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November 30, 2012

BHP’s Potash bid faces pressure from Canadian province

Filed under: Uncategorized — sbmzhcn @ 8:39 pm

BHP Billiton is looking to address Canadian concerns about iron ore mining machinery pricelost revenue from its takeover bid for Potash Corp after Saskatchewan province said it would not back the miner’s $39 billion bid. An official with the Canadian province said BHP had failed to meet demands necessary to win Saskatchewan’s backing of BHP’s hostile takeover, possibly leading Canada to scupper the deal.

BHP, the world’s biggest miner, offered Saskatchewan a fraction of the C$3 billion ($2.9 billion) over 10 years that the province is seeking to make up for expected revenue losses, the government official said on Tuesday, causing talks to break down. Saskatchewan will now give the bid an unfavourable review later this week, a source familiar with the matter said, possibly leading to the Canadian government quashing the deal. However, BHP said it was confident about addressing the tax-loss concerns and was working with the Canadian government’s Investment Review Division (IRD) on making additional “significant” undertakings to get a deal across the line…

Dynasty Completes First Shipment of Gold from Ecuador to Canadian Refinery

Filed under: Uncategorized — sbmzhcn @ 4:45 pm

Dynasty Metals & Mining is pleased to announce that it has delivered its first shipment of gold dore, containing approximately 2,400 troy ounces (“ouwhat is the jaw of an excavator callednces”) of fine gold, with an approximate value of US$3 million, produced from its Zaruma Gold Project in Ecuador to a refinery in Canada.

Subsequent to the sale of this gold, the Company will have approximately US$9 million in cash in its treasury.

To date, the Company has processed approximately 5,300 ounces of gold at its plant in Zaruma, including the 2,400 ounces delivered to the refinery. Of the remaining 2,900 ounces, 1,400 ounces will be extracted in due course and 1,500 ounces will remain as work in progress contained in the carbon stripping section of the plant.

In addition, the Company has processed in excess of 19,000 ounces of silver, which it expects to sell locally.

Robert Washer, President and CEO of Dynasty commented, “The first exportation and upcoming sale of gold is a significant milestone for the Company, particularly in a time when gold prices are near an all time high. The processing plant at Zaruma is fully operational, and with the tonnage of material being mined increasing each month we expect to be cash flow positive for the remainder of the year.”

Dhanoa Minerals signs L.O.I. to acquire mining claims in CA copper project

Filed under: Uncategorized — sbmzhcn @ 2:49 pm

Dhanohow to bulid a rock crushera Minerals announced the signing of a Letter Of Intent to purchase 65 mining claims that cover a copper project located in San Bernadino County, California.

The area is known as the “TurquoiseMountain/ Solomon’s Knob Project.” A formal agreement stating all of the LOI terms and conditions is being drafted and will be executed by April 30, 2012. Dhanoa has commenced examining and collating the data generated by several major copper exploration companies since the mid-1950s. This work, including two separate Induced Polarization (IP) programs and several drilling campaigns between 1955 and 1971, indicates three major zones of mineralization over the 10-mile long, East-West porphyry structure. Dhanoa’s Consulting Geologist is collecting copies of this comprehensive data from the archives of the previous explorers and is planning the Company’s activity on the…

Indonesian minister quizzed on Newmont mine deal

Filed under: Uncategorized — sbmzhcn @ 6:17 am

Indonesia’s finance minister clashed with the country’s parliament on Thursday over the government’s deal to buy a stake in a local Newmont Mining Corp copper andsand making machine zang hau city gold mine but said the sale would go ahead. The parliament summoned Finance Minister Agus Martowardojo to formally propose and explain the deal to purchase Newmont’s 7 percent stake, which would pave the way for the local unit to list on Jakarta’s stock exchange in a $500 million IPO planned for the second half of this year.

“The government’s stance is we have authority to get in as an investor,” Martowardojo told parliament’s financial commission in a late night hearing. “We believe the opportunity to grab the Newmont divestment comes just this one time.” The central government has already signed the agreement, part of a required divestment by Newmont under Indonesian law, but members of the commission from the Golkar Party have demanded a review. Golkar, part of the ruling coalition, is headed by Aburizal Bakrie, whose family indirectly controls miner Bumi Resources Minerals, which already owns a 24 percent stake in the mine through a consortium with local governments…

Alcoa launches $158m action over Varanus

Filed under: Uncategorized — sbmzhcn @ 4:20 am

Aluminium giasbm hassan branch codent Alcoa is suing the operators of the Varanus Island gas hub for $158 million in damages resulting from the 2008 explosion that crippled gas supplies to much of WA. Alcoa’s court action was revealed this morning by Tap Oil, one of the members of the Harriet Joint Venture which processes its gas through the Varanus Island hub.

The hub is operated by Apache Corp, the controlling shareholder in the Harriet Joint Venture. Tap said that Alcoa’s damages demand was based on claims that the Harriet Joint Venture and Apache, as Varanus’ operator, were in breach of contract, statutory duties and duty of care. Tap had claimed force majeure at the time of the Varanus Island explosion, which it claims meant it could not be found to have breached its contracts by not supplying gas to customers…

Woodside faces credit rating downgrade

Filed under: Uncategorized — sbmzhcn @ 12:17 am

A second agency has flaprcess layout of stone crushergged downgrading Woodside Petroleum’s credit rating following last week’s $900 million cost blowout and delays to its flagship offshore gas project. Standard & Poor’s Ratings Services said today the credit outlook for Australia’s second-biggest oil and gas company had been revised to negative from stable.

Woodside announced last week that the cost of its flagship Pluto project, offshore from Western Australia, had blown out to $US14.9 billion ($14.13 billion) – 25 per cent above original estimates – and the scheduled first shipment of LNG would be delayed by 15 months.Standard & Poor’s said that while it had affirmed its ’BBB+’ long-term corporate credit and senior-unsecured debt ratings, they could be lowered in future. ‘‘In our opinion, further delays and cost overruns for Pluto reduce the buffer in the Woodside rating to weather any challenges, such as volatility in oil prices and exchange rates,’’ Standard & Poor’s credit analyst May Zhong said…

November 29, 2012

Leighton, Ngarda win $104m Rio contract

Filed under: Uncategorized — sbmzhcn @ 8:47 pm

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Leighton says its joint venture with indigenous contractor Ngarda Civil & Mining has won a $104 million earthworks contract with Rio Tinto in the Pilbara.

Under the contract, the joint venture will undertake mine pre-strip, bulk earthworks, road-works, drainage works and common services trenching and installation works for Rio’s new Hope Downs 4 mine. The 12-month contract will begin immediately. The Hope Downs 4 mine site is about 200km east of Tom Price and is a joint venture between Rio Tinto and Gina Rinehart’s Hope Downs Iron Ore.

Rio Tinto CEO expects more commodity volatility

Filed under: Uncategorized — sbmzhcn @ 5:32 pm

Expect continued volatility in global commodity markets as post-crisis stimulus packages are wound down, says the head of mining giant Rio Tinto PLmobile conveyors for sale in south africaC . “The timing and speed at which post-global-financial-crisis stimulus packages are removed has the potential to generate both volatility and substantial swings in commodity prices,” Tom Albanese said in notes to a presentation to a business luncheon in Montreal Wednesday.

So far, the investment and financial market sentiment has been “almost surprisingly resilient” in the face of such upheavals as the disaster in Japan, popular uprisings in the Middle East and uncertainty over the sustainability of the recovery as fiscal and monetary stimulus measures come off, he said. “That said, the pattern of increased volatility is likely to continue.” In the longer term, however, Rio’s chief executive officer expects demand for key metals such as iron ore, aluminum and copper. “Equally, we expect that real long-run prices and margins for almost all minerals and metals will average significantly higher going forward than in the decade preceding the most recent boom.”

Coalmine blasting halt widens over southern Queensland

Filed under: Uncategorized — sbmzhcn @ 2:49 pm

Blasting in southern in cement plant mill root cause analysis view as htmlQueensland coalmines was shut down. The Bligh government made the move to try to ensure the operations were not emitting clouds of toxic gases.

The suspension was enforced days after The Australian revealed that blasting had produced vast emissions of oxides of nitrogen at the mines, some of which were near rural communities. In one incident, a cloud of the toxic gas from a September 5 blast was suspected of breaching the safe or exclusion zone on the Acland mine, 15km northwest of the small southeast Queensland township of Oakey. Yesterday, the state’s regional inspector of mines issued a directive to all southern region coalmines temporarily halting blasting operations. They included Cameby Downs, Commodore, Jeebropilly, Meandu, New Oakleigh and Wilkie Creek. On Thursday, officials suspended blasting operations at…

Poland tentatively approves mining tax proposal

Filed under: Uncategorized — sbmzhcn @ 6:15 am

Poland tentatively approved on Thursday a used moblie rock crusher for salesnew mining tax plan aimed at securing 1.8 billion zlotys ($511.3 million) for state coffers this year, the finance ministry said.

The bill, approved by a key committee that prepares government legislation, must now receive final clearance from the government and parliament. Earlier on Thursday, the ministry said it had again rejigged its proposal for the new levy, softening its impact on copper miner KGHM, which will…

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