Anglo American ok to extend debated coal mine in Australia
New South Wales planning authorities say a scaled-back plan to extend the life of Anglo’s Drayton South open-cut mine in the Hunter Valley can be approved, but with certain conditions.
In the midst of Canada's bleak October job report, Statistics Canada reported one bright spot: that the resource sector added 12,000 jobs.
Canada, overall, lost 54,000 jobs in October pushing the unemployment rate up .2% to 7.3%.
Statistics Canada says that the bulk of the decline in occurred in manufacturing, followed by construction. However, natural resources employment has grown by 5.0% over the past 12 months. The service sector remained unchanged.
Uranium miner Denison Mines (TSE:DML) announced a $15 million profit or four cents a share for the three months ended September 30.
During the same period last year the company had a net loss of $5.5 million. The company's stock was unchanged at $1.55 a share.
The company is deferring uranium sales.
"As a result of the events in Japan in March 2011, the uranium spot market demand has declined and the price has been trading in a range of $50.00 to $55.00 per pound. In response to these weaker market conditions, Denison has deferred uranium sales to later in the year," said the company in a statement.
South Africa's mineral resources minister Susan Shabangu is on a road show in Australia and the UK to quell fears of mine seizures and drum up new investment for the country. So far few are suspending their disbelief over nationalization.
Shares in Alpha Resources (NYSE:ANR) climbed 13% today on news that the company pulled in record revenues this year and beat analyst targets.
The Virginia-based company, which acquired Massey Energy after a deadly blast at one of its coal mines last year, said it posted a record $2.3 billion in the first nine months of the year due in part to the inclusion of a full quarter of Massey's results, which contributed $805 million.
ZeeNews report the world's largest steel-maker ArcelorMittal on Thursday reported a dip of over 51% in net income to $659 million for the quarter ended September 30, 2011, due to rising raw material costs and a fall in demand.
The Indian giant also said it will face increasing pricing and volume pressures in the final quarter and is idling production as a result – it has mothballed eight furnaces in Europe and permanently retired another just over the last two months. Arcelor's gloomy outlook prompted one analyst to observe: "We're in a very dark market environment right now."
Coal of Africa raised US$106 million after placing 130 million ordinary shares representing 24.4% of CoAL's issued share capital prior to the placing.
Coal of Africa operates coalfields in the Mpumalanga Province in South Africa. It runs two collieries and is advancing other projects.
John Wallington, chief excecutive officer of the company was pleased with the placement.
Suncor Energy Inc. (NYSE:SU), Canada's largest energy company, announced third quarter record earnings of $1.287 billion or 82 cents per share.
Operating earnings almost tripled to a record $1.789 billion or $1.14 per common share.
On the news, which was announced on Thursday, the company's shares were up 1.8% to $31.88.
Production from oil sands was a bright spot for the company with an increase from 306,600 to 326,600 barrels a day; however cash costs increased $3.30 a barrel.
Ripples of the Fukushima nuclear disaster are still being felt in the uranium sector.
French nuclear power company Areva (AREVA:PA) said on Wednesday it is suspending a uranium project in the Central African Republic due to slumping uranium prices, which are down about 30% since the disaster in March.
The accident at the Fukushima Daiichi plant following the Japanese earthquake and tsunami has taken the steam out of uranium mining and nuclear power which prior to the accident had been touted as a safe and economic alternative to fossil fuels.
South Africa's National Union of Mineworkers (NUM) called off a strike on Wednesday after reaching a deal with Xstrata over the coal giant's voluntary employee share ownership plan.
Xstrata agreed to allocate shares to workers equally and not based on employment grade, NUM's one gripe. Mine ownership and nationalization are once again fiercely debated topics in the country 17 years after the end of white rule and observers believe SA’s allure as an investment destination has been tarnished by the heavy weather accompanying the Xstrata deal. The plan gives workers 3% of the company and is over and above the company’s 26% local ownership obligations which it already meets.