1. AFP: US mine firm pay historic $1.79 billion for cleanup
US federal agencies report Asarco has paid $1.79 billion dollars for past and future costs to clean up hazardous mining waste in 19 states. The funds came from the Arizona copper mining firm’s bankruptcy reorganization. It is the largest environmental cleanup and restoration in US history.
2. The Sydney Morning Herald: Nullagine iron ore project gets go-ahead
Trial mining test results exceed expectations: BC Iron and Fortescue Metals Group rev-up development on their Nullagine joint venture. The test showed extractions at 13% higher tonnes and grade than predicted.
3. The Associated Press: Alpha Natural Resources upgraded, shares rise
Macquarie Equities Research analyst upgrades Alpha Natural Resources on expectations the coal producer will focus its exports to the European market. Demand is forecasted to rise sharply over the next two quarters as steel companies’ inventories remain low.
4. China Daily: Billion-ton iron ore deposit found in N China
Chinese officials report a 1 billion-ton iron ore deposit has been found in the Hebei province. On average, the deposit lies between 100 to 600 meters below ground and is expected to be comparatively easy for mining. It is the largest deposit found in China since the 1980s.
5. The Philadelphia Inquirer: Daleco mining project receives U.S. approval
The U.S. Department of Agriculture’s Forest Service has approved Daleco Resources’ Sierra Kaolin Open Clay Mine Project. The New Mexico-based mine site has undergone a 21-month regulatory review. Minerals and other materials extracted will be used in a variety of industries.
6. Bloomberg.com: New Gold Rises in Toronto After Mexican Mine Ruling (Update 1)
A Mexican court has temporarily overturned the suspension of New Gold Inc.’s mining at its Cerro San Pedro site. New Gold will be allowed to continue mining operations through the duration of an appeal. Shares of New Gold rose 13%, its biggest one-day gain since May.
7. AFP: 19 workers killed in Turkish mine blast: report
Nineteen miners die after an explosion triggered a coalmine cave-in late Thursday in Turkey. Earlier reports suggested some of the workers might have been trapped.
8. Economic Times: Panel to fast-track mine licensing
India’s government considers creating a committee to fast track the process of granting mineral concessions. The committee could be included in the country’s new Mines and Minerals Bill, 2009 and would be comprised of officials from various government ministries and departments.
9. The Vancouver Sun: Vancouver’s Eldorado Gold closes $2-billion Sino acquisition
Eldorado Gold acquires all outstanding ordinary shares of Sino Gold, completes its friendly $2-billion takeover. Sino has two operation mines in China with another mine under construction. With the acquisition, Eldorado Gold is the largest foreign-based gold producer in China.
10. Reuters: UPDATE 1- Brazil’s Vale sees iron ore prices higher in 2010
Vale’s chief Roger Agnelli remains positive on 2010’s outlook for iron ore. Spot prices are around 30% higher than 2009 contracts. Agnelli believes the rise in iron ore prices is hinged on China’s continued growing demand.
