Rio Tinto may be focusing on Equinox Minerals as a takeover target. The mining giant is said to be looking at small to medium sized new acquisitions may be happy to get the pure copper play as per analysts at the Royal Bank of Scotland.
First half year profits of BHP Billiton took a record leap of a 71 % to reach a profit of $10.6 billion of which $10 billion will be returned to shareholders. Reuter’s analysts had predicted a profit of $10.3 billion for the same period and they were also surpassed.
Australia will collect about $60 billion less in mining tax over the next ten years than previously predicted thanks to the changes made in the proposed mining tax last year prior to the elections. The treasury figures say that the original unhampered tax would have collected Australian $99 billion between the financial years of 2012/13 to 2020/21.
By Dr. Cameron Chai
16 Feb 2011
President Obama has submitted a new budget proposal to Congress that will charge royalties to mine some hard rock minerals. The budget proposes that new royalties on silver, gold and copper hard rock mining be levied. Then the states getting paid mineral revenues would need to pay back some of it to manage the costs of handling mineral releases.
By Joel Scanlon
16 Feb 2011
Oil company Atlantic Richfield Co. (ARCO) has to pay damages worth $6.75 million in a settlement for natural resource damages to federal, state and tribal governments. The activities of the company owned by BP Plc., caused pollution in north Idaho’s Silver Valley.
By Joel Scanlon
16 Feb 2011
Azimut Exploration Inc. and Aurizon Mines Ltd. announce that high tungsten grades, up to 4.62% W, have been received for check analyses performed on 37 tungsten-bearing grab samples collected during the 2010 field program on the Rex South property, Nunavik, Quebec.
Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) has reported that the company has received 90 year mining leases from the Galician Government authorities covering the known gold resource on the Company's 100% owned Corcoesto Gold Project in Galicia, Spain.
Northgate Minerals Corporation (TSX: NGX, NYSE Amex: NXG) has reported an updated NI 43-101 compliant resource estimate for the Kemess Underground Project, located five kilometres north of the Kemess South mine and milling complex in north-central British Columbia.
Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI) (BERLIN:ABI) (FRANKFURT:ABI) has announced the results of six holes drilled on sections 5100E to 5190E at depths ranging from 150 to 200 m from surface at the west end of the Abcourt-Barvue ore zone.
Estrella Gold Corporation (TSX VENTURE:EST) has announced it has signed a Formal Agreement with Cliffs Natural Resources Exploration Inc. establishing an exploration alliance to explore for Iron Oxide Copper Gold deposits in southern Peru.
Rambler Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) has provided an update on a number of its active projects.
Mindoro Resources Ltd. (TSX VENTURE:MIO) (ASX:MDO) (FRANKFURT:WKN 906167) has announced further strong drill results of potential economic interest from the Bolobolo and Karihatag nickel targets located in the Surigao nickel district of NE Mindanao, the Philippines.
Eagle Plains Resources Ltd. (EPL:TSX-V) and Providence Resources Corp. (TSX-V:PV) have completed 5 additional diamond drill holes since the re-commencement of drilling on the Iron Range project in January 2011, for a total of 15 drill holes and 7,165m of drilling to date.
Canadian Arrow Mines, Ltd. (TSXV: CRO) has reported the discovery of a new nickel sulphide lens at its Kelex nickel project located 17 km south of Iroquois Falls, Ontario.
Arabian American Development Co. (Nasdaq: ARSD) announced today that the Al Masane Al Kobra mine, in which Arabian American is a 41% equity owner, has received the first US$38 million (SR141 million) payment related to a permanent loan from the Saudi Industrial Development Fund.