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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Rio Tinto Limited : Third quarter 2012 operations review
Rio Tinto chief executive Tom Albanese said "We have delivered another strong set of production results in the third quarter, including record quarterly Pilbara iron ore production. Copper, bauxite, alumina, and titanium dioxide production were all higher than in the same quarter of 2011. "As we...
Rio Tinto Q3 Global Iron Ore Production Rises 5%
Mining giant Rio Tinto Plc. RTNTF.PK, RIO, RIO.L, RTPPF.PK on Tuesday reported a modest growth in global iron ore production for the third quarter, despite volatility in markets. Unfazed by the economic uncertainties, the company confirmed its production forecast for the year. Iron ore accounts for...
Uncertainity over debt in Sesa-Sterlite merger
With the Vedanta group deciding to restructure its holdings in mining and metals, Sesa Goa will soon be transformed into Sesa-Sterlite, with the merger of Sterlite Industries, and will house the group’s stakes in Cairn India, Vedanta Aluminium’s Indian projects and Balco. Vedanta proposes to issue...
Fijian landowners benefit from Chinese company's bauxite mining
The Nawailevu landowners of Bua in Fiji's northern island will receive over 600,000 Fiji dollars ($340, 000) next year in relation to bauxite mining after receiving their first lump sum payment from a Chinese company earlier this year. Acting Permanent Secretary for Lands and Mineral Resources...
Three bauxite shipments from Bua earned profits for Fiji
THE three bauxite shipments from Bua have brought back more than $8million within a span of four months following the first shipment in June. The fourth ship, currently being loaded at the qoliqoli of Navakasiga, will leave Fiji tomorrow and a fifth ship is already anchored in the same area. Mine...
Odisha Bauxite Mining Case hearing resumes on 12th Oct
The Green Bench of the Supreme Court resumes hearing Friday on the high-profile case involving mining of bauxite ore in the the Niyamgiri hills of the impoverished Kalahandi district of Odisha. In a writ petition, the state-run Orissa Mining Corp challenged the orders of the union ministry of...
Chinalco may Cut Down its Copper Unit IPO Size
Aluminum Corp. of China may cut the size of a Hong Kong initial public offering of its Peruvian copper mining unit by more than half to about $400 million, two people with knowledge of the matter said. Chinalco Mining Corp., a unit of China’s biggest aluminum producer, must submit new financial...
Bauxite mining to get sealed in Andhra Pradesh
Using his Constitutional powers, tribal affairs minister Kishore Chandra Deo has directed the Andhra Pradesh government to cancel bauxite mining leases to Andhra Pradesh Mining Development Corporation (APMDC) in the state's Aaraku valley to prevent reemergence of naxalism. The corporation has...
Odisha Govt urges Centre to allocate coal blocks exclusively to Orissa Mining Corporation
Indian Express reported that a few weeks after it brought a resolution giving state owned Orissa Mining Corporation first right over areas containing major minerals such as iron ore, bauxite and chromite, the Naveen Patnaik government has written to the Centre to allocate areas containing coal to...
Orbit reports steady progress in the development of SGA plant
Orbite Aluminae is making significant progress in the development of a smelter-grade alumina (SGA) plant to process aluminous clay using its proprietary process at its Grande-Vallée property in Quebec. In September, Orbite was granted a 20-year mining lease for its Grande-Vallée deposit and...
Regulatory issues to remain a major impediment for Vedanta Group
Regulatory hurdles remain to be the major impediment for the Vedanta group companies. The market has responded to the continuous regulatory overhang across group companies and has brought down the stocks of two main listed entities of the group, Sterlite IndustriesBSE -1.59 % and Sesa Goa. Sterlite...
Brazil’s cheap power plan hits the utilities sector while metals and mining companies gain
Brazil’s drive to make electricity less expensive wiped out $6.4 billion in market value for utilities, while making winners of metals and mining companies from Alcoa Inc. (AA) to ArcelorMittal. Electricity is their biggest expense, totaling 40 percent of costs for aluminum producers, according to...
Southgobi CEO fired after Chalco drops takeover bid
SouthGobi Resources Ltd. (SGQ), which mines steelmaking coal in Mongolia, fired Chief Executive Officer Alexander Molyneux, effective immediately, eight days after Aluminum Corp. of China Ltd. dropped its C$925 million ($949 million) takeover bid. Molyneux will be replaced by Ross Tromans, the...
Rural Development Minister says no bauxite mining in Vizag agency area
Union Rural Development Minister Jairam Ramesh said bauxite mining would not be allowed at any cost in the Visakhapatnam agency area to protect the interests of tribals. He said this following reports that some private companies had shown interest in mining bauxite there. However, local villagers...
Bauxite Resources Limited updates on Gold, Iron Ore and Coal Exploration
Perth-based bauxite explorer and developer, Bauxite Resources Limited provides an update on exploration progress for non bauxite minerals within its exploration licence tenure in Western Australia. The Company holds granted and pending exploration licences over an area of approximately 25,000 km2...
Chalco stocks dropped after withdrawal of SouthGobi bid
The Aluminum Corp. of China, better known as Chalco, dropped in Tuesday trading after the company announced on Monday that the state-owned firm would drop its bid for Mongolian SouthGobi Resources after months of contentious negotiations. Chalco, China's largest producer of aluminum, had previously...
Governance deficit delays NALCO's expansion projects" CAG
The Comptroller and Auditor General (CAG) of the government says possible "governance deficit" has resulted in delay in NALCO’s Rs 4,091.51 crore second phase capacity expansion project. "Gaps and inadequacies in project formulation and execution points towards a governance deficit in the company...
Cape Alumina to continue Bauxite mine plan in Steve Irwin Wildlife Reserve
Resources company Cape Alumina Limited has resumed planning a bauxite mine on a wildlife preserve named in honour of environmental campaigner Steve Irwin. Cape Alumina planned to build a large bauxite mine at Pisolite Hills, on Cape York, where the Steve Irwin Wildlife Reserve is located. The plans...
