Mining Business News

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ArcelorMittal and Indiabulls to Form JV for Coal and Iron Ore

ArcelorMittal and Indiabulls will form a joint venture for coal and iron ore mining. Indiabulls Real Estate has power plants while ArcelorMittal is the world’s largest steelmaker. It currently produces 8% of global steel supply.

7 Sep 2010

$8 Billion Shortfall in Proposed Mining Tax

The proposed mining tax (MRRT) was criticized as being a mere election ploy by opposition finance spokesperson Andrew Robb.

7 Sep 2010

Largest Discovered Iron Ore Deposit

The new deposit in Mato Grosso state of Brazil may be the largest discovered iron ore deposit in the world. It may potentially be greater than Vale SA’s Carajas mine. The state Secretary Pedro Nadaf said that the new deposit may contain 11.5 billion metric tons of ore with 41% iron content.

6 Sep 2010

Nalco Shoots for African Uranium

After failing to acquire the copper mine in Namibia with Hindustan Copper, Indian company Nalco, Asia's largest, and one of the world's leading aluminium companies, has now decided to shoot for uranium assets in the African country.

6 Sep 2010

China Metallurgical Group To Construct Iron Ore Mine in WA

China Metallurgical Group Corp is planning to start construction on an iron ore mine in Western Australia by mid 2012 and start operations by 2015.

From China Metallurgical Group Corporation 6 Sep 2010

Newcrest Mining Seeking New Mergers and Acquisition

After acquiring Lihir Gold for $10 billion, Newcrest Mining is now looking for fresh mergers and acquisition opportunities in the Asia-Pacific and West Africa regions.

From Newcrest Mining Limited 6 Sep 2010

Goldcorp Inc. to Buy Andean Resources Ltd. for $3.5 Billion

Goldcorp Inc. has agreed to buy Andean Resources Ltd. for $3.5 billion. The second largest Canadian gold producer exceeded a rival offer made five hours earlier to gain control of an Argentinean mine. The shares in Andean Resources also rose to Canadian $6.98 on the Toronto stock exchange before a trading halt was announced.

6 Sep 2010

Kinross Gold and Red Back Mining Look to Merge to Exploit African Gold Deposit

Kinross Gold Corp is hoping that Red Back Mining’s Tasiast mine located in the African nation of Mauritania is going to be substantially bigger than it is today. That is why it is asking Institutional Shareholder Services to back its friendly combination with Red Back Mining Inc.

From Kinross Gold Corporation 3 Sep 2010

Call to Ban Prosperity Mine Proposal Gaining Momentum

The call to reject the Prosperity Mine proposal has received strong support from the Union of British Colombia Indian Chiefs in Canada. It is also supported by the Tsilhqot'in Nation, Esketemc First Nation, Canoe Creek Band and the Northern Shuswap Tribal Council.

From Taseko Mines Limited 3 Sep 2010

Lower Cost Mining Techniques Could Allow Diamond Miner to Access New Regions

Harry Winston Diamond Corporation is studying a different underground mining method which has the potential to reduce the costs of operations at the Diavik diamond mine. This new technique may allow them to explore recently discovered regions where mineralised kimberlite reserves have been identified.

From Harry Winston Diamond Corporation 3 Sep 2010