MAX Plant – making life easy for the client

Beating already rosy expectations new Australian Bureau of Statistics figures show mining companies intend to invest $82.1 billion this financial year on new and expansion projects, representing 55% of total capital expenditure in the country's economy. The spending spree by the resources sector – mostly in Western Australia and Queensland – represents a whopping 70% increase over last year. Mining firms spent 14.4% more last quarter, led by a 22% jump in plant and machinery purchases, and projections show further increases in the future. The positive capex news, accompanied by robust retail spending numbers saw the Australian dollar rise above 107 US cents.

The Columbus Republic reports opponents of a planned nickel and copper mine in Michigan's Upper Peninsula are asking a judge to put a state-issued permit for the project on hold ahead of initial blasting expected later this month. Four organizations have asked a judge to issue a stay while considering an appeal of the Department of Environmental Quality's 2007 decision to grant Kennecott Eagle Minerals, a subsidiary of Rio Tinto, a permit. Kennecott Eagle is targeting an underground ore deposit that would be the only US mine where nickel is the primary mineral generated instead of a byproduct. The mine could yield up to 300 million pounds of nickel and about 200 million pounds of copper.

Global markets have become increasingly volatile due to the deepening financial crisis, while gold bugs are gripping their seats.

Shares of Sunridge Gold rose a brisk 7% in Thursday morning trade after the junior explorer gave an update on drilling at its zinc-gold-copper deposit in the Horn of Africa only to end the day down 2.8%. Near triple the usual number of shares changed hands on the Toronto venture exchange. Investors in the the Vancouver-based company, which apart from its flagship Asmara project in Eritrea also has assets in another paragon of political instability, Madagascar, have enjoyed a wild ride over the more than ten years the company has been listed – an unlucky few snapped up shares in the company at $6.40 in 2003 and those who saw value in the company at $1.30 at the start of 2011 would have lost almost half that investment.

CanadaViews reports Saskatchewan NDP Leader Dwain Lingenfelter announced Thursday an NDP government would create the Bright Futures Fund, modelled on oil and gas revenue funds in Alaska and Norway. The fund will dedicate a portion of Saskatchewans non-renewable resource royalties to invest for the future. This fund would be independently managed, and the government would not be allowed to withdraw money to cover short-term deficits and day-to-day spending. Lingenfelter said that the Sask Party has seen over $10 billion dollars in non-renewable resource revenue flow through their hands and spent on one-time projects or to cover budget deficits.

Alberta Oil Magazine takes an in-depth look at infrastructure challenges that persist for Fort McMurray, the centre of Canada's oil sands industry, in the middle of a global bonanza.

Claymore Silver Bullion Trust has filed a final short form prospectus in connection with a follow-on offering of hedged trust units, Toronto-based Claymore Investments, Inc. said Wednesday. The hedged units will provide investors with an exposure to physical silver bullion with substantially all of the U.S. dollar currency exposure hedged back to the Canadian dollar. The maximum amount of the offering is $75,000,600 million, or 2,907,000 hedged units, priced at $25.80 per unit.

Crossland Uranium Mines (ASX:CUX) plans to issue a report next month on an illuvial heavy mineral rare earth element resource at its 50% owned Charley Creek project in Northern Territory. A 16.7 tonne quantity of alluvial material has been obtained from the Cockroach prospect for testwork to investigate a heavy mineral process flowsheet and to generate samples of heavy mineral product for initial marketing and additional process development tests. Crossland says that the Charley Creek alluvials should be low cost sources of heavy mineral concentrates with high concentrations of REE and/or zircon.

Glencore International plc (LON:GLEN), seeking access to the growing coal market in India and China, announced on Thursday an estimated $1 billion plan to acquire Optimum Coal Holdings (JNB:OPT), a significant thermal coal producer in South Africa. Glencore will value the ordinary shares of Optimum at 34 ZAR (4.8 USD), a 35% premium over the 30-day volume weighted average. “Optimum’s high quality, long life coal assets and significant presence at Richards Bay Coal Terminal would be an attractive addition to our existing South African coal business," said Tor Peterson, director of the Coal/Coke commodity department.