‘Second Assaluyeh’ discovered in Razavi Khorasan

(Minews) - A deputy of Ministry of Industries, Mine and Trade has announced potential of Razavi Khorasan in mining industry as ‘second Assaluyeh’ in producing income.Mehdi Karbasian told Mehr News on Monday that with $2bn of investments in Sangan mining area, “1.2 billion tons of definitive ...

Iran steel market clouded by surplus

(Minews) - Sponge iron production surpassed expectations at 216,000 tons during the first quarter of the current Iranian year (March 21-June 21), creating a surplus of more than 10,000 tons in the domestic market.The surplus production and absence of export markets have led to sponge iron being sold ...

Iran to reactivate 25 abandoned mines

(Minews) - The Ministry of Industries, Mining and Trade has approved a plan aimed at reactivating the abandoned mines across the country, the official in charge of the plan announced.“There are many mines in the country that have been abandoned in the past few years in the absence of required ...

Lifeline for German coal to be costly for public, markets

(Minews) - German utilities hope the government will drop a plan to slap carbon levies on coal-fired power plants on Wednesday, but compensating the companies to move aging capacity to a reserve scheme instead would create new problems.Analysts warn that safeguarding the utilities' income stream could ...

Abu Dhabi buys into Trafigura's Spanish mines as part of new venture

(Minews) - Trading house Trafigura has sold half its stake in three Spanish copper and zinc mines to Abu Dhabi investment company Mubadala as part of a joint venture they are setting up to invest in base metals mining, the companies said on Monday.The deal marks yet another move by the Swiss oil-to-...

Eldorado Gold says no impact on Greek operations from bank shutdown

(Minews) - Mid-sized Canadian miner Eldorado Gold Corp said it was business as usual for its operations in Greece on Monday despite the shutdown of banks in the country after a collapse in bailout talks."The financial controls in Greece have not impacted us - we are still paying out suppliers, ...

Japan to stop inefficient coal-fired power plants being built

(Minews) - Japan plans to stop power firms building coal-fuelled plants that are inefficient and dirty as it manages the competing demands of cutting greenhouse gas emissions while stepping up use of the fuel after the Fukushima disaster, officials said.The government has come under fierce criticism ...

Iron seen below $40 by Capital Economics on sharp move down

(Minews) - Iron ore may tumble into the $30s a metric ton in the second half as surging low-cost supplies from the world’s biggest producers swamp the market, expanding a glut, according to Capital Economics Ltd.The surplus will become more evident in the next six months, Caroline Bain, senior ...

Turkmenistan builds region's largest mining complex

(Minews) - The President of Turkmenistan GurbangulyBerdimuhammadov inspected the progress of construction of mining and processing complex for the production of potash fertilizers in the village of Garlyk during his working trip to Lebapvelayat (region) of the country, the newspaper Neutral Turkmenistan ...

Iran among top importers of Indian iron ore

(Minews) - According to latest trade statistics released by the Ministry of Commerce in India, the iron ore exports by the country dropped sharply during the month of March this year. Huge cuts were seen in export prices too. This is when compared with the same month a year ago. The iron ore exports ...

Iran, world’s 8th biggest mineral producer: WMC

(Minews) - The International Organizing Committee of the World Mining Congress (WMC) has ranked Iran as the 8th country in the world in terms of mineral production. The organization has put the country’s total mineral production, including metal and non-metal products, precious stones, as well ...

Rio Tinto to invest in Mongolia gold, copper mine this year

(Minews) - Mining firm Rio Tinto Ltd has pledged to invest at least $250 million to $300 million in the construction of the underground section of the massive Oyu Tolgoi copper and gold mine in Mongolia this year, Mongolia's prime minister said on Friday.The second phase of construction at the mine ...

Park visitor unearths 8.52-carat diamond in Arkansas

(Minews) - A glistening, white diamond half the size of a quarter was discovered at Arkansas' Crater of Diamonds State Park on Wednesday, park officials said.Shaped like an icicle, the 8.25-carat gem is the fifth-largest diamond found by a visitor to the state park since the site was established in ...

Iranian mining firms demand royalty concession

(Minews) - Deputy chairman of Iran Mine House, Mohammad Reza Bahraman, has called for the implementation of provisions related to concessions on mining royalties in the Mining Act.“The Mining Act offers 20% royalty concession to mining companies that improve efficiency in mining activities, research ...

Shanghai Gold Exchange in talks to list products on CME

(Minews) - The Shanghai Gold Exchange (SGE) is in talks to list its bullion products on CME Group's trading platform and launch yuan-denominated bullion contracts in Dubai, an exchange official said.China, the top producer and a leading consumer of gold, is seeking to boost its global presence in the ...

Kenya is hiring McKinsey to help unlock its mining potential

(Minews) - Kenya’s government is recruiting McKinsey & Co. to design a 20-year mining plan that will guide development of the nascent industry, Mines Secretary Najib Balala said.The plan will be funded by the U.K. Department for International Development, Balala said in a phone interview from ...

Weak prices push Rusal toward further aluminum cuts

(Minews) - The continuing weakness of aluminum prices this year has caused Rusal, the world’s biggest producer of the metal, to mull further production cuts this fall, the latest sign of a major shift in the balance of power between buyers and sellers.Russia-based Rusal could cut its output of ...

Rio Tinto sells Murowa diamond mine and leaves Zimbabwe

(Minews) - Mining giant Rio Tinto is leaving Zimbabwe after agreeing to sell its 78% stake in the Murowa Diamonds mine and its 50% holding in the Sengwa Colliery mine to its former local unit, RioZim Ltd."Rio Tinto believes that future of these assets can be best managed by entities with existing ...

Vale expects to raise $1.5 bln from asset sale in Brazil

(Minews) - Brazilian miner Vale SA could raise about $1.5 billion through the sale of a stake in one of its Brazil-based assets, a senior executive said on Wednesday.Vale, the world's largest producer of iron ore, is scrambling to raise cash to shore up its finances in the midst of a price slump in ...

Zambia tells Vedanta unit to delay processing Chilean copper

(Minews) - Zambia has asked Vedanta Resources' Konkola Copper Mines (KCM) to delay the processing of copper concentrate it imported from Chile until it puts in place safety measures to avoid pollution, Zambia's deputy minister of mines said on Thursday.KCM said on June 3 it had imported its first semi-...