Posts by Mineweb:

Rio considers dumping stake in Pebble mine’s owner Northern Dynasty

Partnership budgets $91mn for prefeasibility study of ginormous Pebble Project

The Pebble Partnership has approved US$91 million of program expenditures this year with the objective of completing a prefeasibility study next year, which will lead to the beginning of permitting for the massive Alaskan copper, gold and molybdenum project under the National Environmental Policy Act (NEPA). Activities to be undertaken this year at the Pebble Project include engineering to complete a pre-feasibility project design in 2011, as well as environmental studies to finalize an Environmental Baseline Document in preparation for project permitting.
Mineweb | May 3, 2011 | 5:10 pm

Sandvik Q1 shares fall below forercast margin

Tool and machinery maker Sandvik's (SAND.ST: Quote) first-quarter operating margin was blown south of analysts' forecasts by currency headwinds, sending its shares down more than 3 percent. The maker of metalworking tools, mining equipment and specialty steels was among the hardest hit in Sweden's engineering sector during the financial crisis, but has since been buoyed by a rapid recovery in demand.
Mineweb | May 3, 2011 | 12:14 pm
Map blueprint excavator dumptruck

Fortescue chooses Minesight software for its Pilbara iron ore ops

After lengthy deliberations involving several software vendors, Fortescue Metals Group, Australia's third largest iron ore producer after BHPBilliton and Rio Tinto, has picked MineSight for its mine planning software needs. "We decided to use MineSight because we found it to have a comprehensive suite of mine planning capabilities most suited to our operations and a demonstrated track record of quality improvements," said Andrew O'Dowd, FMG's Manager of Operations Planning.
Mineweb | May 3, 2011 | 11:51 am
Stock finance mining

India’s Nalco has raised its domestic aluminium products prices

Indian state-run National Aluminium Co Ltd (NALCO) has raised the domestic prices of its aluminium products by 4,000 rupees ($90) per tonne, except for rolled products, a senior company official said on Tuesday. The prices have been increased in line with the London Metal Exchange (LME) rates, the official who did not wish to be identified due to company policy, told Reuters.
Mineweb | May 3, 2011 | 6:39 am

Seabridge adds 15-year minelife, $1.3B cost to massive KSM copper-gold project

In an updated prefeasibility study of its proposed KSM mega-mine, Seabridge Gold (TSX: SEA) makes major additions to the cost, size, and operating plan of its flagship project in northwestern B.C. Already one of the largest undeveloped copper-gold porphyry projects in the world, perhaps the most significant changes are reserves increasing by 8.5 million ounces gold and 3 billion pounds copper, much of which came from the newly defined Iron Cap zone.
Mineweb | May 3, 2011 | 5:39 am

Posco finally gets $12bn nod from India

In India's biggest foreign investment deal since 1991, the Indian government has on Monday finally given South Korea's Posco the green light to build a giant $12 billion steel plant in the country. Posco has said it expects to renew `shortly' its pact with the Orissa government for building the $12 billion steel plant, even as the firm has assured that no exports of iron ore would be conducted from the site.
Mineweb | May 2, 2011 | 7:06 pm

Lake Shore sees second 100-150K gold mine with new resources

Lake Shore Gold (TSX: LSG) grew two new resources at its Bell Creek project in Canada near Timmins, Ontario, as it eyes bringing on line a second 100,000-ounce-plus gold mine. "It's fair to say we have found more than we expected at Bell Creek," Mark Utting, Lake Shore vice president of investor relations said. Image by Lakeshore Gold
Mineweb | May 2, 2011 | 6:59 pm
shovel coal mining

Arch Coal to buy International Coal Group for $3.4bn

Arch Coal (ACI.N) will buy smaller peer International Coal Group Inc (ICO.N) for $3.4 billion to create the second-largest U.S. producer of steel-making coal, the companies said on Monday. The deal is the latest in the coal industry, following Alpha Natural Resources' (ANR.N) $6.6 billion plan to buy Massey Energy (MEE.N) and Walter Energy's (WLT.N) $3.3 billion agreement to buy Canada's Western Coal.
Mineweb | May 2, 2011 | 6:55 pm

Silver down sharply in thin Asian trade

Silver fell sharply early in thin Asian trading on Monday, retreating further from a record high set last week. It fell about 10 percent to $43.36 , well off a peak of $49.51 set last Thursday. Trading is expected to be very thin with many markets in Asia shut for public holidays.
Mineweb | May 2, 2011 | 7:15 am