Turkey cuts gold holdings for 2nd month

(Minews) - Turkey cut it gold holdings for a second straight month in January, a period when the price of the precious metal rose the most in three years, International Monetary Fund data showed on Tuesday.Turkey, which has the 12th biggest gold reserves globally, slashed its holdings by 14.227 tonnes ...

U.S. investigating big banks on possible precious-metal price rigging

(Minews) - The U.S. Department of Justice and the Commodity Futures Trading Commission are investigating at least 10 major banks for possible rigging of precious-metals markets, the Wall Street Journal reported, citing people close to the inquiries.Justice Department prosecutors are scrutinizing the ...

BHP Billiton profits slump by almost a third

(Minews) - Profits at mining giant BHP Billiton have been hit by the falling price of iron ore, coal, copper and other commodities.Underlying profit for the half-year to 31 December fell by 31% to $5.35bn, but that was better than industry analysts were expecting.To compensate for falling prices BHP ...

Deep sea mining hopes hit by New Zealand decision

(Minews) - A decision to block a deep sea mining venture off the New Zealand coast has cast a shadow over an emerging global industry that proponents say could revolutionise how minerals are extracted.The sea floor is rich in copper, nickel, manganese, cobalt, zinc and a host of other minerals used ...

Vedanta says Zambia VAT breakthrough to boost copper output

(Minews) - Konkola Copper Mines (KCM), a unit of Vedanta Resources, said on Monday that a resolution to a dispute with the Zambian government over value added tax (VAT) refunds would allow it to ramp up copper production.KCM also said it would now be able to profitably purchase copper concentrate from ...

Hundreds of trapped gold miners rescued in South Africa

(Minews) - Almost 500 workers in a mine run by Harmony Gold Mining Co. Ltd., South Africa’s third-largest producer of the metal, have been rescued after being trapped by a fire.“They’re all out,” Charmane Russell, a spokeswoman for the company, said Sunday by phone. No injuries were ...

3bn tons mineral reserves located in east Iran

(Minews) - A deputy at Iran’s Geology and Mineral Exploration Organization announced three billion tons of new mineral reserves have been located during exploration operations on 12 thousand square km in Sangan region in northeastern Khorasan Razavi Province.Behrouz Borna told a meeting that any ...

Iran wants Russia’s help over mine explorations

(Minews) - Iran said that it wants Russia’s help over the exploration of its underground mineral resources.“Russia is a capable country in terms of geological studies and studying mines,” said Iran’s Minister of Industry, Mines and Trade Mohammad-Reza Nematzadeh. “This can be ...

Chinese firm close to start mining uranium in Namibia

(Minews) - China General Nuclear Power Holding Corp (CGNPC), the country’s biggest producer of nuclear energy, is getting ready to begin mining for uranium at its Husab mine, located in western-central Namibia.According to African Review, the clean energy corporation intends to start processing ...

India coal output closer to ending years of disappointment

(Minews) - One of the most common assumptions among coal watchers is that India's rising demand will translate into increasing imports, thus providing one of the few bright spots for a beleaguered industry.While there is little doubt about the bullish demand outlook for India, the belief that imports ...

BHP chief slams calls to reduce iron ore production

(Minews) - BHP Billiton chief executive ­Andrew Mackenzie has blasted panicked calls for a halt to Pilbara iron ore production growth to prop up prices of the steelmaking raw material.Writing in The Weekend Australian, and in an exclusive interview, Mr Mackenzie said restricting supply — as ...

Billionaire Mansha plans $300 million cement plant in Pakistan

(Minews) - Billionaire Mian Muhammad Mansha’s D.G. Khan Cement Ltd., Pakistan’s third-largest maker of the construction material, plans to build an $300 million plant near Karachi as economic growth boosts demand. “There will be a shortage domestically in three years if there is 10 ...

WSA: Iran crude steel production up by 19 percent

(Minews) - The World Steel Association (WSA) announced that Iran produced nearly 1.4 million tons of crude steel in January, showing 19.7 percent of growth compared with the same period last year.The WSA said last month that Iran was the biggest steel producer in the Middle East in 2014.Iran's steel ...

Brazil’s Vale posts record iron-ore production in 2014

(Minews) - Brazilian mining company Vale SA said on Thursday it ramped up production of iron ore and other key commodities in the fourth quarter, despite sharply lower prices.The world’s largest iron-ore producer said its output of the steelmaking ingredient rose 2.1% in the fourth quarter from ...

Indian banks allowed to import gold on consignment basis

(Minews) - The Reserve Bank of India (RBI) on Wednesday said nominated banks were now permitted to import gold on consignment basis.“All sale of gold domestically will, however, be against upfront payments,” said the RBI, adding, “Banks are free to grant gold metal loans.”In a notification ...

Russia's Mechel sells U.S. coal asset back to original owner

(Minews) - Indebted Russian coal and steel producer Mechel has sold its U.S.-based Bluestone coal business back to its original owner, the James Justice family, in an attempt to free up cash to service its debt, Mechel said on Wednesday.Six years ago, Mechel bought the business from the Justice family ...

Barrick Gold to sell some mines

(Minews) - Barrick Gold Corp, the world’s biggest gold miner by production, announced a fourth quarter net loss of $2.85 billion as the Canadian company added billions of dollars in impairments to the long list of write downs it has already made.The net loss for the fourth quarter was $2.85 billion,...

Oman antimony project secures $40 mln loan

(Minews) - A joint venture part-owned by Oman's sovereign wealth fund signed a $40 million loan deal on Sunday to finance the construction of an antimony roasting facility in the Gulf state, part of its efforts to diversify the oil-dominated economy.Strategic and Precious Metal Processing, set up in ...

Indonesia says may delay 2017 ban on copper concentrate exports

(Minews) - Indonesia could push back a ban on exports of copper and other mineral concentrates due to come into effect in January 2017 if miners have not built new domestic smelters in time, a mining ministry official said on Wednesday.Early last year Southeast Asia's largest economy put in place export ...

Sale of Serbian steel plant to U.S. firm Esmark collapses

(Minews) - The sale of Serbia's sole steel mill to U.S. firm Esmark collapsed on Tuesday, in a blow to government efforts to rein in spending under the terms of a loan deal with the International Monetary Fund (IMF).Prime Minister Aleksandar Vucic said his government was unable to agree to the sale ...