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Subsidiary of Rio Tinto Cancel Aluminum Mine Exploration Investment in Saudi Arabia


A subsidiary of global mining giant Rio Tinto Group said Wednesday it is pulling its investment out of a $7 billion Saudi Arabian aluminum project due to the weakening global economy.

Lundin Mining Makes Strategic Investment in Sanu Resources


Lundin Mining Corporation (”Lundin Mining” or the “Company”) (TSX:LUN.TO – News)(AMEX:LMC – News)(Shenzhen:LUMI.SZ – News) is pleased to announce that, subject to regulatory approval, it has entered into a financing arrangement with Sanu Resources Ltd. (”Sanu”). Sanu is a publicly traded mining company listed on the TSX Venture Exchange (TSX VENTURE:SNU.V – News), pursuant to [...]

In Pharaohs’ footsteps, Egypt eyes new gold-mining era


After a 2,000-year lapse, Egypt is looking to acquire a gold-mining industry again by revisiting ancient deposits of the precious mineral that symbolized the glory of the Pharaohs.
Josef al-Raghy surveys Sukari Hill, a large reddish outcrop in Egypt’s Eastern desert dotted with his Centamin company’s drilling rigs.
“We already have proven resources of 6.7 million ounces [...]

Black gold in the Gulf


A year and a week after Hurricane Katrina ravaged oil and gas production in the Gulf of Mexico, Chevron (the second-largest oil company in the United States) and two of its partners announced a deepwater discovery in the Gulf that will generate between 3 billion and 15 billion barrels’ worth of oil and gas reserves. [...]

ANALYSIS-Will Saudi Arabia need to make up Alaska oil loss?


Oil power Saudi Arabia stands willing to make up lost supplies from BP’s closure of its giant Alaskan oilfield, but it may not need to.
Much depends on how long the 400,000 barrels per day (bpd) Prudhoe Bay oilfield stays off-line. BP (BP.L: Quote, Profile, Research) has not given a clear timeframe, saying only that it [...]

Australia pleads for mining favour in Russia


Trade ministers are like the Fuller brush salesman. The job requires long days and hard traveling, sleep-short nights in dreary hotels, selling a premium brand-name for a cheap product that customers usually think they need no more of. And when the salesman returns to headquarters, the boss hardly notices him.