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Price of crude from Canada’s oil sands more than halves since June

Experts say the main reason behind such debacle is a…

The Saudi oil price war is backfiring

With record production of 10.564 million barrels per day in…

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Glencore announces $1 billion acquisition of Optimum Coal

Glencore International plc (LON:GLEN), seeking access to the growing coal market in India and China, announced on Thursday an estimated $1 billion plan to acquire Optimum Coal Holdings (JNB:OPT), a significant thermal coal producer in South Africa. Glencore will value the ordinary shares of Optimum at 34 ZAR (4.8 USD), a 35% premium over the 30-day volume weighted average. “Optimum’s high quality, long life coal assets and significant presence at Richards Bay Coal Terminal would be an attractive addition to our existing South African coal business," said Tor Peterson, director of the Coal/Coke commodity department.

Cameco inks agreement with Kazatomprom to increase uranium production at Inkai by 1.3 million pounds

Cameco (NYSE:CCJ) announced on Wednesday that it signed signed a memorandum of agreement with its partner, Kazatomprom, to increase annual uranium production at the Joint Venture Inkai Limited Liability Partnership (JVI) from 3.9 million pounds to 5.2 million pounds. The Inkai in-situ recovery uranium mine and processing plant is located in central Kazakhstan and is operated by JVI, 60% owned by Cameco and 40% owned by Kazatomprom, the Kazakhstan government owned national atomic company. Under the memorandum of agreement, Cameco's share of Inkai's annual production will be 2.9 million pounds with the processing plant at full capacity.

New wind turbine design may give nuclear and coal a run for its money

NHK World reported that Japanese researchers have created a new design for wind turbines that doubles and even triples the power of conventional models. The wind lense turbines, currently operating at Kyushu University, were developed by Professor Yuji Ohya at the university's Research Institute for Applied Mechanics. A lense fits around the outside of the blades which creates a low pressure region beyond the blades and causes the wind to surge through the turbine increasing the the blades speed and the power generated.

BHP pays $344m to expand Newcastle port

A cashed-up BHP Billiton will spend $US367 million ($A344.31 million) expanding its coal handling operations in Newcastle. The world's biggest miner, which recently delivered an Australian record full-year profit of $22.46 billion, announced on Wednesday the third stage of development of the Newcastle Coal Infrastructure Groups (NCIG) facility.

Al Gore calls oil sands the dirtiest fuel on the planet

Al Gore's latest blog entry reads: The leaders of the top environmental groups in the country, the Republican Governor of Nebraska, and millions of people around the country – including hundreds of people who have bravely participated in civil disobedience at the White House – all agree on one thing: President Obama should block a planned pipeline from the tar sands of Alberta to the Gulf of Mexico. The tar sands are the dirtiest source of fuel on the planet...

Daryl Hannah arrested

Actress Daryl Hannah was arrested Tuesday during a sit-in in front of the White House protesting a pipeline expansion project that would significantly increase the amount of oil the United States imports from Canada’s controversial Alberta oil sands. Image from Вени Марковски

Mining giant backs new Australian International Arbitration Rules

SYDNEY, Aug. 31, 2011 /PRNewswire/ -- Vice President of Litigation BHP Billiton, Mr Damian Lovellhas today welcomed the introduction of the new ACICA Arbitration Rules designed to speed up the resolution of cross border and international commercial disputes. Mr Lovell, who is responsible for the dispute resolution strategy for the world's largest diversified mining company, said it is standard practice for BHP Billiton to include arbitration clauses in its cross border contracts:

Rolling stoppages at BHP mines all week (AAP)

Strike action involving 4000 BHP employees has nothing to do with money, a union boss says. Workers employed at seven BHP mines in Queensland will walk off the job this week after enterprise bargaining negotiations stalled.

Beijing’s coal use to be capped

The capital city will cap its annual coal consumption at 20 million tons by 2015, as part of its plan to release less carbon and further reduce air pollution, the municipal commission of development and reform said on Monday.