Marenica Energy Ltd is set to develop its uranium project in Nambia after signing a debt and equity funding deal with a Chinese company. The Sichuan Hanlong Group will fund $3 million immediately of which $2 million will be a convertible note and $1 million will come from share placements as 7 cents a share.
Declining reserves of energy minerals are pushing up prices for materials used in alternative energy sources. James Burnell of the Colorado Geological Survey is warning the Geological Society of America that the rare metals needed to build alternative energy generators will trigger a trade war.
By Dr. Cameron Chai
2 Nov 2010
British engineering company Weir Group has done so well this year that it has re-entered the FTSE 100 Index. Based on a strong financial performance it has also upgraded its profits forecast for the current financial year. According to estimates by analysts the company is expected to report a pre tax profit of about £278 million for the fiscal year 2010.
By Dr. Cameron Chai
2 Nov 2010
Coal miners may soon have new guardian angels in China in robotic form. Given the rather dismal safety record of Chinese mines this is seen as a positive move. A factory in north China is going to begin producing coal mine rescue robots that will enter the hazardous areas of mining accidents to collect data.
Rio Tinto approves further US$3.1 billion for expansion of Pilbara iron ore capacity to 283 million tonnes per annum
AXMIN Inc. (TSX VENTURE:AXM) announces that it has regained control of its Mavita Copper-Nickel-Cobalt Project in Mozambique following the withdrawal of Rio Tinto Minerals Development Limited, a wholly owned subsidiary of Rio Tinto Plc (LSE:RIO) from a joint venture over these permits.
Lydian International Ltd. (TSX:LYD), a gold-focused mineral exploration and development company, today announced further results from drilling and channel sampling at its Amulsar gold discovery in Armenia.
Claude Resources Inc. today announced that it has successfully de-watered past the 16th level of the Madsen Mine shaft in Red Lake, Ontario.
Goodrich Petroleum Corporation (NYSE: GDP) today announced its third quarter operational update.
Coastal Pacific Mining Corp. (OTCBB: CPMCF), announced today the signing of a definitive option agreement in respect to earning a 50% interest in a group of two claims, encompassing 1200 Hectares, known as Santa Rita.
Black Hawk Exploration (OTC Bulletin Board: BHWX) announced today that with the successful completion of its financing of October 19th, 2010, it will proceed with its drill plans for an additional 37 auger sites on 5 additional dump sites at Dun Glen.
Alexco Resource Corp. (TSX:AXR)(NYSE Amex:AXU) has announced the balance of results from its 2010 core drilling program in the Onek historical mine area, Keno Hill Silver District in Canada's Yukon Territory.
Atlas Iron increased iron ore shipments by 78 per cent in the September quarter and managed to meet its annualized export rate of over 6 million tonnes per annum in October 2010. This target was met 2 months before forecast.
Australian company Hillgrove Resources (ASX:HGO) has approved development of its Kanmantoo copper and gold mine in the Adelaide Hills.
Japan is joining hands with Vietnam to mine rare earth minerals. The Japanese Prime Minister Naoto Kan said that Japan would also be building a nuclear power plant in the Southeast Asian country.
By Joel Scanlon
1 Nov 2010