Latest mining news : Xstrata, Anglo American, Kazakhmys, Rio Tinto, Chinalco
Latest mining news : Xstrata, Anglo American, Kazakhmys, Rio Tinto, Chinalco
2010/07/29 by ukcitymedia.co.uk about : Company Reports - 0 Comments - 507 words
Mining companies Xstrata and Anglo American are celebrating a raised mineral resource estimate at Chile’s third largest copper mine, Collahuasi in which both mining companies hold 44% stakes.
The Measured, Indicated and Inferred Resource estimate is for 7.094bn tonnes copper molybdenum, a rise of 40% over previous estimates. The companies involved are now progressing with concept studies for expansion to ultimately produce more than one million tonnes of copper annually with studies to be completed in the first quarter of 2011.
Jon Evans, chief executive of Collahuasi commented that the mineral resource base at Collahuasi "provides a clear indication of the further expansion potential at a time when we continue to progressively increase the throughput capacity of the main processing facilities.”
Kazakhmys have reported a solid performance in the first half of the year as mining, processing and smelting even though precious metals mining was down on the last reporting period.
Copper production was 16.24m tonnes, up from 16.01m tonnes priviously. Zinc in concentrate output rose to 80.9kt from 76.4kt previously. Chief executive officer Oleg Novachuk commented that Kazakhmys "remains on track for our anticipated annual production of at least 300 kt of copper cathode.”
Within precious metals Silver production slipped to 6.70m ounces from 9.15m ounces the year before while Gold production fell to 67,100 ounces from 73,200 ounces at the halfway stage of 2009 however grades of mined Silver and Gold improved significantly due to a contribution of gold rich ore at the Abyz mine, in the Karaganda Region.
Kazakhmys also updated on its power generation business with net power generated in the first half of the year up 43% on a year earlier to 5,373 giga-watts per hour.
BlackRock World Mining Trust reported to market yesterday that weaker equity markets and concern about demand from China negatively impacted net asset value NAV by 6.2% in June.
Evy Hambro, investment manager for BlackRock World Mining Trust commented “medium to long term outlook for the mining sector appears robust... whilst some investors may be fearful of monetary policy change in China, we view this as a long term positive as it is indicative of a strong economy and a government that is looking to manage that growth."
Rio Tinto and Chinese state-owned miner Chinalco have formed joint venture to seek iron ore in West African state of Guinea.
The agreement is for the “world-class” Simandou project and covers planning, governance, construction and management of the mines and associated transport, rail and port infrastructures.
Rio Tinto explained that developing relationship business links within China is a key priority and the agreement takes "our relationship with China and our largest shareholder Chinalco to a new level.”
Chinalco president Xiong Weiping commented “a joint venture will make use of Chinalco's advantages in the infrastructure field and its profound understanding of the Chinese market as well as Rio Tinto's technologies and experience in the operation of large mining projects, so as to form a complementary and powerful union.”
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