The African National Congress Youth League President hopes to gain 60% of the Anglo American mining company in South Africa. Julius Malema said that what Anglo American did with the other 40% was their own business at a gala dinner on Friday in Nelspruit. He also responded to the query about nationalization of mines in the nation by saying that it would happen in his lifetime.
A decision of a South African court to allow miners suffering from lung disease to sue their employers may spell millions of dollars in damages to the mining industry. A recent ruling of the Supreme Court ordered a mining firm in Johannesburg to pay compensation to the family of a dead miner. This overturns a law which prohibited mine workers with lung diseases from claiming compensation.
The shares in Fortescue Metals Group went up after it said that it had discovered a 1 billion metric ton iron ore deposit near its existing mining operations. The shares in the Perth based Australian company were trading at $6.60, 7th Mar 10:48am AEST, on the Australian stock exchange. This is its largest gain since February 14 this year.
Australia is near the top of the global mining merger and acquisition deals that took place last year as per a PricewaterhouseCoopers report. It is second only to Canada in the number of transactions that it made in the mining industry as a number of Australian firms tried to benefit from the surging minerals market.
Labrador Iron Mines Holdings Limited (TSX:LIM) has reported a new resource estimate for its Denault deposit, located in Quebec, about 6 km northwest of the town of Schefferville.
Argosy Minerals Limited (ASX:AGY) has announced that it has been granted three exploration licences, through its wholly owned subsidiary Argosy Exploration Limited, for iron ore in Sierra Leone known as the Bembeye Iron Ore Project.
Dianor Resources Inc. (TSX VENTURE:DOR)(OTCQX:RDSNF) has announced that it in light of the increased worldwide demand for iron ore resources, and the well established iron mining history of the Wawa area, a preliminary review of the Iron Ore Potential of the Leadbetter Property is being conducted.
The Democratic Republic of Congo is going to lift the ban on mining in the eastern sector in March 2010. The Mines Minister Martin Kabwelulu said on Tuesday that the ban on mining activities and exports that was applied to North Kivu, South Kivu and Maniema would be lifted.
Western Australian finances have gone from a deficit to an opening surplus of $1.1 billion piggybacking on the higher royalties for iron ore this year. The strong earnings from the mining sector have shown the surplus for the first six months of the 2010-11 financial year.
In the next financial year Australia will earn $251 billion from commodity exports as per the forecasts from the federal government. With the mining boom looking good for another decade and the prices for farm goods like wheat, cotton and sugar rising the export earnings for the country will most likely rise by 9% compared to the last financial year.
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