Mining Exploration News

Copper Mine Soar in Peru Mine Market and Tradding

ayahfikri — Thu, 03 Jul 2008 18:10:22 +0000

Copper soared to a record high on Thursday as a strike in Peru stoked supply fears and as investors sought alternatives to equities, while surging oil pushed aluminium to a four-month peak.

Copper for three-month delivery on the London Metal Exchange was at $8,810 a tonne at mid-session, down from an earlier record high of $8,940. It closed at $8,720 on Wednesday.

Aluminium was up at $3,208 a tonne from $3,200 on Wednesday. Earlier in the session it reached $3,229 a tonne - the highest level since March 7.

“The rise in prices is a confluence of recent factors: the weak dollar, the record oil price and the continued spate of production problems,” said Robin Bhar, an analyst at Calyon.
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New Mining Equipment Investment India, India Sign Agreement With Iran for Building Gas Pipeline

ayahfikri — Thu, 03 Jul 2008 18:06:45 +0000

The 7.5-billion-dollar (4.7-billion-euro) project to bring gas from Iranian fields to India and Pakistan had been discussed on the sidelines of the World Petroleum Congress industry event, which ended in Madrid Thursday.

Talks on the 2,600-kilometre (1,615-mile) Iran-Pakistan-India pipeline began in 1994 but were stalled by tensions between India and Pakistan and disagreements over prices and transit fees.

India and Pakistan reported last month that they had resolved commercial differences holding up the deal.
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Coal Mine Exploration Company, Pike River Coal’s rise arrested by 10% fall

ayahfikri — Thu, 03 Jul 2008 17:59:52 +0000

Volatility in New Zealand’s sharemarket came home to roost for coking coal mine producer Pike River Coal whose dream share run came to abrupt halt yesterday after gaining nearly 50% in value in the past month.

Pike River shares have steadily risen 48%, from $1.67 on May 30 to trade around $2.47.

However, yesterday they fell more than 10% to about $2.25 after spiralling international coal prices dropped about 11% to less than $US200 overnight.

Early in June, Pike River secured a $US300 ($NZ382) per tonne contract with its Indian shareholder partners and Japanese steel mills for its inaugural production, a rate more than triple the international $US98 benchmark coal price a year ago.
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