Public sector Hindustan Copper is on the verge of signing a service contract with an Australian company, Monarch Gold, in a bid to re-open a copper mine in Jharkhand that was closed several years ago, reports Business Line.

This would be a service contract where Monarch Gold would invest in equipment, manpower and technology. Hindustan Copper will buy the copper concentrate at a fixed rate.

Perth-based Monarch Gold Mining Company, which was set up five years ago, is listed on the Australian stock exchange. Still in mineral exploration mode, it made a net loss of AUD 18.6 million in 2005-06. Read more » »

The weekly TradeTech uranium spot price indicator remained unchanged for a third straight week, but Tuesday’s sale of 100,000 pounds U3O8 could result in another record price spurt. According to Nuclear Market Review (NMR) editor Treva Klingbiel, “This lot of material represents an opportunity for buyers to secure material at a fixed price and is expected to be highly sought after.”

It’s been two months since the last uranium auction. That one led to a record price jump in yellowcake. How will this auction compare? It could be an eye-opener.
Read more » »

The weekly TradeTech uranium spot price indicator remained unchanged for a third straight week, but Tuesday’s sale of 100,000 pounds U3O8 could result in another record price spurt. According to Nuclear Market Review (NMR) editor Treva Klingbiel, “This lot of material represents an opportunity for buyers to secure material at a fixed price and is expected to be highly sought after.”

It’s been two months since the last uranium auction. That one led to a record price jump in yellowcake. How will this auction compare? It could be an eye-opener.
Read more » »

HOTCHKIS & WILEY buys Alcoa Inc., IDEARC INC, CON-WAY INC, Sunoco Inc., Unisys Corp., First Data Corp., WINN-DIXIE STORES, INC., EDDIE BAUER HLDGS, California Coastal Communities, Russ Berrie & Co. Inc., sells Alcan Inc., Public Service Enterprise Grou, Plum Creek Timber Co. Inc., Merck & Co. Inc., MasterCard Incorporated Class A Common Stock, Lincoln National Corp., Accredited Home Lenders Holdin, International Paper Co., Firstenergy Corp., Alpha Natural Resources Inc., Principal Financial Group Inc. during the 3-months ended 12/31/2006, according to the most recent filings of his investment company, HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC. HOTCHKIS & WILEY owns 131 stocks with a total value of $31.4 billion. These are the details of the buys and sells. Read more » »

Diversified mid-tier miner Metorex (LSE and JSE: MTX; Bank of New York ADR: MRXLY), one of last year’s best performing stocks on the Johannesburg Stock Exchange, could see its market capital increase by another 50% over the next 12 months on the back of higher copper production and development at Ruashi copper mine in the Democratic Republic of the Congo (DRC).

T-Sec analyst Nic Goodwin said after the company presented financial results for the six months ending December 2006 today that Metorex’s share price would show another sharp growth phase in the next six to twelve months as the market anticipates growth.
Read more » »

Chesapeake Energy Chief Executive Officer Aubrey McClendon said a $404.3 million jury verdict against the company and others has not only caused Chesapeake to put its plan to build a regional headquarters in Charleston on hold, it has also prompted him to reconsider the company’s exploration program in West Virginia.

On Jan. 27 a Roane County jury said Chesapeake Energy, Columbia Natural Resources and NiSource Inc. had cheated 8,000 landowners out of $134.3 million in natural gas royalties. The jury also said the companies had committed fraud and awarded the landowners $270 million in punitive damages. “We’re just finishing up the first large three-dimension seismic survey ever shot in West Virginia which, ironically is in Roane County,” McClendon said. “So we’re kind of scratching our heads about what to do with it. “We own most of this acreage already — it’s called ‘held by production by shallower wells,’” he said.
Read more » »

The tentative deal on North Korea’s nuclear weapons programme is worse than the deal that the Bush Administration wrecked in 2005, and considerably worse than the one the Clinton Administration made in 1994, but did not abide by.

Last week’s deal lets North Korea keep whatever nuclear weapons it has already built, plus whatever others it can build with fissile material it has already produced. But it’s probably the best deal left.
Read more » »

PRETORIA (ResourceInvestor.com) — Mining activity is beginning to heat up in South Africa’s Karoo Basin, an area where uranium ore deposits are once again attracting interest from mining companies.

Brinkley Mining Plc. [AIM:BRM] on Feb. 13 confirmed that South Africa’s Department of Minerals and Energy has officially granted Western Uranium Pty. Ltd., Brinkley’s South African subsidiary, prospecting rights for four uranium prospects in the Karoo region, including two in Waterval and Rietkull, prospects that are “hugely important to Brinkley,” said a spokesperson for the company. Rights to an additional area called “remainder of Krugel’s claim 459” were also confirmed. Read more » »

Matamec Explorations Inc. (TSX VENTURE: MAT) (”Matamec”) announces that it has signed a non-binding letter of intent with Goldcorp Canada Ltd. (”Goldcorp”), manager of the Porcupine Joint Venture (the “PJV”, a joint venture between Goldcorp Canada Ltd. and Kinross Gold Corporation (”Kinross)) to acquire a fifty percent (50%) ownership interest in certain PJV exploration properties located in Matheson township. The PJV property covers approximately 2,480 hectares or 155 units which added to the 73 Explorers claims and the 2 Matamec - Explorers (Anglo-Colbert) claims forms an approximate 3,700 hectare property, referred to as Matheson Joint Venture (”Property”). Read more » »

An energy company has been given approval to test-drill for uranium in a Labrador lake, but will need to have an environmental monitor in place.

Aurora Energy Resources plans to start its winter drilling program through ice at Melody Lake on March 15.

Previously, the Newfoundland and Labrador government had ruled that third-party monitoring at Melody Lake was not necessary.
Read more » »