The government of Namibia has withdrawn its proposed mining tax hike. Earlier in the year the Namibian government had announced a proposal to raise the mining tax rate to 44% from its current rate of 37.5 %. The Deputy Finance Minister of Namibia, Calle Schlettwein, said that the proposal had been withdrawn to increase the corporate tax on mining companies.
By Joel Scanlon
18 Aug 2011
Compass Gold Corp is planning to buying out the 49% of a gold mining operation called Africa Mining SARL from Transocean Finance Pty Ltd. and Madani Diallo. Compass Gold will swap 30 million units of common shares and purchase warrants for the 49% stake in Africa Mining.
The president of Venezuela Hugo Chavez has told his government to repatriate $11 billion in gold bullion to safeguard the nation from global economic crisis. The gold is currently held in banks in the U.S and Europe. The president also said that he would nationalize the local gold industry to help the economic situation.
By Joel Scanlon
18 Aug 2011
Nevada Copper has reported further encouraging step-out drilling results from the Pumpkin Hollow property in Nevada.
Alta Mining, a subsidiary of Fortune Oil and Gas, has begun the 2011 exploration campaign at the SGH property, which is situated in Slocan, Canada.
By Joel Scanlon
18 Aug 2011
Quantum Rare Earth Developments declared on Tuesday that it has found encouraging assay results at 2 holes from the spring / summer 2011 exploration program at its Elk Creek property. The Elk Creek project is located in south-eastern Nebraska.
By Joel Scanlon
17 Aug 2011
Lake Shore Gold has received promising results from the drilling exploration program at its Bell Creek property near Timmins, Ontario. The Canadian mineral exploration company is registered on the Toronto Stock Exchange and owns 100% of the property
By Joel Scanlon
17 Aug 2011
Zijin Mining Group wants to buy a 60% stake in Altynken LLC, a Kyrgyzstan based gold mining company. The proposed $66 million bid is subject to approvals from both the Chinese and Kyrgyzstan governments. It filed its intentions to the Hong Kong bourse on Tuesday.
By Joel Scanlon
17 Aug 2011
Mount Gibson Iron has agreed to sell iron ore to Glencore International. The Australian mining company signed a deal with the Swiss trading giant to sell 48% of the mine production of iron ore from its Extension Hill mine in Western Australia. This would roughly equal to 1.44 million mt/year from the mine located 239 km away by rail from the port of Geraldton.
Kinross Fort Knox is to donate close to $1 million to the University of Alaska Fairbanks to help mining engineering research that they are carrying out. The monies will fund graduate research projects as per the dean of the college of Engineering and Mines. Projects that focus on real world mining challenges in Arctic conditions will also benefit from the money.
Empire Resources has announced high grade copper intersections from its drilling exploration at the A Zone in the Yuinmery copper gold project. The Yuinmery project, located 80 km south west of Sandstone, is one of two projects located in Western Australia that belong to the company. The other is the Wynne project.
The profits of Australian mining company OZ Minerals (ASX: OZL) have taken a hit this financial year dropping a drastic 72% at the half year point. Net profits at the copper mining company fell to $113.9 million from $405.7 million in the same period last year. The net profit for the calendar year 2010 had been recorded at $586.9 million.
Gold Hawk Resources has changed its name to Oracle Mining Corporation. The Vancouver based company is listed on the TSX Venture exchange and will now have its shares trade under the symbol OMN starting this Tuesday.
By Joel Scanlon
16 Aug 2011
OSISKO and OREX EXPLORATION is willing to offer the shareholders the results of the final assay from the diamond drilling operation that commenced during April, 2011 at the completely-owned Goldboro gold property of Orex in Nova Scotia.
Metallum Resources has declared that the company has begun an exploration campaign worth $CND 2.9 million that covers about 6,300 ha M-18 silver/gold property’s mineral rights at Chubut province in Argentina.