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Mixed news at San Jose
The drilling of a 38cm pilot hole had reached a depth of 25m by the end of Wednesday in the attempt to rescue 33 miners trapped underground since August 5 at the San Jose copper-gold mine in Chile. Full story...
Deals intensify
The pace of deal activity is intensifying in the mining and metals sector. The value of pending deals is already four times the US$40.6 billion generated in the first half of the year, and the pace of this activity "will continue to accelerate", according to Ernst & Young in its latest Global Mining & Metals Transactions Report. Full story...
Copper concentrate ‘seller’s market,’ Sumitomo Metal says
Copper concentrate will be in short supply for at least five years, forcing Sumitomo Metal Mining Co, Japan’s second-biggest smelter, to keep producing at a reduced rate, the company said. Full story...
Companies featured in the 27-08-10 issue of Mining Journal
All companies featured in the latest issue of the Mining Journal are listed below for your convenience. Full story...
Pan African generating strong cash flow
Pan African Resources plc, the South African gold miner, generated £18.3 million (US$28 million) in cash from operating activities in the year to end-June, boosting the bank balance to £12.8 million, over five times what it was a year ago. Full story...Rio Tinto approves US$1 billion Hope Downs 4
Rio Tinto will spend about US$1 billion on a new iron-ore mine in Australia, a joint venture with Gina Rinehart’s Hope Downs Iron Ore Pty. Full story...Stockpile: Vedanta hurt by Indian government rejection
Again suffering from negative press, Vedanta Resources plc was this week’s biggest loser on the London main market, falling a further 9% to continue a dreadful August. Full story...Chilean government releases footage of trapped miners
Video footage of the 33 miners trapped in the San Jose gold-copper in Chile since August 5 has been released showing them in good spirits and singing the country’s national anthem. Full story...New World reinstates dividend
New World Resources NV (NWR), the Czech coal and coke producer, has reinstated its dividend. Despite a '50% of earnings' dividend policy, the company paid out less than half in 2008 and nothing last year, blaming "market conditions". Full story...
Read More: How does your Mining Board compare?
The Mining Journal website this week includes a recently-published report by Sydney-based Ophir Partners on Mining Company Boards. Full story...
Glencore profit
Commodity trader Glencore has reported a 42% increase in profits for the first half of calendar 2010 compared with a year earlier. Revenue was up 55% to US$70 billion leading to net income of US$1.56 billion. Full story...
Fortescue results surge ahead
Fortescue Metals Group, Australia’s third largest producer of iron ore, has reported a 14% rise in net profit for the year to end-June. Full story...
Another set of bumper results for BHPB, cautious on short term
BHP Billiton has reported a 16% increase in attributable for the year to end-June, but the company said it remained cautious on the short term outlook for the global economy. Full story...Chile prepares for depression among trapped miners
Chilean authorities will prescribe antidepressants to miners trapped in an underground copper mine should an estimated three-month rescue effort take its toll on their mental wellbeing, Health Minister Jaime Manalich said Full story...Chalco’s Xiong seeks stakes in coal, power producers
Aluminum Corp of China Ltd, the country’s biggest producer of the metal, is seeking to invest in coal and power producers, and is studying projects in Southeast Asia to access cheaper power and raw materials Full story...Prominent Hill delivers a healthy profit for Oz Minerals
A strong performance from Oz Minerals’s Prominent Hill gold-copper mine in South Australia has guided the company to a A$405.7 million (US$350 million) net profit for the first half of 2010. Full story...Site Search
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