Worldwide mining disruptions

Nautilus Minerals Inc. announces that contract for the detailed design of the Solwara 1 dewatering plant to be used on the Company’s Production Support Vessel has been awarded to the Brisbane office of the DRA Group.

A fresh survey of mining industry leaders is predicting more mine closures and job cuts as the prices of commodities like iron ore and coal decline.

The company is also slashing 30% of its foreign employees and 15% of the local workforce.

As 85% of Chinese thermal coal producers and 35% of miners focused on the metallurgical kind are now running at a loss.

“It is a pretty tough market,” said Chief Executive Mark Cutifani, “and in all likelihood the next six months are going to be even tougher.”

The world’s largest iron ore producer continued to flood the market despite a current oversupply that has sent prices for the commodity plummeting to historic lows.

Implementation of “free, prior and informed consent” policies vital tool to prevent conflict and costs to companies, reveals study published Thursday by Oxfam.

The Vancouver-based miner profit fell 21% in the quarter, making it adjust its 2015 coal production forecast to 25-26 million tonnes from 26.5-27.5 million tonnes.

Seaborne with 62% content delivered to Qingdao dropped 0.7% to $51.76 a ton, its sharpest drop in two weeks.