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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Taralga deposit worth banking
GREEN pastures west of Taralga barely betray what’s believed to be the third largest bauxite deposit in history. Red gravel just below the surface was the first hint that a rich resource lay beneath a scrubby part of the country. The company brought out the big guns – satellite equipment - to find...
ENRC increased aluminium production by 9.8%
The extraction of bauxite equalled 5.495 million tonnes with a 3.5% increase and alumina production increased by 1.8% to 1.670 million tonnes. According to a report of the ENRC, in 2011 the company increased the production of aluminium by 9.8% to 249 thousand tonnes. The Eurasian Natural Resources...
Miner to play for Muleriders
BAUXITE – Bauxite Miners’ senior lineman Matt Steele signed with the Southern Arkansas University Muleriders out of Magnolia, Ark., on Wednesday morning in the Bauxite High School auditorium. “I think it’s awesome,” Bauxite Coach Shane Clancy said. “It’s something he’s talked about doing since the...
Fitch Affirms Clarendon Alumina Production's FC & LC IDRs at 'B-'; Outlook Stable
Fitch Ratings has affirmed Clarendon Alumina Production Limited's (CAP) foreign and local currency Issuer Default Ratings (IDRs) at 'B-'. The Rating Outlook is Stable. Fitch has also affirmed CAP's USD200 million 8.5% unsecured notes due November 2021 at 'B-/RR4'. The notes continue to be supported...
UC RUSAL to increase its stake in Yaroslavsk GRK to 100%
UC RUSAL (SEHK:486, Euronext: RUSAL/RUAL, MICEX: RUALR, RTS: RUALR), the world's largest aluminium producer, is pleased to announce that it has entered into an agreement to acquire 50% of OOO "Yaroslavsk GRK" (Yaroslavsk Mining Company) from Russian Mining Company (RGRK). Following completion of...
Vedanta profits slip as margins squeezed
Vedanta Resources, the FTSE 100 Indian metals and mining group controlled by Anil Agarwal, saw its profits slip in spite of an increase in revenues as pricing pressures on industrial metals squeezed margins. The company, which in December completed its $8.67bn purchase of a majority stake in oil...
GMDC posts 11% rise in Q3 net
During the third quarter, GMDC’s turnover jumped 7% to Rs384 crore Gujarat Mineral Development Corporation (GMDC) net profit rose 11% to Rs112.46 crore for the quarter ended 31 December 2011, against Rs101.48 crore in the corresponding period a year ago. During the quarter, the company’s turnover...
New Bauxite exploration found near Taralga NSW
Emerging bauxite exploration and development company, Australian Bauxite Limited (ASX:ABZ) has received laboratory results from its December 2011 drilling campaign at Taralga near Goulburn, southern NSW (see Figure 1 - refer to ABx announcement link at bottom of release). Results from hole TG626 at...
Supreme Court adjourns final hearing on Vedanta Alumina case to April 9
The Supreme Court on Monday adjourned its final hearing on bauxite mining by the Vedanta Alumina at Niyamgiri hills to April 9 due to paucity of time. The State Government had also sought more time to present its case before the Supreme Court. Union Minister of Jairam Ramesh had withdrawn clearance...
Vedanta Q3 profit dips, Zambia disappoints
Miner Vedanta Resources posted a 5 percent dip in core profit its December quarter, hit by weaker performances at its aluminium and Zambian copper operations. The India-focused miner said earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $848.4 million for the third...
Aneka Tambang to Work on Rp 35T Projects
Mining and metals company Aneka Tambang (Antam) will be completing five new projects worth around Rp35.9 trillion by 2014. The projects, related to the Master Plan for the Acceleration and Expansion of Indonesian Economic Development (MP3EI), have encouraged the company to focus on the downstream...
Heritage list call to block Cape York mines
In a letter to Environment Minister Tony Burke, the Wilderness Society says six proposed mines, including Rio Tinto's giant South of Embley bauxite expansion, threaten the "extraordinary natural values" of the region. Campaigner Gavan McFadzean said that if approved, the emergency listings would...
BHP Billiton to Halt Bauxite Exploration at Guinea’s Boffa Site
BHP Billiton Ltd. plans to halt bauxite exploration at its Boffa-Santou-Houda site in Guinea, the world’s biggest exporter of the ore, after prices for aluminum dropped, said Jean-Francois David, the company’s president in the West African nation. “Explorations are stopped and all the activities...
Aziana rapidly advances towards maiden bauxite Resource at Manantenina in Madagascar
Aziana (ASX: AZK) has now defined high quality stratiform bauxite over a 13.4 square kilometre area of its Soavary licence at its Manantenina Bauxite Project in Madagascar. Importantly, the company is on track to complete a maiden JORC Resource in the second half of 2012. Widespread sampling has...
SC defers hearing on Niyamgiri bauxite mining
The Supreme Court of India (SC) on Monday deferred the hearing on the petition challenging cancellation of environmental clearance to Niyamgiri Bauxite Mining Project of the UK-based Vedanta's Indian arm Sterlite Industries in the state. The apex court has fixed April 9, as the next date of...
Bauxite plans spark fears for reef
Conservationists say a planned bauxite mine expansion on Cape York, in far north Queensland, could hurt the Great Barrier Reef. Rio Tinto Alcan is planning the $1.5 billion expansion near Weipa. Several conservation groups have lodged a submission with the Federal Government, requesting it change...
Vale ADR Representing One Ord Shs (VALE) Downgraded by Dahlman Rose
Vale ADR Representing One Ord Shs (NASDAQ: VALE) was downgraded by research analysts at Dahlman Rose from a “buy” rating to a “hold” rating in a report issued on Thursday. Separately, analysts at HSBC (NYSE: HBC) downgraded shares of Vale ADR Representing One Ord Shs from an “overweight” rating to...
UPDATE 2-Rio Tinto moves to majority stake in Ivanhoe
Global miner Rio Tinto has raised its stake in Canada's Ivanhoe Mines, owner of Mongolia's massive Oyu Tolgoi copper-gold project, to a majority holding but said on Tuesday it had no current plans to buy more shares. Rio, which has built its stake in Ivanhoe as it helped to fund construction of Oyu...
