Aluminium
Platinum rises on continuing power problems in South Africa
by Elaine Frei
April contracts for platinum saw substantial gains in New York on Thursday after South African state-owned utility Eskom was unable to deliver all of a promised increase in electricity supplies to miners there after a 5-day shutdown due to power shortages.
Platinum hit a record high of $1,741 per troy ounce before sliding back to $1,737.40 […]
Copper, other base metals see gains
by Elaine Frei
Base metals prices were higher Thursday.March copper added 7 cents to $3.30 per pound in New York while three-month copper on the London Metal Exchange was up $155 to $7,315 per tonne as there were reports that China’s second-largest producer will close over 40 percent of its smelting capacity until the middle of February due […]
Chinese miners continue Latin American shopping spree
by Gill Montia
China is continuing to acquire some of the last remaining big mines in Latin America, in a bid to secure the future of its fast growing economy.
The country currently produces less than half the copper and less than 70% of the alumina it uses, and while Chinese mining companies are looking worldwide for acquisitions, Latin […]
Monaro signs MoU with Sinosteel
by Tara Malhotra
Monaro Mining NL, an Australian uranium exploration and development company, plans to accelerate the development of its uranium portfolio in the Kyrgyz Republic following the signing of a Memorandum of Understanding (”MoU”) with Sinosteel Corporation (”Sinosteel”), a Chinese state-owned enterprise engaged in developing, mining and marketing natural resources worldwide.
Monaro has seven highly prospective uranium projects […]
Centaurus to acquire Brazilian explorer
by Tara Malhotra
Centaurus Resources Limited has entered into an Agreement to acquire San Greal Resources Pty Ltd (San Greal), a company focused on mineral exploration and development in Brazil. Centaurus will acquire 100% of the shares of San Greal and, as part of the acquisition, secure the services of a fully serviced technical, legal and administrative team […]
Cortona discovers broad, high-grade gold
by Tara Malhotra
Australian gold exploration company Cortona Resources announces the discovery of broad, high-grade gold mineralisation from the first hole drilled at the Exeter Farm prospect in the Company’s 100% owned Majors Creek Project, NSW.
Assay results are confirmed as follows:
EXEX007: 19m @ 5.6g/t gold from 47m
Also containing: 2m @ 1.3% Cu from 55m
Hole EXEX007 was drilled […]
Gold gains after Fed cuts interest rate
by Elaine Frei
The price of gold was off $4.50 to $926.30 per troy ounce at the close of floor trade in New York on Wednesday, but after the Federal Reserve announced that it had decided to cut interest rates another half of a percentage point to 3 percent April gold rose to a gain of $4.70 over […]
Russia’s gold miners seek to expand
by Gill Montia
Leading gold mining companies in Russia have ambitious plans to expand both reserves and production.
According to the Russian Gold Industrialists’ Union, 2008 will be the year in which gold production is turned around, after five consecutive years of decline.
With plans to raise output to 225 tonnes by 2015, Kinross Gold Corp of Canada, which is […]
Intrepid Mines reports another record
by Tara Malhotra
Intrepid Mines Limited, an international gold and silver production, development and exploration company, following its second highest quarterly gold production and a 23% upgrade of its Argentinean gold and silver project resource, today has achieved the six tonne milestone at its Australian gold project.
Following a successful December 2007 quarter, where Paulsens Gold Mine produced 21,426 […]
Kingsgate maintains environmental best practice
by Tara Malhotra
The International Cyanide Management Institute (ICMI) announced today that Akara Mining Limited’s Chatree; Gold Mine in Thailand; the operating subsidiary of Kingsgate Consolidated Limited; has been certified as; compliant with the International Cyanide Management Code (Code).; ICMI has received and accepted a Detailed Audit Findings Report prepared by an independent professional; third-party auditor who evaluated […]
AngloGold Ashanti to restart production
by Tara Malhotra
Following a meeting this morning between Eskom and industrial electricity consumers, AngloGold Ashanti has commenced the process of bringing back into production all of its underground mines and their associated gold treatment plants. It is anticipated that all mines will be back in full production by the end of next week.
These plans are based […]
Platinum, gold lower on news that SA mines will restart
by Elaine Frei
Precious metals prices were mixed on Tuesday.Gold and platinum were both lower on the news that the state-owned electricity utility in South Africa has said it will make sure that mines get at least some power so that they can resume operations after five days of closures due to a lack of power.
April gold in […]
CopperCo and Mineral Securities join forces
by Tara Malhotra
The directors of CopperCo Limited and resource investment house Mineral Securities Limited announces an agreement to merge the two companies to create a diversified base and precious metals including copper, zinc, lead, platinum and gold.
The merger, which will take place by way of a recommended takeover offer by CopperCo for all of the shares in […]
Xstrata increase to Collahuasi Mineral Resources
by Tara Malhotra
Xstrata Copper announces a 28% increase in the total estimated Mineral Resource at the Collahuasi copper mine in Chile, one of the world’s largest copper deposits. Additional resources have been defined as a result of a successful drilling programme in 2007 and represent the equivalent of an additional 11 million tonnes of contained copper metal. […]
Century Mining withdraws offer for Sulliden
by Tara Malhotra
Century Mining Corporation has withdrawn its takeover bid for Sulliden Exploration Inc, which was announced on November 28, 2007. Century has notified the depositary that the offer has been withdrawn and instructed it to return all shares that have been deposited.
Since the commencement of this takeover bid, Sulliden’s defense has been to portray Century […]
Gold stocks plummet on South African power crisis
by Gill Montia
Stocks in South African Tier I gold companies listed on the New York Stock Exchange fell sharply at the beginning of this week.
AngloGold Ashanti, Gold Fields and Harmony Gold have all seen heavy selling by investors, with Gold Fields the greatest casualty so far, in terms of value lost.
Platinum stocks have also fallen (the country’s […]
Platinum adds nearly $50 per ounce on session
by Elaine Frei
Platinum and gold touched new record highs on Monday in New York as the US dollar dropped again versus the euro and worries about supplies of platinum from South Africa continued as mines remained closed due to a shortage of electricity.
April platinum added $48.60 to $1,728.70 per troy ounce in New York after going as […]
BHP Billiton updates Southern Africa operations
by Tara Malhotra
BHP Billiton is in receipt of a letter from the South African electricity utility Eskom requesting that power consumption be reduced to assist Eskom with meeting demand. BHP Billiton has been working with Eskom for some time to assist with demand and we continue to do so.
At this time our Bayside, Hillside and Mozal aluminium […]
Boliden granted environmental permit at the Aitik Mine
by Tara Malhotra
The Environmental Court announced that Boliden has been granted a permit for the expansion of the Aitik mine from the current annual production of 18 million tonnes to 36 million tonnes.
Already in October 2007, the Environmental Court ruled that the planned expansion is permissible and granted Boliden permit to commence certain construction work. Today’s […]
BE Group acquires 50% of ArcelorMittal SSC AB
by Tara Malhotra
BE Group agrees to acquire 50 percent of ArcelorMittal SSC AB in Karlstad. The company, which is wholly-owned by the world’s largest steel company, Arcelor Mittal, reported sales of about SEK 400M during 2006.
Through this strategically important step BE Group and ArcelorMittal establish a joint venture for the service processing and sale of thin […]