The demand for diamonds is likely to wane in India as the price of gems surge. India is the largest exporter of polished precious stones in the world. However the representatives of Titan Industries Ltd feel that current price rises of 60-70% for polished stones may see consumers buying gold over diamonds.
By Joel Scanlon
4 Aug 2011
The Anglo Pacific Group has acquired a 1% gross revenue iron ore royalty from London Mining. The royalty will be earned from the Isua iron ore project located in Greenland after a $30 million investment from Anglo Pacific. The project is slated for production in 2015.
Stillwater Mining Company has reported record profits for the quarter ending June 30, 2011. The Montana based company has seen a 192% hike in profits recorded compared to the same quarter the previous year. The company earned nearly $42.7 million in the second quarter this year equating to 39 cents a share.
By Joel Scanlon
4 Aug 2011
New Pacific Metals has proclaimed the assay results of the initial step out hole, Raca11-01, at Tagish Lake gold-silver property’s Raca region in Yukon.
Zone Resources is in the trade of purchasing and assessing oil, natural gas and other mineral properties for exploration and expansion.
By Joel Scanlon
4 Aug 2011
Marathon Oil Norge has announced the completion of drilling of the wildcat well 25/10-11 that tests the Earb South prospect in PL505.
By Joel Scanlon
4 Aug 2011
Pershimco Resources has reported the further assay results from the current 2011 exploration at the Cerro Quema in Panama, which is a gold-copper project.
By Joel Scanlon
4 Aug 2011
Galahad Metals has completed a surface, induced polarization (IP) or time-domain resistivity survey at its Regcourt gold project, which is located 30 km east of Val-d'Or in Québec.
By Joel Scanlon
4 Aug 2011
Fancamp Exploration has proclaimed that Magpie Mines has obtained the final report and the Phase I metallurgical test work results, which was conducted by COREM, Quebec.
Rio Tinto is likely to post a net profit for its first half in the region of $8 billion. The profits have been bolstered by the hike in prices of iron ore, aluminium, and copper.
China is not too hopeful about its steel production forecasts for the second half of 2011. The China Iron and Steel Association (CISA) highlights the effect that tight monetary policy is having on commodities demand in the nation. Zhang Changfu, vice chairman of the association said that steel production growth will slow down further in the second half of this year.
By Joel Scanlon
3 Aug 2011
Rio Tinto is challenging a High Court ruling that will allow the unions to operate in the iron ore operations it owns in Western Australia. If the ruling holds the unions will be allowed to bargain on issues of pay and work conditions for mine workers in the Pilbara region.
Hong Kong listed Yanzhou Coal Mining Company has decided to buy thermal coal exploration and production companies in Queensland. The Yanzhou Coal Mining Co will spend $202.5 million on acquiring Syntech Resources Pty Ltd and Syntech Holdings II Pty Ltd, from GS Power Holdings.
By Joel Scanlon
3 Aug 2011
National Mineral Development Corporation (NMDC), India’s largest iron ore miner, is currently involved in talks with overseas mining companies in regard to possible takeovers. NMDC Chairman Rana Som said the company had earmarked $500 million for overseas acquisitions this financial year.
By Joel Scanlon
3 Aug 2011
Canaco Resources has released the recent drilling assay from the Magambazi gold discovery at the Handeni project, which is in the United Republic of Tanzania.
By Joel Scanlon
3 Aug 2011