GolfGear and EnviroXtract sign licence agreement for processing technology
September 30, 2011 by goldguru · Leave a Comment
GolfGear International has acquired a sub-licence to utilise EnviroXtract’s ore processing technology.
Minmetals bids $1.3bn for DRC copper miner Anvil
September 30, 2011 by goldguru · Leave a Comment
China’s Minmetals Resources has offered to buy ASX- and TSX-listed Anvil, which mines copper in the Democratic Republic of Congo (DRC), for $1.3-billion in cash.
Anvil, which previously played down media speculation that it was the target of a $1-billion takeover from a Chinese firm, announced the friendly C$8-a-share takeover on Friday, sending shares up 32% to A$7.65 apiece in Sydney. The company shares last traded at C$5.77 in Toronto.
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Miners study rail and port options for Mozambique
September 30, 2011 by goldguru · Leave a Comment
A study examining options to boost Mozambique’s export infrastructure capacity fivefold has identified a new deep-water port north of the Zambezi river mouth as a preferred option.
Ncondezi Coal, which forms part of the Mozambique Coal Export Infrastructure Initiative (MCIEI) with Rio Tinto and Minas de Revuboe, said that new port would be capable of handling Cape-sized vessels with an initial 25-million tons a year, but that it could be expanded to 100-million tons a year.
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Sallies says Witkop order book robust, may delist by June
September 30, 2011 by goldguru · Leave a Comment
Loss-making fluorspar miner Sallies said on Friday that its Witkop mine’s order book was robust with all production sold until the third quarter of the 2012 financial year. The South African miner, which London-listed Fluormin is offering to buy, resumed operations at the Witkop mine in March, and said it had produced and exported high quality acid grade fluorspar by the financial year-end in June.
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Copper heads for worst month in three years
September 30, 2011 by goldguru · Leave a Comment
Copper rose slightly on Friday but was still on track for its worst loss in three years as concerns that weak economic growth may hit copper demand outweighed supply deficit expectations.
Benchmark copper on the London Metal Exchange rose 0.3 to $7 250 a ton by 09:21 GMT from a close at $7 230 on Thursday.
The red metal used in power and construction has lost nearly a quarter of its value this month, the biggest fall since October 2008.
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African Minerals cuts iron-ore sales forecast
September 30, 2011 by goldguru · Leave a Comment
Mining firm African Minerals cut its estimate of iron-ore sales for 2011, as mine equipment at its Sierra Leone project was redeployed to build port and railway infrastrucure.
The redeployment meant that the build-up of ore stockpiles has been slower than originally anticipated and the company said on Friday that it expects 2011 ore sales of 1.2-million tons, down from the original estimate of 2.5-million.
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Gold ticks higher; heads for worst month since Oct ’08
September 30, 2011 by goldguru · Leave a Comment
Gold jumped more than 1% on Friday after Germany approved the expansion of the eurozone bailout fund, offering temporary relief to investors, but the precious metal was heading for its worst monthly decline in three years.
With the euro debt crisis unlikely to be resolved any time soon, investors have shifted their attention to Greece, which demands more far-reaching measures to prevent the crisis that started in Athens from spreading far beyond Europe.
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Uranium sector at ‘bottom of trough’ – CanAlaska
September 30, 2011 by goldguru · Leave a Comment
The uranium sector, still suffering in the wake of the Fukushima disaster in March, has “reached the bottom of the trough” and there will be a “wave of buying”, TSX-listed junior CanAlaska executives said on Thursday.
Despite a supply shortage looming when the Russia stops selling weapons-grade material to the US to convert into power station fuel in 2013, spot prices for uranium and the equities of explorers and producers have languished.
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Russia’s Polymetal plans London listing in a $500 mln move
September 30, 2011 by goldguru · Leave a Comment
The precious metals miner is seeking a premium listing on the LSE, that should raise it about $500 million in a move it hopes will catapult it into the FTSE 100 bluechip index.
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How inevitable is further upside for gold?
September 30, 2011 by goldguru · Leave a Comment
While the current global macro-economic picture still provides good reasons for higher gold prices, there are perhaps a few other factors at play that are worth considering.
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