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Aspire starts feasibility study for Mongolia rail project
Mongolian metallurgical coal explorer and infrastructure company Aspire Mining has started the first stage of the rail feasibility study for the Erdenet to Ovoot railway, which is critical to the development of the Ovoot coking coal project.
SouthGobi former CEO claims $1m in damages
Dual-listed SouthGobi Resources’ former president and CEO Alexander Molyneux served the Mongolia-focused metallurgical and thermal coal miner with a notice of civil claim, filed in the British Columbia Supreme Court, it said on Thursday.
China plans new commodity superhighway, altering energy trade flow
China’s Go West strategy of encouraging coastal to inland flow of capital and people will result in the formation of a new commodity superhighway, says advisory firm Wood Mackenzie (Woodmac). This new superhighway will impact the energy trade flows within China and externally, through the new Silk Road routes, and will link the country from [...]
Moody’s lowers iron-ore and met coal price forecasts, markets to remain under pressure to 2016
Moody’s Investors Service expected iron-ore and metallurgical (met) coal prices to remain under pressure through at least 2016, prompting it to lower its price expectations for both. The firm fingered slower steel output growth in China and rampant oversupply, particularly in iron-ore, for holding prices down for these critical steelmaking ingredients.
Moody’s changes North American coal industry outlook to ‘negative’
The outlook for the North American coal industry had been changed to ‘negative’ from ‘stable’, Moody’s Investors Service said in a new report.
Centerra Gold reports Q4 net loss on Kyrgyz impairment charge
TSX-listed Centerra Gold has swung to a fourth-quarter loss, mainly impacted by a significant impairment charge on its Kyrgyz cash generating unit, fewer ounces produced and sold and lower realised gold prices.
Mongolian Parliament backs bid to end Rio copper mine dispute
Mongolia’s parliament has backed its new prime minister’s plan to resolve a long-running dispute with global miner Rio Tinto this year over plans to expand the massive Oyu Tolgoi copper mine.
Rio shuns Mongolia plan to swap Oyu Tolgoi equity for royalties
Global miner Rio Tinto is not interested in a proposal by Mongolia to cut its equity stake in key mines such as Rio’s Oyu Tolgoi in exchange for more royalties, CEO Sam Walsh said on Thursday.
Global base metals outlook turns negative – Moody’s
Global credit ratings advisory firm Moody’s Investors Service has changed its outlook on the global base metals industry to negative, citing weakening macroeconomic growth indicators and investor sentiment.
S&P’s cuts iron ore, copper price forecasts, reviews related companies
Credit rating agency Standard & Poor’s (S&P’s) downgraded its price forecasts for iron-ore and copper owing to slower global growth and said it expects changes to the ratings of related companies in the coming weeks.
Iron-ore price nears 5-year low
Iron-ore dropped to near its lowest level in more than five years, reflecting sustained pressure from a supply glut and slower Chinese steel demand, with banking an financial services group Citigroup seeing further weakness early next year.
Capital misallocation lowering commodity prices – Glencore
Capital misallocation, not a lack of demand, remained the key factor in the current low level of several commodity prices, Glencore CEO Ivan Glasenberg said on Wednesday.
Platreef development hit by ‘trouble-makers’
The development of the latest major new underground, mechanised platinum mine, near Mokopane, in Limpopo, has been marred by a “small group” of people instigating animosity towards the emerging operation.
Rio Tinto’s Walsh urges G20 leaders to reduce investment risk
Mining giant Rio Tinto CEO Sam Walsh has called on the delegates attending the G20 summit in Brisbane, Australia, to support investment in their various countries by supporting the vision of economic growth and reducing investment risk.
Oyu Tolgoi talks could be delayed by Mongolia political turbulence
Rio Tinto subsidiary Turquoise Hill Resources this week reported that negotiations to resolve tax issues with the Mongolian government regarding the massive Oyu Tolgoi copper/gold mine could be delayed after Prime Minister Norov Altankhuyag was removed when members of Parliament voted to dismiss him earlier this month.
Coal remains the foundation of Australia’s energy needs
The Minerals Council of Australia (MCA) has echoed Prime Minister Tony Abbott’s views that fossil fuels would remain an integral part of Australia’s energy mix.
Met coal price recovery unlikely until 2016 – Moody’s
A recovery in metallurgical (met) coal prices to between $135 and $145 a metric tonne is unlikely before the second half of 2016, says Moody’s Investors Service.
Global supply glut increases iron-ore downside risks – Moody’s
A growing oversupply in the iron-ore market was damaging the credit quality of producers and posed risks to the downside, Moody’s Investors Service noted last week in a sector comment; ‘Iron-ore supply increases pose risk to market fundamentals’.
Global copper market to swing to surplus in 2015 for first time in 5yrs
An global copper industry think tank on Tuesday said that the copper market, which had been in a supply deficit for the past five years, would swing to a surplus.
Coal futures drop below $72 for first time since March 2009
European thermal coal futures dropped below $72/t for the first time since March 2009, on weakening demand from the region’s biggest economy, Germany, and rising output from miners worldwide.
Australian coal exports at record as miners ride out price downturn
Australian coal exports have risen nearly 12% in the first nine months of 2014 to a record 158-million tonnes, the Queensland Resources Council (QRC) reported on Monday.
Ivanhoe shares hit by funding uncertainty for DRC copper projects
Africa-focused project developer Ivanhoe Mines said on Thursday that it does not have enough money to continue development at its two base metals projects in the Democratic Republic of Congo (DRC), unless it received a significant cash injection before the end of the current quarter.
Global coal demand slows, peak demand not yet in sight
Tougher Chinese policies aimed at reducing the country’s dependency on coal would help restrain global coal demand growth over the next five years, the International Energy Agency (IEA) found in its yearly ‘Medium-Term Coal Market Report’ released in Paris on Monday.
Viking Ashanti brings Mongolian coal developer into its fold
Junior gold developer Viking Ashanti has announced a merger with emerging coal developer Auminco Mines.
Oyu Tolgoi faces Chinese customs delay
The massive Oyu Tolgoi copper/gold mine, in Mongolia, has started to receive payments for copper concentrate shipped to a warehouse in China, but has not yet recorded any revenue owing to Chinese customs approval delays, 66% project owner Turquoise Hill Resources reported on Monday.
Substitution threat places single-commodity firms at risk
Advisory firm Ernst & Young (E&Y) has warned of an increased threat of substitution, saying that single commodity companies are at most risk.
Mongolia grants SouthGobi premining agreements
Toronto- and Hong Kong-listed SouthGobi Resources has withdrawn its ‘notice of investment dispute’, which it filed with the Mongolian government in July last year, after it was granted three premining agreements (PMAs).
Turquoise Hill to ink $4bn financing for Mongolian flagship
Canadian miner Turquoise Hill and its majority owner Rio Tinto expect to sign a $4-billion project-financing plan and term sheet at the end of June, which will allow for the necessary future financial flexibility to develop the second phase of the giant Oyu Tolgoi mine, in Mongolia.
World copper refining fees set to rise in 2013 -Aurubis
Global copper ore treatment and refining charges (TC/RCs) for annual contracts are likely to rise in 2013 but talks about new year deals are making slow progress, Europe’s biggest copper smelter Aurubis said on Friday.