Politics shapes Iranian economy, IMIDRO chief says
(Minews) - Mehdi Karbasian, the deputy minister of industry, mines and trade, says backing up from seven steel projects in southern Iran is not possible, although they are not economically justified. “The only thing that can be done about them is to amend them,” said Karbasian, who is also ...
Monster machines drive De Beers fleet
(Minews) - HIDDEN away in Cape Town"s dockland is an anonymous building where diamond giant De Beers is spending billions on technology in any currency.De Beers was one of South Africa's first multinational South African companies. It was founded in 1888 by Cecil John Rhodes, and at one stage controlled ...
Canada’s gold mines are shooting the lights out
(Minews) - According to the United States Geological Survey (USGS) provisional data, estimated global gold production amounted to 2,860 tonnes in 2014, and was 2.1% higher than 2013 totals (2,800 tonnes).The top 10 gold producing countries mined out 1,920 tonnes of the precious metal which is 2.3% more ...
(Minews) - A surge in aluminum exports from China is altering market dynamics for one of the world’s most heavily traded commodities. Because of quirks in China’s tax system, the trend involves reshaping the metal itself.Aluminum prices on the Shanghai futures exchange have dropped 8% in ...
Iran's cement, clinker exports exceed 15.5m tons
(Minews) - Iran exported 15.9m tons of cement and clinker during March 21, 2014-January 20, 2015, said the secretary of the Guild Association of Iran’s Cement Industry.Abdolreza Sheikhan made the statement on Saturday, adding that the figure is expected to reach 18m tons by mid-March 2015.He noted ...
Indian court halts auction of two coal mines previously held by Jindal Steel
(Minews) - An Indian court on Wednesday asked the government to halt the auction of two coal mines attached to a Jindal Steel and Power Ltd steel plant, a move that could prompt more companies to go to court and potentially derail plans to auction more than a hundred coal blocks before March 31....
Yamana Gold to build gold-silver mine in Argentina
(Minews) - Yamana Gold Inc will go ahead with the construction of a mine at its Cerro Moro gold and silver project in Argentina, the Toronto-based gold miner said on Wednesday.The cost to build and sustain the mine is expected to be $398 million, Yamana said in a statement.Production is expected to ...
ArcelorMittal expects pressure from iron ore prices
(Minews) - Steel titan ArcelorMittal said Friday that it narrowed its net loss in the fourth quarter from a year earlier as it sought to offset lower steel and iron ore prices with higher steel shipments.It also warned that the current year would be challenging and forecast lower profitability following ...
Iran's iron ore concentrate output up
(Minews) - Major domestic iron ore companies produced 21.32m tons of iron ore concentrates during March 21, 2014-January 20, 2015.The figure indicates a 6-percent growth compared to the same period the previous year which was 20.1m tons, IMIDRO reported.The companies included Chadormalou (8.68m tons),...
146 companies taking part in Iranian Gold Fair
(Minews) – A total of 146 Iranian and foreign manufacturing units have showcased their products in the 7th International Gold and Jewelry Exhibition, that opened on Thursday by Vice President and Head of the Cultural Heritage and Tourism Organization Masood Soltanifar.Chairman of Gold, Jewelry,...
Iran-built cement factory launched in Venezuela
(Minews) – A cement factory constructed by Iranian engineers and experts came into operation in Venezuela.Cerro Azul Cement Factory was launched in the city of Maturin, 500 kilometers east of the capital, Caracas, in an official ceremony attended by Iranian Deputy Industry, Mine, and Trade Minister ...
ArcelorMittal Poland may cut coal supplies from JSW
(Minews) - Steel producer ArcelorMittal's Polish arm said on Wednesday it might reduce coal supplies from Polish miner JSW to limit the risk of delivery disruptions if workers' protests at JSW recur.Coal production has stopped at JSW as a result of a miners' strike, which started on Jan.28, hitting ...
Newcrest looks to sell large Australian gold mine
(Minews) - Sharp swings in global currencies have prompted Newcrest Mining Ltd. to put one of Australia’s biggest gold mines up for sale.A near-20% fall in the Australian dollar since the middle of last year has made Newcrest’s Telfer gold mine in Western Australia state more profitable—...
Anglo American takes $3.9 bn charge on sliding iron ore
(Minews) - Anglo American on Friday announced a write-down of $3.9 billion caused by sliding price of iron ore that has slashed the value of its Minas-Rio mining project in Brazil.In an annual earnings update, mining giant Anglo American announced "commodity price-driven impairments of $3.9 billion ...
Australian copper mine adds solar power
(Minews) - The DeGrussa Copper Mine in Western Australia is building the largest off-grid solar array in the country, a 10.6MW power station with an up front cost of $1 million.The mine owner, Sandfire Resources announced the power deal on Tuesday with juwi Renewable Energy Pty, which will finance, ...
S.Africa's Kumba cuts costs to counter lower iron ore prices
(Minews) - South Africa's Kumba Iron Ore plans to cut jobs, production costs and capital spending to cope with expected weak prices of the commodity this year, it said on Tuesday, after reporting a fall in 2014 earnings.The Anglo American subsidiary, whose shares fell more than 3 percent, said crude ...
Aluminium overtakes copper for No.2 spot at Rio Tinto
(Minews) - Rio Tinto has been struggling for years to recover from the $38 billion purchase that elevated it to the world's biggest aluminium company but also brought it to the verge of bankruptcy.Now signs of price improvements for aluminium and related alumina and bauxite, amid slowing supplies out ...
India likely to keep lead over China in gold consumption
(Minews) - India is likely to remain the world's biggest gold consumer this year after regaining the top spot from China in 2014, driven by robust jewellery demand, the World Gold Council (WGC) said on Thursday.Indian consumer demand for gold jewellery and investment totalled 842.7 tonnes last year,...
Guinea’s Simandou auction to test appetite for iron ore
(Minews) - Mining companies struggling with depressed commodity prices are about to have the opportunity to bid for one of the most sought-after iron-ore deposits in the world, testing the industry’s appetite for new iron-ore supply at a time when many experts say the world is awash in the steelmaking ...
Global gold demand hits five-year low
(Minews) - Gold demand hit a five-year low last year as buying of jewellery, coins and bars failed to keep pace with 2013's elevated levels, particularly in major consumer China, the World Gold Council said on Thursday.But the declining trend in demand, which has fallen every year since its 2011 peak,...
