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.
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.
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.
Northland Resources S.A. (TSX:NAU)(FRANKFURT:NPK)(OSLO:NAUR) has announced that today, an agreement between Northland and Metso AB was signed for the long-lead items for the Tapuli process line and basic engineering for the Process Plant System for the Kaunisvaara Project.
CHAMPION MINERALS INC. (TSX:CHM)(FRANKFURT:P02) has announced the start of a 5,000 m diamond drilling campaign on the Company's Moire Lake iron project in the Fermont Iron Property in northeastern Quebec.
The largest iron ore producer in Russia is planning to sell 20% of its shares on the London Stock Exchange (LSE). This move of Metalloinvest will expect to value the company at £12.3 billion.
The Chinese Lunar New Year has seen steel mills stock up on inventory before the holiday period to maintain production. This has led to imports of the three key raw materials for industrial steel production to China rising this month and global prices going up consequently. These raw materials include iron ore, oil and copper.
Canadian Orebodies Inc. (TSX VENTURE:CO) has announced that it is has entered into a non-arm's length Purchase Agreement to acquire up to a 100% legal and beneficial interest in the Inuit Owned Lands Mineral Exploration Agreement with Nunavut Tunngavik Incorporated which covers the Haig Inlet Iron Ore Project, located on the Belcher Islands, Nunavut, Canada.
Argosy Minerals (ASX:AGY) is hoping to raise Australian $1.49 million via a placement of 14.9 million shares at a rate of $0.10 per share. The funds raised through the placement will be used to develop the iron ore prospects the company owns in Sierra Leone and also as working capital.
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