AUSTRALIAN mining company Uran Ltd signalled today that it wants a role in the development of Czech state-owned uranium mine Diamo, Europe’s only functioning uranium mine amid renewed interest in nuclear power.

Uranium is used as fuel for nuclear reactors. It’s price has risen sharply in response to concern about the effects on global warming of energy generated by fossil fuels and also about the security of supply of hydrocarbons.
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BacTech Mining Corporation (”BacTech” or the “Company”) (TSX VENTURE: BM) today announced that it will raise up to $325,000 by way of a non-brokered private placement of up to 1,300,000 flow-through units (the “Flow-Through Units”) at a price of $0.25 per Unit. Each Unit will consist of one flow-through common share (a “Flow-Through Share”) of the Company and one half of a common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to purchase one non flow-through common share of the Company at a price of $0.30 until the date that is 12 months from the closing date of the private placement. The closing is anticipated to be on or about March 2, 2007. Read more » »

Australian listed Papua New Guinea (PNG) oil and gas producer Oil Search Ltd. reported a slowdown in net profit growth in 2006 on lower output, but forecast a slight rise in production in 2007.

The company, a partner in the Exxon Mobil-operated Papua New Guinea (PNG) gas project, said core net profit before one-offs rose 4 percent to US$207.5 million, slower than the 87 percent jump a year earlier.
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Exxon Mobil says it earned about $10.5 billion in the third quarter. That’s the second-largest profit ever recorded by a publicly traded U.S. company in a single quarter.

On a per share basis, the gain of $1.77 topped analysts’ expectations for $1.59 a share.
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According to South Africa’s Chamber of Mines, the second draft of the Mineral and Petroleum Resources Royalty Bill, which proposes charging royalties on mining revenue, would damage growth, investment and empowerment in the sector.

The second draft was released in October and consultation closed last month. The bill will be tabled in parliament after hearing comments from the industry.
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Metallica Minerals Limited (ASX Code ‘MLM’) has commenced its first 2007 drilling
programme that will see between 7,000 – 8,000 metres drilled, comprising approximately 400 holes, on its 100% held NORNICO project tenements in North Queensland.

The initial drilling programme is designed to further raise the size and status of its Bell Creek nickel resource, test two exciting EM conductor targets at Kokomo and a new lead-zinc prospect at Silver Hills, NW of Greenvale and approximately 20 km east of the Balcooma Cu-Zn mine.
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Leighton Holdings announced that Anglo Coal Australia (ACA) has entered into an alliance agreement with Thiess Sedgman Joint Venture to deliver the coal preparation and handling aspects of the $346.4 million Lake Lindsay Project, one of the largest design and construct contracts awarded in the Australian coal industry to date.

The existing German Creek Mine, which was established in the 1980s, will be expanded to cater for the Lake Lindsay deposit and will see an upgrade of the mine’s coal handling and processing capability from 11mtpa to 16mtpa. Read more » »

Pakistan plans to set up a coal mining company to help meet the country`s increasing energy demands, a senior government official told Reuters.

The new company - Thar Coal Mining Company - will be owned 20% by the coal authority in Singh province and 80% of the company will be offered to local and international companies, Rashid Hussian, a senior official at the Petroleum Ministry, told Reuters
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Mexico may complete the search in two months for 63 bodies still not recovered from a coal mine explosion that killed 65 workers in Coahuila a year ago today, Mexico’s labor minister said.

Mexico’s geological service can’t enter the mine to carry out its investigation until the recovery is complete, said Labor Minister Javier Lozano in a radio interview with Radio Formula. The effort has moved slowly because there are still dangerous levels of methane gas in the mine, which collapsed almost entirely, as well as the possibility of more explosions.
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Stalled Louisiana energy projects, including refinery and petrochemical expansions, are rebounding after a 2003 oil price crash. But the lack of qualified steel manufacturers has slowed project completions, according to analysts and energy managers.

“More Louisiana energy products are being green-lighted than ever before,” said John Anton, director of steel services at Watham, Mass.-based investment firm Global Insight. “But they are literally being delayed from the lack of capacity to make steel. It’s a big problem.”
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