print logo

Eurasian Business Briefing Mining & Minerals

China confirms $22bn gold discovery

Shandong Gold mineThe Shandong Gold Group this week confirmed that it has discovered what is thought to be China’s largest gold deposit in the eastern district of Xilin. According to the Group, the 2,000m deposit contains 382.58 tons of high-quality gold with a potential value of more than $22bn and represents around 20% of China’s entire gold reserves. (more…)

chinadaily Read More»

Anglo-Asian Mining discovers new Azeri gold reserves near Gabaday

Gadabay Gold MineThe Anglo-Asian Mining company has announced that it has discovered new gold reserves near its existing deposits of gold, copper, and silver at Gadabay in western Azerbaijan. Preliminary tests indicated (more…)

Azernews Read More»

CITIC gets ready to pump $10bn into Iranian mining sector

Iranian MinersIranian mining sector: China’s CITIC Group Corporation is getting ready to invest $10bn in Iran’s mining and minerals sectors through the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), it emerged this week, with the Chinese investment company (more…)

TREND Read More»

Silk Road Fund eyes up Glencore’s Kazakh mine in Chinese gold rush

Glencore's Vasilkovskoye mineChina’s state-backed $40bn Silk Road Fund has teamed up with the China National Gold Group Corporation to explore the possibility of putting an offer in for Glencore‘s Vasilkovskoye mine, according to reports in China Daily last week. The sale could pocket (more…)

yibada Read More»

Moscow puts Alrosa stake into play

Alrosa diamond mine 2The Russian government yesterday officially went ahead with its plans to sell a 10.9% stake in the Alrosa diamond mining company in attempts to help to shore up an economy reeling from the effects of weak oil prices. The world’s largest producer of rough diamonds when measured by carats, (more…)

reuters Read More»

Moscow hoping to raise $889m from Alrosa privatisation – date set soon

Alrosa diamond displayAlrosa privatisation: The Russian government is hoping to raise $889m through the sale of a 10.9% stake in the Alrosa diamond mining company, with OppenheimerFunds, Lazard and the AMG’s Genesis Asset Management reported to be ready to spend about $450m to buy 3.09%, 0.99% and 0.8% respectively, sources close to the company said over the weekend. A decision (more…)

Kommersant Read More»

Rio Tinto awards Jacobs Engineering $5.3bn Oyu Tolgoi mining contract

Oyu Tolgoi underground copper and gold mineRio Tinto has awarded Jacobs Engineering the main contract to build the $5.3bn Oyu Tolgoi underground copper and gold mine in Mongolia, the US-based company announced yesterday. The announcement comes (more…)

AKIpress Read More»

101 Kazakh mineral deposits to be put up for auction

Gold mining in KazakhstanKazakh mineral deposits: The Kazakh government is to hold an auction over 100 mineral deposits in June, its Deputy Minister for Investment and Development of Kazakhstan Albert Rau said today. The auction will include: (more…)

Times of Central Asia Read More»

Polymetal buys Glencore’s Kazakh Komarovskoye Gold Deposit for $100m

Polymetal gold mining trucksJersey- based precious metals mining company Polymetal has entered into a binding agreement with Glencore subsidiary Kazzine to buy its Komarovskoye Gold Deposit in the Republic of Kazakhstan. The acquisition (more…)

reuters Read More»

Rouhani and Aliyev pave way for Caspian Sea cooperation

Aliyev and Rouhani Tehran 23-02-2016Caspian Sea cooperation: During a meeting with his Azeri counterpart Ilham Aliyev in Tehran yesterday, Iran’s President Rouhani officially proposed that the two countries work together to explore and develop oil and gas fields in the Caspian Sea, according to Iran’s Oil Minister Bijan Zanganeh. Iran’s (more…)
News.AZ Read More»

China sets up team to explore Antarctic

AntarcticaChina’s State Oceanic Administration (SOA) is to establish an air service team to explore the Antarctic with newly-developed equipment by the end of the year, it announced this week. The team (more…)

people Read More»

Moscow sends out mixed messages about Russian privatisation programme

Russian Minister of Economic Development Alexey UlyukaevRussian privatisation programme: Two oil firms — Rosneft and Bashneft — and diamond producer Alrosa are among the most likely candidates for privatisation this year, Economic Development Minister Alexei Ulyukayev said yesterday, despite a statement from President Putin earlier this week that the Kremlin should retain control of strategic assets.
The three companies were already (more…)

The Moscow Times Read More»

New Delhi to auction off 100 plots in bid to transform Indian mining sector

Indian women in coal mineIndian mining sector: The Indian government has unveiled plans to transform the country’s mining sector by auctioning off about 100 large plots for exploration to domestic and international bidders, Mines Secretary Balvinder Kuma told the Economic Times this week.
In a reverse auction, (more…)

indiatimes Read More»

Over 1,000 Chinese coal mines face closure in bid to cut over capacity

Chinese minersMore than 1,000 Chinese coal mines in Guizhou, Yunnan, Heilongjiang and Jiangxi provinces are to be closed in an effort to counter over-capacity, a top work safety watchdog executive said on Friday. “More than 1,300 coal mines were closed last year, and (more…)

chinadaily Read More»

First gold ingots poured at Pakrut project in Tajikistan

Pakrut gold mine Tajikistan

Pakrut gold mine Tajikistan

The first gold ingots have been poured at Tajikistan’s Pakrut mining complex, its owners the China Nonferrous Gold (CNG) confirmed late last month. CNG was granted a licence to develop the Pakrut gold project 120km north-east of (more…)

Times of Central Asia Read More»

Rio Tinto and Mongolia set to sign $6bn Oyu Tolgoi financing agreement

Oyu Tolgoi copper and gold mine MongoliaThe Mongolian government and Rio Tinto will officially sign an agreement finalising terms for the financing of the development of the Oyu Tolgoi gold and copper mine on Wednesday December, Prime Minister Chimediin Saikhanbileg said last week. The agreement (more…)

AKIpress Read More»

Oyu Tolgoi copper mine expansion still on, Rio Tinto assures investors

Oyu Tolgoi copper and gold mine MongoliaRio Tinto’s Turquoise Hill Resources subsidiary has reassured investors that it expects to finalise financing for the $6.8bn underground expansion of its massive Oyu Tolgoi copper, gold and silver mine in Mongolia (more…)

AKIpress Read More»

Italy’s Denali and Fata plan €4bn Iranian steel investment

IRANIAN STEELIranian Mines and Industries Development and Renovation Organization (IMIDRO) announced on Wednesday two Italian companies, Denali and Fata had put forward plans to invest €4bn in the country’s steel and aluminium industries. The proposals (more…)

theiranproject Read More»

Norilsk Nickel raises $1bn through eurobond issue

Norilsk NickelMining company Norilsk Nickel has raised $1bn in the first significant Russian eurobond issue in almost 11 months. Unnnamed sources have indicated that the seven-year note is being offered yielding 6.625%, down from an initial guidance rate of about 7%.
The eurobond is (more…)

Bloomberg Read More»

Australians to explore for Kostanai minerals

Kostanay Province KazakhstanKostanai minerals: The Australian mining company Iluka Resources is to invest $4.4m exploring for ilmenite, rutile, zirconium and tin in the northern Kazakh region of Kostanai, a spokesman for the state-owned Kazgeology said this week. If the results are positive, (more…)

TREND Read More»