MINING.COM

African Minerals jumps 7% after $1.5 billion China injection

African Minerals Ltd., closed up 7.1% in London on Monday after completing an investment accord with Shandong Iron & Steel Group Co bringing the counter's gains for the year to 57% and giving it a market capitalization of some $3.6 billion. Shandong will invest $1.5 billion for a 25% stake in African Minerals' massive the Tonkolili iron-ore project in Sierra Leone. Phase I of the project will cost $1.2bn and includes railway and port reconstruction in the war torn country while phase II and III will add another $8 billion to the bill. Sierra Leone, one of the world's poorest nations, is attracting increasing investments in its natural resources which also include diamonds and bauxite.

Frik Els | August 1, 2011 | 10:15 pm

Peru’s Portage Resources rewards speculators with 10:1 split, stock’s rollercoaster ride gathers pace

In late morning trade shares in Miraflores-based Portage Resources had gained more than 12% after announcing a 10:1 future stock split that would, after cancellation of some of the shares held by its CEO, bring the total number in issue to a whopping 4.45 billion. When MINING.com reported on Portage Resources a fortnight ago the counter had gone from 2c to 65c a share in the matter of three months. The explorer has been snapping up properties in Peru hitting pay-dirt with reserves of 58 million ounces of silver at one of them. Portage is a prime example of how volatile stocks in juniors miner can be: its 52-week high is $1.24 and despite Monday's 12% jump to 32c, the stock is worth half of what it was just five trading days ago.

Frik Els | August 1, 2011 | 2:50 pm

What the Loss of Crimea Means for Ukrainian Energy: Interview with Robert Bensh

Reuters: Ukraine mourns after 37 die in mine accidents

Two separate accidents at mines in Ukraine have claimed the lives of 37 miners, Reuters reported Sunday: Rescue work ended on Sunday at two Ukrainian coal mines where accidents killed 37, and the former Soviet republic held a national day of mourning. An explosion in a mine in the Luhansk region early on Friday killed at least 26 people and injured two, according to an updated report on the Emergencies Ministry website. Also early on Friday, 11 miners died and four were injured at a state-owned mine in the neighbouring Donetsk region when a piece of heavy machinery collapsed.

Reuters | July 31, 2011 | 7:55 pm

Let’s get political: Olivia Newton-John raises alarm over fracking near Byron Bay

A grassroots movement opposed to coal-seam gas (CSG) mining got a boost of star power on Saturday, when 70s pop singer Olivia Newton-John panned the controversial practice. The Australian singer, who starred alongside John Travolta in the hit movie-musical Grease, launched a scathing attack on the mining industry after learning several sites near her luxury Byron Bay resort were under threat, The Sunday Telegraph reported. In an open letter to Australians warning about the health effects of hydraulic fracturing, or fracking, Newton-John says she is "horrified to learn of the extensive plans for coal-seam gas and shale gas exploration in Australia." Image of Olivia Newton-John is from Wikimedia, by gdcgraphics.

Andrew Topf | July 31, 2011 | 7:53 pm

U.S. debt ceiling crisis only a minor player in gold and silver prices

Right now the markets are really starting to wind up over the debt ceiling confrontations. The weekend of U.S. political strife is on the world. It is so easy for the markets and commentators to lead us to believe that the gold and silver prices are rising because of this, but we emphasize that they are not!

Julian D.W. Phillips - Gold Forecaster | July 31, 2011 | 5:13 pm

Six dead in covered-up coal mine accident in China

Six people were killed in a coal mine explosion that had been covered up for 13 days in China's northeastern Heilongjiang Province, a provincial work safety official said today.

India Report | July 30, 2011 | 8:56 pm

FLSmidth to acquire Darimec S.r.L.

FLSmidth has signed a share purchase agreement to acquire 100% shareholding in Darimec S.r.L., an Italian company that designs and manufactures girth gears, pinions and custom made reducers mainly for the cement and minerals industries.

MINING.com Editor | July 29, 2011 | 10:09 pm

Betting on uranium

Nuclear power has been a hot topic of recent. And as a result, the price action of its input commodity has been quite schizophrenic. Investors and speculators are in a state of great wonderment over what to expect from this intriguing mineral that is mined for energy.

Scott Wright - Zeal Intelligence | July 29, 2011 | 9:42 pm

The buss around gold is growing louder

I outlined last week the increasingly bullish consensus among analysts about gold stocks. The same pattern exists with gold itself; growing numbers of analysts have either joined the movement or have upped their bullish outlook.

Casey Research | July 29, 2011 | 1:15 pm

Tree-sitters halt blasting at ex-Massey mine for eighth day

The Huntington News reports Thursday two protesters associated with the portentous Radical Action for Mountain People's Survival Campaign, continue to occupy trees within the Bee Tree surface mine's blasting zone, where they have stopped mining for eight days. The Bee Tree mine is situated on the aptly named Coal River Mountain in West Virginia and is owned by Alpha Resources, the company that bought the original owners of the mine, Massey Energy which last year was responsible for the worst US mine disaster in 40-years after keeping fraudulent safety records.

Frik Els | July 28, 2011 | 3:15 pm