RPG Group firm CESC Ltd has decided to invest $10 million to gain a 4.8 % stake in Resource Generation which is a listed Australian mining firm. It made the investment using Bantal Singapore Pte Ltd, which is a Singapore based subsidiary that CESC owns wholly. The decision to buy a 10% stake in the company had been made last year.
The mining industry in the U.S. may not have a well established sense of history but the people still do. When a mining company proposed blowing up the historic site of the worker’s uprising at Blair Mountain to gain access to the coal lying below it faced major opposition to its plans.
Mining magnate Clive Palmer has managed to get China to finance his latest project. The Chinese Exim bank will help develop the mine by financing the China First project in the Galilee Basin in central Queensland.
The new Treasury Secretary Martin Parkinson is optimistic about the mining boom lasting about another decade barring global catastrophe.
Sentry Petroleum has inked the final agreement with Depco Drilling to supply a drilling rig and workforce for its future coal seam gas drilling campaign in ATP 862 and 864 in Queensland Australia.
WestSide is the operator of the Meridian SeamGas CSG gas fields and has begun drilling at the MER05X exploration well in PL 94 close to Moura. It continues the momentum of the present reserve development program.
State run Brazilian steel maker CSN has announced first quarter profits as Net Income rose by 617.5 million Brazilian reais, a bit short of estimates of 677 million reais profits as expected by financial analysts. The Rio de Janeiro based company said that profits in the first quarter were up by 38%.
The state government of New South Wales plans a tough new interim assessment regime for mining and coal seam gas extraction applications. The interim policy is applied in regional areas to help reduce the conflict between agriculture and tourism and the fast developing coal and coal seam gas industries.
In Western Australia the government is hoping to protect the wine growing area of Margaret River from mining by setting up new laws. WA’s Environmental Protection Authority (EPA) recently denied LD Operations permission for a coal mine in the region. EPA chairman Dr Paul Vogel said that the proposal was fundamentally and fatally flawed.
U.S. coal producer Alpha Natural Resources has been in the news after it announced the deal to buy Massey Energy in January for $7.1 billion. The company recently announced a large increase in quarterly profits as well. However profits fell short of what analysts expected.
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