World
Philippines ban on open pit mine unlikely to be lifted
The Philippine province where a joint venture of Xstrata Plc wants to develop a $5.9-billion copper and gold mine is unlikely to lift its ban on the project. South Cotabato Governor Arthur Pingoy has said that Sagittarius Mines, owned by the global miner and Australian mining firm Indophil Resources, may have to go to court to end the ban on open-pit mining, the method to be used at Southeast Asia’s biggest copper and gold prospect in Tampakan.
Mongolia asks Russia and China to realign gas route
Mongolia is calling upon China and Russia to re-direct a planned natural-gas pipeline across its territory as the world’s fastest growing economy seeks to tap the cleaner-burning fuel. Altering the route to pass through Mongolia would save 1,000 km of pipeline, President Ts.Elbegdorj said in an interview. It would also allow Mongolia to switch to gas heating in Ulaanbaatar, which ranks among the world’s most polluted cities due to widespread use of coal-fired stoves.
Dramatic copper demand growth expected from China, India, Brazil
Copper consumption is rising dramatically in China, Brazil and India. Copper imports are normally an indicator of economic activity. For the first five months of 2012, copper imports by China increased by 52% year on year as demand for the red metal continued to soar.
Chinese White Paper pledges international REE cooperation
In the first white paper of its kind on the country’s rare earth industry, China has pledged to improve relevant laws and regulations, as well as cooperate internationally on rare earth exports and the development of new rare earth technologies.
Most of China’s ODI in Q1 went to minority deals
Resource deals dominated China’s outbound investment of $21.4 billion in the first three months of 2012, with assets in South America the most sought after by mainly State-backed buyers, a study shows.A $4.8-billion deal struck in March by state-controlled Sinopec, China’s second-largest oil-and-gas producer, for 30% of Petrogal Brazil was the quarter’s single biggest deal and one underlining an emerging trend of China purchasing minority stakes.
“A bark of hope” for missing miners
Two year-old Ginny--a beautiful, brindled-coloured Dutch Shepherd living in Virginia--carries considerable weight on her slender shoulders as a four-legged pioneer in mine rescue.While friendly and sweet-natured during brief introductions at the 2012 National Search and Rescue Conference in Lake Tahoe, Nevada, Ginny is all business when it comes to doing her job as the world’s first mine search and rescue dog, trained to perform search and rescue in both underground and surface mines.
RUSAL Q1 net profit plunges 84%
Russia’s UC RUSAL Plc, the world’s biggest aluminium producer, posted an 84% drop in first-quarter net profit as prices fell, potentially fuelling a shareholder row over the company’s refusal to sell its stake in Norilsk Nickel.RUSAL’s management, led by its controlling shareholder Oleg Deripaska, has resisted pressure to dispose of its 25-percent share in the world’s largest nickel and palladium company to pay down debts at a time when aluminium markets are weak.
China seeks to clamp down on domestic coal production by 2015
The Chinese government plans to encourage companies to explore for coal offshore, while at the same time capping domestic coal production below 3.9 billion metric tons by the end of 2015. China Daily says the nation’s coal industry is expected to be capable of producing 4.1 billion metric tons by the end of 2015.
Chalco plans to raise $1.3 billion in share offering
Aluminum Corporation of China Ltd (Chalco) , the country’s largest aluminium producer, plans to issue new shares to raise up to $1.3 billion to fund development and expansion projects.Chalco will apply to the China Securities Regulatory Commission (CSRC) within six months for the issue of not more than 1.25 billion additional Shanghai-listed A shares.
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.
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.