Frik Els , Editor

India iron ore giant NMDC says still keen on Australia despite new taxes, labour costs

The head of India's biggest iron ore miner says Australia's reputation as a very favorable place to invest has not been dented by the combination of a carbon tax, mining tax and escalating labour costs as the $22 billion group prepares to establish a local mining arm.

Frik Els | December 8, 2011 | 11:30 am

Vale readies first Moatize coking coal shipment

Brazil's Vale is set to move its first coking coal shipment next week from its Moatize mine in Mozambique, sources told Reuters on Tuesday. This will be the first coking coal shipment, after 3 thermal coal shipments, and is destined for steelmaker ArcelorMittal's South African unit. Vale last month approved a $6 billion expansion of Moatize to double output to 22 million tonnes per year.

Frik Els | December 7, 2011 | 2:00 pm

FT asks if Indians’ love of gold is destroying their economy

Based on new research by investment bank Macquarie titled India’s Fatal Attraction, the FT asks if India’s weddings are destroying its economy given the huge importance of gold in the culture – especially between October and January, when festival season turns into wedding season and some 20 million Indians tie the knot.

Frik Els | December 7, 2011 | 11:52 am

Barron’s: Gold is only bright spot for Paulson this year

Barron's Deal Journal reports John Paulson's gold fund is the one bright spot in his portfolio year to date, but even it is lagging other gold ETFs.

Frik Els | December 7, 2011 | 11:50 am

Minmetals confident amid DRC election chaos, extends Anvil takeover offer again

Anvil Mining, a copper producer in the Democratic Republic of Congo, announced Wednesday China's Minmetals Resources has extended its $1.3 billion takeover offer for the second time, to January 11 next year. The extension comes as violence and allegations of vote rigging mar the DRC presidential election, for which full results is now only expected later this week. Anvil is also undergoing an audit of its leases with the DRC's state-owned Gecamines.

Frik Els | December 7, 2011 | 11:20 am

LME overhauls electronic platform as trading volumes surge

The London Metal Exchange said Tuesday it has completed a major upgrade to its electronic trading platform to cope with record volumes and high frequency trading. A takeover of the 134-year old exchange – one of the last bastions of open outcry trading – appear to be in the offing as its major shareholders jockey for position and competition from Asia intensifies. Over the last 7 years electronic trading has grown from 2% to over 70% of the LME's market volume.

Frik Els | December 6, 2011 | 12:40 pm

Anglo American OKs $1.7 billion Queensland project to triple its Australia met coal output

Anglo American said on Tuesday its board had approved the $1.7 billion Grosvenor metallurgical coal project in Queensland, Australia, which is expected to produce five million tonnes per year over a projected life of 26 years. The London-based diversified miner said it plans to triple production of met coal in Australia over the next 8 years.

Frik Els | December 6, 2011 | 11:30 am

Marc Faber, Jim Rogers not selling gold, but it’s not all good news for bullion

Investment gurus Jim Rogers and Marc Faber in recent interviews seem to agree on the dynamics in the gold market. Rogers says he's not selling his gold and Faber says there is no bubble. But that doesn't mean bullion is not still in a correction phase.

Frik Els | December 6, 2011 | 11:00 am

With super-carrier disabled in its port Vale’s shipping strategy is keel hauled

The Vale Beijing, the globe's largest bulk carrier, is disabled in a Brazilian port and shipping agents tell Reuters the vessel had ruptured its hull. If the $110 million vessel should sink it could also turn out the be the final nail in the coffin of Vale's disastrous strategy to tighten its grip on the world's annual 1 billion tonnes sea-borne iron-ore trade. China, the world's number one market for the steelmaking ingredient to where Vale ships about 45% of its output, turned away another carrier in the fleet earlier this year.

Frik Els | December 6, 2011 | 8:54 am

Peru declares state of emergency over Cajamarca gold mine protests

Reuters reports Peruvian President Ollanta Humala declared a state of emergency late on Sunday banning assembly and giving police special powers of arrest to quell protests against Newmont Mining's Conga gold mine that have caused havoc across the region of Cajamarca for 11 days.

Frik Els | December 5, 2011 | 3:15 pm

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