BC signs energy agreement with China

The African continent has historically meant just one thing to the global coal mining industry: South Africa. However, a new coal power is emerging in the form of Mozambique.

The Australian-based Intra Energy Corporation (IEC) has started coal mining in Mbalawala Mine, Ngaka coalfield in Tanzania, targeting both the domestic and export thermal coal markets of Kenya, Mauritius and India.

Fed up with paying high prices for iron ore, China is seeking out new supplies of the crucial steelmaking ingredient. The Australian reports that China is increasing iron ore imports from countries outside the major producing regions of Australia and Brazil to diversify supply away from the players that dominate the sector: The economic powerhouse has reported that iron ore imports from countries other than Australia, Brazil, India and South Africa had increased by up to 4 per cent in the first half of this year, compared with the same period last year.

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.

Union workers at Peruvian copper producer Sociedad Minera Cerro Verde said late Friday that they plan to hold a two-day strike starting Sept. 7 to seek a salary increase.

Ten miners are confirmed dead in a coal mine flooding in Southwest China's Sichuan province, with two others still missing, local authorities said Saturday.

Another wave of Chinese acquisitions is expected soon as the Asian superpower seeks to diversify investments beyond the underperforming greenback, and as share price falls translate to cheaper purchases. Mergers and acquisitions consultant Andrew Thomson, a former Howard government minister, said that there had been a change of sentiment in Beijing lately and Chinese investment was expected to step up very soon.

A Deloitte Access Economics analysis, commissioned by the Minerals Council of Australia and to be released today, estimates the industry's tax burden was about 50 per cent higher than Treasury estimates made during last year's bruising battle over the Rudd government's resource super-profits tax.

The Royal Canadian Mounted Police are investigating a Calgary-based company over allegations of bribery in Mexico. The Mounties are checking whether Blackfire Exploration Ltd. made monthly payments to a local mayor to prevent protesters from interrupting the mine's operation, says the CBC: