AK Steel has taken over a coal company for $36 million as per a statement it released this Tuesday. The American steel company also formed a joint venture with another company to produce iron ore concentrate.
Sundance Resources is likely to accept the takeover offer initiated by Hanlong Mining. The board of directors of Sundance Resources, have endorsed the $1.65 billion takeover plan of the Chinese company.
ECR Minerals has got additional 60 days from the date of paying a US$1.3 million of cash to the Unchimé iron ore project’s proprietors in Argentina, to obtain a 70% primary possession interest in the Unchimé project.
ArcelorMittal South Africa has still to find a black empowerment partner as it breaks off talks to sell 26% interest in the company to a group of black investors known as the Ayigobi Consortium, which included a son of the South African President Jacob Zuma.
Indian government-owned NMDC is to buy 50% stake in the Australian Legacy Iron Ore. The Rs 92 crores investment, roughly equal to Australian $19 million, will make it the first Navratna company to get into an overseas project of this magnitude.
Sichuan Hongda Co. Ltd, has signed a deal worth $3 billion for a coal and iron ore mining in Tanzania. The Chinese company is one of many that are seeking a steady supply of raw materials from Africa to support its demand due to industrialization.
Castle Resources has reported the encouraging results of third set of drill cores from the current 35,000 m surface exploration that was conducted at the Granduc copper project, B.C.
Australia’s export earnings from the resources and energy sector are likely to hit a record high of $215 billion as per official forecasts. The Bureau of Resources and Energy Economics forecast in its last quarterly report that a 21% increase was expected in the 2011-2012 export earnings.
The Orissa state government has decided to ‘beef up’ the regulation of the mining industry in the state in response to the recent ban of iron ore mining by the Supreme Court of India in the state of Karnataka’s Bellary region. The state government has issued a notification for reducing environmental effects of iron ore mining in the Joda and Koira regions.
Quebec mining royalties reached a record high of $304 million last year. The Quebec Treasury had expected only about $133 million from the mining royalties in the budget last March. The amount is also higher than the $289 million collected over the last 10 years.
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