Ginguro Exploration has been permitted to commence diamond drilling program at its El Alto Iron-Oxide-Copper-Gold (IOCG) property in Chile. Immediately, the company will start the road construction and begin drilling in mid-June.
State run Brazilian steel maker CSN has announced first quarter profits as Net Income rose by 617.5 million Brazilian reais, a bit short of estimates of 677 million reais profits as expected by financial analysts. The Rio de Janeiro based company said that profits in the first quarter were up by 38%.
IronClad Mining Ltd had signed an agreement with Sea Transport Corporation to use a multi-user port facility concept developed by Sea Transport Corporation.
In the Indian state of Orissa a crackdown on illegal mining may see mining exploration activities being reduced by the state government. The mining scandals which have embarrassed the Naveen Patnaik government have resulted in an online database of mine operations in the state. This is to help check illegal mining and transportation of mineral resources.
Riversdale Mining is being taken over by Rio Tinto but Tata Steel will continue to hold a stake in the coal mining company. B. Muthuraman the Tata Steel Vice Chairman said on Monday that the company would not divest its stake in the Australian miner currently being acquired by Rio.
Revolver Resources is hoping to reverse the takeover deal of Oculus Mining S.A. The Toronto Stock Exchange listed company Revolver Resources has halted trading while the required documentation is filed with the TSX Venture Exchange.
Rio Tinto finally managed to get its hands on Riversdale Mining after Brazil’s CSN gave up its stake to them. On Wednesday Companhia Siderurgica Nacional or CSN announced that it had sold its 20% holding of Riversdale Mining to Rio Tinto because the price was right.
The Australian Treasurer Wayne Swan spoke to the Queensland Media Club and told them that there would be no rivers of gold from the mining industry in the upcoming budget.
Black Iron has begun a preliminary confirmation diamond drill program at its Shymanivske iron ore project in Ukraine. The drilling program consists of the operation of three drill rigs to finish 7,500 metres of drilling in about three months.
Junior Canadian miner Pacific Iron Ore is looking at selling strategic assets to help boost its share price. The company has hired financial advisory firm AltaCorp Capital Inc to help them identify and evaluate alternatives that would enhance its shareholder value.
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