Maaden secures $1b in oversubscribed financing as Saudi mining push accelerates
Saudi Arabian Mining Co. (Maaden) has secured USD 1 billion in inaugural international syndicated credit facilities, with strong demand from global lenders highlighting confidence in the company's expansion strategy and Saudi Arabia's broader mining ambitions. Maaden has secured USD 1 billion in...
Vedanta Aluminium veteran Rajiv Kumar joins Jindal Steel as COO
Vedanta Aluminium veteran Rajiv Kumar has been appointed Chief Operating Officer (COO) of Jindal Steel after completing a successful stint as Chief Executive Officer of Vedanta Aluminium. Kumar, who brings more than three decades of experience in the metals and mining industry, will now oversee the...
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BHP Billiton to spend $1 Bn in South Africa projects
BHP Billiton remains committed to investing in South Africa, its regional chairman Xolani Mkhwanazi said during a presentation at the Mining Indaba on Wednesday. “It has been alleged that we want to leave South Africa; we are committed to South Africa, there’s nothing furthest from the truth than...
Guinea says Rusal's Fria refinery to restart within months
Guinea expects production at aluminium producer Rusal's Fria refinery to restart "within months", thanks to conditions set as part of a deal signed with the Russian group late last year, a senior official said. The 630,000 tonne per year plant has been shut since last April following a labour...
Fourth quarter aluminium performance down at Eurasian Natural Resource
FTSE 100-listed metal mining company Eurasian Natural Resources has acknowledged that its aluminium division operated below capacity in the fourth quarter of the year, whilst production of saleable copper declined against the corresponding period in the previous year. In the three months ended...
Guinea’s New Mine Code to Keep Companies Profitable
“Guinea’s mining code amendment will be business friendly and will allow bauxite producers to compete internationally”, Mines Minister Mohamed Lamine Fofana said. The country consulted with companies on amendments to the 2011 law to ensure producers remain profitable even though Guinea is further...
Farmers in Jamaica upset over bauxite payments
International bauxite companies operating in Jamaica are being accused by farmers of pocketing millions of dollars that should be paid to them for property purchased for mining purposes. The payment to persons for crops on lands purchased by the bauxite companies has long been a source of...
BHP Billiton and Rio Tinto set to post big profit falls
BHP Billiton and Rio Tinto are set to reveal that profits have slumped in their latest reporting periods, explaining why both the miners have made cost-cutting their No 1 aim in 2013. Rio leads the way on February 14 with its annual profit report. A 41 per cent plunge from $US15.5 billion ($14.8bn)...
Rio extends gas deadline for Gove Alumina refinery
MINING giant Rio Tinto has extended its deadline for the Northern Territory government to find a supply of gas to power the company's loss-making aluminium refinery in Arnhem Land, the NT's largest private enterprise. Chief Minister Terry Mills will now make a last-minute dash to Europe in a bid to...
More bauxite discovered in Fiji
Aurum Exploration Company has discovered more bauxite in other parts of Vanua Levu. This was confirmed to FBC News by the company’s managing director – Isireli Dagaga. i-Taukei news editor Apisalome Coka is in Labasa and filed this report: “Dagaga says they discovered bauxite at other areas in...
Bauxite Resources updates Quarterly Activities and Cashflow Report
Bauxite Resources Limited continues to focus primarily on evaluating bauxite prospectivity in the Darling Range and exploration throughout the Company's extensive tenement holding. Currently BRL holds 22,500km2 in Exploration Licences in the Darling Range of south west Western Australia. The...
Fitch revises Clarendon Alumina Production outlook to negative
Fitch Ratings has affirmed Clarendon Alumina Production Limited's (CAP) foreign and local currency Issuer Default Ratings (IDRs) at 'B-'. Fitch has also affirmed CAP's USD200 million 8.5% unsecured notes due November 2021 at 'B-/RR4'. The notes continue to be supported by an explicit unconditional...
Rio Tinto starts writing down its Mozambique assets
Rio Tinto has started a write-down of its Mozambique assets, which might lead to the partial sales of the activities bought less than two years ago through the Riversdale Mining acquisition. Entrance to Mozambique, where Rio hoped for a rapid exploitation of what it had defined the world's best...
Bauxite mining to expand to the north of Nawailevu in Fiji
Bauxite mining is expected to be expanded to the north of Nawailevu in Bua after works have been completed at the current site. Director of Mineral Resources Malakai Finau said it is not a new site but the areas have been divided into two parts. He said Aurum Exploration Limited is loading the 6th...
Deadline approaching for decision on Gove refinery
The loss-making Gove peninsula aluminium refinery and bauxite mine in Nhulunbuy, in the Northern Territory’s Arnhem Land, will have its fate decided today. Around 800 people staged a rally to display their concern at the possible closure of the plant, operated by Rio Tinto subsidiary Pacific...
Inter-ministerial panel to miss deadline for ore supply policy in Odisha
The inter-ministerial committee of the Odisha government constituted to formulate a policy for offering raw materials to state based industries will seek more time for submission of its report. Though the panel was mandated to submit its report by January 30, exactly three months after the...
Chinalco Mining Said to Raise About $397 Million in IPO
Chinalco Mining Corporation International raised about $397 million in an initial public offering in Hong Kong, two people with knowledge of the matter said. The unit of China’s biggest aluminum producer sold about 1.76 billion shares at HK$1.75 apiece, the people said, asking not to be identified...
Bottlenecks may upset Utkal Alumina production deadline
The Utkal Alumina International Limited (UAIL) may miss its March-end deadline to start production at its plant as tribals have set development of the area as a precondition to allow bauxite mining in the area. Many official criteria also need to be fulfilled. The UAIL, a subsidiary of Kumar...
MLA gets Maoist warning for favouring bauxite mining in Odisha
Maoist leader Daya has threatened Koraput MP Jayaram Pangi of dire consequences if he does not refrain from favouring bauxite mining by a private company at Mali hill. Daya, the secretary of Andhra-Odisha Border Special Zonal Committee (AOBSZC), has informed this in a letter to media persons in...
BHP set to write down its nickel and aluminium assets
BHP Billiton is likely to write down the value of its Australian aluminium and nickel assets by about $US4 billion ($3.8bn) next month, as the strong dollar and weak prices extinguish any hope of a rebound in returns in the short term. Analysts estimate the two businesses are likely to rack up...
