World Mining Exploration News

Newmont Mining Corp., One of the largest gold mining company in the world, has announced net profits revenues from gold industry of U.S. $ 1.97 billion at the beginning of this year.

Admission is comprised 5.125 percent in 2019 because the principal amount and $ 900 million 6.25 per cent in 2039 because the principal amount of $ 1.1 billion. Newmont received net result of approximately $ 1.97 billion after deducting discounts and estimated production costs.

For that Newmont Mining Corp.., Planning to project development company, adding working capital, and the possibility of acquiring companies that have been observed lately.
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Vale do Rio Doce, the world’s biggest iron-ore producer, said global investment in the mining industry may fall by $60 billion this year after the company posted its third straight decline in quarterly profit.

Investment may drop 55 percent to $50 billion because of the global credit crisis, the Rio de Janeiro-based company reported late yesterday. Net income declined 33 percent to $1.36 billion in the first quarter as iron-ore output and sales slumped, Vale said in a Brazilian regulatory filing.

Steelmakers such as ArcelorMittal scaled back investment plans and cut production after the global economic slump curbed demand. Vale said its own 2009 investment budget of $14.2 billion will “probably be revised downwards” this year.

“They’ve talked about the ability to be opportunistic at the right point in the cycle for longer term growth,” said Ric Ronge, who helps manage the equivalent of $1 billion at Pengana Capital, including Vale stock, in Melbourne. Still, “they’ve been winding back their own production and they are not immune to the operating environment.” (more…)

Korea’s major trading companies are accelerating moves to develop natural resources overseas, industry sources said yesterday.

Daewoo International Corp. plans to start building facilities for gas offshore blocks A-1 and A-3 in Myanmar as early as October, company officials said. The company aims to receive approval from the Myanmar government by October to commercialize the gas field.

Company officials said the construction will involve building basic platforms and a 980-kilometer long pipeline from Myanmar to China.

Last June, Daewoo International agreed with China National Petroleum Corp., China’s largest oil company, to sell gas the from the Myanmar field to CNPC. (more…)

South Africa’s coal industry needs to ready itself for the next coal boom, which will undoubtedly occur, states Anglo Coal South Africa CEO Ben Magara on page 9 of this edition of Mining Weekly.rnrnMagara told McCloskey’s South African Coal Conference, in Cape Town, that all coal companies must collectively attack strategic issues in order to ensure that South Africa didn’t lose out on the next boom, as it had lost out on the one just past.rnrnHe stated that all South African coal-miners were still digging in the depleting Witbank coalfield and that the migration to the Waterberg coalfield had been “very slow”. South Africa did have vast coal resources, but turning those new areas to account required serious and ongoing commitment.rn (more…)

Northern Oil and Gas, Inc. (Amex: NOG) (”Northern Oil”) today announced that it has entered into a letter of intent with a financial institution for a senior secured, reserve-based revolving credit facility providing up to $25 million of financing for future drilling activities. As proposed, $15 million of financing would initially be made available for drilling projects, specifically developmental drilling on Northern Oil’s North Dakota Bakken and Three Forks position. The remaining $10 million of financing under the facility could become available upon subsequent recalculations of reserves based on the deployment of the immediately-available principal amount. The facility will be available for a period of four years and will feature a floating rate of interest competitive with other senior secured revolving credit facilities provided to other companies in the oil and gas industry. The facility will be subject to the usual and customary financial covenants. Final execution of a definitive agreement regarding the credit facility is subject to various conditions, including completion of due diligence and negotiation of definitive loan documentation, among other things.
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German import prices fell in November by the most in almost five years on energy products, adding to evidence that cost pressures in the euro area’s largest economy are easing.

Prices dropped 1.3 percent in November from a year earlier after rising 2.9 percent in October, the Federal Statistics Office in Wiesbaden said today. Economists expected a drop of 0.2 percent from last year, a Bloomberg News survey of 14 analysts showed. In the month, prices fell 3.4 percent, the second biggest drop on record after last month’s 3.6 percent decrease.

Declining prices and the recent appreciation of the euro ease pressure on companies’ profit margins as the country is fighting its worst recession in 12 years. At the same time, the stronger euro burdens exports and damps demand for German-manufactured goods. Business sentiment dropped to the lowest level in more than a quarter of a century. (more…)

QANTAS has responded to growing pressure from customers and the travel industry by slashing its controversial tickets levy.

The airline, facing calls to trim the levy because of the recent slump in the price of oil on world markets, yesterday announced across-the-board reductions that will apply from today.

The biggest fall will be a $30 cut – to $160 – on an Australia-London fare. The smallest will be just $3, down from $21 to $18, on the carrier’s domestic tickets.

Yesterday, Jetstar chief Bruce Buchanan hinted that further cuts could follow.

He said his staff were closely monitoring oil and jet fuel prices and surcharges would be revised accordingly. (more…)

Japanese stock futures rose in U.S. trading as President-elect Barack Obama pledged to boost the U.S. economy with the biggest public-works spending package since the 1950s.

BHP Billiton Ltd., the world’s largest mining company, surged 8.9 percent as Obama’s plan to increase infrastructure spending spurred gains in commodities. Posco, Asia’s third- largest steelmaker, increased 11 percent, helping lead gains among construction and engineering companies. Toyota Motor Corp., Japan’s largest automaker, rose 3.5 percent on speculation the economic stimulus will spur demand for products and as lawmakers agreed in principle to provide funds to carmakers.

The Bank of New York Mellon Asia ADR Price Index, which tracks American depositary receipts of the region’s companies, gained the most in two weeks, rising 5.9 percent to 88.08.
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