As the signs of financial recovery continue to affect the mining industry OZ Minerals presented a net profit for the six months ending 30 June 2010 at $405.7 million. A marked improvement compared to the $580.7 million loss it reported in the corresponding period last year.
The ban on open pit mining in the Philippine province of South Cotabato will be pushed through unless a court issues a restraining order or if local lawmakers craft a new directive. Gov. Arthur Pingoy Jr. said.
Good news came for the relatives of the 33 Chilean miners who have been trapped underground for 17 days. The rescue probe which drilled down to 688 meters in the San Jose gold and copper mine made contact with the miners who sent back a written message tied to the probe saying "all 33 of us are well inside the shelter".
In a reminder of just how fast things can fall apart in the business world CuDeCo (ASX:CDU), a Queensland based mining company saw half its market value drop in one day.
In a bid to provide better mining regulation and transparent functioning of government the Minerals Resources Minister of South Africa Susan Shabangu announced a new mining moratorium in Pretoria yesterday.
Kennecott Utah Copper Corp is hoping to extend the life of its Bingham Canyon mine to 2034 by a proposed expansion. The world's biggest mine may get bigger if they get the permission to increase the size of the mine by about 1,000 feet in width and 300 feet in depth.
Newcrest Mining (ASX:NCM), Australia's leading gold mining company, has doubled year profits as if to prove the fact.
The hope of finding the 33 trapped miners alive in Chile is now fast dwindling. Despite frantic rescue efforts to reach the group of miners trapped about 400 meters below the ground for six days there has been no word on the condition of the workers.
The ruling political party in South Africa, the African National Congress (ANC) is seeking more state control of mining.
Toxic leaks, oil spills and fires seem to be plaguing Zijin Mining Group Co. The biggest gold producer in China has decided to slow down its pace of expansion overseas to focus on strengthening the safety and environmental standards at its domestic operations as per a statement made by company Chairman Chen Jinghe.
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