3,700 Mongolians receiving skills training sponsored by Oyu Tolgoi.

Gold and silver's daily review

Silver is continuing to trade stronger than gold and is rising today too.

China to increase rare earth tax from April – Xinhua

China will increase a tax on rare earths from April 1, the official Xinhua News Agency said on Thursday. The State Administration of Taxation website carried a local media report, saying the resource tax would be raised to 30-60 yuan per tonne, depending on the type of rare earth mineral, a substantial increase from the current level of 0.5-3 yuan per tonne.

Stagflation causes more damage than inflation and promotes gold!

To put it in a nutshell stagflation is where economies do not grow or fall, while money cheapens persistently, ensuring no protection against wealth attrition.