Iranian 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…)
Indian 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…)
Mongolian uranium: Canada’s Denison Mines is to sell its stake in the Gurvan Saihan uranium mine in Mongolia’s South Gobi region to the Czech Republic’s Uranium Industry for $20m, it announced last week.
The Gurvan Saihan Joint Venture (GSJV) was created in 1994 by Denison, the Mongolian government and Russia’s Geologorazvedka of Russia to explore and develop uranium deposits, particularly those amenable to in-situ leach extraction. Denison acquired Geologorazvedka’s share in 2011, giving it a total share of 85%. The remaining 15% is held by Mongolian state-owned uranium company MonAtom.
GSJV comprises 167,260 hectares divided into in exploration licences which it now wishes to convert into mining licences. Denison says it has carried out considerable work towards the submission of the mining licence applications and understands that all the necessary materials for the licence applications have been prepared and that the GSJV is eligible to receive the licences. “We are proud of the progress that Denison has made throughout the years in Mongolia, and we believe that Uranium Industry is very well positioned to take these assetsinto development and production,” said its CEO David Cates
The sale comes as Denison focusses its attention on its merger with Fission Uranium which will create Denison Energy Corp, consolidating the two companies’ strategic uranium assets in Canada’s Athabasca Basin, including Fission’s Patterson Lake South project and Denison’s interests in Wheeler River and the McClean Lake uranium mill.
The Russian Ministry of Science is claiming that geologists have discovered a new type of diamond that was formed during the eruption of the 3,682m Tolbachik volcano on the Kamchatka peninsula two years ago. The diamonds were found in the solidified lava of after Tolbachik erupted in 2012 and are said to look almost identical to synthetic diamonds to the untrained eye. (more…)Siberian Times Read More»
Siberian rare earth minerals: 50 years after one of the world’s largest rare earth minerals deposits was discovered in Russia’s Far East, plans are now finally under way for the site’s development. The deposits were discovered in 1959 at Tomtor in East Siberia’s Sakha Republic, some 4,000 km north east of Vladivostok, at a time there was neither the market or the technology to develop the site. But (more…)Siberian Times Read More»
Russia state-run industrial conglomerate Rostec has been using its involvement in low-margin African oil and platinum projects to increase the possibility of securing arms contracts for its defence and aerospace subsidiaries. While most of Russia’s private-sector investors have now pulled out from the African continent, Rostec remains on track to build a $4-billion oil refinery in Uganda and a $3-billion platinum project in Zimbabwe.
“Apart from proceeds from the project itself, building the crude oil refinery [in Uganda] opens markets for products of all Rostec’s companies and Russian companies as a whole,” the company explained in a statement issued to Reuters.
Rostec controls hundreds of firms ranging from arms exporter Rosoboronexport to the world’s top titanium producer VSMPO-Avisma, and neither Uganda nor Zimbabwe are constrained by the current sanction regime – and already have strained relations with many Western countries.
Russia to explore Pacific seabed: The International Seabed Authority and the Ministry of Natural Resources and Environment of the Russian Federation this week signed a 15-year contract in for the exploration for cobalt-rich ferromanganese crusts within the Magellan Mountains in the Pacific Ocean. Cobalt has become integral to aircraft design on account of its excellent resistance to corrosion and wear, even at high temperatures. While there could be as much as 170m tons of ore in the area, Russia’s Deputy Minister of Natural Resources and Environment Denis Temples warned that at a depth of five kilometres, extracting some of these would be as likely as something out of a book by science fiction writer Alexander Belayev (sometimes described as Russia’s answer to Jules Verne).Lenta Read More»
Thyssen Schachtbau and the Russian mining arm of the Swiss-based Eurochem – one of Europe’s largest fertiliser producers – are joining forces to drill for potash in Saratov and other mines around Volgograd . Earlier this month, the German company was granted permission by Russia’s Federal Antimonopoly Service (FAS) to set up a new company to run the operation. Although final terms have not as yet been agreed, (more…)Izvestia Read More»