The freight rates for shipping lines are dropping despite record rise in commodity prices. Leasing costs for capesizes, 1000-foot-plus ships, which haul iron ore and coal may go down 34% to their lowest prices since 2002 in the present year as per a survey conducted by Bloomberg.
The floods in Queensland are affecting its mining sector adversely. Projects worth $2 billion are facing delays and additional costs as the floods cause work disruptions in many mines across the state. Many mines have had to cease production on a temporary basis or shut down completely due to the heavy rains.
Chile's Collahuasi mine, the world's third largest copper deposit, declared it had to shut down its main port following an accident. It is now looking for alternatives to export copper concentrate.
Qantas may have wanted to boost profits by acquiring Network Aviation which focuses mainly in the 'fly in fly out' activity in the mining regions of Australia, but it has stirred up a hornet's nest.
The Afghanistan government has approved the concept of western investors taking a stake in the Afghan mining industry.
Brazilian mining group MMX Mineracao e Metalicos S.A. (MMX) has decided to invest 5 billion Brazilian Reais (US$2.9 billion) to expand its operations. The company's board has approved the investment in two iron ore mining projects both of which are located in Brazil.
FerrAus is hoping to still manage to negotiate a haulage deal with BHP Billiton. The junior iron ore mining company said that its talks with the mining giant have not broken down. The company said that reports that claimed this were incorrect in a number of respects.
Papua New Guinea (PNG) hopes to build its own gold refinery which would be operated in a joint public and private partnership.
Eldorado Gold has restarted construction activities at the Eastern Dragon mine in China. The engineering is almost complete and procurement is 95 % done as per a company press release.
The $1.4 billion Hunter Valley coal expansion planned by Xstrata has been approved by the company board of directors. The expansion of operations in that area will create about 800 new jobs subject to Xstrata getting all necessary approvals from the state and federal government.
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