Mining Journal Online

Spot uranium rises to US$53 per lb

It is up 20% over the past month due to firm demand by nuclear reactors

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Rössing ramps up

Chinalco and China bank agree US$2 billion Peru mine loan

Peru is the world's second-largest producer of copper and the Toromocho mine could lift the country's annual output by as much as 25%

China rail link to open up remote mines

The line would allow the development of a series of coal mines in the west of Inner Mongolia and in Xinjiang

Gold drops as confidence falters

Gold prices slipped on Monday as confidence crumbled in the face of a higher dollar, lower oil prices and receding inflationary worries

China`s coal imports shrink in October

Fall follows ebbing demand for electricity as economic growth slows, a trend likely to to continue through the rest of the year despite a large government stimulus plan

Uranium One takes $2 billion loss on writedowns

The mining group wrote down the value of property and equipment, and said it would focus on developing its lower-cost assets in Kazakhstan

Rio Tinto to offload units

It has begun the process of selling its market-leading talcs and borates businesses, picking investment bank Dresdner Kleinwort to run the deal

Coal to remain main power source to 2030

Expectations of slower economic growth have led the IEA to downgrade its 2030 world electricity demand forecast

Strike ends at Potash Corp mines

The company struck a tentative deal with workers at its Allan, Cory, and Patience Lake mines

SA has enough coal for next few months` power

Eskom, which provides 95% of South Africa`s power has average coal stockpiles of 35 days, enough to avoid deep power cuts as experienced earlier this year

Forecasts for iron ore prices revised downwards

UBS has downgraded its forecast for 2009 iron ore contract prices to a 40% drop from a previous 15% fall

Chinese coal prices fall as demand weakens

The weaker demand for electricity due to a slowdown in the economy has left power plants with abundant coal stocks

Copper and aluminium hit three-year lows

European mining shares were among some of the largest losers on Britain`s leading FTSE share index with Vedanta, Kazakhmys and Anglo American down more than 6%

Botswana economy hit by lower mine production

Lower commodity prices, reduced demand for imports in industrialised countries and less direct investment would continue to weigh on growth

Strike at Lonmin platinum mine halts production

Lonmin shares fell 6.67% in London and 4.45% in Johannesburg, against a 0.96% rise in the platinum sector index in South Africa

Australian coal industry campaign to clean up image

The Australian Coal Association said it would run national newspaper advertisements and a website explaining that the greenhouse intensive industry was working hard to capture and store its carbon emissions

Zijin can spend up to Yu20 Billion on acquisitions

Zijin Mining Group Co, China`s largest gold producer, may spend as much as Yu20 billion (US$2.9 billion) on acquisitions, taking advantage of the global plunge in equities and asset values

Alcoa cuts more aluminium output to fight glut

US aluminium giant Alcoa Inc has slashed a further 350,000t of aluminium-making capacity worldwide, the latest cutback by a major producer in the face of deteriorating markets

San Miguel will offer Bakrie option to buy back Bumi

San Miguel Corp, the Philippines`s largest food and drinks company, will offer PT Bakrie & Brothers an option to buy back shares of PT Bumi Resources to entice Bakrie to drop an agreement with Northstar Equity Partners

China cuts nickel production as demand weakens

China`s refined nickel output is forecast to fall nearly 10% to around 130,000t this year from a previous estimate as demands weakens, industry officials said on Tuesday

Xstrata cuts ferrochrome ouput on weak demand

Xstrata said it hoped to scale back production in a bid to optimise unit costs, and would redeploy staff within the group

China`s stimulus plan lifts markets

Shares of Caterpillar, the maker of bulldozers and excavators, rose more than 5%

Ecuador to present mining bill this week

Mr Correa, who enjoys a majority in the legislature, has clashed with more radical factions inside his "Alianza Pais" party

Mines cut iron ore output as China weakens

Rio Tinto, the world`s number two iron ore miner, will slash output by as much as a third for the rest of this year, joining its Brazilian rival in trying to stem a fall in prices as Chinese steel demand slumps