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Random News from Mining Top News

Gold Demand Surges as Investors Turn to Wealth Preservation

Fears of future inflation and ongoing financial uncertainty led investors to continue to flock to gold in the first quarter of 2009, seeking out its proven wealth preservation qualities. Total demand for gold in Q1’09 rose 38% year on year to 1,016 tonnes, representing a 36% rise in value terms to US$29.7bn.
According to figures published [...]

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Bosai Mining acquires South America bauxite mining company

Bosai Mining Co. Ltd. bought a controlling stake in Omar Bauxite Inc. in Guyana for $100 million, a company official said today.
Bosai Mining now holds a 70 percent share of the South American firm and will assume management responsibilities at the start of next year, said Ma Ying, a senior [...]

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ION Completes Multi-client Acquisition Project Using FireFly

ION Geophysical Corporation announced today that it has successfully completed the acquisition phase of a multi-client seismic imaging project using its FireFly® cableless land acquisition system. The project was completed on time and under budget in a remote, environmentally sensitive area of northwest Colorado by the seismic contractor Geokinetics Inc., which ION selected to acquire [...]

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Probe Announces Gas Discovery at East Cameron 36

Probe Resources Ltd. announced that it has discovered commercial reserves in multiple horizons in its East Cameron 36 No. 1 well located in the U.S. Gulf of Mexico. The well was spud on August 5, 2008 and was drilled under budget to a total depth of 10,450 feet. Production casing will be run in [...]

Firm to start drilling in Galoc oil prospect

Australian firm Nido Petroleum Ltd. has announced that it is set to kick off drilling for the Galoc oil field development prospect in northwest Palawan; with the first oil yield expected fourth quarter 2007.
The company has secured rig contract for the drilling of three wells, which will consist of two firm wells and an option [...]

Impact of FPL’s ‘clean’ coal plant may foul future

An official for the Everglades and Dry Tortugas National Parks said Tuesday that Florida Power & Light Co. must address how its proposed “clean” coal plant in Glades County will affect the parks’ air quality before it moves ahead with the project.
“You can’t impact a Class 1 airshed, and they have to address that,” said [...]

Aventine Renewable’s Earnings a Pleasant Surprise

Shares of ethanol maker Aventine Renewable Energy Inc. soared over 23 percent after its first-quarter revenue and adjusted net income easily beat analyst estimates.
The stock rose $1, or 23.3 percent, to $5.30 in afternoon trading.
The company swung to a first-quarter loss of $10.8 million, or 26 cents per share, compared with a gain of $14.9 [...]

Copper, nickel and zinc up but seen vulnerable

Copper, zinc and nickel bounced back on Wednesday after losing ground since the start of the year, but the market is vulnerable, analysts said.
“We are seeing a recovery in nickel and zinc…the two that had been hit the hardest by the selling over the last few days,” analyst Kevin Norrish at Barclays Capital said.
“It is [...]

Russia may discuss opening oil, gas mkts in exchange for access to Western markets

Russia is ready to discuss opening its oil and gas infrastructures to the West, in exchange for access to key sectors in Western economies, Foreign Minister Sergei Lavrov said in an interview published today.
“Westerners want to have access to our infrastructure for production and transportation of oil and gas, the key sector of the Russian [...]

Ignis Petroleum Appoints Shawn L. Clift as Chief Financial Officer

Ignis Petroleum Group, Inc. announced the appointment of Shawn Clift as Chief Financial Officer. Ms. Clift will be responsible for strategic planning, forecasting and budgeting, financial management, SEC and financial reporting and capital sourcing. She will serve as a member of Ignis’ senior management team.
Shawn has over 20 years experience in finance and accounting, [...]

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