The African National Congress Youth League President hopes to gain 60% of the Anglo American mining company in South Africa. Julius Malema said that what Anglo American did with the other 40% was their own business at a gala dinner on Friday in Nelspruit. He also responded to the query about nationalization of mines in the nation by saying that it would happen in his lifetime.
A $600 million coal mine has been rejected by the New South Wales government. The South Korean state owned mining firm Kores hoped to get the permits for a mine in a key Central Coast electorate. However their plans of extracting 5 million tonnes of coal annually from Wallarah mine near Wyong may now come to nothing.
The Parkes Shire Council said that it was happy with the announcement of an elected New South Wales Coalition government committing to a policy of returning financial resources to the mining affected regions. This would translate into thousands of dollars over the next four years in terms of infrastructure projects.
Australia is near the top of the global mining merger and acquisition deals that took place last year as per a PricewaterhouseCoopers report. It is second only to Canada in the number of transactions that it made in the mining industry as a number of Australian firms tried to benefit from the surging minerals market.
Cardero Resource Corp. (TSX:CDU)(NYSE Amex:CDY)(FRANKFURT:CR5) and Coalhunter Mining Corporation announce that the companies have entered into a letter of intent whereby Cardero will acquire all of the outstanding securities of Coalhunter not held by Cardero.
Arch Coal will pay a $4 million fine for clean water violations at four of its mining operations in three different states. The US Justice Department has charged the company with releasing too much iron, manganese, suspended solids and other pollutants into streams in Virginia, West Virginia and Kentucky.
In the next financial year Australia will earn $251 billion from commodity exports as per the forecasts from the federal government. With the mining boom looking good for another decade and the prices for farm goods like wheat, cotton and sugar rising the export earnings for the country will most likely rise by 9% compared to the last financial year.
The state owned mining company recently launched in South Africa is hoping to start producing coal to the tune of 800,000 metric tons of coal by June this year. The African Exploration, Mining and Finance Corporation or AEMFC hopes to produce coal for Eskom Holdings the country's electric utility from a new coal mine in Vlakfontein.
Goldsource Mines Inc. (TSX VENTURE:GXS)(FRANKFURT:G5M) has reported that its Preliminary Assessment NI 43-101 Technical Report for its Border Coal Project in Saskatchewan is complete and results are positive based on preliminary economics for a coal to liquids conversion process.
The initial public offering (IPO) of the Tavan Tolgoi coal mine will be the largest that Mongolia has ever had. The country has shortlisted four banks for the process. The lucky four which survived the culling from a 150 plus applicants are BNP Paribas, Deutsche Bank, Goldman Sachs and Macquarie Bank.
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