Anthony Chapman
Mining Analyst
Royal Alliance Capital
March 8, 2012

Focus On Mining

Vedanta Resources Plc., has stated it has plans to merge its operations in India, simplifying the diversified miner’s complicated structure of cross shareholdings and easing its ability to service debt to create the world’s seventh largest diversified natural resources company.

Nord Gold NV has posted a jump in full year profit in its first results since being spun out from Russian steelmaker OAO Severstal.

Glencore International Plc. and Xstrata Plc., have stated they will notify the European Commission about their proposed US$90 billion merger after constructive consultation with the EU’s executive body.

Russian gold producer Petropavlovsk Plc., has reported an 11% increase in JORC-compliant reserves following exploration work at its Pioneer, Albyn, Malomir and Pokrovskiy operations.

Rio Tinto has stated US$518 million will be invested in driverless trains for Pilbara iron ore rail network in Western Australia to create the world’s first automated long distance heavy haul rail network.

BHP Billiton has stated it will temporarily suspend production at the Tasmanian Electro Metallurgical Company Ltd., a manganese alloy smelter, by early to mid March this year due to higher production costs and weak demand.

Anglo American Plc., has announced record group operating profits of US$11.1 billion for 2011 a year in which it completed a number of major projects on or ahead of schedule.

KGHM Polska Miedz SA., Poland’s largest copper producer, has stated its US$2.83 billion purchase of Canada based miner Quadra FNX has received approval from Canada’s Minister of Industry, the last step needed before the transaction can be closed.

Tintina Resources Inc., has completed further drilling at the Black Butte copper project in Montana, U.S.

Orsu Metals Corp., has received an independent feasibility study for its 94.75% owned Karchiga copper project in northeast Kazakhstan, forecasting average annual production of 13,000t of copper.

Intrepid Mines Ltd., has intersected a long interval of the highest grade copper gold mineralisation during the ongoing drilling programme at its Tujuh Bukit project in Indonesia.

Batero Gold Corp., has received an initial resource estimate for its Batero-Quinchia gold-silver-copper property in Colombia, outlining 6.1Moz of gold, 26.3Moz of silver and 340,000t of copper.

Vale SA., the world’s second largest mining group, has started to resume production at five nickel mines in Canada, after the mines were closed following a fatality last month.

Newmont Mining Corp., the world’s second largest gold producer has announced a US$1.6 billion writedown on the Hope Bay gold project in Canada alongside its 2011 results.

Independent studies for the redevelopment of the Bakyrchik underground gold mine, part of the Kyzyl joint venture project in Kazakhstan, have defined resources containing more than 5.7Moz.

Golden Reign Resources Ltd., has discovered high grade gold mineralization at Las Conchitas, a prospect at its San Albino-Murra property in Nicaragua.

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