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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…)

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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…)

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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…)

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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…)

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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…)

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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…)

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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…)

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$6bn Oyu Tolgoi mine expansion ‘no brainer’ – Rio Tinto

Oyu Tolgoi gold and copper mine MongoliaRio Tinto this week insisted that its plans for a $6bn expansion of the massive Oyu Tolgoi copper and gold mine in Mongolia’s Gobi desert is a no-brainer and will go ahead despite (more…)

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Tehran seeks $29bn FDI for Iranian mining sector

Deputy Minister Industry & Mining Mehdi KarbasianIranian mining: Iran is looking for up to $29bn of foreign investment for the development of its minerals sector, its Deputy Minister of Industry, Mining and Trade Mehdi Karbasian told Bloomberg earlier this week.
In an interview (more…)

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Mongolian uranium mining JV changes hands

Gurvan Saihan basin, Gobi Desert MongoliaMongolian 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. 

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Russia claims new type of diamond discovered from Tolbachik volcano

Tolbachik volcano

Tolbachik volcano

Lusika33

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…)

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Rostec turns to China for help with rare earths extraction

rare earths mining Rostec subsidiary RT-Global Resources is in talks with potential Chinese partners about the possible joint development of some of Russia’s  rare earths metal deposits, its head of international cooperation Viktor Kladov said yesterday.
“It is known (more…)

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Kazakhstan looks for investors to help double share of world titanium market

Kazakhstan First Deputy Prime Minister Bakytzhan SagintayevIn a bid to increase its share of the global titanium market and to boost its overall metallurgical output, Kazakhstan is looking for investment from the international mining community, its First (more…)

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China’s CNGC and Polyus Gold strike deal over Natalka gold mine

Natalka gold mine

Natalka gold mine

Dalny Vostok

Natalka gold mine Polyus Gold and the China National Gold Group Corporation (CNGC) have agreed to jointly develop Russia’s largest gold deposits at Natalka in the the Far Eastern oblast of Magadan’s Kolyma district. According to a statement issued by Polyus Gold, (more…)

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Kyrgyzstan Prime Minister resigns over failed gold mine deal

Prime Minister of Kyrgyzstan Joomart Otorbayev

Prime Minister of Kyrgyzstan Joomart Otorbayev

Kyrgyzstan Prime Minister resigns: Kyrgyzstan’s Prime Minister Joomart Otorbayev resigned on Thursday after failing to clinch a deal with Canada’s Centerra Gold on the future of the country’s biggest gold mine. Centerra (more…)

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Siberian rare earth minerals deposits to be developed 50 years after discovery

Russian billionaire Alexander Nesis

IST owner, billionaire Alexander Nesis

Forbes

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…)

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Rostec looks to Africa for new arms export markets

Platinum mining in Zimbabwe

Platinum mining in Zimbabwe

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. 

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Rio Tinto signs up to Kazakh copper exploration JV in Karaganda

Karaghanda mapRio Tinto, the British-Australian company metal and mining company has entered into a joint venture with Kazgeology to explore the Korgantas area in Kazakhstan’s Karaganda region for copper porphyry ore. The two organisations set up the Korgantas LLP last month and (more…)

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Russia to explore Pacific seabed

20,000 leagues under the seaRussia 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).

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Thyssen Schachtbau in Russian potash JV with Eurochem

Eurochem Potash MiningThyssen 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…)

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