Posts Tagged ‘Mines’
Wednesday, July 13th, 2011
Molybdenum is an indispensable ingredient in the steels used in mining equipment. It adds strength and wear resistance to the machines used to dig and process ore. It brings corrosion resistance to the chemical processes used in many mining operations. It even finds its way into the lubricants that keep the machines from breaking down. Here we focus on molybdenum in the machinery that digs, shovels, hauls, crushes, grinds and mills the rock to extract valuable raw materials.
Nearly everything we use in our daily lives was once a resource in the ground, often present in miniscule percentages. However, Mother Earth does not give up her treasures easily! Someone has to find that resource, extract it from its home in the earth and enrich it in order to create a useful raw material for material suppliers. To do this, miners dig, crush, grind and mill enormous quantities of rock, stones and dirt and transport them from place to place in the process. The quantities of material and its hardness place great stresses on the equipment used. All along the chain of converting dirt to useful raw materials,
Moly plays an important role. It adds service life to the equipment used throughout the mine and plant, lowering the cost of production and bringing into everyday reach materials and products that we consider indispensable.
Tags: earth, mine, Mines, mining, molybdenum
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Saturday, July 9th, 2011
Shares of platinum miners rise as commodity prices bounce globally. “Commodity prices are following gold which reached a high and are moving higher as euro debt worries continue” ,said a trader.
Anglo American Platinum is up 2.62 percent to 610 rand, Impala Platinum is up 1.39 percent to 178.77 rand and Royal Bafokeng Platinum is up 2.77 percent to 62.60 rand.
Tags: metals, miners, Mines, platinum
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Sunday, June 19th, 2011
Indonesia’s central government is offering a quarter of its 7 percent stake in the local unit of Newmont Mining Corp to the regional government where the company’s copper and gold mine is located, the finance minister said on Tuesday.
“The reason is for the national interest. And we believe this is a step further to build the nation,” said Martowardojo, without giving further details on why he is making the offer.
“This is a smart way from Agus Martowardojo to shame Bakrie because Golkar will now be forced to accept the scheme,” said political analyst Burhanuddin Muhtadi from the polling agency Indonesian Survey Institute.
“With this gesture, Martowardojo is accommodating the local government’s wish as well as Bakrie’s.”
Tags: Copper, gold, indonesia, mine, Mines
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Saturday, February 5th, 2011
Mining company Thompson Creek Metals Co. Inc. reported a rise in operating profit due to raised molybdenum prices and sales, and said prices of the metal are likely to continue to increase in 2011.
The miner, one of the world’s largest molybdenum producers, said fourth-quarter earnings rose to $34.4 million, or 20 cents a share, excluding one-time items.
Stripping out a $79.4 million non-cash charge on warrants, Thompson Creek’s earnings for the quarter were up from a profit of $20.4 million, or 14 cents a share, a year earlier.
On a net basis, the miner posted a loss of $45 million, or $0.28 cents a share.
Tags: metals, Mines, molybdenum, thompson
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Sunday, December 5th, 2010
Moly Mines Ltd have been approved by the Chinese government department for the banks to give $466 million as funding for a new mine project known as Spinifex Ridge.
The terms and conditions of this funding loan are to be released later this month.
“NDRC approval is the critical government approval required for any major overseas investment by a Chinese organization,” Moly Mines Chief Executive Derek Fisher said in the statement.
The project was set up and to be started in 2008 but due to the recession and financial crisis everyone was in it was hard.
More details are said to be released in a few days.
Tags: banks, china, funding, Mines, molybdenum, NDRC, project
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Wednesday, August 11th, 2010
The biggest titanium mine based in Cambodia has been estimated by its owner to have up to $135 billion in deposits and is setting up to start producing in Koh Kong in 2011. Its in Chi Pat village and will be 20,400 hectares, which will be the biggest in Cambodia to date.
Chea Chet said “the project had received approval from both the Ministry of Industry, Mines and Energy and the Cambodian Development Council”.
“We are going to process titanium slag and shift it to Japan, the United States, China – any market we can sell it to” he said. Titanium slag is a semi-processed form of the element. It is treated further to produce titanium – used in a wide range of products ranging from toothpaste, to lasers and aircraft engines.
Chea Chet also added “In every 100 million tonnes of ore, 45 percent was slag. This could be sold at between $700 to $2,500 per tonne, depending on market fluctuations, he said.
Tags: cambodia, chi pat, council, energy, koh kong, mine, Mines, titanium
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Wednesday, August 4th, 2010
Chinese Molybdenum prices have risen since last week since the major mines have flooded.
The price has increased by 5% and the main mines have closed causing the increase as its unsure when they will be reopened again.
The biggest producer of molybdenum has obviously had to close due to the flooding and the water has affected the workers and stopped them from being able to carry on.
Tags: flood, flooded, increase, Mines, molybdenum, restrained
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Monday, January 4th, 2010
Augusta Resource Corp. is apparently moving in advance with its planned $900 million investment to mine the Rosemont copper-molybdenum deposit near Tucson, Ariz.
The location could become the third-largest copper mine in the United States, even though plans to mine the deposit have met with concerns from some local people and environmental groups.
According to Industrial Info Resources (IIR), Sugar Land, Texas, the Rosemont mine could be up to full construction in 2012. The open-pit Rosemont copper-molybdenum mine would then report for 10 percent of newly-mined copper output in the United States, making 200 million pounds per year, plus 4.7 million pounds per year of molybdenum and 2.4 million ounces per year of silver.
The deposit has a supply base of 7.7 billion pounds of copper, 190 million pounds of molybdenum, and 80 million ounces of silver, giving it a life span of say 20 years in production.
Tags: Copper, Mines, molybdenum
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Wednesday, December 2nd, 2009
It’s no secret that many mining companies are thriving at the moment, as a weak dollar and the prospect of inflation attract investors to precious metals.
Prices for commodities typically rise when the dollar falls and fall when the dollar rises. So metals make a steady investment during the recession.
In light of this, the share price of Canadian-based Taseko Mines Ltd (AMEX: TGB) has risen steadily this year. From a price of $1.50 per share in June, it hit a 52-week high of $3.59 this week. And buying intensity has grown with the company’s recent sale of mining assets.
Taseko’s mining and exploration projects include copper, molybdenum, gold and niobium. And interest in these metals is strong as the economy slowly improves.
Earlier this week, Taseko announced sale of 25% its stake in its wholly owned copper-molybdenum mine in Gibraltar. Japanese trading house Sojitz Corp paid $170.5 million for its part in the project, with the deal set to take effect early 2010.
Source: INVESTMENTU
Tags: mine, Mines, molybdenum, noibium, taseko
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Monday, November 30th, 2009
Sojitz Corp., a Japanese-based trading company, has signed a letter of intent to buy a 25-per-cent stake in the Gibraltar copper-molybdenum mine from Vancouver-based Taseko Mines for about $180 million.
The joint venture, which is subject to due diligence by Sojitz, would see Taseko retain a 75-per-cent stake in the mine north of Williams Lake. The deal would provide Taseko a significant chunk of the equity needed to build a new mine at the Prosperity copper-gold property southwest of Williams Lake.
Source: Kelowna
Tags: Copper, mine, Mines, molybdenum, taseko
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