The US Supreme Court will revisit Wednesday the case of the Exxon Valdez oil tanker disaster in Alaska, examining whether the corporation should have to pay 2.5 billion dollars in punitive damages over the oil spill that occurred 19 years ago.

The court will hear ExxonMobil’s appeal in the latest chapter in a long-running legal battle that has raged since the Exxon Valdez crashed into a reef in Prince William Sound on March 24, 1989, spilling 11 million gallons of crude into Alaskan fishing waters.
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The China Iron and Steel Association has urged its members to invest directly in overseas resources, as a hike in iron ore prices and constrained coking coal supplies threaten their bottom line.

Chinese steel makers recently agreed with Brazilian miner Vale to pay 65 percent or 71 percent more for iron ore for the fiscal year beginning in April.

They are facing a potentially more serious crunch in coking coal supplies, after China prioritised thermal coal supplies to power plants while weather impeded coal shipments from overseas.
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First Gold Exploration Inc. is pleased to announce it has retained the services of AGORACOM Investor Relations (”AGORACOM“) to provide online investor relations services, a Web 2.0 social network for current shareholders and Tier-1 awareness through the world’s biggest websites for the purpose of attracting new shareholders.

n response to overwhelming data representing the online research and communications habits of small-cap investors, First Gold Exploration has turned the primary focus of its investor relations to the web via the AGORACOM system to facilitate faster, better and more accessible communications with both current and prospective shareholders around the world.
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Robert Sibthorpe, Technical Director of Klondex Mines Ltd. will review the progress of the company’s high-grade gold exploration program and its plans to pursue underground exploration and bulk sampling at its Fire Creek Deposit in North Central Nevada. Mr. Sibthorpe’s presentation is on Wednesday, March 5th at 10:20 a.m. EST at the Exchange Forum of the annual Prospectors & Developers Association of Canada (PDAC) convention, in Room 801A. Klondex will also exhibit in the Investors Exchange, Booth #2835. PDAC is being held in Toronto, Ontario at the Metro Toronto Convention Centre, South Building, from Sunday, March 2nd through Wednesday, March 5th.
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Kiu Hung International Holdings Limited (HKEx: 381) held an extraordinary general meeting and approved the acquisition of the entire equity interest of Lucky Dragon Resources Limited with a total consideration of HK$840 million (subject to adjustments).

Lucky Dragon owns the entire equity interest in Tongliao City Heng Yuan Mining Company Limited (”Heng Yuan”) which in turn owns (i) the mining rights and operation facilities of the Huanghuashan Coal Mine and (ii) the exploration rights of the Bayanhushuo Coalfield.
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Nippon Oil Corp expects to see its crude oil procurement costs decline in March due to the appreciation of the yen, company Chairman Fumiaki Watari said Monday.

Crude oil purchase costs are estimated to fall by up to 0.60 yen per liter, even though oil prices are expected to rise about 0.50 yen, as the yen’s relatively stronger value than before helps reduce import costs, Watari said at a press conference.

Nippon Oil Corp expects to see its crude oil procurement costs decline in March due to the appreciation of the yen, company Chairman Fumiaki Watari said Monday.

Crude oil purchase costs are estimated to fall by up to 0.60 yen per liter, even though oil prices are expected to rise about 0.50 yen, as the yen’s relatively stronger value than before helps reduce import costs, Watari said at a press conference.

India’s Oil & Natural Gas Corp. (ONGC) and Royal Dutch Shell PLC recently revised their joint participation memorandum of understanding for projects to be auctioned in the forthcoming seventh round of India’s New Exploration Licensing Policy VII (NELP VII).

The original MOU was aimed at cooperation in field optimization using Shell’s proprietary enhanced recovery technology and in other areas such as LNG importation, development of coal bed methane, underground and surface coal gasification projects, refinery upgrades, and trading and development of supply chains. Read more » »

India’s Oil & Natural Gas Corp. (ONGC) and Royal Dutch Shell PLC recently revised their joint participation memorandum of understanding for projects to be auctioned in the forthcoming seventh round of India’s New Exploration Licensing Policy VII (NELP VII).

The original MOU was aimed at cooperation in field optimization using Shell’s proprietary enhanced recovery technology and in other areas such as LNG importation, development of coal bed methane, underground and surface coal gasification projects, refinery upgrades, and trading and development of supply chains. Read more » »

Crude palm oil (CPO) futures traded on the Malaysian derivatives exchange hit a fresh record Tuesday, extending gains from Monday, driven by strong soybean futures in the US.

At 12.30 pm, the benchmark CPO futures contract for May delivery was up 1 ringgit at an all-time high of 3,600 ringgit per metric ton. It closed at 3,599 ringgit on Monday.

“Current strong prices are largely due to the surge in US soybean prices,” said Yin Shao Yang, plantation analyst at Kenanga Investment Bank.
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