World Mining Exploration News

OPEC world oil managers had persuaded the ministers of energy to maintain oil production quotas, so that world oil prices do not rise too high.

However, according to the Organization of Petroleum Exporting countries, that reducing it would harm the delivery of global economic recovery. So that the oil price rises to $ 75 per barrel on August 25, which according to Saudi Arabian King Abdullah said the fair for consumers and producers.

“OPEC member countries would be happy with high oil prices, which they can not be anticipated back in January,” said Edward Morse, chief of economic research at LCM Commodities LLC in New York. “They will not seriously consider to deepen or extend the cut at this stage. OPEC has taken a lot of oil out of the market, and it will clean the market up.”
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Gold mining company Staccato Gold Resources Ltd has announced that it has started drilling on the unexpected project, which is part of the Company’s highly prospective South Eureka property in Nevada.

A drilling rig arrived on site last week to launch early 2600 meters (8000 feet), a program that will target several new gold mining zone, and offset last year intercepted in hole 4 (5.25 g / t Au over 23 meters) . Grant Ewing, Staccato President and CEO stated, “We are very pleased to conduct testing of candidates widely and unexpected structural zone along strike and at depth. Staccato well funded to aggressively advance the exploration and assess the full potential of this highly prospective project. ”

Staccato continue researching aspects of geological, geochemical and drill hole database as a gold exploration plans to develop the optimal for the South Eureka property. The Company believes that there is excellent potential to increase the size of the defined gold resources at Lookout Mountain project, and to discover new gold deposits in the vast property. Read the rest of this entry »

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. Read the rest of this entry »

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.
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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. Read the rest of this entry »

Price of iron ore shipped from Australia to China, the world’s largest buyer, declined 9.3 percent occur after the rejection rates of steel in China.

Rates for classes 62 percent iron ore fell $ 9.70 to $ 95 a metric ton yesterday, according to The Steel Index. After an increase to $ 105.90 on Aug. 13, which is the highest price this year. Price hot-rolled coil steel in China fell 2.1 percent yesterday and has declined 13 percent since Aug. 7.

The decline occurred as the output price increases in China and steel prices slumped, Tom Albanese, CEO of Rio Tinto Group, the world’s second largest ore exporter, said yesterday. Steel price index has increased 32 percent this year as China’s 4 trillion-yuan ($ 585 billion) stimulus plan spurred demand.

“The steel overheated market,” said Mark Pervan, senior commodity strategist at Australia & New Zealand Banking Group Ltd ore prices in May that “back to $ 90 a short ton,” he said. Read the rest of this entry »

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.
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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.
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