Wits Basin Completes Iron Ore Joint Venture in China

Wits Basin Precious Minerals Inc. announce that China Global Mining Resources (BVI) Limited (CGMR), its 50/50 joint venture company with London Mining Plc, has completed the acquisition of two companies, Maanshan Xiaonanshan Mining Co., Ltd and Nanjing Sudan Mining Co., Ltd, which own an iron ore mine and concentrator plant located in the Anhui and Jiangsu Provinces of the Peoples Republic of China.... 

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Golden Band Resources Signs Exploration MoU with Anhui Geology

Golden Band Resources Inc. (GBN: TSXV) reports that it has signed a Memorandum of Understanding (MoU) with the Bureau of Geology and Mineral Exploration of Anhui Province, Peoples Republic of China (Anhui Geology). Contemplated under the MoU are exploration-stage gold projects that Anhui Geology may elect to participate in under business relationships that would be determined in subsequent discussions.... 

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Wits Basin and London Mining Sign Agreement Relating to Joint Venture

Wits Basin Precious Minerals Inc. announced today that London Mining Plc and Wits Basin have entered into definitive terms for the formation and operation of a 50/50 joint venture company which will own all the issued shares in China Global Mining Resources Ltd. (“CGMR”). CGMR, currently a wholly-owned subsidiary of Wits Basin, holds the rights to acquire the Maanshan Xiaonanshan iron ore mine... 

Wits Basin Executes $45 Million Letter of Intent with London Mining

Wits Basin Precious Minerals Inc. announced that London Mining Plc, a leading international mining and development company for the steel industry, has agreed in principle, subject to due diligence and finalization of definitive documentation, to become a 50/50 joint venture partner for the Company’s iron ore project located near Maanshan, Anhui Province in the People’s Republic of China. Under... 

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Wits Basin Signs Iron Ore Definitive Purchase Contract

Wits Basin Precious Minerals Inc. announce the signing of purchase contracts for the acquisition of a producing iron ore mine, a separate, nearby drill-indicated iron ore resource, and a processing plant located near Maanshan, Anhui Province in the People’s Republic of China. The producing mine and the drill-indicated resource total more than 94 million tonnes of magnetite iron ore. The processing... 

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Pacific Asia China Energy Inc. Completes Sale to Green Dragon Gas

PACIFIC ASIA CHINA ENERGY INC. announced the closing of the plan of arrangement under which Green Dragon Gas (“Green Dragon”), through its wholly-owned direct and indirect subsidiaries, GREKA China Ltd. and GREKA Acquisitions Ltd. (“GREKA”), acquired all of the Company’s outstanding shares at a price of CDN$0.35 per share in cash, for total cash proceeds of approximately... 

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Jiangxi Copper May Have Record Profit on Power Demand

Jiangxi Copper Co., China’s second- biggest producer of the metal, may say full-year profit more than doubled to a record as demand from power and construction industries boosted prices. Net income may be 4.76 billion yuan ($616 million) in the 12 months to Dec. 31, from 1.87 billion yuan a year ago, based on the median estimate of 16 analysts in a Bloomberg survey. The company, based in the... 

Xstrata sees ‘phenomenal’ demand for commodities like copper

Charlie Sartain, chief executive for copper at Xstrata, one of the world’s largest mining companies, said the growth in Chinese demand for all commodities was “just phenomenal,” and prices may rise for the next few years as a result. Demand for copper in China may increase 8 percent to 10 percent this year compared with last year, Sartain said. “We do see, across all commodities,... 

Magang thumbs up to develop Rohe mine

Magang Holdings Co, which owns China`s second-biggest Hong Kong-listed steelmaker, has got government approval to spend Yu1.1 billion (US$142 million) on the Rohe sulphur and iron ore mine to replace its existing sites which are low on reserves. The mine is expected to produce 3 Mt/y of minerals, including 983,100 t of ore with 66% iron content, and 306,000 t of minerals that contain 40% sulphur, according... 

Anhui natural gas deal propels China Oil stock

Shares of China Oil and Gas Group (0603) surged as much as 50 percent Friday after it announced it has agreed to buy Vast China Group, which has won approval to invest in, construct and operate a natural gas station in Maanshan, Anhui province. The company said it agreed to buy the entire stake in Vast China Group, held by China Oil and Gas chairman Xu Tieliang, for HK$196.3 million. Under the agreement,...