China Top Stories

Worst commodity returns since 1987 spawned by virus sell-off

Bloomberg Commodity Index slid for a fifth session Friday, in…

Canada backs Zijin Continental Gold acquisition

The deal received Investment Canada Act's approval, and all the…

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Caterpillar Plans Offer To Buy China’s ERA Mining Machinery For About $887 Mln

Construction and mining equipment manufacturer Caterpillar, Inc. (CAT: News ) said Thursday it will offer to acquire Chinese equipment maker ERA Mining Machinery Ltd. for about 6.9 billion billion Hong Kong dollars or $887 million in order to expand market share and modernize its operations in China, where mine modernization will continue to drive demand for equipment.

China iron ore imports fell to 8-month low in October despite $60 price drop

The Chinese General Administration of Customs reported that the country's iron ore and concentrates imports were 49.94 million tonnes in October, down 17.5% from 60.57 million tonnes in September 2011. The spot price for iron ore arriving at China’s Tianjin port increased to $134.40 a tonne last week from $116.90, the lowest in almost two years, on Oct. 28. Most analysts believe do not expect prices to return to the historic highs above $180 seen just two months ago thanks to the volume-driven market strategy of the big three producers and China's plans to increase its domestic supply by 40% over the next four years and up its investment in mines abroad.

China mine blast death toll rises to 30,13 still trapped

Xinhua reports the chief of China's work safety watchdog on Saturday decried the poor safety standards at a coal mine where rescuers had pulled out 30 bodies and are still searching for 13 others following a gas outburst three days ago. Director of the State Administration of Work Safety Luo Lin, who led a investigation of the Sizhuang Coal Mine, located in the county of Shizong in southwestern Yunnan province, described the mine's safety measures as "very poor." The mine was found to be operating illegally, having had its license revoked a year ago, according to a statement from the provincial coal safety supervision bureau. Latest official data shows that more than 2,600 people died in mining accidents in 2009.

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Generation X and Y turning into Generation Au

According to a new report by MarketWatch, gold's allure is shifting to a new generation. Many people in their 20s and 30s have little faith in equities and, unlike older investors, are more inclined to consider alternative investments. Others seek tangible, hard assets as a counterweight to stocks, bonds and cash in the aftermath of the 2008 US financial crisis. And these new investors are not just gold hoarders of the doomsday variety.

Foreign powers eyeing $3 trillion Afghan resource spoils

While peace in Afghanistan still looks to be a utopian dream, AFP reports that developing nations like China and India are eager to make resource deals in the troubled country even before the guns fall silent: While an end to the fighting seems remote for now, mining lots are being quickly parcelled out among Afghanistan's resource-hungry neighbours, potentially sparking a new "Great Game" for control of its battle-worn ground. According to mining ministry documents seen by AFP, Afghanistan is planning to sell extraction rights for up to five mines every year until the departure of the last foreign combat troops in 2014 -- a rattling pace, say experts.

Chinese companies pump $1.3B into BC coal mine

A proposed coal mine near Hudson's Hope, BC, got a billion-dollar shot in the arm today. The BC government reports that CKD Mines, which is developing the Gething metallurgical coal project, will receive $1.36 billion through two separate investments coming from Chinese companies — the first, $860 million, is from CKD Mines, a partnership formed in 2010 that includes the Kailuan Group Co., Ltd, Shougang Group and Canadian Dehua International Mines Group Inc.

Silvercorp increases dividend by 25%; announces second quarter dividend of CAD$0.025

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2011) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") today announced that its Board of Directors has increased the amount of its quarterly dividend by 25%, from CAD$0.02 per share (CAD$0.08 annualized) to CAD$0.025 per share (CAD$0.10 annualized). The Company first began paying dividends in 2007 with an annual dividend of $0.05.

Gold goes viral in China as imports hit just under 2 tonnes per day

Consumers made the most of the dip in the price of bullion and mainland China's gold purchases via Hong Kong hit a record 56.9 tonnes in September, a sixfold increase year-on-year and up 30% from August, according to figures released by the Hong Kong government and reported by the FT. Quarterly data from the Hong Kong census and statistics office showed the Middle Kingdom imported about 140 tonnes of gold via Hong Kong in the three months from July to September ahead of the festival season, more than the roughly 120 tonnes for the whole of 2010. Over the last decade China's share of total global demand for bullion has climbed from 6% to 18%.