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Wesdome tops best drill intersect list for February

Eagle River gold project in Ontario reported the most significant…

Perth Mint Gold Token starts trading on cryptocurrency exchange

The PMGT is now available on KuCoin.

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Commodities, gold and Asian markets all down

Asian and Australian markets were down on Monday. The Shanghai Stock Exchange was down -0.03%; the Nikkei tumbled -2.31% and the Hang Seng Index fell -4.21%. The S&P ASX 200 was also down by -3.72%. Commodities were all down due to worries about the Euro Zone crisis and concern about sluggish worldwide growth. Copper was off -1.8% to US$8,665/ton.

Uranium market will right itself by year’s end: Resource Capital Research

Resource Capital Research, which posted its September Quarter RCR Uranium Sector Review, says that buying opportunities will emerge in the uranium sector in the fourth quarter of 2011 and early 2012. "Despite the ongoing short term market impacts from Fukushima, the long term uranium market fundamentals are considered sound with expected strong and increasing demand for new nuclear power reactors, especially from China, USA, Russia, Ukraine and India," writes the reports authors. Resource Capital Research notes that 84 new nuclear power reactors are expected to be commissioned globally by 2017, and currently almost 500 plants are being considered.

Rio Tinto invests US$310 million for Pilbara coastal water project

Rio Tinto will invest US$310 million to assure a sustainable water supply for its iron ore operations in the Pilbara region of Western Australia, ensuring a sufficient resource to accommodate the expansion of annual production capacity up to the planned 333 million tonnes (Mt/a). The coastal water supply project, which involves construction of a new borefield and pipeline system, will be completed by mid-2013, coinciding with the first ore from the planned increase in production capacity to 283 Mt/a.


Gina Rinehart sued by daughter

Billionaire iron ore heiress Gina Rinehart is being sued in the NSW Supreme Court by her daughter, Hope Welker. The nature of Welker’s claim is currently unknown, and Rinehart’s legal team is seeking to keep the matter confidential. Rinehart’s barrister, Alan Sullivan, QC, told the court the application had been made because of “the impact on commercial negotiations”.

Australia coal miners caught in vicious carbon tax circle

Amid dire predictions about job losses and the drying up of investment in the sector due to a proposed carbon tax come more bad news for Australia's coal miners. Platts reports New South Wales plans to increase the royalties it receives from coal companies to offset some $400 million in extra costs to the state's coal-fired electricity generators due to the very same federal government carbon levy. Around 95% of NSW's royalty revenue comes from coal mines where rates currently top out at 8.2% of the value of production and is forecast to rise to $2.1 billion in the year ending June 2013 after the hikes come into effect.

Komatsu sees success with its flagship WA1200-6 mine wheel loader in Australia

With bucket sizes ranging from 18-35 m3 (depending on materials), it has an operating weight range of 216-220 ts (depending on configuration) and is powered by a Tier 2-compliant Komatsu SSDA16V160E-2 engine rated at 1,316 kW net. It is available in two configurations, standard boom and high lift boom.In standard boom configuration, it can load Komatsu HD1500-7 (144 t capacity) and similar-class trucks in four passes, and 730E(184 t capacity) trucks in five passes.In high-lift boom configuration,it can load 830Es (222 t capacity) trucks in seven passes. Photo courtesy of Komatsu America Corp.

Australian mining industry: objects in the rear view mirror may appear larger than they actually are

Australians believe that the mining industry is much larger than it actually is, according to a study by the Australian Institute. In the study released on Thursday, Australians were asked to estimate what percentage of the nations workers are employed by the mining industry. The average response was around 16 per cent, when according to the Australian Bureau of Statistics (ABS) the actual figure is 1.9 per cent. The survey also found Australians believe that mining accounts for more than one third (35%) of economic activity. However, ABS figures show that the mining industry accounts for around 9.2 per cent of GDP.

Atlas declares Ferraus takeover offer unconditional and confirms accelerated payment terms

Atlas Iron Limited (“Atlas”) [ASX: AGO] has today declared its recommended off-market takeover offer (“Recommended Offer”) for all of the fully paid ordinary shares in FerrAus Limited (“FerrAus”) [ASX: FRS] free of all defeating conditions. Additionally, Atlas confirms that FerrAus Shareholders who validly accepted the Recommended Offer before it was declared unconditional will be issued their consideration within 3 business days of today’s date (13 September 2011). FerrAus Shareholders who now validly accept the Recommended Offer will be issued with their Atlas Shares within 3 business days of their acceptance being processed.

Europe and China want to ape Australia carbon scheme

The Canberra Times reports Australia's proposed emissions trading scheme – which will evolve from the carbon tax being implemented next year – has won praise from Beijing, where it will be the model for one of six Chinese pilot programmes to be introduced in 2013. Earlier this week the EU also endorsed the controversial Australian plans and announced the start of talks for the eventual linkage of carbon trading by 2015. The carbon tax is vociferously opposed by Australia's coal export industry, the world's largest, which will be forced to pay a levy of $25 per metric tonne of carbon pollution next year.