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.
Advanced Explorations Inc. (TSX VENTURE:AXI)(FRANKFURT:AE6) has announced that it has received an exercise request from Shandong Fulun Steel Company for its 7,000,000 warrants as part of the framework agreement between the two companies (Press Release September 29, 2010) at a price of $0.55.
The South African ban on new mining permits may last longer than the originally planned six months. The Department of Mineral Resources had put a moratorium on new prospecting rights applications to deal with the existing applications and sort out current disputes.
Moly Mines has resumed iron ore shipments from Spinifex Ridge after the bad weather had forced all operations to stop. It said that a ship with 64,472 wet metric tonnes of iron ore with a 59% iron grading has set sail for China.
The South African government has launched a state owned mining company. President Jacob Zuma launched the African Exploration Mining and Finance Corporation or AEMFRC with the hope that it would bring all state mining interests into its remit.
Moly Mines Limited (TSX:MOL)(ASX:MOL) has advised a shipment of Spinifex Ridge Iron Ore Fines has this evening sailed from Port Hedland, destination China.
Rio Tinto has been granted an extension of three months in the dispute in Guinea over the Simandou iron ore concession. The Anglo Australian mining giant had invested in the largest undeveloped iron ore deposit in Guinea but has been in dispute over blocks 1 and 2 which were given to BSG Resources.
Hong Kong based Fortune Oil is venturing into Armenian iron mines. The Prime Minister of Armenia Tigran Sarkisian met with a delegation from the company led by the Executive Vice Chairman Daniel Chiu. After the meeting it was announced that Fortune Oil would invest around $500 million in the iron mining industry in Armenia.
Central Iron Ore Ltd. (TSX VENTURE:CIO) has announced that three of its applications for exploration licences that are prospective for the occurrence of Iron Ore in Western Australia have now been successfully granted. It is expected that the remaining tenements will be granted over the coming months.
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