• Sun
  • Nov 23, 2014
  • Updated: 2:42pm


Australia coal firms dig in for years of mine closures, job cuts

Australian coal miners are steeling themselves for years of production cuts, job reductions and asset sales as swelling shipments from international rivals lower hopes of a recovery in prices for coal.

Friday, 24 May, 2013, 11:24am 1 comment

Australian court rules against Citic in iron royalties dispute with Mineralogy

In the course of a lawsuit, Australian tycoon Clive Palmer dropped his demand that a mining agreement signed between Citic and his firm, Mineralogy, in 2006 be terminated, eliminating the risk that Citic would be kicked out of the operation.

23 May 2013 - 3:43am

Citic Pacific chief sidesteps mines start date query

The embattled property-to-steel conglomerate Citic Pacific is still working to resolve technical challenges as it seeks to get its iron ore mining project in the Pilbara region in Western Australia into commercial operation, according to the company's chairman, Chang Zhenming.

17 May 2013 - 3:21am

Miners' shares hit after blast kills 28

Shares of coal miners fell yesterday after China ordered the suspension of production at coal mines in the southwestern province of Sichuan following a mine explosion that killed at least 28 workers.

Investors also dumped the sector's shares after the price of coal fell and as rising labour costs squeeze profit margins.

14 May 2013 - 3:32am

Australia's housing investment 'won't fill' GDP gap from mining slowdown

Australian housing investment is unlikely to fill the void left in the nation's economic growth by a slowdown in the mining industry, says JPMorgan Chase.

1 May 2013 - 3:44am

Low costs help cushion Chinese gold producers

Gold prices might have further to fall but Hong Kong-listed gold miners could escape the closures of some overseas counterparts thanks to low production costs, analysts said. About 15 per cent of the world's gold miners became unprofitable after the metal's price fell to levels close to the global average production cost of US$1,200 an ounce, Bloomberg quoted Tyler Broda, a London-based gold analyst at investment bank Nomura, as saying.

19 Apr 2013 - 5:25am

Tibet mine disaster 'shows failure of resources policy to benefit minorities'

The 83 workers killed in the disaster were almost all members of the Han ethnic majority and from across the country, illustrating how minorities rarely see the fruits of underground wealth - not even dangerous jobs.

8 Apr 2013 - 5:49am

Zhaojin on 1.25b yuan resources spree

Zhaojin has also set aside 250 million yuan for exploration that it hopes will add 80 tonnes of new resources. It had 690 tonnes of resources, of which 355.8 tonnes proved recoverable reserves at the end of last year.

27 Mar 2013 - 5:44am

Impoverished Afghans look to exploit wealth below their feet

Afghanistan plans to put four or five oil and gas extraction and minerals mining projects out to tender for development this year, as the strife-ridden country reaches out to investors to help develop its vast resources.

27 Mar 2013 - 5:33am

Miners may ramp up IPO activity

Initial public offerings by resource and mining companies could rebound this year, PricewaterhouseCoopers says. The firm expects 10 to 15 such companies to list in Hong Kong and raise HK$20 billion to HK$30 billion this year.

22 Mar 2013 - 4:19am

Mergers set to create mining giants

A record wave of consolidation in China's mining industry is creating bigger companies that will have the muscle to compete with the likes of BHP Billiton for overseas acquisitions.

Even after Chinese mining mergers reached US$19.6 billion last year, double the tally for 2011, the government wants to see more.

6 Mar 2013 - 5:32am

Rio Tinto may halt work at mine in protest at Mongolian demands

Rio Tinto Group, based in London and the second-biggest mining company in the world, is discussing the suspension of building to protest at Mongolia's demands for a bigger stake in the project and new mining royalty rates, the sources said.

1 Feb 2013 - 5:23am

One mining firm unfazed by South Africa’s troubles

As mining firms in South Africa appear to be rushing for the exit, one company is bucking the trend by setting up new operations. It may prove a harbinger of things to come.

South Africa’s mining industry, the bedrock upon which the country was built, is going through something like an existential crisis.

28 Jan 2013 - 10:47am

Cambodian miner Khmer Resources plans to tap Hong Kong capital market

Khmer Resources Investment, which is backed by the Cambodian government, aims to list in Hong Kong within two years, chairman Cao Yunde said.

"We intend to leverage the capital market of Hong Kong to finance our growth through a public listing so as to maximise the benefits for Cambodia and its people," said Cao at the opening of Khmer Resources' Hong Kong office yesterday.

18 Jan 2013 - 5:27am

Rio chief's exit a non-issue to clients

Nanjing Iron & Steel, Baoshan Iron & Steel and other mills in China, the world's biggest buyer of iron ore, expect little change in the market after chief executive Tom Albanese leaves Rio Tinto.

19 Jan 2013 - 4:04am