PTT's $1.9bn bid for Cove trumps Shell

Thailand's PTT Exploration and Production has trumped Royal Dutch Shell's bid for Mozambique-focused explorer Cove Energy by offering 1.220billion pounds ($1.9-billion), highlighting international interest in East African gas finds. Cove...

Gold hits 4-1/2 month low on Greece turmoil

Gold extended losses on Wednesday to slip to its weakest level since late December after efforts to form a new government in Greece collapsed, prompting investors to cut their exposure to the precious metal. Bullion has this year been moving in...

Queensland LNG project to cost $5bn more, BG Group warns

UK gas company BG Group has warned of a $5-billion cost blowout at its Queensland Curtis liquefied natural gas (QCLNG) project. In its quarterly results for the three months to March, the BG Group noted that while the project was making good...

Global steel consumption growth to slow in 2012

The World Steel Association (worldsteel) is forecasting global steel consumption growth to slow to 3.6% in 2012, from 5.6% in 2011, as China enters a less steel-intensive growth phase and eurozone debt crisis uncertainties continue to persist....

Kingsgate reports record production

Australian gold miner Kingsgate Consolidated has reported record production figures for the three months to March, with gold production up 14% compared with the previous quarter. During the three months to March, the miner produced 60 614 oz of...

Molycorp lifts Mountain Pass reserves 27%

Rare earth producer Molycorp on Monday said it boosted reserves at its Californian Mountain Pass mine by 27% to 1.3-million tons of the metals in their oxide form. CEO Mark Smith said exploration drilling at the project could continue to grow...

Shareholders would have ‘crucified’ board for spurning Molycorp: Neo CEO

While the bosses of Molycorp and Neo Material Technologies painted the US rare-earth miner’s proposed $1.3-billion takeover of the downstream processor and manufacturer of the metals as mutually beneficial and at a fair price, not everyone was...

Molycorp to buy Neo Materials for $1.3bn

Much has been said about potential consolidation in the rare earths sector, and Molycorp on Thursday made the first big one, agreeing to buy Canada’s Neo Material Technologies in a $1.3-billion cash and shares friendly deal. The purchase gives...

Platinum industry needs $1 900/oz – Amplats

A platinum price of more than $1 900/oz was required to provide producers with the incentive to invest the substantial capital required to maintain long-term production, Anglo American Platinum (Amplats) CEO Neville Nicolau said on Monday.

Kingsgate ups quarterly production by 62%

Gold miner Kingsgate Consolidated on Tuesday reported that gold production for the three months to December had increased by some 62%, on the previous quarter, driven by production from its Chatree operation. During the quarter, Kingsgate...

Golden Grove openpit mine project, Australia

The new mine will produce up to 235 000 t of copper concentrate, containing 56 900 t of copper metal in concentrate at 25% copper.

Queensland miners worried about global outlook

A possible global economic downturn associated with debt issues in the eurozone has been labelled as the biggest concern facing Queensland miners in the new year, the Queensland Resources Council (QRC) said. In its CEO Sentiment Index in the...