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Australian rare earths company picks construction contractor

Potentially the first rare earths mine outside China to recover…

South32 looking for more coking coal mines

The company, however, has decided to stay away from thermal…

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Trading Room: Fortis to raise $236m for Kazakh potash mines

Trading Room reports that Melbourne-based Fortis Mining Ltd has agreed to raise $236m by selling new shares and notes to investors in Hong Kong and China to buy and develop two potash mines in Kazakhstan. ASX-listed Fortis, previously a gold and base metal explorer, acquired the rights to purchase the Chelkarskaya and Zhilyanskoe salt deposits in March. The deposits have an exploration target range of 6.5 – 6.6bn tonnes of potassium making them amongst the largest potash salt deposits in the world.

SMH: New South Wales freezes coal and gas exploration licences

The Sydney Morning Herald reports on Friday that the state of New South Wales announced a 60-day freeze on new exploration licences for coal, coal seam gas and petroleum in a push to resolve the escalating conflict between farmers, miners and conservationists over land use. The need for a moratorium was questioned by the state's mining industry, which said billions of dollars in investment were at stake, but it said it broadly supported the development of a new approach to avoid conflict over valuable land.

Reports: Chinese steel giant says iron ore market is in a ‘bubble’

"Everyone who has money is rushing to invest in iron ore," Baosteel Group chairman, Xu Lejiang said on Friday, warning that supply may outstrip demand “sooner than expected” pushing prices down in the process. Brazil’s Vale, and Australian heavyweights BHP and Rio Tinto have some $45bn slated for new mines. The cash price of 62%-iron ore shipped to China's Tianjin port has almost tripled from Nov. 21, 2008 when data became available, according to the Steel Index.

Valuations of Australian iron ore companies take a hit after royalty increase

Valuations of iron ore companies have been cut in response to Western Australia's controversial royalty increase, with Andrew Forrest's fast-growing Fortescue Metals taking the biggest hit. The valuation hits were despite the protection from state the protection from state royalty increases that the miners negotiated last year with the federal government in the reworked - and less onerous - minerals resource rent tax.

Bloomberg: GVK said to be in talks to borrow $850m for Australia’s Hancock mines

Bloomberg reports on Thursday that GVK Power & Infrastructure, a builder of airports and utilities controlled by Indian billionaire GV Krishna Reddy, is in talks to borrow as much as $850m to fund the purchase of two Hancock Prospecting coal mines according to people with knowledge of the negotiations. GVK will use the money to pay Hancock $500m for equity in the mines and another $350m as compensation for costs incurred by the Australian company for running them.

Iron ore bonus to go east: Swan

Wayne Swan has threatened to blow a $2 billion hole in the Barnett Government's plan to lift royalty rates on iron ore miners, with every cent raised by the move likely to end up with other States and Territories.The Commonwealth Grants Commission has

Xstrata smelting decision a carbon price warning

Xstrata Mount Isa Mines has announced plans to sustain the future of its Mount Isa operations through expanded mining and concentrate production, while phasing out copper smelting at Mount Isa and refining operations in Townsville by the end of 2016. 

Rio Tinto raises $2bn in US bond issue

Global mining company Rio Tinto has raised a total of $2 billion bonds in long-term debt bonds, it said on Wednesday. The offer, registered in the U.S. Securities Exchange Commission, consisted of $700 million in 5-year notes with a coupon of 2.5 percent, $1 billion in 10-year bonds with a 4.125 percent coupon and $300 million in 30-year bonds paying a 5.2 percent coupon.