Mining Exploration News

Newcrest Mining Ltd said Thursday gold production rose 26% in the three months to June 30 to 526,131 troy ounces on the previous quarter.

The miner’s Telfer and Gosowong mines recorded record quarterly production but net cash costs rose to A$342/oz from A$310/oz, in part as a result of the initial high costs of production at its Hidden Valley operation in Papua New Guinea.

Copper production hit 20,827 metric tons, up 2% on the previous quarter.
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Vale, Brazilian iron ore mining company, announced that it has a joint venture with South Korea’s largest steelmaker Posco to build steel plant in the city of Pecem, Brazil.

Shareholding agreement on steel plant to be built, Vale has a 60 percent stake, the South Korean steel company Posco has a 40 percent stock and 10 percent of shares owned by the CSP.

The analyst believes mining companies, improving the performance of iron ore miner Vale because of pressure from the Brazilian government to create employment in the steel project in Brazil. Vale had to increase investment publications in the steel company to open employment opportunities for workers in Brazil.
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China Daily reported, the largest gold mining company in China, Zijin Mining suspend gold production in East China, because of the gold mill in eastern China has spilled toxic chemicals that poison the 2000 tonnes of fish.

Temporary closure of production of gold from gold miner Zijin Mining will affect the supply of gold on the global market. Closure of gold production is expected to reduce production 60 percent gold Zijin.

Zijin Mining is the second largest gold producer in the world. Waste spills Zijin Mining gold from the factory is estimated to contain a copper acid has seeped into the River Ting.

Based on the approval of acceptance, Mt Marion Lithium project to begin production in March 2011. Mineral Resources has submitted a notification to launch operations to Reed Resources Ltd.

Mt Marion Lithium Project will initially produce 200,000 tpa spodumene concentrates. It is estimated that this production will make the Mt Marion became the second largest project in the world’s lithium mines operation. Joint Venture has been expanded to include mica, tantalum and potassium feldspars; testwork has highlighted the potential to recover significant volumes of this by-product.
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Vancouver-based Jinshan Gold Mines will change its name to China Gold International Resources Corp from July 19, the company said on Friday.

The firm will also begin trading under a new symbol, ‘CGG’, on the TSX.

The name change was approved by shareholders last month, and demonstrates the commitment and support of the company’s biggest shareholder, China National Gold Group, which plans to use the TSX-listed company as its “international vehicle”, the company said in a statement.

China National Gold is directly supervised by China’s State Council and is the largest gold producer in the PRC by gold output, according to Jinshan.

Jinshan’s main asset is the CSH gold mine, in Inner Mongolia, where is started gold production in 2007.

source : MiningWeekly.com

Centennial Coal received a $ 2.4bn takeover bid from Thailand Banpu. Banpu is Thailand’s largest coal producer. Coal mining company is offering $ 6.20 per share for 80 percent of the producers of thermal coal at Hunter Valley. This bid by 40 per cent premium to the closing price of $ 4.42 Centennial on Friday, the same day the federal government’s controversial proposal to overhaul the mining tax.

Banpu very interested to have exposure to the Australian coal sector and believe that the acquisition of Centennial Coal will be the first step for further consolidation in the coal mining sector in Australia.
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Development of mining exploration projects being conducted by the Nevade government and lithium mining companies. Lithium mine expansion and development is expected to lift the economic development around the mining area. One of the areas are targeted by lithium mine development is Esmeralda County. This area has the potential to be explored lithium mine in sufficient quantity lots.

Chemetall Foote is one of the mine operator who has conducted exploration in the Silver Peak mine lithium. Nevada project is part of the expansion of U.S. $ 56,800,000 by Chemetall Foote’s parent company, Rockwood Holdings Inc.
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Largest producer of coal powder, Macarthur Coal, estimates that annual earnings will increase as sales increase. Sources of income of companies, including accounting adjustments, between A$ 115 million and A$ 125 million 12 months ended June 30 compared with the previous projection of A$103 million to A$113 million.

Chief Executive Officer Macarthur Coal, Nicole Hollows said “Our operations have remained focused on coal delivery and, with the Dalrymple Bay Coal Terminal achieving record throughput in June, we were able to load some shipments sooner than expected.”
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