China Nickel Resources Holdings is raising HK$1.5 billion via zero-coupon convertible bonds, a source close to the deal said on Tuesday.

The bonds due in 2012 will convert at HK$5.72-HK$5.94 per share, representing a premium of 35 to 40 percent to the reference price.

It will have a HK$500 million greenshoe option.

Credit Suisse and Deutsche Bank are bankers to the issue.

The proceeds will be used for expansion in China and Indonesia and general capital purposes.

Earlier this month, a newspaper report said China Nickel plans to invest at least 6 billion yuan in the next five years to expand its stainless steel business, mainly in Indonesia.

Oil prices fell by more than a dollar Tuesday on news that output would restart in Mexico after a stoppage, but they still remained close to record highs above 92 dollars per barrel.

“The market has come up a long way very quickly and it’s very vulnerable to corrections,” said Bache Commodities trader Christopher Bellew.

“We’ve got a strange situation of everybody talking about 100-dollar oil but people are too scared to buy at these numbers.”
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Oil prices set a new inflation-adjusted record Monday, topping the previous high set nearly three decades ago, as supply worries continued to fuel a rally in energy markets.

Oil prices fell back Tuesday, but worries remain.

While crude prices are leading to higher costs for gasoline and other energy goods, they are not seen by economists as enough to significantly damage the economy.
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Coal mining regions of northern China are reporting soaring levels of defects in newborns, an apparent result of heavy pollution, state media said Monday.

Results from eight main coal mining areas in Shanxi province show levels far higher than the national average, according to a Xinhua News Agency report carried by the Beijing News.

“The rate of birth defects is related to environmental pollution,” the report said, citing provincial population planning official An Huanxiao.
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Brilliant Mining Corp. today reported that production from the high-grade Winner orebody commenced on October 14, 2007 and provided an ore delivery summary for the Quarter ending September 30, 2007 (”September 2007 Quarter”) from its 25% owned Lanfranchi Nickel Mine, located in the world class Kambalda Nickel District of Western Australia.

Key Point Summary:

• Winner ore production commences, ore deliveries total 2,600 tonnes of ore grading 6.6% Ni for 172 tonnes of Ni metal

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October 30th, 2007 | No Comments »

A state environmental commission upheld a decision to suspend two permits for gravel mining at Crooked Creek in Marion County Friday.

Guy King & Sons Inc., a Mountain Home sand and gravel company, appealed Arkansas Department of Environmental Quality’s decision made in January. The Arkansas Pollution and Ecology Commission upheld ADEQ’s decision after an administrative hearing and order.
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The town of Ticaboo in southeastern Utah has been sold to a Canadian mining company that bought the mothballed Shootaring Canyon uranium processing mill this spring.

Riverton, Wyo.-based U.S. Energy Corp. said Monday that it sold the townsite for $2.7 million to Uranium One Inc. The townsite is five miles from the long-dormant mill, which Uranium One purchased in April from U.S. Energy Corp. along with 38,000 acres of mineral claims and leases in San Juan County, in the Lisbon Valley southeast of Moab and in the Henry Mountains northwest of Ticaboo.
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European stocks climbed Monday for a third consecutive session, led by mining and energy companies, after metal prices rallied and oil rose to a record.

BHP Billiton, the world’s largest mining company, and Total, the biggest oil refiner in Europe, advanced. Volkswagen led carmakers higher after Goldman Sachs lifted its price estimate for the stock. Clarins and Actelion gained after analysts raised their recommendations on the shares.
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Energy coal prices at the port of Newcastle, Australia, the world’s biggest export harbor for the fuel, rose 1.3 percent to a record on expectations of supply shortages in Asia and a disruption to deliveries from a Queensland State mine.

Coal for immediate delivery at Newcastle rose 96 cents to $76.95 a metric ton in the week ended last Friday, according to the globalCOAL NEWC Index. The previous all-time high was $76.16 reached two weeks ago.
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A West Virginia coal miner was killed Sunday when he was pinned by a dislodged rock while cleaning a conveyor belt.

Charles Jason Kenney, 34, of Danville, W.Va., died following the incident at Long Branch Energy Corp.’s Mine No. 23 in Danville. The mine has continued to operate as state and federal officials conduct their investigations.

Mr. Kenney, a roof bolt machine operator with four years’ mining experience, was the sixth West Virginia coal miner killed this year.