Tensions running high over gold-silver project at Roman-era site

The Times and Democrat reports in the ancient town of Rosia Montana in Romania (pictured), tensions are running high between supporters and opponents of the proposed gold mine by Canada's Gabriel Resources. Gabriel Resources in its latest financial results showed it has accumulated over $175 million in cash and equivalents to move ahead its Transylvania project in an area where galleries used by Roman miners during the first century still exists. It has been more than a decade since the company first obtained the Rosia Montana concession, believed the be one of the richest in Europe, holding some 10 million ounces of gold and 65 million ounces of silver, and it needs several more endorsements, zoning permissions and reviews before it could start mining.

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Frik Els | August 21, 2011 | 9:47 pm

Iron ore price rise eclipses gold as China construction continues unabated

Australia's Fortescue Metals, barely four year after starting commercial mining, said on Friday its year-on-year net profit surged 76% to just over $1 billion driven by resilient demand from China. Shipments by the world's number four exporter rose only slightly to 40 million tonnes, but the price it achieved jumped 68%. BHP Billiton, the world most valuable miner, is set to report a record $22 billion in annual profit on Wednesday thanks in large part to its iron business. The stellar numbers come as global blast furnace growth over the next five years is predicted to rise by a staggering 300 million tonnes as China's construction boom continues unabated. On top of that India's iron ore exports could halve over the same period further bolstering prices that in percentage terms have outclassed even that of gold as the world economy recovered post the 2008 collapse.

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Frik Els | August 21, 2011 | 2:18 am

US coal exports explode as global demand outpaces oil and gas

According to the US Energy Information Administration, coal production will fall 1.7% in 2011 hampered by widespread flooding in the west of the country. It is a steeper decline than previously forecast and the agency also predicts a further decline next year. Nevertheless, strong demand from Asia and Europe for steam and metallurgical coal has pushed US coal exports up 35% in the first half of the year and should reach above 100 million tons by year’s end, the highest level in nearly 20 years. Global coal consumption advanced 7.6% last year and at a faster pace than crude oil, natural gas and nuclear, according to statistics published by oil giant BP. Coal now accounts for 30% of global energy use, the highest since 1970.

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Frik Els | August 21, 2011 | 1:02 am
Great Panther back to work at its silver mine in Mexico

Great Panther leaps after finding buyer for its stockpiles

Great Panther escaped the mayhem on the markets and ended Thursday up 3.6% on the TSX after announcing it shipped 100 tonnes of silver-gold pyrite concentrates from its Guanajuato operation to a new buyer in Mexico. Last week the company disappointed the markets with quarterly results that showed a drop in revenues due to the shipping delays and lower silver production as a result of falling grades. The volatile stock is down almost a quarter over the last month.

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Frik Els | August 18, 2011 | 10:45 pm

China wants to break grip of iron ore big three with West Africa projects

China, the world's largest consumer of iron ore, aims to develop and control resources, especially in west Africa, to gain a foothold on supply and tackle the hegemony of three iron ore suppliers – Rio Tinto , BHP Billiton and Vale. Chinese firms have signed a number of iron ore deals in Africa, which at their peak could contribute nearly 250 million tonnes of iron ore when they come on stream in the medium to long term.

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sharenet | August 18, 2011 | 4:22 pm
Iron ore shipping rates to continue to climb

QMASTOR wins Export Award

QMASTOR Limited – the leading supplier of software solutions for the global mining, ports, power and bulk commodity industries – was announced as the recipient of the Services Exporter Award at the Hunter Central Coast Export Awards 2011. Listed on the Australian Stock Exchange, QMASTOR's systems are used to manage over 750 million tonnes of bulk commodity movements per annum. QMASTOR supports its global client base through offices located in Australia, Africa, South America and North America.

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MINING.COM Staff Writer | August 17, 2011 | 5:47 pm

High River Gold Mines revenues up 11%

High River Gold Mines on Monday reported its financial results and operational highlights for the three month period ended June 30, 2011 showing net gold revenue of $136.2 million, an increase of 11% from $122.4 million in Q1 2011, an increase of 20% from $113.8 million in Q2 2010. Net income of $41.4 million ($0.05 per share) compared to a net income of $37.3 million ($0.04 per share) in Q1 2011 and a net income of $37.5 million ($0.05 per share) in Q2 2010.

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MINING.COM Staff Writer | August 16, 2011 | 3:19 am

Platmin Limited – Metal sales at record high in second quarter

Platmin Limited announced production results from the Pilanesberg Platinum Mine and financial results for the quarter and half-year endedJune 30, 2011. Sales revenue for the quarter-ended June 30, 2011 was US$34.5 million, an increase of approximately 130% compared with US$15.0 million recorded in the prior corresponding period; and for the half-year ended June 30, 2011 - US$60.5 million, an increase of approximately 80% compared with the prior corresponding period. Sales of 4E PGM ounces for the June 2011 month was 9,258oz or about 110 000oz annualized;

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CNW Telbec | Mining/Metals | August 15, 2011 | 2:28 pm