Asia Top Stories

Samsung rumoured to invest half-a-billion in Chinese electric car company

Samsung Electronics (KRX:005930) is looking to take the plunge into…

Indian coal push hurting Indonesian exports

India's status as a major coal importer is starting to…

Create FREE account or log in

to receive MINING.COM digests


Latest Stories

Stock Markets 101 for Mongolians ahead of coal mine IPO

A Reuters feature article on Wednesday tells how forced to sell his animals and flee his dried-up lands, former herder Sainbuyangiin Tsagaan-Ovgon is now hoping mining profits will let him return to his native Gobi. The 72-year old, who admits he knows nothing about stocks, will soon receive 536 shares in the Mongolian company that owns the world's largest coking coal deposit.

GVK Power to raise $1.2 bn debt for Hancock coal assets

India's GVK Power, a unit of infrastructure major GVK Group, which had inked a deal to purchase two of Hancock Prospecting's thermal coal mines in Australia for around $2.4 billion, is set to raise $1.2 billion as debt to part fund its acquisition. The Hyderabad-based GVK Power has roped in ICICI Bank to syndicating the $1.2 billion loan. Sanjay Reddy, vice chairman of GVK, signed an agreement with Gina Rinehart, chairman of Hancock, earlier in June.

$20 billion in diamonds and gold found at Indian temple

Investigators plan to pry open the final vault hidden deep under a centuries-old Indian Hindu temple as police guarded round the clock the shrine where billions of dollars worth of treasure has been discovered. Over the last week a seven-member team of investigators has broken into five of the six secret subterranean vaults piled high with jewels that have lain untouched for hundreds of years.

Thousands strike at Freeport’s Grasberg mine in Papua

According to reports more than 7,000 workers from Freeport McMoRan's massive gold and copper mine in Indonesia's western Papua region started a week-long strike on Monday to demand better wages. The Grasberg mine is the richest gold and third largest copper mine in the world and and the US company's local subsidiary is the largest single taxpayer to the Indonesian government.

Peabody, China and Russia teams chosen for massive Mongolian coking coal mine

Mongolia chose U.S. miner Peabody Energy , a venture between China's Shenhua and Japan's Mitsui & Co, and a Russian-led consortium as preliminary winners to jointly develop the prized Tavan Tolgoi coal deposit, a senior government source said on Monday. The project, which may require initial investment of more than $7 billion, is seen as vital to kick-start the land-locked nation's economy. It will also generate billions of dollars in revenue for the companies involved and add tens of millions of tonnes of increasingly rare coking coal used by steel makers.

Deep sea mud is rich in rare earth elements

A team of Japanese scientists have found large quantities of rare earth minerals on the bottom of the Pacific Ocean. In a Nature Geoscience article published on Monday, the team said that it looked at 78 sites throughout the eastern South and central North Pacific ranging in depths of 3,500 to 6,000 metres. “We estimate that an area of just one square kilometre, surrounding one of the sampling sites, could provide one-fifth of the current annual world consumption of these elements”

80 pct of power plants at risk of default over coal, env issues

Warning that 80 per cent of the country's power plants face the risk of a default due to coal shortages and environmental issues, a body of power producers has petitioned the government for an expert group to review contracts awarded under through the competitive bidding route.

Central banks in emerging markets increase gold reserves on growing economic concerns

The total gold reserves of central banks worldwide fell by 9.6 per cent between 2000 and 2008 but has subsequently increased by 2.2 per cent from 29,870 tonnes in 2008 to 30,535 tonnes at the end of 2010. This is mainly a result of rising demand for gold from central banks with surplus liquidity in some emerging markets, such as China, India, Russia and oil producing countries in the Middle East region.