Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
WESTPORT, CT, June 20, 2008 — Terex Corporation (NYSE: TEX) today announced that it will host an Investment Analyst Meeting on September 4, 2008, at the Terex Corporation headquarters in Westport, Connecticut. The event is scheduled toLatest issue of International Mining Project News available (June 20): It’s been another busy fortnight for the iron ore players in the wake of newly negotiated price hikes across the globe, while there has also been more nickel activity than in previous weeks despite the stainless steel additive failing to claw back recent price losses. Gold has maintained its presence amongst the world’s most active companies. The biggest change in this edition is the increased frequency of energy players. Extract Resources has raised A$30 million to further its Namibian uranium interests and hopes that capital will move both the Ida Dome and Rossing South projects to the definitive feasibility study stage, while Uranium Energy Corp has secured the draft mining permit for its Goliad ISR project in South Texas. The company has also completed the area monitoring wells for the site. Meanwhile, still in the US, UR-Energy has had its application to construct the Lost Creek ISR project approved and French giant Areva’s subsidiary in Namibia, UraMin, has been granted a mining licence at its Trekkopje project.
The most significant coal news of late has been the official opening of SouthGobi Energy Resources’ Oyoot Tolgoi mine early this month. The company has also received encouraging geological and analytical results from its 2008 drilling program at the Mamahak coal project in East Kalimantan, Indonesia. SouthGobi Energy has commenced the development of a greenfields surface coal deposit in four concessions covering 26,065 ha in East Kalimantan.
Iron ore activity was rife in Australia and of particular interest was the re-introduction of old sparring partners Cazaly Resources and Rio Tinto. This time junior Cazaly enters the ring with the backing of emerging iron ore power Fortescue Metals Group as they challenge Rio over its Rhodes Ridge project. Another major, ArcelorMittal was in the news with its plan to expand the steel making capacity of its Temirtau plant from 5 to 10 Mt in Kazakhstan. The company is collaborating closely with the Kazakh government for the planning and execution of the project that will take five to nine years to complete. The expansion project encompasses steel making, iron ore and coal extraction.
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