Short news minerals
October 11, 2012 Category Automotive Metals & Minerals, Short news minerals
- China has for the first time published a list of companies that are authorized to explore and produce rare earths as it attempts to crack down on smuggling. Ganzhou Rare Earth Mineral Industry Co, based in Jiangxi province, has mining rights in 43 out of 67 rare earth projects, according to a list released by the Ministry of Land and Resources. Baogang Group, based in Inner Mongolia, owns the mining rights in two projects. Ten companies and institutes have the exploration rights to 10 separate projects.
- Zhongrun Resources Investment has agreed to buy a 42% stake in Noble Mineral Resources for AUD85 million. It is the latest in a string of Chinese investments in gold miners.
- Real Gold Mining, suspended from Hong Kong trading since May last year following a report about accounting irregularities, said 84% of its public shareholders approved an agreement to restructure debt owed to it by Wu Ruilin, who, with associates, controls 41.2% of the gold producer.
- The Anhui provincial government will invest more than CNY15 billion over the next decade on mineral surveys. In the last few years, geologists have discovered several large untapped reserves of important minerals such as zinc, iron and tungsten. Minerals contributed to more than 14% of the province’s GDP last year.
- Chalco has ended an agreement to buy a 29.9% stake in Winsway Coking Coal because it was not able to win approvals from Chinese and overseas authorities by the September 30 deadline. The move comes after Chalco abandoned plans to buy a majority stake in Canada’s Mongolia-focused coal miner South Gobi Resources due to political hurdles.
- China’s dependence on imported iron ore is expected to rise to almost 80% of consumption by 2015, according to Wood Mackenzie. Imports account for about 70% of Chinese supply now, Analyst Paul Gray said at the 7th EU Iron Ore Conference in Vienna.
- North Asia Resources Holdings, a Hong Kong-listed mineral explorer, agreed to buy Lexing Holdings for HKD4.7 billion to acquire its 49% stake in Shanxi Coal. North Asia will pay HKD400 million in cash or promissory notes and HKD3.7 billion in new shares or bonds to City Bloom as part of the deal. The balance of funds will come from asset sales. North Asia, which had HKD73.5 million of revenue last year, said in July it would sell its iron ore mining and coal trading operations in Mongolia in favor of acquiring coal mine assets in Shanxi province.
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