Members of a Filipino tribe are protesting after the country’s second richest businessman agreed to enter a nickel joint mining venture with a Chinese concern on the island of Palawan. Palawan was in the news recently when the Puerto Princesa subterranean river on the island was chosen as one of the world’s new seven wonders of nature, according to organizers of a global poll conducted via social media. The Philippine government vigorously campaigned for the 8.2 kilometer navigable underground river in a bid to boost tourism. South Korea’s Jeju Island, Indonesia’s Komodo and South Africa’s Table Mountain were also among the list.
Nickel Mining News
Powerful Korean conglomerate Samsung Group is said to be considering a $2.2 billion investment in an Australian nickel and cobalt mine, The Australian is reporting.
According to Metals Economics Group’s (MEG) 22nd edition of Corporate Exploration Strategies (CES), the estimated total 2011 budget for nonferrous metals exploration surged to $18.2 billion.
The mining industry in Quebec is roaring, with $2.92 billion in investment in 2010, up from 43% in 2009. The Institut de la statistique du Québec, which released the findings on Wednesday, said that this was the seventh straight year mining investment increased, and in each of the last three years investment was greater than $2 billion. In March the Fraser Institute warned that changes to the province's tax code would harm business investment, and Quebec slid from first to fourth in the institute's list of mining-friendly jurisdictions. If the changes don't weigh on province, 2011 could be a banner year.
One of the more unique lots at Christie's Magnificent Jewels auction on November 29 in Hong Kong is likely to be a set of poker chips made by the Swedish artist and jeweller Kristian Ståhl. The 120 chips are made of 18K white gold and are set with a total of 5,160 calibrated top-quality diamonds, rubies and sapphires. But what makes the set truly unique is that each chip was sliced from the 1 million year old Muonionalusta meteorite that contains iron, nickel and rare earths. The set is estimated at $100,000 – $150,000 and Stahl said he was inspired to create it after his Siberian mammoth ivory dice sold well at auction last year.
Cadillac Ventures Inc. (TSX VENTURE:CDC) ("Cadillac" or the "Company") is pleased to announce the closing of the first tranche of a private placement financing led by NCP Northland Capital Partners Inc. and including Stifel Nicolaus Canada Inc. and Secutor Capital Management Corporation (collectively, the "Agents") (see the Company's news releases dated October 26, 2011 and November 15, 2011) (the "Offering"). Pursuant to the Offering, an aggregate of 11,039,196 flow-through units ("FT Units") were sold at a price of $0.23 per FT Unit for aggregate gross proceeds of approximately $2.5 million.
Mindoro Resources Ltd (TSX VENTURE:MIO) (ASX:MDO.AX - News) (FRANKFURT:WKN 906167) today announced it is undertaking a capital raising through the sale of up to 33,400,000 Common Shares and CDIs on a private placement basis to qualified investors at a price of C$0.12 per share in Canada and A$0.115 per CDI in Australia for gross proceeds of up to the equivalent of C$4 million ("Private Placement").
Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E) announces that it has entered into an engagement letter with Industrial Alliance Securities Inc. for a best-efforts private placement of "flow-through" units and non-"flow-through" units in a maximum amount of $2 million.
Scientists have succeeded in making the world's lightest material, so light it can float on top of dandeloin fluff, and they made it out of nickel. The metal used matters less than the structure. The material, developed by researchers at HRL Laboratories, LLC, is made out of micro-lattices that maximize strength in relation to the amount of material used. The structure is actually 99.99% air. Nickel was used by the researchers since it was the easiest material to work with.
TORONTO, Nov. 18, 2011 /CNW/ - Great Lakes Nickel Limited ("GLN" or the Corporation") is pleased to announce that it signed an agreement today with Rio Tinto Exploration Canada Inc. ("RTEC") regarding an option by RTEC to acquire a 100% undivided interest in certain mining properties located in Pardee Township, Ontario (the "Pardee Property"). The basic terms of the agreement are that RTEC may exercise the option upon paying $5,500,000 to the Corporation over the course of seven (7) years, at which time it will grant the Corporation a 2% net smelter returns royalty.
Western Areas' Spotted Quoll underground mine in Australia delivered its first nickel ore on Friday, two months ahead of schedule. Western Areas, Australia's third-largest nickel producer, said on Friday a new mine had yielded its first nickel ore two
Japan's top nickel producer, Sumitomo Metal Mining Co., is predicting a glut in the supply of the metal. Bloomberg reports a global nickel surplus may soar in 2012 to the highest in four years as Europe’s debt crisis and a sluggish U.S. economy cuts demand: Supply will likely exceed demand by 54,000 metric tons in 2012, the biggest surplus since 2008, said Toru Higo, Sumitomo Metal Mining Co.’s general manager of nickel sales and raw materials. Demand outstripped supply by 63,000 tons last year, the first deficit since 2006, before moving to a surplus of 11,000 tons this year, Higo said.
Mining Weekly reports Albidon’s (ASX:ALB) problems escalated on Friday after it suspended operations at its Munali nickel mine, in Zambia.
Reuters Africa reports a company chaired by Australian iron ore magnate Andrew "Twiggy" Forrest wants to reopen a nickel mine in Western Australia shut more than 15 years ago. A successful restart of the Mount Windarra mine by Poseidon Nickel Co , would mark Forrest's return to nickel mining after quitting the board of Anaconda Nickel in 2002 and founding Fortescue Metals Group , Australia's third-largest iron ore company.
First Quantum Minerals on Tuesday said production of 265,000 tonnes of copper and 175,000 ounces of gold is forecast for 2011 reflecting lower production to date as well as lower expected sulphide ore grades in the short-term at Kansanshi and lower acid availability in Zambia. The company said its average cash cost is $1.35 per pound of copper and the revised forecast is a result of higher costs to date, lower production and higher input costs. Its Ravensthorpe nickel project in Australia is set for commercial operation before the end of the year.
Minmetals is not finished acquiring companies to add to its stable of base metal mines, according to Bloomberg. The state-run Chinese miner, with operations in Australia and Laos, a month ago snapped up Anvil Mining for $1.3 billion, thus expanding its reach into Africa. Anvil’s key asset is the Kinsevere mine, located in the Democratic Republic of Congo. Bloomberg reports the firm is planning more takeovers because it needs to extend the life of its mines and boost valuations. Minmetals' stock is undervalued compared to other comparable raw materials producers and consummating more deals would help raise its valuation, says the story, quoting a manager at First Asset Investment Management Inc.:
Anglo American (LON:AAL) has discovered what could be Europe's largest nickel deposit in a bog in Finnish Lapland. Helsingin Sanomat reports exploration drilling by the British-American mining giant has found samples of ore containing 4% nickel in the Viiankiaapa mire area north of Sodankylä. That compares to 0.4% nickel in the nearby Kevitsa deposit being developed by First Quantum Minerals (TSE:FM), which has spent about 300 million euros constructing a new copper-nickel mine. The news site says Anglo American plans to double the number of drill holes to chart the width and depth of the deposit. The ore body is believed to extend to the surface and measure one kilometre long by half a kilometre wide.
London-listed ENK has announced the first nickel production from its Acoje pilot plant located 250 km north of Manila in the Philippines. Approximately 50 kg (dry weight) of nickel hydroxide product (NHP) was released from the filter press on October 25.
Royal Nickel (TSE:RNX) plans to advance its Dumont Nickel project, which is estimated to generate $1.1 billion after tax NPV, after receiving a prositive pre-feasibility study. The company, which made the announcement on Tuesday, expects production to start in 2015. On Wednesday afternoon Royal Nickel's stock was down 1.27% to 78 cents a share. The company says there will be a staged development so it can lower cost and risk. Initial capital expenditure of $1.1 billion for 50 ktpd operation is planned.
Australian copper and zinc miner Kagara Ltd. (ASX:KZL) is selling its Lounge Lizard nickel mine. "Kagara and its adviser Goldman Sachs & Partners Australia have commenced discussions with potential purchasers of Kagara’s nickel assets. Kagara expects to finalise the sale process during the first quarter of 2012," Kagara said in a statement on Monday. Reuters reported that Kagara's mining partner, Western Areas, is not interested.
A new minimally-invasive procedure that can safely and effectively treat brain aneurysms without open surgery by implanting an FDA-approved device consisting of a flexible braided mesh tube made of platinum and nickel-cobalt chromium alloy directly into the artery has been chosen by research facility Cleveland Clinic as one of the top 10 medical innovations for 2012. The 90-year old multispecialty academic medical center which has pioneered among others coronary artery bypass surgery and performed the US's first face transplant also included a new Concussion Management System for Athletes, Genetically Modified Mosquitoes to Reduce Disease Threat and Wearable Robotic Devices in the top 10.
The company's board has approved a strategy that envisages investments to the tune of $35 billion between 2011 and 2025 to expand its resource base and raise output. The board of Russian miner Norilsk Nickel has approved a strategy that envisages
The long-running struggle between rival oligarchs Oleg Deripaska and Vladimir Potanin for control of Norilsk Nickel, Russia's biggest miner by market value, is a poor advertisement for Russian corporate governance. Mr Deripaska's aluminium grou...
Canada's number one coal producer and world-leading nickel miner, Sherritt jumped 10.2% on Wednesday after reporting a doubling of quarterly net earnings and good progress at its massive Ambatovy project in Madagascar. Sherritt will start production at Ambatovy in the first quarter of next year. The company has already spent more than 90% of the planned $5.5 billion to build what will be the world's biggest nickel mine with the capacity to produce 60,000 tonnes of nickel and 5,600 of cobalt a year. Sherritt and its Asian partners have made the largest investment in the island's history and will make nickel the country's number one export for the next 27 years.
Oct. 27 (Bloomberg) -- Nickel, the second-worst performing metal on the London Metals Exchange in the past six months, is set to rebound as Chinese steelmakers lead a recovery in demand. Nickel’s 20 percent slump this year has made it cheaper than pi...