MINING.COM

Rare earths a magnet for investors again

This is what happens when you corner a market the way China has done with rare earth elements: Statistics collected in Hong Kong show exports of rare earth metals have shrunk by half over the past year. Over the same period, the value of these exports jumped 10-fold. It’s hard to argue with these kinds of numbers. After the stocks prices of the few big players pulled back from recent highs investors saw it not as evidence of sobriety returning to the market, but simply as a buying opportunity.

Frik Els | May 31, 2011 | 6:37 pm

Four oversold big miners that should rally

The S&P GSCI Index of 24 raw materials dropped about 10% since the Goldman (GS) sell call on April 11. It was up over 1% today on the new bullish call by both GS and Morgan Stanley (MS).

Seeking Alpha | May 26, 2011 | 6:30 pm

Breakthrough in rare earths processing technology

Australian rare earths company Arafura Resources has successfully completed the hydrochloric acid regeneration program, a key part of its wider, previously reported technology program. The process involves taking calcium chloride residues from the phosphate circuit and re-acting them with sulphuric acid to produce re-useable hydrochloric acid, a key raw material in Arafura’s pre-leach circuit, and calcium sulphate (gypsum), a potential saleable product into various end applications.

International Mining | May 25, 2011 | 6:54 am

TransCanada going ahead with west-east oil pipeline

Oil sands poised to become largest source of US crude imports

According to testimony before the US Congress concerning the construction of the $7bn Keystone XL pipeline extension from Alberta to Texas, crude produced by Canada’s oil sands, which represent just over half the country’s total production, has already surpassed the total volume of imports from the US number two supplier Mexico. Since 2000 Canada’s oil sands output has more than doubled: from 600,000 barrels to about 1.5m barrels per day in 2010. Canada supplies 2m barrels per day or 22% of US crude oil imports, up from 15% a decade earlier. The sands’ 175bn barrels of recoverable oil places Canadian oil reserves third in the world behind Saudi Arabia and Venezuela.

Frik Els | May 24, 2011 | 6:18 pm

Alto Group acquires historic Great Excelsior Mine in Washington

Alto Group Holdings, a mining and commodities trade company headquartered in New York, announced on Monday the acquisition of the Great Excelsior Mine in Washington State. The Great Excelsior Mine, located in Washington State, was a gold-silver producer which was forced to close in 1918 due to falling metal prices and a shortage of supplies. This mining property has been explored by numerous mining companies over the years.

Frik Els | May 23, 2011 | 3:48 pm

U.K. promises 50% cut in CO2 emissions by 2027

The U.K. has committed to halving its carbon emissions before 2027 following the publication of its ambitious fourth carbon budget. The rollout and development of renewable energy technologies, as well as the construction of new nuclear power plants, will play a key part in reducing the country's carbon emissions 50% when compared to 1990 levels. This will mean that net emissions for 2023-27 should not exceed 1.95 billion tonnes of carbon dioxide equivalent.

Market Wire | May 20, 2011 | 10:09 pm

Reports: Chinese steel giant says iron ore market is in a ‘bubble’

"Everyone who has money is rushing to invest in iron ore," Baosteel Group chairman, Xu Lejiang said on Friday, warning that supply may outstrip demand “sooner than expected” pushing prices down in the process. Brazil’s Vale, and Australian heavyweights BHP and Rio Tinto have some $45bn slated for new mines. The cash price of 62%-iron ore shipped to China's Tianjin port has almost tripled from Nov. 21, 2008 when data became available, according to the Steel Index.

Frik Els | May 20, 2011 | 5:21 pm

Kinross Gold: unionized workers at Tasiast return following brief work stoppage

Kinross Gold Corporation (TSX:K)(NYSE:KGC) said today that a brief work stoppage at its Tasiast gold mine in Mauritania on May 19th had ended. Normal operations at the site have resumed and all unionized workers are back to work following the resolution of certain issues related to working conditions and pay. Constructive dialogue with the union is continuing with the aim of improving working conditions to Kinross standards, and to negotiating a collective agreement with unionized employees. Production at Tasiast was not affected by the work stoppage, which lasted less than a day. In the first quarter of 2011 Tasiast produced 51,321 gold equivalent ounces.

Marketwire | May 20, 2011 | 2:23 pm

Scorpio Mining reports record silver production in Q1 2011 and increases mine operating earnings by 123% from Q4 2010

Scorpio Mining achieved record mine operating earnings of $12.5 million in Q1 2011, an increase of 823% over mine operating earnings in Q1 2010 and 123% over mine operating earnings in Q4 2010. Net earnings were $6.6 million or $0.03 per share (basic) for Q1 2011 compared to $18.6 million or $0.17 per share (basic) for Q1 2010. The Q1 2010 net earnings included a $19.8 million gain on dilution and deconsolidation of Scorpio Gold Corporation ("Scorpio Gold"). Basic earnings per share of $0.09 in Q4 2010 was due to the inclusion of $12.4 million of non-cash corporate tax recoveries.

Canadian News Wire | May 19, 2011 | 2:21 pm

Profit doubles and gold production increases by 17% during Caledonia Mining’s Q1

Caledonia Mining increased gold production by 17% and nearly doubled its profit to $5,248,000 compared to $2,815,000 in the fourth quarter 2010. Announcing its Q1 results on Wednesday, the company also said that its average cash cost per ounce of gold produced decreased by 18% to US$648 compared to the fourth quarter 2010. As of March 31, 2011 the company had net cash and cash equivalents of $1,406,000.

Michael Allan McCrae | May 18, 2011 | 3:04 pm