Recent news
Haranga Resources defines maiden JORC Iron Ore Resource at Selenge
Haranga Resources has defined a maiden JORC Resource for the Selenge Iron Ore Project.
The JORC Inferred Resource is based at the Bayantsogt prospect, one of four primary exploration targets at Selenge. It comprises 32.8 million tonnes of iron ore at an average grade of 24.4% iron, based on a 15% iron cut-off grade. Mineralisation remains open in all directions and at depth.
Hunnu’s coal reserves in Mongolia total 766 million tons
Hunnu Coal Ltd. has posted a JORC compliant resource of 676 million tons at its UnstKhudag mine, located 360 km from Ulaanbaatar. The mine has a confirmed resource of 541 million tons and 60 million tons of inferred resources.
“My personal wish is to have people’s capitalism”
In this informal and wide ranging conversation with L.Bolormaa, Minister of Mineral Resources and Energy D.Zorigt looks back at his years in office, marked by a shift in the popular perception of mining.
Is Mongolia ready to join the shale oil bandwagon?
Expectations of reduced energy dependence were raised when Mineral Resources and EnergyMinisterD.Zorigt declared at the Economic Forum that once “some important agreements” were out of the way, the Government wouldpay serious attention to developing the country’s shale oil resources.
MRAM approves Sharyn Gol’s revised reserve in coal project
Sharyn Gol JSC has announced that the Mineral Resources Authority of Mongolia (MRAM) has approved a newly revised mineral reserve of 146.3 million tonnes at its flagship thermal coal project in northern Mongolia. The reserve is fully compliant with the Mongolian Mineral Reserve Reporting Standard and registered with the Mongolian Mineral Reserve Fund.
China raises resource tax rates
China has raised from February 1 its resource tax on iron, tin, molybdenum, magnesium, talc, and boron in a move aimed at conserving resources and curbing pollution.
Major iron-ore miners studying China’s trading platform
The world’s top three iron-ore producers are in talks to join China’s first physical iron-ore trading platform, an official from the China Iron and Steel Association (CISA) has said. “The three major miners are active and in talks with us,” Wang Xiaoqi, vice-chairman of the association, told reporters, referring to Brazilian miner Vale, Australia’s BHP Billiton and Rio Tinto .
Minmetals on the prowl
China’s Minmetals Resources is looking for more acquisitions after sealing the $1.3-billion takeover of Africa-focused Anvil Mining, CEAndrew Michelmore has said. The company will continue looking for copper, zinc and nickel sulphide assets in Africa, North and South America, parts of Asia as well as Australia, he said, after failing in a $6.5-billion bid for Equinox Minerals last year.
Yanzhou Coal gets a breather in Australian takeover bid
China’s Yanzhou Coal Mining has crossed a key hurdle in the takeover of Australia’s Gloucester Coal and got an additional 12-month lifeline to bring down its stake in its Australian unit to less than 70%. Australian federal treasurerWayne Swan approved the deal between Yanzhou’s unit Yancoal and Gloucester Coal with some conditions and cited global market volatility as the reason for giving the Chinese more time to cut its stake.
RUSAL sees more aluminium cuts in 2012
Top aluminium producer RUSAL Plc has said that it expects more companies to cut aluminium output this year, with China accounting for about a third of global cuts, but still forecast that global output would top demand.
Venezuela picks Chinese company to develop gold project
Venezuela will develop its huge Las Cristinas gold project in partnership with Chinese state investment company CITIC. The Government last year cancelled Canadian company Crystallex International’s permit to develop the long-troubled mine project south of the Orinoco river.
China’s Economic Slowdown and Mongolian Stocks
Mongolian mining stock prices have been falling during the last six months, although not much has changed in Mongolia besides the talk of increasing the government share in Oyu Tolgoi in October. The reason for this cool-down is mostly due to the change in demand expectations for Mongolian mine products, because recent drops in key commodity prices and China’s declining industrial output indicate that China may be headed towards significant slowdowns.
Winners of the different categories at the first-ever Asia Mining
Mining Journal and Beacon Events are pleased to introduce the Asia Mining Awards for the first time at the 5th Annual Mines and Money Hong Kong. The awards, announced at a black tie Gala Dinner on 22th March 2012, were received by some of the top executives and companies in the exploration, mining, mining finance and investment areas with Australia and Mongolia the big winners.
