Canadian gold miner Anaconda Mining Inc posted a fifth-straight quarterly loss, but expenses were lower from a year-ago levels and production rose sequentially. Net loss for the third quarter was $1.9 million, or 1.5 cents a share, compared with a loss of $2.2 million, or 2.5 cents per share, a year ago.
Iron Ore Mining News
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.
An $8.5 billion joint venture between Adriana Resources and Wuhan Iron and Steel Co. Ltd. would create the largest iron ore mine in Canada, capable of producing 50 million tonnes of iron ore over 100 years. Nunatsiaq Online reports on a preliminary economic assessment of the project released this week:
Seven days after putting Regent Pacific on notice that it should not withdraw its takeover offer, Regent informed BC Iron yesterday that it had entered into a binding mandate letter with Standard Chartered Bank of Hong Kong and Westpac Banking Corporation for $US155 million debt finance. BC Iron said Regent has now advised it will change its recommendation to its shareholders to vote in favour of the acquisition of all BC Iron shares.
Yesterday was quite a weak day in the commodity markets, with a few staging outside reversals on their charts. It appears some (much?) of this weakness was due to a report by the very influential […]
When a Chinese vase that might be barely a century old fetched $18 million recently at a Sotheby’s auction in New York—obliterating its pre-sale estimate of just $1,000—that was surely based on inflation fears and money printing by the Federal Reserve. Conversely, when the sale of a much more esteemed ceramics collection failed to live up to the hype Thursday night in Hong Kong, clearly worries about slowing economic growth were to blame, exacerbated by Chinese monetary tightening.
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.
Australian mining giant Rio Tinto has received the green signal to undertake mining activities in India, with the Orissa government granting a proposal for a fresh agreement on Thursday, April 7. State-run Orissa Minerals Development Company (OMDC), a part of the Bird Group of Companies under the Indian government's ministry of steel had been in discussions with the world's biggest mining company, Rio Tinto, for a joint venture in the state for some time now.
Metso will supply a single tandem rotary railcar dumper to Hamersley Iron Pty Ltd for its Cape Lambert, Port B iron ore operation in North Western Australia. Read more
Nunavut to benefit from 'tsunami' of money flowing into Canadian mining, oil and gas: Nunatsiaq Online
Nunavut is attracting the attention of the world's miners like never before, says Scotiabank commodities analyst Patricia Mohr, speaking at a mining summit in the mineral-rich Canadian northern territory. Nunatsiaq Online reports: Pushed by the developing world’s growing hunger for consumer items, civil unrest in many countries, and “random” events like the recent tsunami, earthquake and nuclear power plant disaster in Japan, mining companies around the world are eying Nunavut with far more interest than before.
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.
Labrador Iron Mines Holdings Limited (TSX:LIM) announced that in connection with its previously announced public offering on April 4, 2011, it has entered into an agreement with a syndicate of underwriters to sell 8 million common shares of the company at C$12.50 per common share and 666,700 flow-through shares at C$15.00 per share for aggregate gross proceeds of C$110,000,500.
The Brazilian group, which produced 311m tonnes last year has previously said it is planning to raise its annual output to 522m tonnes by 2015 on the back of an expectation that demand growth will […]
The former Vale executive, who has previously led the group's Canadian nickel operations, will take up the post on May 22 and will have to placate not only politicians but also investors used to strong […]
Brazil's government is considering creating an iron ore export tax meant to spur investment in local steel production, a leading Brazilian newspaper reported on Friday. Advisors to President Dilma Rousseff have asked the finance ministry to study a measure that would tax iron ore exports and exempt steel exports, the newspaper O Estado de S.Paulo reported on Friday, citing a source in the presidential palace.
Sherwin Iron Limited (ASX: SHD) says that fresh metallurgical testwork on the oolitic hematite from its Roper River Iron Ore Project in the Northern Territory using a simpler processing route has delivered an end product […]
Leighton Holdings subsidiaries Thiess and Leighton Contractors have announced three important new contracts. Thiess has secured a $166 million contract to provide bulk earth works and selected infrastructure for BHP Billiton Iron Ore’s Jimblebar mine near Newman in Western Australia.
Vladimir Strzhalkovsky, the General Director and Chairman of the Management Board of MMC Norilsk Nickel (the Company) met with the President of the Republic of South Africa Jakob Zuma in RSA. The meeting was held as part of the General Director's business visit to the Republic of South Africa. The parties discussed further development of the Company's projects in RSA.
The ability of mining giant Vale (VALE.N: Quote) to execute on its capital spending plans will be paramount for its stock to rise, according to a Morgan Stanley report on Monday. Analysts Carlos de Alba and Bruno Montanari said that Peru's Bayovar, Vale's first greenfield project outside Brazil, "offers a good example that the company can deliver."
As quoted in today's Sydney Morning Herald, U.S. economist Dale Hale says the surge of iron ore from Africa could break the dominance of Australia and Brazil in the setting of iron ore prices, and lead to eventual price declines. The story says at least 20 mines could open in a region spanning Liberia, Guinea, Sierra Leone and Cameroon by 2015, with aggregate output of 600 million tonnes per year.
Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to confirm the 3rd shipment of iron ore fines has today sailed from Port Hedland, destination China. The vessel is carrying 70,202 wet metric tonnes of iron ore grading […]
Brazilian mining company Vale has pushed out Chief Executive Roger Agnelli under heavy government pressure and is in discussions to replace him with an executive from within, local media reported on Sunday. President Dilma Rousseff has used the government's influence as a key Vale (VALE5.SA: Quote) shareholder to insist the company remove Agnelli following years of accusations it was not doing enough to bolster Brazil's economic development.
According to RBC Capital Markets, when ArcelorMittal reports mining assets separately, AM Mining could rank as the fifth largest iron ore producer globally.
Diversified mining behemoth BHP Billiton is expected to pour billions of dollars into Australia in an effort to expand its iron ore and coal facilities, says a report from AFP: Mining giant BHP Billiton said Friday it would pour billions of dollars into expanding its coal and iron ore operations in Australia, key commodities that are driving the boom in Asian economies.
Ausenco has been awarded a $15 million operations and maintenance service contract for the Tonkolili iron ore project in Sierra Leone. The Optimise phase contract involves the provision of operations and maintenance services to two onsite mobile crushing and screening modules for phase 1A of the Iron Ore Project. The contract commences immediately and runs until July 2012, providing an additional boost to Program Management’s growing recurring revenue base.