The capacity shortfalls challenging many sectors of the mining industry may see faster relief and cleaner, more efficient operations. GE Energy (NYSE: GE) and Foster Wheeler Chile, a subsidiary of Foster Wheeler AG, a global engineering, procurement and construction company with projects throughout the world, are working together to help companies in the mining industry in South America address these challenges.
The two companies today announced a portfolio of mining infrastructure solutions that can deliver energy, processing systems, water management and waste management from their combined mining expertise, technologies, engineering and onsite services.
A presentation made to the Zimbabwean parliament on Thursday details the secrecy, corruption and human rights abuses that accompany mining activities in the Marange alluvial diamond fields.
Hundreds were killed and thousands of local miners were driven off claims when the army seized control of the area in 2008 and most observers believe an international ban on these gems are being widely flouted. The report alleges that in contrast to the official $200 million, as much as $2.8 billion – equal to all other tax revenues – found its way into a parallel government via the army, police, prisons and intelligence agencies which all have 'permits' to mine there.
As Occupy Wall Street protesters continue to linger around town squares across North America and Europe, precious metals commentator Peter Schiff wades into the maelstrom.
Mining Weekly reports De Beers is going all out to create 5,000 non-mining jobs in Namaqualand over the next five years as it exits a region on the South African west coast where it has mined for the past 90 years.
Projects include a wind farm, abalone culturing for export to China where it is a highly prized delicacy, a prison warden training facility and a joint venture with sister company Anglogold for undersea gold mining. The company has recently come under fire over plans to sell the properties including two towns to a much smaller outfit that will have to take responsibility for rehabilitation over a 970 square km area pockmarked by open pits.
Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") today reported consolidated revenue of $2.7 billion for the third quarter of 2011 and $7.6 billion year-to-date, as well as operating cash flow of $1.3 billion for the third quarter of 2011 and $2.7 billion year-to-date.
Teck Resources (TSE:TCK.B) posted strong third-quarter earnings and rewarded shareholders with a 33% dividend increase. However, the Vancouver-based diversified mining company also lowered its 2011 guidance for copper and coking coal, its principle export commodities.
Coal sales volume was lowered to 22.2 to 23 million tonnes (from 23.5 to 24.5 million) due to weakening steel markets. Teck blamed problems at its Quebrada Blanca operation in Chile for lower than expected copper volumes; 2011 copper sales guidance was lowered to 320,000 tonnes from 330,000 to 340,000t.
The company had a record quarter, increasing its third-quarter revenues to $3.4 billion from the same period in 2010 — a 40% increase. Adjusted earnings were $742 million compared to $452 million in Q3 of last year.
After a more than 3% jump in the first half hour following stellar financial results, investors quickly tempered their optimism about the world's largest potash miner and by midday Potash Corp was back in the red. You don't have to look too hard to find reasons for the scepticism.
After sensing that Europe's economic tailspin may have been halted, the markets and commodities opened higher.
The S&P/TSX Composite index was up 2%, and the Dow Jones-UBS Commodity Index was up 1.59%.
Spot gold was largely unchanged from yesterday's price at $1725/oz.
Oil was up sharply. ICE North Sea Brent crude was up three percent to $112.23 a barrel, and the Dow Jones U.S. Oil & Gas Index was up 2.45%