India’s only copper miner plans to nearly triple production at largest mine

Bloomberg reports Mongolia is likely to sell a stake in its Erdenes Tavan Tolgoi coal-mining company to the public next year, raising more than $3 billion. The Tavan Tolgoi deposit – mined since the 60s – in the South Gobi desert is the world's largest with a 6 billion tonne resource of high-quality coking coal used in steelmaking. Metallurgical coal has been trading at record levels of $330/tonne this year. Tavan Tolgoi is the second largest mining investment in Mongolia behind the Oyu Tolgoi gold-copper mine being built by Canada's Ivanhoe Mines.

HONG KONG, CHINA--(Marketwire - Sept. 6, 2011) - Alexander Molyneux, President and CEO of SouthGobi Resources Ltd. (TSX:SGQ)(SEHK:1878) is pleased to announce today that the company has set a new monthly record of 441,665 tonnes of coal shipped in August, representing a substantial increase over shipping levels in the second quarter of 2011. "We have seen a continual increase this quarter in capacity being allocated by customers to collect our coal", said Mr. Molyneux. "We are pleased to see our shipping rate reach a level of approximately 5.3 million tonnes of coal per year on an annualized basis so soon, which is on track to meet our targets."

India's benchmark gold futures extended the previous session's gains on Tuesday morning to hit a fresh record of 28,583 rupees, tailing gains in the world market and buoyed by a weak rupee at home.

India's reputation as a mining jurisdiction was further besmirched today after two powerful mining magnates were arrested over allegations of corruption. The Guardian reports that Indian police have arrested Gali Janardhan Reddy, the owner of Obulapuram Mining Corporation and his brother-in-law Srinivas Reddy, the company's managing director, over allegations they created an illegal business empire worth billions. The men face charges of conspiracy, forgery and violation of mining laws.

The Indian Supreme Court has directed that 1.5 million tonnes of iron ore from existing stock in Karnataka's Bellary, Chitradurga and Tumkur districts be sold every month to ensure adequate supplies for the iron and steel industry, The Hindu reported Sunday. Mining in the districts was previously banned by the court.

EPM Mining, an exploration-stage potash developer with a 100,000 acres project on the Sevier dry lake in Utah, received a boost on Friday when Tata Chemicals via a subsidiary invested $16 million in the company. Tata Chemicals, part of one of India's largest family conglomerates, now controls 30% of EPM Mining after first upping its stake at the end of May. With potash prices surging India, at some 6 million tonnes the largest importer of the crop nutrient, is keen to command new supplies.

NHK World reported that Japanese researchers have created a new design for wind turbines that doubles and even triples the power of conventional models. The wind lense turbines, currently operating at Kyushu University, were developed by Professor Yuji Ohya at the university's Research Institute for Applied Mechanics. A lense fits around the outside of the blades which creates a low pressure region beyond the blades and causes the wind to surge through the turbine increasing the the blades speed and the power generated.

Papua New Guinea’s new prime minister Peter O'Neill and the country's Investment Promotion Authority have moved to quell concern about proposed changes governing ownership of resources in the country saying it needs further discussion and acknowledging genealogical problems. Among sweeping changes promised for the impoverished country, PNG's new mining minister introduced a plan to hand state ownership of mineral and energy resources to customary landowners forcing mining companies to renegotiate permits and contracts. Last week O'Neill guaranteed the support of 80% of MPs he needs to preserve his majority ahead of 2012 elections by expanding his cabinet by a third.

Outotec has agreed on collaboration with the Ministry of Minerals Resources and Energy of Mongolia (MME) during the visit of Ms. Tarja Halonen, President of the Republic of Finland, to Mongolia today. According to the agreement, Outotec supports MME as a technical advisor to develop mining and metallurgical processing of Mongolian mineral resources in the most sustainable way.