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Asia News

Kazakhmys rejects Eurasian proposal

By: Liezel Hill     9th May 2008 Copper producer Kazakhmys has rejected a proposal from LSE-listed Eurasian Natural Resources (ENRC), the firm said on Friday. 

Gold could ‘easily’ return to $1 000/oz-level – Holland

By: Matthew Hill     9th May 2008 JSE-listed Gold Fields new CEO Nick Holland could "easily see" the gold price returning to levels above $1 000/oz, as economic woes in the US continue, he said on Friday. He also said that surging costs that were affecting the industry could also prop up the price of the yellow metal,... 

New safety move may cut Gold Fields’ output

By: Matthew Hill     9th May 2008 JSE-listed miner Gold Fields would soon have its operations scrutinised in an external audit in a bid to improve its "unacceptable" safety record, and is also doing a review that could see it pull out of some pillar and remnant areas, which account for about one-fifth of its total... 

Gold Fields earnings surge, March quarter output falls 14%

By: Matthew Hill     9th May 2008 Gold major Gold Fields on Friday reported a 446% year-on-year jump in headline earnings for the quarter ended March to R1,24-billion, as higher metal prices considerably eclipsed lower output and rising costs. The company reported a 14% drop in production and a 21% rise in costs, compared with... 

Dwyka may buy 30% in Philippines coal prospect

By: Liezel Hill     7th May 2008 Aim- and ASX-listed Dwyka Resources has signed an option agreement giving it the right, subject to shareholder approval, to buy a 30% stake in two adjacent coal deposits, on the Philipines island of Mindanao, the company said on Wednesday.  

Higher silver prices fail to put a dent in demand

By: Liezel Hill     7th May 2008 Industrial demand for silver rose for the sixth year in a row, and jewellery fabrication slipped by only 2% last year, as high and volatile prices for the metal failed to deter buyers, according to an industry report published on Wednesday. In their World Silver Survey 2008, launched in New York,... 

Funding crunch means more juniors up for grabs – Kinross chief

By: Liezel Hill     7th May 2008 The credit crisis in western financial markets has created more opportunities for large and mid-tier gold companies to target juniors, many of whom are struggling to finance the exploration and development of their projects, Kinross Gold CEO Tye Burt said on Wednesday. "We are seeing a lot... 

Gold near one-week high on oil, ETF holdings up

By: Reuters     7th May 2008 Gold held steady on Wednesday, hovering near a one-week high hit the previous day, after crude oil powered to another record and spurred buying of the precious metal by investors seeking to hedge against inflation. An increase in gold holdings in the world's largest exchange-traded fund... 

Xstrata coal output declines, chrome and copper rise

6th May 2008 Diversified miner Xstrata Resources produced 4% less coal during the first quarter of this 2008 than in the same period a year earlier, largely as a result of heavy rains and flooding at its Australian operations. The group produced 18,5-million tons of coal during the quarter, after thermal coal... 

World gold supply trend 'tragic' – Barrick founder Munk

By: Liezel Hill     6th May 2008 The failure of the gold-mining industry to find and exploit large new deposits of the yellow metal was “tragic”, Barrick Gold chairperson and acting CEO Peter Munk said on Tuesday. 

Barrick profit leaps as margins swell on higher prices

By: Liezel Hill     6th May 2008 The world's biggest gold producer, Toronto-based Barrick Gold, increased its first quarter net income to $514-million, compared with a loss of $159-million a year earlier, thanks to its exposure to record gold-price levels. The gold-miner reported a loss in the first quarter of 2007 after... 

Eldorado Gold profit rises on higher prices, increased sales

By: Liezel Hill     2nd May 2008 Mid-tier gold-miner Eldorado Gold increased its first quarter net income to $20,7-million, compared with $12,6-million a year ago. The company sold 73 604 oz of gold from its two mines in Turkey and China, up from 64 177 oz in the first three months of 2007. 

Norilsk Q1 nickel output up 22%

By: Liezel Hill     30th April 2008 The world's biggest producer of nickel and palladium, Norilsk Nickel, increased its first quarter nickel production by 22% year-on-year, to 74 572 t of saleable nickel, the firm said on Wednesday.  

Cameco, Centerra agree to extend deadline for Kyrgyz investment pact

By: Liezel Hill     29th April 2008 Toronto-based Centerra Gold and its largest shareholder, uranium giant Cameco, have agreed to extend a deadline for a deal on an investment agreement with the government of Kyrgyzstan, for Centerra's Kumtor mine in the country. The deadline has been extended for a second time, from April 30... 

Anglo sells stake in China Shenhua Energy

By: Mariaan Webb     29th April 2008 Anglo American has sold its 0,78% equity interest in China Shenhua Energy for some R708-million, it said on Tuesday. The sale was effected through a bookbuild on the market of 155,612-million shares at HK$35,46 a share. Anglo American has been an investor in Shenhua since its initial public... 

Anglo's Q1 platinum, coal output fall on power constraints, weather

By: Mariaan Webb     29th April 2008 The world's second-largest diversified miner, Anglo American, said on Tuesday that its first-quarter output, particularly platinum group metals and coal output, had been curbed by South Africa's electricity constraints and adverse weather conditions. The company's platinum... 

Basic Element's Daniel Major joins Canadian junior as COO

By: Liezel Hill     28th April 2008 TSX Venture Exchange-listed Ecometals has appointed Daniel Major to the position of COO, the firm said on Monday. 

Griffin says target Yukon Zinc received counter offer

By: Liezel Hill     28th April 2008 Canadian development firm Yukon Zinc, which agreed this month to a takeover by LSE-listed Griffin Mining, has received a cash offer for the company from a third party. 

Refined copper will move to surplus this year – study group

By: Liezel Hill     28th April 2008 The market for refined copper is expected to move into a small surplus, of around 85 000 t, in 2008, with a larger surplus of about 430 000 t, or some 2,2% of global usage, expected in 2009, the International Copper Study Group (ICSG) said on Monday. The group had expected to see a surplus in... 

Newmont may lay off workers if Indonesia doesn't grant permit

By: Liezel Hill     24th April 2008 Gold miner Newmont Mining may retrench some 500 workers at its Batu Hijau mine, in Indonesia, if it does not receive a forestry permit soon, the firm said on Thursday. The company had applied to have the permit renewed, but was still waiting for approval, and, in the meantime could not disturb... 

Rio Tinto budgets $18bn capex for next two years

By: Matthew Hill     24th April 2008 Diversified mining giant Rio Tinto, which larger competitor BHP Billiton has bid for, said on Thursday that it planned to spend capital of some $18-billion over 2008 and 2009, including projects for its aluminium division. Chairperson Paul Skinner stated that the miner also planned to lift its... 

Rusal buys 25% stake in Norilsk

By: Liezel Hill     24th April 2008 Aluminium giant Rusal has completed the acquisition of a 25% stake, plus on share, in the world's biggest producer of nickel and palladium, Norilsk Nickel. 

Newmont shines as gold prices, cost control translate into margin growth

By: Liezel Hill     24th April 2008 Denver-based gold giant Newmont Mining increased first-quarter net income by 444% year-on-year, to $370-million, as the company benefited from high gold prices. Revenue increased 59% from the year ago quarter, to $1,9-billion, with an average realised gold price of $933/oz, Newmont, the... 

Weakening US economy not all doom and gloom for diamond market

By: Mariaan Webb     23rd April 2008 The demand for large diamonds continued to remain strong, despite the weakening US economy, diamond-miner Gem Diamonds said on Wednesday, when it released its maiden annual results.  

Sino Gold receives licence for Chinese mine

By: Liezel Hill     22nd April 2008 Sydney-based Sino Gold Mining has been awarded a mining licence for its White Mountain gold project, in China's Jilin province, the firm said on Tuesday. 

Costs prevent super profits in midst of surging prices

By: Matthew Hill     22nd April 2008 While global commodity prices hovered near record highs, the resources sector was not operating in a super-profit environment, owning to surging costs, banking group Investec said on Tuesday. However, companies that managed to keep their costs in check would sustain strong earnings, an official... 

‘Enormously tight’ market could see platinum peak above $2 400/oz - Investec

By: Matthew Hill     22nd April 2008 A portfolio manager at financial institution Investec said on Tuesday that the platinum price was expected to close this year at levels above $2 400/oz, in an "enormously tight" market. Investec's forecasts were that there would be a supply deficit of 400 000 oz of the white metal... 

Griffin Mining plans to buy Yukon Zinc

By: Liezel Hill     22nd April 2008 LSE-listed Griffin Mining has agreed to buy Canadian base-metals junior Yukon Zinc in an all-share transaction, the two companies announced on Tuesday. 

Steel giant to buy 16% stake in Coal of Africa

By: Matthew Hill     21st April 2008 Coal development company Coal of Africa Limited's (CoAL's) stock slid by over 5% in Johannesburg on Monday, after it announced that world number-one steel producer ArcelorMittal would buy 16% of its new enlarged share capital for £66,7-million, and would also buy coking coal from... 

Gold-miners’ dehedging reached record in '07, says new report

By: Matthew Hill     21st April 2008 Global gold-producer hedging stood at the lowest level since 1992, at 835 t, at the end of 2007, a report said at the weekend. This was after producers reduced the global hedge by a record 446 t during the year, the GFMS-Société Générale Gold Hedge Book Analysis... 

European Minerals to buy explorer Lero Gold

18th April 2008 Junior miner European Minerals (EMC) has agreed to acquire TSX Venture Exchange-listed Lero Gold, in an all-share transaction. 

South Korea's Posco to invest $200m in SA mine

By: Reuters     18th April 2008 South Korean steel maker Posco said on Friday it would invest $200-million to take 13% of a South African manganese mine, its latest move to add mining assets and cut pressure from soaring raw material prices. Posco said the purchase will be made by joining international consortium Pallinghurst,... 

Higher moly prices on the horizon - Thompson Creek chief 

By: Liezel Hill     17th April 2008 With demand for molybdenum at a steady increase, and not much in the way of new supply prospects on the horizon, Thompson Creek Metals chairperson and CEO Kevin Loughrey expects that prices for the metal will approach historical highs over the next two to three years. “We think the future... 

Harmony to announce PNG partner by month-end  

By: Matthew Hill     17th April 2008 Africa's number-three gold producer Harmony Gold hopes to announce a partner for its Papua New Guinea (PNG) assets by the end of the month, CEO Graham Briggs said on Thursday. "The intention is to disclose our partner in PNG in the latter part of this month (April)," Briggs said... 

Rio expects output to rise 8% a year until 2015

By: Liezel Hill     17th April 2008 Diversified miner Rio Tinto, which is fending off a hostile takeover attempt by larger rival BHP Billiton, expects production volumes to grow at a compound rate of 8% a year from 2008 to 2015, CEO Tom Albanese said on Thursday. 

Archangel to pay up to $225m for share in Russian gem prospect

By: Liezel Hill     16th April 2008 Canadian junior Archangel will pay up to $225-million for a stake in the Verkhotina diamond project, the firm said on Wednesday, bringing to an end years of legal disputes with Russian oil and gas giant Lukoil over the ownership of and right to develop the project. 

High River Gold names COO

By: Liezel Hill     16th April 2008 Toronto-based High River Gold Mines has appointed Michael Kelly as its new COO and executive VP, effective June 2, the firm said. 

Rio Q1 iron-ore output rises to record, coal, copper decline

By: Liezel Hill     16th April 2008 Diversified miner Rio Tinto, which is fending off a hostile takeover bid by rival BHP Billiton, reported record production of iron-ore for the first three months of the year, up 16% on the same period of 2007. However, coal production declined year on year, after thermal- and hard-coking coal... 

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