Mining Journal Online

Venezuela stops open-pits and gold mines

Mineral-laden Venezuela on Thursday shut the door to new gold projects and threatened other mining and logging concessions in a step by leftist President Hugo Chavez to tighten control of natural resources

In this week`s Mining Journal:
Companies challenge Venezuelan suspension
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Mine workers protest Ecuador suspension
Hecla’s Isidora mine shuts in blockade
Venezuela follows Ecuador’s lead
Brisas review raises costs
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Lundin profit rises 51%, mine delay may cut forecast

Lundin Mining Corp, the company that bought more than $2 billion in base-metal assets last year, said March quarter profit rose 51% on the back of increased zinc output

Sichuan aluminium smelters face output curbs on quake

Sichuan Aostar Aluminum Co and Sichuan Guangyuan Aluminum Co, with a combined smelting capacity of 370,000 metric tons, face production curbs after the country`s worst earthquake since 1976 hit the province

Xstrata bids $398M for Indophil Resources

Anglo-Swiss miner Xstrata Ltd on Thursday bid $398 million for Australian-listed Indophil Resources NL in a move that would give it full control of a large copper mine in the Philippines

Fortescue ships first iron ore to China amid stake talk

Fortescue Metals Group Ltd said on Thursday it had shipped its first iron ore with a consignment to the booming China market, amid reports it may be the latest Australian miner in the sights of Chinese investors

Chile president endorses copper deal at Codelco

Chilean President Michelle Bachelet has given her word that Codelco, the state copper miner, will adhere to accords that ended a sometimes violent strike at three of its divisions

BHPB rises to record on talk Chinalco may seek stake

BHP Billiton, the world`s biggest mining company, rose the most in three months in London trading on speculation state-owned Aluminum Corp of China may be seeking a stake, mirroring its share raid on Rio Tinto

Kazakh miner ENRC Q1 revenues up, sees strong year

Kazakh mining group ENRC said on Wednesday high commodity prices boosted revenue in the first quarter, laying the foundation for an expected robust performance in the full year.

Rio Tinto extends New Zealand aluminium output cuts

Rio Tinto Group, the world`s second-biggest aluminium producer, extended output cuts at its New Zealand smelter to help conserve dwindling hydroelectric reserves

Vale to spend US$4.4 billion on iron ore expansion in 2008

Cia Vale do Rio Doce (Vale), the world`s biggest iron ore producer, is to invest US$4.4 billion this year to expand its iron ore business and boost output by 50% by 2013, the company said

Australia`s Alumina to raise $300 mln in convertibles

Australia`s Alumina Ltd said on Tuesday it launched an offer to raise about $300 million in convertible bonds to repay debt, help fund the expansion of an alumina refinery and dig a new bauxite mine.

Mexico`s Fresnillo to double silver, gold output

Mexican precious metals miner Fresnillo will invest money from its recent London IPO to buy new mines and double output at the world`s biggest silver mine, its chief executive said on Monday

Supreme Court rules for Codelco, new strike possible

Chile`s Supreme Court on Monday ruled that state copper mining giant Codelco does not have to hire thousands of subcontract miners into its full-time ranks and union leaders warned another strike has not been ruled out

Venezuela`s Chavez to take over miner Carbones del Guasare

Venezuela will increase its stake in two coal-mining companies, including Carbones del Guasare, the country`s biggest

Chalco raises cost of Saudi smelter project by 50%

Aluminum Corp of China Ltd, the nation`s biggest producer of the metal, raised the cost of its smelter project in Saudi Arabia by 50% to US$4.5 billion after allowing for the construction of a power plant

US$9 billion Chinese loan deal unfair

The Democratic Republic of Congo`s opposition blasted a US$9 billion loan and investment package with China as "incoherent and unbalanced"