CGA Mining Ltd is looking forward to an increased production from its Masbate gold mine in the Philippines. The processing plant was originally designed to operate at a rate of 4 million tonnes per annum but a recent investment in it is likely to increase the throughput to 6.5 million tonnes per annum.
Alrosa, Russia's largest diamond company, has posted a profit of $70 million for its Catoca diamond mine located in Angola. The mine situated near the town of Saurimo in north east Angola sold about 7 million carats of gems earning a gross production value of $122.6 million.
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.
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.
Vaaldiam Mining Inc (TSX: VAA), the Canadian based diamond mining and exploration company, has reported a net loss of $1,682,000 in the second quarter ending on June 30, 2010. It is a sign of improvement as for the same period in 2009 the company had reported a net loss of $2,231,000.
Centennial Coal (ASX:CEY) has announced a 28% fall in the net profits for the year 2009-2010. The annual net profit was reported at $51.5 million a step down from the $71.2 million posted by the company in the financial year 2008-09.
Newcrest Mining (ASX:NCM), Australia's leading gold mining company, has doubled year profits as if to prove the fact.
Osisko Mining Corp (TSX: OSK) recorded a net loss of $8.4 million for the period and $7.1 million year-to-date.
Alumina Ltd (ASX:AWC),(NYSE:AWC) and its partner have received a shot in the arm by the renewed demand in aluminium and alumina allowing the company to get out of the red.
Rio Tinto is riding high on China's need for steel to set up industries.
The resurgence of the economy in China has helped the mining industry make record profits with Rio Tinto announcing a 125% increase in profi...