Short news minerals
April 4, 2013 Category 
Automotive Metals & Minerals, Short news minerals
- Greenland may award one of its biggest mining exploitation licenses this summer, a USD2.3 billion project by UK-based London Mining that will supply China with around 15 million tons of iron ore a year. But while Greenland has approved about 140 exploration licenses, not one mining project has secured financing. About 2,000 Chinese workers may be flown in for the construction of the London Mining project if it goes ahead.
- Mongolia-focused coal miner SouthGobi Resources posted a loss for last year of USD103 million as Ulan Bator forced it to suspend its only producing mine in response to a takeover bid from China’s state-owned Chalco. But SouthGobi, which is now controlled by Rio Tinto, has resumed operation at its flagship Ovoot Tolgoi mine and aims to produce 3.2 million tons of semi-soft coking coal this year.
- A landslide at a Tibetan mine in the vicinity of Lhasa buried 83 miners. Copper, some gold and silver are mined at the facility, the largest investment project of the Tibet Huatailong Mining Development Co, a subsidiary of the China National Gold Group. The corporation was the first state enterprise to develop a mine in the Tibetan region. Production began in 2010. China Gold International Resources is under pressure as the mine may be temporarily closed. 66 bodies have been recovered so far.
- Anhui Foreign Economic Construction Group of China and the Democratic Republic of Congo created a joint venture to mine diamonds in Eastern Kasai province and plan to take the company public. The 50-50 venture between Anhui and the central African country may produce 6 million carats a year by 2016. Anhui Group, based in Hefei, will pay USD4.2 million for its half, plus a signing bonus of as much as USD61 million, and invest an estimated USD100 million in infrastructure.
- Metallurgical Corporation of China (MCC) has written off CNY3 billion on its much-delayed Sino Iron project in Western Australia, which recently went over budget for the fourth time. MCC is obliged to compensate Citic Pacific USD5.1 million per day for the delay in construction, which would translate to USD530 million in total. The construction contractor veered to a CNY6.95 billion loss last year from a CNY4.24 billion profit in 2011, mainly due to write-offs on its Cape Lambert iron ore project in Australia, Huludao nonferrous project in Liaoning province and Sino Iron.
- All coal mines in Jilin province were ordered to halt production after two gas blasts in four days killed 36 people. An explosion at Babao Coal Mine in Baishan’s Jiangyuan district killed 29 miners and rescue workers and left 13 injured. A second blast occurred a few days later when rescuers entered the mine to extinguish a fire. That blast killed seven more rescuers and left another eight injured. Ten remain missing. Jilin authorities decided to suspend operations at all coal mines for safety checks.
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