Australia’s newest and biggest coal mine gets federal approval

BMO Financial Group is making it simple for Canadians to purchase and hold physical gold bullion. With the launch of BMO's Gold Deposit Program, clients will be able to purchase physical gold using a delivery and custody process that is simple, efficient and cost effective. Physical allocated gold deposits are not new to Canada but easy access for clients has always been a challenge. BMO is offering this unique program exclusively through BMO Nesbitt Burns Investment Advisors, or through in-branch Resident Investment Advisors.

GVK group, of which GVK Power & Infra is a part, is in talks with Indonesia's PT Kideco Jaya Agung for divesting part of its stake in the coal mines that it bought last week from Australia's Hancock Group for $1.26 billion, business daily Mint said citing two sources. On September 17, GVK agreed to pay $1.26 billion for a majority stake in three Australian coal mines and a port and rail project owned by Hancock Group to secure long-term coal supplies for the Indian group's power projects.

Russia and Iran are creating a $1.2 billion joint venture between state company Russian Technologies and Tehran state Bank Saderat to tap into Iran's colossal zinc deposits, Kommersant daily reported Tuesday.

Rio Tinto has shortlisted nine parties in bidding for a South African coal mine that it acquired through its near-$US4billion takeover of Riversdale Mining, and hopes to conclude a sale by the year-end, said Steve Mallyon, a special advisor to the Anglo-Australian miner. Any deal for the Riversdale Anthracite Colliery in KwaZulu Natal province, which is producing about 750,000 tonnes of coal a year, could value the asset at around $US150 million ($149m), he said.

kailin-robolt-h395-small.jpg Sandvik has received a contract worth approximately €6.5 million from the Chinese Kailin Group for the supply of 19 mining machines, including Sandvik jumbos, bolters, and long hole rigs. The machines will be delivered by the end of 2012. Kailin has long been a Sandvik customer. The picture shows a Sandvik roof bolter photographed during [...]

Canada's Prime Minister Stephen Harper says he can't imagine the Obama administration rejecting the proposed Keystone XL oilsands pipeline, arguing the final decision should be a "complete no-brainer." Harper made the comments in an interview with Bloomberg News during his trip to New York for meetings with US business leaders and at the UN. The proposed $7 billion, 3,190km Keystone XL pipeline connecting Alberta’s oil sands to refineries on the US Gulf Coast should help Canada move closer to the international benchmark for crude instead of US pricing which trades at a discount of more than $25. Canada currently pumps 2 million barrels per day to the US, with more than half coming from the oil sands.

Coal miner Alpha Natural Resources Inc (ANR.N) cut its 2011 shipment forecast, citing reduced demand from the key Asian steel market among other things, sending its shares down 10 percent and dragging down the whole sector. The news came as another major coal producer, Walter Energy (WLT.N) (WLT.TO), lowered its sales forecast for the second half of this year, because of weather and problems at some of its mines. Walter's stock dropped 10.1 percent to $67.42 and Alpha shares were down 12.1 percent at $23.65 on Wednesday afternoon on the New York Stock Exchange. Arch Coal (ACI.N) shares were down 8.8 percent at $16.44 and Peabody Energy (BTU.N) stock was down 4.6 percent at $40.91.

News that the Mongolian government is rethinking a 2009 deal that gave Ivanhoe Mines and Rio Tinto a 66% stake in the massive Oyu Tolgoi gold and copper project has sent the shares of Ivanhoe down more than 9.5% in Toronto on Wednesday afternoon, while Rio's ADRs gave up over 6% in New York trade. The bad news appears to have led to a bust-up between the two companies, with Ivanhoe founder and CEO Robert Friedland saying on Wednesday Rio's senior management has been making "unauthorized and incomplete" statements about Oyu Tolgoi and that he will take the matter up with the world's number three miner. Ivanhoe is closely tied to Mongolia where it also controls SouthGobi, a producing coal mine. SouthGobi plummeted 10% on Wednesday.

The controversial practice of fracking — which involves pumping a mix of sand, water and chemicals into a well to fracture the rock and release natural gas — has attracted widespread criticism for its potential to contaminate drinking water and cause minor earthquakes. Now a new environmental threat is emerging from the process: sand mining.