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Japan's Mitsui Mining and Smelting Co Ltd will invest 500 million ringgit to build a new plant for making copper foils in Malaysia, a newspaper reported on Friday.


The new plant, specialising in high-productivity 12-micron and thinner copper foils, will have a production capacity of 1,200 tonnes a month once fully operational, the Business Times said.


Construction work on first phase of the plant, with a capacity of 700 tonnes a month, will begin in November and will be completed by June 2010, it quoted Masayuki Misawa, managing director of Mitsui Copper Foil Sdn Bhd, in which the Japanese firm is a stakeholder, as saying.


Work on the 500-tonne a month second phase will start immediately after that, he said. The new plant is being constructed in Shah Alam, next to an existing facility of the company which has a monthly production capacity of 1,600 tonnes.

Tags: copper foils, copper, Japan, Mitsu, Mining, Malayasia on 2008-09-12 -All Annotations (0) -About

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South Africa’s largest steel producer, ArcelorMittal South Africa, has announced its first price decrease for the year and will cut the price of both hot-rolled coil (HRC) and wire rod by 5% as from October.

The price of HRC and wire rod, which provide the base prices for flat and long steel respectively, will decline from their record levels, with the price to be cut by about R500/t on just about about all grades, barring plate which will remain unchanged.

Tags: arcelormittal, steel, mining, south, africa, demand on 2008-09-03 -All Annotations (0) -About

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The Ridgeway underground mine cave is located in the mineral-rich Cadia Valley province in central New South Wales. A gold and copper mine, it is 100% owned by Australia's Newcrest Mining, and is one of three operations owned by the company in the province. The others are Cadia East and Cadia Hill, the largest of the three.

"The Ridgeway underground mine cave is located in the mineral-rich Cadia Valley province."Ridgeway is in the process of transitioning from the sub-level cave to a block cave beneath the existing mine. In 2007 the Newcrest board approved development of the Ridgeway Deeps block cave. It will be the first natural caving operation to be developed by Newcrest and will be the deepest block cave in Australia. The company says it is spending A$525m to develop it.

The mineral resource at Ridgeway Deeps was re-estimated following a geological reinterpretation which yielded an increased resource of 20 million tons containing 0.5 million ounces of gold, and 0.05 million tons of copper.

GEOLOGY AND RESERVES

Tags: copper., mining, Australia, ore on 2008-08-28 -All Annotations (0) -About

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LONDON (Thomson Financial) - EMED Mining (News) Public Ltd., a European-based minerals exploration and development company, said Spain’s largest mine, the Rio Tinto (News) (News/Aktienkurs) Mine, is advancing towards copper production restart.

The AIM-listed company said in its mining quarterly report, for the three months to June that recruitment of a large workforce and mobilisation of a mining contractor is expected to proceed in the first half of 2009 and production six months later.

Tags: copper, Rio, Tinto, mining, permitting on 2008-08-26 -All Annotations (0) -About

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South African steel producer Highveld Steel & Vanadium on Friday announced that the disposal of vertically integrated assets Vanchem and its 50% stake in South Africa Japan Vanadium (SAJV), to Swiss firm Duferco Investment Partners, would be effective from August 29.

The producer said in a statement to shareholders, that it had received approval from the European competition authorities, the South African competition authorities and the South African Reserve Bank, as well as the consent of the other shareholders of SAJV.

The Competition Tribunal earlier this month announced that it had approved the sale of the assets, which formed part of the European competition regulatory body's conditions of the 2007 Highveld Steel acquisition by Evraz.

Tags: mining, vanadium, steel, acquisition on 2008-08-22 -All Annotations (0) -About

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Australia`s competition regulator on Friday identified iron-ore as a potential major concern in evaluating mining giant BHP Billiton`s US$128 billion bid for rival Rio Tinto and said it would make a final ruling on the hostile takeover by October 1.

The Australian Competition and Consumer Commission (ACCC) devoted most of its nine-page "statement of issues" to the proposed deal`s likely impact on the iron ore trade and, in particular, on Australian steel-makers.

Rio Tinto and BHPB are the world`s second and third largest iron-ore producers, respectively, behind Brazil`s Vale. But the ACCC saw no major competition issues surrounding trade in copper, gold, uranium, bauxite and alumina.

Tags: hostile takeover, mining, BHP, Rio, tinto, Australia, ACCC on 2008-08-22 -All Annotations (0) -About

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Zhaojin Mining Industry, a gold miner in Shandong province, plans to make two more acquisitions in the second half to capitalize on the growing demand and surging gold prices.


The gold miner plans to add 53 tons of gold resources to the 192 tons it owns through acquisitions in 2008, said chairman Lu Dongshang yesterday at a press conference. The company has made five acquisitions in the first half, acquiring 31 tons of gold resource.


It also added 18.9 tons of mined gold resources in these acquisitions, spending 1.03 billion yuan in total. Meanwhile, the company acquired 11 exploration rights and six mining rights, boosting the total areas to 1,444 sqkm and 54 sq km.

Tags: Zhaojin Mining Industry, mining, gold, Shandong, trends on 2008-08-21 -All Annotations (0) -About

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China's largest copper deposit Yulong copper mine in the Tibet Autonomous
Region is to start copper cathode production end-September with its output
expected to reach 1,800-2,000 mt in 2008, the official Xinhua news agency
reported on Friday.

The first phase of the Yulong project is expected to be fully completed
in 2010, which will reach a copper cathode output capacity of 30,000 mt/year.
The mine in the long run aims to reach a copper output of 100,000 mt/year.

Preliminary copper reserves estimated at Yulong copper mine is at above
6.5 million mt and its copper reserves in the long run could reach 10 million
mt in the long run. The mine is the country's largest resources deposit and
the second largest in Asia, the report said.

Tags: increased production, copper, reserves, mining, deposit on 2008-08-15 -All Annotations (0) -About

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Led by an increase in motor vehicles, the output of U.S. factories rose 0.4% in July, the best gain in 10 months, the Federal Reserve reported Friday.

Overall, industrial production at the nation's factories, mines and utilities increased a seasonally adjusted 0.2%, as expected, despite a 1.9% drop in output of utilities. See Economic Forecast.

Output of mines increased 0.9% in July.
June's industrial production was revised lower to a 0.4% increase. Industrial production has now risen two months in a row, after having fallen the previous four months.

Tags: factory output, mining, growth, utilities on 2008-08-15 -All Annotations (0) -About

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MOSCOW — In what would be one of the biggest mining deals in Russia this year, the metals tycoon Mikhail D. Prokhorov announced on Tuesday that he would sell 16.6 percent of the Arctic mining giant Norilsk Nickel to his former business partner, Vladimir O. Potanin.

The two tycoons agreed last year to divide their holdings in Norilsk, a Russian factory founded by Stalin, whose value soared along with high commodity prices. Norilsk is the world’s largest producer of nickel, a key alloy in stainless steel.

Under the terms, as laid out in a statement from Mr. Prokhorov’s investment company, Onexim, Mr. Potanin agreed to pay $10 billion for the 16.6 percent, in $6.5 billion cash and 35.2 percent of the shares in another mining company, Polyus Gold.

The deal valued Norilsk Nickel at $315 a share, well above Monday’s closing price of $216, and despite a recent drop in nickel prices, concerns of an economic slowdown and diminished demand for stainless steel.

Tags: mining, nickel, Norilsk, Russia, transaction on 2008-08-15 -All Annotations (0) -About

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LONDON (MarketWatch) -- Lonmin shares surged on Wednesday after Swiss rival Xstrata launched an unsolicited $10 billion takeover bid for the platinum producer, with the move sparking gains across the entire London-listed mining sector.

Lonmin (UK:LMI: news, chart, profile) shares traded 46.9% higher at 34.06 pounds, above the 33 pounds a share that Xstrata said it's prepared to pay to take control of the platinum producer in order to boost its own production of the metal.

Tags: takeover bid, platinum, mining on 2008-08-06 -All Annotations (0) -About

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NEW YORK - ITT Corp. handed in a 3% higher second-quarter profit Friday, with a weak dollar and strong overseas demand for its pump, valves and electronics systems shielding the company's bottom line from the economic downturn at home.

The company, part of the S&P 500 Index, also offered a rosier scenario for the rest of the year than Wall Street had expected, propelling the stock 6.4% higher to $66.68 at the close.

The company attributed its elevated numbers partly to expansion in the conglomerate's line of pumps serving the world's chemicals, mining, and oil-and-gas markets.
In the domestic market, ITT's defense electronics business continued to benefit from its contract with the Federal Aviation Administration contract to build the next-generation air-traffic control system.

During the quarter, ITT won a major contract to provide filtered seawater to Esperanza, a large new copper-gold mining project in Chile's Atacama Desert.

Tags: control systems, stronger demand, electronics, mining, aviation, copper, Chile on 2008-07-28 -All Annotations (0) -About

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Newmont Mining Corp. posted a sharply higher second-quarter profit Thursday, with record-high gold prices and production gains pumping revenue past most analysts' expectations.

Newmont (NEM:Newmont Mining Corporation
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NEM 49.02, +0.25, +0.5%) shares rose $1.82, or 3.9%, to close at $48.77. The stock is up 12% over the past 12 months.
Newmont reported net income for the three months ended June 30 swung to $277 million, or 61 cents a share, from a year-ago loss of $2.06 billion, or $4.57 a share. The year-ago numbers were heavily skewed by a $1.67 billion write-down tied to the company's exit from merchant banking and a $460 million charge for settling price-capped forwards contracts.
Adjusted earnings from ongoing operations more than doubled to $230 million, or 51 cents a share, from $103 million, or 23 cents, a year earlier.

Gold sales during the quarter totaled 1.27 million equity ounces, fetching on average $900 an ounce, as the precious metal rode a huge spike in commodity prices. Gold prices were averaging about $600 an ounce a year ago.
Costs per ounce rose, however, to $440 an ounce from $417 a year ago.

Copper sales accounted for $183 million during the quarter, down from $340 million a year earlier.
Newmont stood by its earlier 2008 production forecast of 5.1 million to 5.4 million ounces of gold, with production cost expected to range from $425 to $450 per ounce.

Tags: copper, gold, forecast, growth, mining on 2008-07-25 -All Annotations (0) -About

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Industrial, mining and property investors were still in a state of confusion over power utility Eskom's approach to new electricity connections, but the corporation promised on Tuesday that the issue would be clarified with the imminent release of a comprehensive policy, possibly by as early as next week.

CEO Jacob Maroga - currently in Europe on a road show to expose potential investors to its R150-billion capital-raising plan - said last week that the utility had not yet determined just how much power could be allocated to new projects. However, he indicated that a needs analysis was under way in a bid to align its stretched supply profile to the new demand.

Maroga also stressed that supply security could be markedly improved and space created for new connections if greater savings were achieved. In fact, he displayed a graph showing that Eskom's reserve margin, which was currently running at a paltry 6%, could rise to well above 10% by 2009 should its savings targets be met.

"If we follow the 10% savings path, there will be space for new connections. But we need information from potential customers, which will tell us what is, in fact, possible," he said.

Tags: Policy, mining, energy, utility, transparency, MW on 2008-07-22 -All Annotations (0) -About

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The Yukon Environmental and Socio-Economic Assessment Board (YESAB) has recommended that the controversial Carmacks copper mine project can go ahead, providing that the Western Copper Corporation (TSX: WRN) complies with 148 conditions to mitigate potential adverse impacts.

The tiny community of Carmacks with a year-round population of 500 is still considered an important service center for mining and for transportation, a century after it was a popular rest stop for the Yukon gold rush.

However, members of the Little Salmon Carmacks First Nation want Western Copper to negotiate a better environmental engineering solution as part of an Impacts Benefits Agreement with the community.

Located 38km northwest of the Village of Carmacks and 192 km north of Whitehorse in the Yukon Territory, the Carmacks copper project is planned to be an open-pit operation that will yield about 14,000 tonnes of copper cathode annually. Western Copper has targeted production to begin during the fourth quarter of 2010.

Among the comments and concerns raised with the YESAB were routing of mining-related traffic, the heap leach detoxification process, sludge management, heap leach liner performance, and the estimates of closure costs.

Among the comments and concerns raised with the YESAB were routing of mining-related traffic, the heap leach detoxification process, sludge management, heap leach liner performance, and the estimates of closure costs.

The YESAB Executive Committee said it was satisfied that:

Western Copper adequately consulted with the First Nations in whose territory, and the residents of any community in which the project will be located or might have significant or socio-economic effects;

The project proponent provided sufficient information in the project proposal to allow for the assessment of potentially significant effects;

Significant adverse environmental or socio-economic project and cumulative effects identified within the scope of the screening were adequately assessed;

Practical me

Tags: copper, mining, Yukon, environmental, permitting on 2008-07-22 -All Annotations (0) -About

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Suspected Communist rebels attacked Xstrata Plc's $3 billion Tampakan mine in the Philippines, which may be Southeast Asia's largest untapped copper deposit, according to the military and project partner Indophil Resources NL.


The group burned a drill rig and police are investigating, the Melbourne-based company said today in a statement to the Australian stock exchange. No one was injured in the assault, which took place around midnight on July 20, according to the statement, which did not identify the attackers.


The rebels, probably from the New People's Army, ``tried to extort money from the owners of the mine, but they declined to pay the so-called revolutionary tax,'' Armand Rico, a military spokesman, said today by phone from Davao City.


Insurgent attacks may undermine the Philippines' drive to develop the nation's mining industry to exploit gold, copper and nickel. Indophil, which also reported an attack on Jan. 1, is the subject of takeover bids from Xstrata Plc, which owns 62.5 percent of the mine, and a rival management group.

Tags: Copper, mining, security, Philippines, risk on 2008-07-21 -All Annotations (0) -About

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Mongolia's political parties are locked in post-election squabbling, but once the dust settles a new government could finally pass deals to tap the coal, copper and uranium that sit beneath its vast deserts and grasslands.

But analysts say the deal that goes ahead would be less than ideal for either Mongolia or foreign investors, with the country better served by taxing its mineral wealth, rather than seeking direct government ownership in massive mines.

The current law gives the state either a 34% stake or a controlling 51 percent stake in mining projects. An investment agreement with Ivanhoe Mines and Rio Tinto for the Oyu Tolgoi project, still under negotiation, would be the first such deal.

Tags: government stakes, copper, Mongolia, exploration, mining on 2008-07-18 -All Annotations (0) -About

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