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Random News from Mining Top News

Large natural gasfield discovered offshore China

Canada’s Husky Energy Inc has discovered a significant deepwater gas reserve with its Chinese partner, China National Offshore Oil Corp (CNOOC), in the South China Sea near Hong Kong.
Based on preliminary analysis of drilling results, the discovery could contain a potential recoverable resource of four to six trillion cubic feet (120 billion to 180 billion [...]

Atwood Oceanics Announces Conditional Exercise of Option to Build Ultra-Deepwater Semisubmersible Drilling Unit With Jurong Shipyard

Atwood Oceanics, Inc. (Houston based International Offshore Drilling Contractor) (NYSE: ATW) announced today that its wholly-owned subsidiary, Atwood Oceanics Pacific Limited, conditionally exercised an option to construct an ultra-deepwater semisubmersible drilling rig to be built based on the Friede & Goldman Ex-D Millennium Dynamically Positioned Semisubmersible rig design with Jurong Shipyard Pte. Ltd. (“Jurong”) in [...]

China’s largest alumina province to consolidate bauxite sector in 2007

The Henan provincial government will complete the consolidation of local bauxite resources by the end of August 2007, a government official said Monday.
All bauxite prospecting and mining rights will be given to large alumina companies in Henan, said the Head of the Industry Department of the Henan Development and Reform [...]

Merrill Lynch forecasts excellent nickel results

Merrill Lynch analysts declared Wednesday that nickel still ”has the best fundamentals of the industrial metals” and that ”nickel companies should deliver excellent results during the reporting season.”
Research Analysts Daniel Hynes and Vicky Binns wrote that ”we remain bullish on the longer term prospects for nickel,” despite their predictions that the ”nickel price will be [...]

SouthGobi Energy Resources and Glencore International AG Sign Marketing Agreement

Alexander Molyneux, President of SouthGobi Energy Resources Ltd., and Gene Wusaty, Chief Operating Officer, announced today that an agreement has been signed with Glencore International AG to provide SouthGobi with coking coal marketing expertise and river barging/vessel loading logistical services for SouthGobi’s Mamahak coal project in East Kalimantan, Indonesia.
“We have developed Mamahak to a [...]

Tag: southgobi loi, glencore international coal, pt glencore, glencore ivanhoe, mamahak batubara

Plains All American Pipeline, L.P. Announces $525 Million Committed Inventory Credit Facility

Plains All American Pipeline, L.P. announced that it has entered into a new $525 million committed hedged inventory credit facility, maturing in November 2009. Borrowings under the facility will be primarily used to finance the purchase of hedged crude oil inventory for storage activities when market conditions warrant as well as foreign import activities. The [...]

Supreme Resources Ltd.: More Visible Gold Encountered at Ample-Goldmax

Supreme Resources Ltd. announce that drilling continues on its Ample-Goldmax property, near Lillooet, British Columbia. A total of seven drill holes have been completed on the property this fall, with a total of 438m drilled.
Of particular interest, in the drilling to date, is drill hole AG-08-38, which encountered 6.05m of strongly quartz-veined greenstone and graphite [...]

Tag: kerry mongolia, thomas lui kerry, kerry mongola llc, kerry mongolia llc

Norsk Hydro to Write Down Value of Front Runner Field in Gulf of Mexico

Norsk Hydro ASA said Monday it will write down the value of its stake in the Front Runner field in the Gulf of Mexico by US$462 million (euro358 million) after taxes due to lower production and higher costs than expected.
The Oslo-based oil and light metals group owns a 25 percent stake in the deepwater field, [...]

Drilling Underway on Petrostar’s First Bakken Well in SE Saskatchewan

Petrostar Petroleum Corporation announces that it has initiated drilling of its first Bakken Well.
The first well will be drilled to a depth of approximately 900m-1,000m. The drilling is being conducted by Terroco Drilling Ltd. The next planned drilling location is approximately 4 miles from the current well site and all surveys and permits for the [...]

Tag: bakken oil in alberta, first oil well in saskatchewan, drill depth of bakken north dakota, bakken saskatchewan, drilling companies in saskatchewan

Inca Pacific targets Magistral startup in 2010 – Peru

Vancouver’s Inca Pacific Resources is targeting production startup in the first quarter of 2010 for its Magistral copper-molybdenum project in Peru, company president Anthony Floyd said Wednesday.
“The most important thing is to try and catch this metal price cycle and move the project forward and be in production by 2010,” said Floyd in a conference [...]

Tag: zinc mine startup 2010, magistral inca pacific, magistral peru, start up 2010 mines, cap 2010 en peru