Asia Top Stories

Resurgent Iran to impact copper, zinc prices through 2020

Report: Lifting of sanctions will spark double digit copper output…

Nickel price rally ‘on shaky ground’

Partial lifting of Indonesia ore ban could make up any…

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India to boost gold demand by end of 2011

Gold demand, which dropped in the second quarter of this year, is expected to strengthen by the end of 2011, driven by robust jewelry buying in India and China and recovery in investment demand, senior World Gold Council (WGC) officials said.

Indonesia plans tax or quota on ore exports

Reuters reports Indonesia may impose a tax or quota on mineral ore exports ahead of a planned regulation to ban all exports of raw minerals by 2014, the industry ministry said on Wednesday. The planned ban is part of a mining and coal law introduced in 2009 that requires miners to process minerals into higher value products before exporting them. The move would negatively impact copper miners Newmont and Freeport as currently only 30% of output is processed domestically and comes on top of news that workers at Freeport's massive Grasberg mine in the Papua province plan a second strike next week after wages negotiations broke down.

East Asia Minerals provides Mongolia uranium program update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - East Asia Minerals Corporation (TSX VENTURE:EAS) wishes to report on the progress of its 2011 summer drilling campaign at its wholly-owned uranium projects located in Mongolia. The drilling campaign was launched in August with the objectives of (a) meeting annual expenditure requirements to keep the projects in good standing; (b) test previously identified targets at the Enger and Ingenii-Nars projects; and (c) initiate early stage exploration at the Ulaan Nuur, Sevsuul Bulag, Bukht Uul and Unegt prospects.

Mongolia primes $3 billion Tavan Tolgoi IPO for next year

Bloomberg reports Mongolia is likely to sell a stake in its Erdenes Tavan Tolgoi coal-mining company to the public next year, raising more than $3 billion. The Tavan Tolgoi deposit – mined since the 60s – in the South Gobi desert is the world's largest with a 6 billion tonne resource of high-quality coking coal used in steelmaking. Metallurgical coal has been trading at record levels of $330/tonne this year. Tavan Tolgoi is the second largest mining investment in Mongolia behind the Oyu Tolgoi gold-copper mine being built by Canada's Ivanhoe Mines.

SouthGobi sets new coal shipment record of 441,665 tonnes of coal in August

HONG KONG, CHINA--(Marketwire - Sept. 6, 2011) - Alexander Molyneux, President and CEO of SouthGobi Resources Ltd. (TSX:SGQ)(SEHK:1878) is pleased to announce today that the company has set a new monthly record of 441,665 tonnes of coal shipped in August, representing a substantial increase over shipping levels in the second quarter of 2011. "We have seen a continual increase this quarter in capacity being allocated by customers to collect our coal", said Mr. Molyneux. "We are pleased to see our shipping rate reach a level of approximately 5.3 million tonnes of coal per year on an annualized basis so soon, which is on track to meet our targets."

Gold futures at record high of Rs 28,583

India's benchmark gold futures extended the previous session's gains on Tuesday morning to hit a fresh record of 28,583 rupees, tailing gains in the world market and buoyed by a weak rupee at home.

More arrests in India as corruption cancer spreads

India's reputation as a mining jurisdiction was further besmirched today after two powerful mining magnates were arrested over allegations of corruption. The Guardian reports that Indian police have arrested Gali Janardhan Reddy, the owner of Obulapuram Mining Corporation and his brother-in-law Srinivas Reddy, the company's managing director, over allegations they created an illegal business empire worth billions. The men face charges of conspiracy, forgery and violation of mining laws.

More Indian iron ore coming to market

The Indian Supreme Court has directed that 1.5 million tonnes of iron ore from existing stock in Karnataka's Bellary, Chitradurga and Tumkur districts be sold every month to ensure adequate supplies for the iron and steel industry, The Hindu reported Sunday. Mining in the districts was previously banned by the court.