Resolute Mining (ASX:RSG) hopes to increase its gold output to 450,000 ounces by 2012. As its current assets are 'maxed out' so the company is looking forward to new acquisitions to enhance its gold production. The Chief Executive Officer of Resolute Mining, Peter Sullivan was speaking in an interview before the Prospectors and Developers Conference in Toronto.
The Fraser Institute has released its latest Survey of Mining Companies last week. This international survey is conducted annually by the Toronto based institute. It assesses the attractiveness of a particular region to mine investors and operators. The ranking of South Africa fell this year amongst the 79 major mining regions to position 67.
The Prospectors and Developers Association of Canada (PDAC) brought together the who’s who of the mining fraternity at the world’s largest mining convention as over 22,000 delegates attended the event. PDAC executive director Tony Andrews said that mining was a cyclic business and that it was currently on a major upswing thanks to the rise in commodity prices.
The Premier of New South Wales Kristina Keneally is on a road trip in Hunter Valley gathering votes in what was once a Labor stronghold. In Newcastle she said that the new state based tax on mining profits being proposed by the Shadow Treasurer Mike Baird would result in a loss of jobs.
The Australian Treasury Secretary Ken Henry gave his final speech on March 4 in which he said that the main obstacle to economic reforms was complacency. He added that the hardest part of his job had been to encourage the nation to make tough decisions.
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.
David Peever, the managing director of Rio Tinto in Australia, has decried the proposed carbon tax as potentially disastrous. He said that the Carbon Pollution Reduction Scheme (CPRS) of Kevin Rudd was not an appropriate starting point for discussions in 2011 as he apprised the Julia Gillard government on the demand for more generous compensation and industry protection.
A decision of a South African court to allow miners suffering from lung disease to sue their employers may spell millions of dollars in damages to the mining industry. A recent ruling of the Supreme Court ordered a mining firm in Johannesburg to pay compensation to the family of a dead miner. This overturns a law which prohibited mine workers with lung diseases from claiming compensation.
The role of China in global mergers and acquisitions in the mining sector has been overstated as per a new report. A PricewaterhouseCoopers report by Tim Goldsmith said that the US and Canada were far ahead of China when it came to global mergers and acquisitions in the mining sector.
In a report published by the Fraser Institute, British Columbia is placed at the 39th on international mining jurisdictions. Only Nunavut and Northwest Territories ranked below B.C.
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