Royal Alliance Capital – Focus On Mining

Anthony Chapman     

 Mining Analyst

 Royal Alliance Capital

 October 19, 2011


BHP Billiton has reported record iron ore production from its global operations for the first quarter of the 2012 financial year.

Bumi Plc has stated its proposed acquisition of a 75% interest in PT Bumi Resources Minerals Tbk will not proceed due to continuing market uncertainties.

Rio Tinto has decided to divest some of its aluminium assets, mainly refineness smelters and power stations following a strategic review. Rio Tinto has also reported its global iron-ore production was 5% higher in the third quarter of 2011 against a year ago at 64Mt.

Japan’s Mitsui & Co has agreed to provide US $6.75 billion in bridging finance to Codelco allowing the Chilean state-run entity to exercise an option to purchase 49% of Anglo American Plc’s subsidiary in the country.

BHP Billiton has approved US $1.2 billion in pre-committment capital for the first phase of the open-pit development at the Olympic Dam expansion project in South Australia.

Sundance Resources Ltd has confirmed that the proposed takeover of the company by China’s Hanlong Mining investment Ltd remains on schedule for approval by Australia’s Foreign Investment Review Board.

The board of directors of Eurasian Natural Resources Corporation Plc has agreed to exercise an option allowing the company to purchase the remaining 75% of Kazakh coal producer, Shubarkol Komir JSC for US $650 million.

Arcus Development Group Inc has discovered volcanogenic massive sulphide mineralization within the White Gold district in Canada’s Yukon territory.

MMC Norilisk Nickel has defended its right to launch a buyback of almost 8% of the company’s shares after it received a letter from the Russian Federal Anti-Monopoly Service saying the buyback may require state approval.

Special Steel producer China Nickel Resources Holdings Co. Ltd intends to buy an 80% share in Indonesian iron nickel company PT Yiwan Mining for US $266 million.

Initial drilling at Laconia Resources Ltd’s Lennons find silver base metals property in the Pilbara region of Western Australia has intersected mineralization at the Tiger prospect.

Aston Resources Ltd has agreed to sell 10% of its Maules Creek coal project in New South Wales to a subsidiary of Japan’s Electric Power Development Co Ltd for A $370 million.

Kootenay Gold Inc has intersected silver base metals mineralisation outside the resource estimate at the Promontorio property in Sonora, Mexico.

Discovery Metals Ltd has intersected copper-silver mineralisation with initial exploration drilling at the Mango prospect in Botswana, within its Boseto copper project.

Petra Diamonds Ltd has stated it expected to produce 2.1 – 2.2 Mct in the financial year to end June 2012, as the newly acquired Firsch mine added to an expanding 1.1 Mct/y output.

De Beers Group has announced a ten year agreement with the Botswana government that includes the company moving its rough diamond sales activity from London to the Southern African country.



2 Responses to Royal Alliance Capital – Focus On Mining

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