World Mining Exploration News

Kiska Metals Corporation, Monday announced the discovery of mineralized zones in the Mountain Island, which lies about 23 kilometers south of the deposit resource area of Whistler. After a five-hole drilling is completed in the year 2009 drilling program returned 0.68 g / t gold ore for more than 382.9 meters. Back pit the top interval, drilled 150.0 meters long, on average 0.72 g / t gold and less than 106.9 meters 280.0 meters crossing to the edge of the hole average of 1.22 g / t gold. Copper results pending and will be announced when received. Island Mountain is different from the target porphyry deposits that host Whistler a NI43-101 resource filled show 1:31 million gold equivalent ounces and inferred resources of 4:44 million ounces of gold.

“The discovery of gold ore in the Island Mountain on our first hole of this program is very encouraging for the company,” said Jason Weber, President and CEO of Kiska. (more…)

Why BHP Billiton could stand between the world’s leading mining industry. The answer is because it can find a lower debt balance with surprise $ 5.6 billion despite a large universe of operating and capital recession and challenging exploration program of $ 10.7 billion proposed for the current year.

After getting the sector lower gearing of 12.1 percent, BHP, which also announced that the 2008-09 results of the other day, and a very proud boast a healthy EBIT margin of 40.1 percent and 24.6 percent return on investment.

Avoid the pain in the form of increased debt that Rio Tinto’s acquisition will lead to, BHP enjoy financial strength, unmatched in the industry, which it is to use for “mergers and acquisitions opportunistic” and targeted “tier-I assets” exceptional quality, low cost and given to long-term exploitation. No doubt, BHP has a balance sheet that provides distinct competitive advantage against its counterparts in the mining industry.

Unlike people like Rio and Anglo American, BHP draw much strength from the hydrocarbon asset ownership. When he discovered the benefits of expanding the capacity of iron ore in the existing mine site, also remained strong in the pursuit to expand oil and gas affected. (more…)

Two large mines company Full Metal Minerals (TSX VENTURE: FMM) and Mosam Capital Corp. (TSX VENTURE: MOS.P) today announced that the mine exploration work has begun on the Mount Andrew iron-oxide copper-gold (IOCG) Project, located in Southeast Alaska. Expected exploration in the Mount Andrew mine can produce iron-oxide copper-gold with a high percentage.

Mine exploration program was started from a study and review of geological mapping and sampling when doing a IP / resistivity programs over the prospect area, to test for disseminated sulphide body working under the historic mines in the Mount Andrew. Shallow drilling campaign has been cut before the high grade intervals of copper and gold and adjacent to the existing work in which several historic mines and prospects are. This program is estimated to cost $ 200,000 and will be financed by Mosam and began in 2009.
(more…)

Company managers African Minerals Mining Tonkolili have said that the quality of iron ore has a very good and they will still ship their project who will work assiduously to provide the infrastructure development in the country.

This location is in the mining sites throughout the Tonkolili Sula Mountains Greenstone Belt of Sierra Leone’s, has a very good profit for the company because of proximity to the adjacent Port Tangrin one natural harbor in the world, Queen Elizabeth Quay 11. Quality iron ore with a world that contains not only the magnetite deposit at this time believed to be the third largest in the world at 5.1 Bt but by independent metallurgical test Amdel Limited of Australia has shown that is upgradeable Tonkolili iron ore with a high concentration of quality grading exceeds 68 % Fe in the mass recovery of 30%. Any impurities concentrate on the low level of less than 4.5% SiO2, 0.6% Al2O3 and 0.01% P.

Significant thickness and strike where the iron ore from the iron ore mineralization consisting of iron ore and oxidized cap transition zone overlies the main source of magnetite in the Tonkolili. (more…)

Mining Companies in Tokyo on Wednesday, Sumitomo Metal said that the company has purchased 16.5% stake in Nickel Asia Corp. of the Philippines with a price around $ 39 million, because the attempt to improve global competitiveness.

Tokyo-based company into the league formalization of existing relationships with Nickel Asia. This example is the provision of nickel ore by a subsidiary of Asia, Rio Tuba Nickel Miming Corp., to Sumitomo of the Philippines-based nickel refinery joint venture, Coral Bay Nickel Corp.

Earlier this year, Coral Bay Nickel build second factory in the country to double its output of nickel intermediate products to 22,000 tons per year.
(more…)

Power Company Co. Ltd. and LG Corp. to consider the cooperation with Australia in 2009, to get the coal in the spot market for the EWP.

Cooperation between EWP and LG Corp. is also the signals that will switch from traditional practices of the security under the contract, the volume of long-term, and may herald a more active trading market in Asia.

South Korea, the world’s second largest after the steam coal importers Japan, imported 90.5 million tons of bituminous and sub-bituminous coal in 2008. Australia is a top supplier, shipping 36.4 million tons, or 40 percent of the volume.

South Korea has utility in the last few years, increased spot market purchases in a bid to take advantage of the price of exhilaration.
(more…)

China’s largest iron ore consumer in the world, providing benchmark prices benchmark price of $ 110 for a ton on Thursday, traders and industry consultation Mysteel said, the price is 10 percent higher than the previous week due to local demand.

Sources of information trading of iron ore in China said that sentiment has grown, with little seen in the market today, in part because the iron ore price hikes faster than expected.

“Many young people want to buy with prices flat in Shanghai, but property prices are mounting their akan heavy pressure, and does not expect sharp price cuts or decline the request. There is a similar sentiment in the iron ore now,” said a Shanghai-based trader.

The increase in China’s domestic iron ore prices also fuel efforts by China’s steel decision to push up the price of steel to bolster their financial position and enable them to purchase materials. (more…)

A state-owned companies in Indonesia, PT Aneka Tambang Tbk said sales revenue down 44 percent in the second quarter from a year ago on lower volume and price of nickel is weak.

Antam sales revenue in 2009 was 1.76 trillion rupiah ($ 178.9 million) in the second quarter, from 3.13 trillion rupiah in the same period last year, the firm said in a statement to the ASX, Australian stock market.

Antam’s sales revenue in first six months of 2009 was 4.39 trillion rupiah, down 16 percent from the same period last year.

Price of nickel used in stainless steel industry has been getting about 60 percent during this year to $ 18,770 tons on Tuesday but that there is still about 64 percent below the record high of $ 51,800 a tonne hit in May 2007.
(more…)