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.
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
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.
Centerra Gold Inc. (TSX:CG) today reported net earnings of $136.6 million or $0.58 per share on revenues of $250.2 million compared to earnings of $123.9 million or $0.53 per common share based on revenues of $255.5 million in the same quarter last year.
Image by Centerra Gold
Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) is pleased to announce receipt of a positive scoping stage Preliminary Assessment under National Instrument 43-101 ("Scoping Study") for an underground only operation at its 100%-owned Angostura gold-silver project in northeastern Colombia.
Image by Greystar Resources Ltd.
Extract Resources said on Monday it was confident that the Namibian government's proposed policy changes on strategic minerals will not affect its Husab uranium project license.
The Namibian government is expected to hold a news conference this week to clarify plans to assign almost all mining and exploration rights to a state-owned company.
No word yet from China's Jinchuan Group as to whether the company is officially in the market for Canada's Lundin Mining.
Canadian media reports claim a consortium headed by Jinchuan, which includes sovereign wealth fund China Investment Corp., was planning a takeover bid for the Canadian base metals miner.
BHP Billiton today announced that the partners of Samarco had approved the US$3.5 billion (BHP Billiton share1 US$1.75 billion) Fourth Pellet Plant Project at Samarco (Brazil). The expansion will increase Samarco iron ore pellet production capacity by 8.3 million tonnes to 30.5 million tonnes per annum (100% basis). First pellet production is expected in the first half of calendar year 2014.
BHP Billiton President Iron Ore, Ian Ashby, said “Samarco is a low cost supplier of high quality iron ore pellets and over the last several years has been very successful in growing its resource base. This investment builds on its resource and operational strengths and will further improve Samarco’s competitiveness and market position.”
