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Centerra can go ahead with new gold mine in Mongolia
Canadian miner Centerra Gold (TSX:CG) can finally proceed with plans for developing its 1.6-million ounce Gatsuurt gold deposit near its Boroo Mine, Mongolia’s parliament ruled Thursday.
China’s Shenhua becomes net exporter of coal
China’s largest coal miner, Shenhua, saw coal production fall 8.4% in 2015, according to its latest operational data released to the Hong Kong Stock Exchange. Coal sales fell by 17.9%, while coal imports collapsed by 97.1% to just 200 000 t – and nothing in December 2015.
Current mining downturn not a ‘normal’ one — Moody’s
The continued rout in commodity prices that has severely hit the mining industry in the past year can’t be considered a “normal” cyclical downturn, but rather, an unprecedented one, says Moody’s in a new report released this week.
US coal production for 2015 off 13% from 2014
According to the latest reports from the US Energy Information Agency (EIA), coal production in the US finished 2015 off approximately 13% from 2014 totals. Meanwhile spot prices for coal continue their long-term decline and natural gas slipped back slightly from recent highs.
Chile losing ground as top copper producer as metal price in the pits
Resilience in the copper industry, its producers and investors, continues to be tested this year, as the metal price has touched fresh lows, falling last week to $1.95 per pound, a price last seen in May 2009, and analysts don’t see a clear end to China’s slowdown.
Chinese coal demand heads lower on high renewables growth
China is turning away from coal it a faster-than-expected pace, according to new figures from the China National Energy Agency, as the country’s economic slowdown reduced electricity demand growth. Official GDP growth was 6.9% in 2015, its lowest level in a quarter of a century, but many analysts believe that the actual rate of growth [...]
China shutting another 4,300 coal mines
China, the world’s largest coal consumer, is stepping up efforts to cut the share of coal in its overall energy mix and consequent smog and greenhouse gas emissions by investing $4.6 billion (30 billion yuan) to close small and inefficient operations across the country.
Coal formation linked to assembly of supercontinent Pangea
The consolidation of the ancient supercontinent Pangea 300 million years ago played a key role in the formation of the coal that powered the Industrial Revolution and that is still burned for energy in many parts of the world today, Stanford scientists say.
Areva earned $300 million in US uranium enrichment contracts last year
French nuclear group Areva SA (EPA:AREVA) said Tuesday it won several long-term contracts in 2015 from four US utilities for uranium enrichment services worth more than $300 million.
Global Trends in coal to 2020
Over the next five years, the global coal industry is expected to witness a fundamental structural change to the seaborne market: a move away from Chinese led demand growth. The last 10 yr have seen significant growth in the global seaborne market. But with global production seeming to have peaked in 2014, serious issues remain [...]
Rio Tinto freezes all pay for 2016 as commodities rout bites
Rio Tinto (LON, ASX:RIO), the world’s second largest miner, has put a freeze on salaries for all employees, in a fresh attempt to weather tough market conditions marked by a continuing slump in commodities prices.
The one copper price vs China chart you want to see today
It’s only 12 January and the copper price is down 8% year to date.
Turquoise Hill Resources Ltd (TRQ) Price Target Raised to C$4.50 at CIBC
Turquoise Hill Resources Ltd (TSE:TRQ) had its target price increased by CIBC from C$4.00 to C$4.50 in a report released on Friday morning, ARN reports.
Developments at Mongolia’s Two Largest Mines Obscure Government’s Pre-Election ‘Go Slow’ Strategy
Looking ahead to 2016, Mongolia’s government publicized a series of major developments in its large state-owned mining projects of Oyu Tolgoi (OT) and Tavan Tolgoi (TT), which could pull the country’s battered economy out of its downward spiral of disappearing foreign direct investment (FDI) and falling GDP.
China won’t approve new coal mines until 2019
China, the world’s largest coal consumer, has decided to halt new coal mines approval for the next three years while it continues cutting output at existing operations, in a new effort to shrink both oversupply and a worsening pollution crisis.
Analysing Longmay’s workforce reduction
In September 2015, Longmay Group, one of the large, Chinese state-owned metallurgical coal miners based in Heilongjiang Province, announced plans to reduce the headcount of its coal mining operations by approximately 100 000 during the following three months. The headcount reduction will be achieved through a combination of mine closures of old mines with depleting [...]
Mining in 2016: Six reasons to be cheerful
In our look back at 2015 we called it mining’s annus horribilis. In stead of the hoped for rebound in metals and minerals prices, just about everything from copper to crude and coal to diamonds lost more ground. Those that were calling a bottom on the commodities market in 2015 where sorely disappointed and anyone [...]
Shearman, S&C, Milbank star in $4.4 bln financing for Mongolia mega mine
Shearman & Sterling has advised Mongolian company Erdenes Oyu Tolgoi on a $4.4 billion financing to expand the country’s massive Oyu Tolgoi copper mine, with Sullivan & Cromwell representing co-owner Rio Tinto, and Milbank, Tweed, Hadley & McCloy counselling the lenders.
Rio Revising Mongolia Mine Costs After $4.4 Billion Funding
Rio Tinto Group, the world’s second-biggest mining company, is revising the cost estimate to expand Mongolia’s Oyu Tolgoi copper and gold mine after agreeing a $4.4 billion financing package.
Inside Mongolia’s Manhattan-Sized Mega-Mine
Rio Tinto Group, the world’s second-biggest mining company, is revising the cost estimate to expand Mongolia’s Oyu Tolgoi copper and gold mine after agreeing on a $4.4 billion financing package. The company is reacting to a dramatic change in market conditions over the past 6 months – while the costs of raw materials have fallen [...]
Rio Tinto $4 billion financing deal for Oyu Tolgoi imminent — report
A $4 billion finance package for the expansion of Rio Tinto’s (LON:RIO) Oyu Tolgoi copper and gold mine in Mongolia is likely to be approved this week in Ulan Bator, the capital.
Mongolia’s ‘next chapter’ is infrastructure
TOKYO — The commodity supercycle is dead, according to some estimates. For a resource-based economy like Mongolia, heavily dependent on its coal-hungry neighbor China, that cannot bode well for the future. Yet Bayanjargal Byambasaikhan, CEO of the country’s largest state-owned resource developer, Erdenes Mongol, says Mongolia is entering a new chapter of development, and that [...]
‘Coal is no longer marketable’ – EPA Administrator
EPA Administrator Gina McCarthy said coal is no longer marketable with alternatives like cleaner natural gas and energy efficiency.
Thiess gets contract extension for Energy Resources’ Ukhaa Khudag coal mine in Mongolia
Energy Resources has awarded a four-year contract extension to CIMIC Group’s mining arm Thiess for the company’s Ukhaa Khudag coal mine in Mongolia.
Turquoise Hill jumps on 2016 guidance
Shares in Turquoise Hill Resources (TSE,NYSE:TRQ) jumped nearly 5% in early trade on Wednesday after the company announced 2016 production and financial guidance for its Oyu Tolgoi copper-gold mine in Mongolia.
Glencore axes jobs, coal output at Australia’s mine as price collapses
Mining and commodities giant Glencore (LON:GLEN) said Monday it is cutting production and 80% of the remaining staff at its Collinsville mine in Australia’s north Queensland as a result of collapsing coal prices.
Turquoise Hill Resources Ltd’s Company Shares Decreased 9.79% After Low Volatility
The shares of Turquoise Hill Resources Ltd (NYSE:TRQ) decreased by 9.79% in the last 20 days and lost 3.01% in the past 5 trading sessions. Turquoise Hill Resources Ltd (NYSE:TRQ) shares opened at $2.57 in the last session and had intraday high of $2.61 and low of $2.52 for a lower than normal intra-day volatility. [...]