Global Alumina Receives $42.2 Million Deferred Subscription Payment

Global Alumina Corporation, a corporation participating in a joint venture to develop an alumina refinery, mine and associated infrastructure in the bauxite-rich region of the Republic of Guinea (the “Project”), announced that it has received the aggregate first deferred subscription payment from its joint venture partners of approximately $42.2 million. The payment has been placed in Global... 

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Rio Tinto to invest additional US$300 million to advance the Kitimat Modernisation Project

Rio Tinto is to invest an additional US$300 million in the modernisation of the Kitimat aluminium smelter in British Columbia, Canada, bringing the current project funding total to over US$500 million. “The Kitimat Modernisation Project leverages two of our greatest competitive advantages – clean, self-generated hydropower and internationally renowned AP smelting technology. This investment... 

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Elray Mining: Asian Demand for Zircon Set for Intense Growth

Elray Resources, Inc., a technically-driven gold and precious metal mineral exploration company that recently entered into a joint venture to develop a zircon sands deposit in Indonesia, is pleased to provide shareholders with the following background information on the global zircon market, which looks set for ongoing growth. Zircon is a highly valuable mineral used in a variety of industrial processes.... 

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Hydro and Vale join forces in new alumina project in Brazil

Hydro and the metals and mining company Vale have agreed to construct a new alumina refinery in northern Brazil, strengthening Hydro’s future alumina supply in line with its growth strategy. Under the agreement, which is a conclusion of a memorandum of understanding (MoU) signed by the parties in July 2007, Hydro will hold a 20-percent share in the refinery, expected to start production in 2011.... 

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Global Alumina Announces Updated Interim Project Budget

Global Alumina Corporation, a corporation participating in a joint venture to develop an alumina refinery, mine and associated infrastructure in the bauxite-rich region of the Republic of Guinea (the “Project”), announced that the joint venture has approved an extension and increase to the interim Project budget through September of $30.9 million (including $5 million in additional commitments)... 

Landmark Labour Agreement Advances Rio Tinto Alcan Kitimat Modernization Project

Rio Tinto Alcan marked the signing of a one-of-a-kind labour agreement with sixteen labour unions for the construction of the Kitimat Modernization Project at a ceremony in Vancouver. This agreement between the Kitimat Modernization Employer Association and the unions facilitates access to the qualified British Columbia building trades workforce, with joint commitments to local and First Nations hiring. “As... 

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Rio Tinto Announces US$652 Million Investment in Continued Pre-Feasibility Studies on Deep Porphyry Copper Deposit in Arizona

Rio Tinto has announced an investment of US$652 million (Rio Tinto share US$341 million) to support continued pre-feasibility studies on a large, tier-one copper deposit at its Resolution Copper Mining LLC (RCML) operation in Superior, Arizona. Pre-feasibility studies are expected to be completed by 2012 with production at the new mine expected to start by 2020, eventually ramping up to 500,000 tonnes... 

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Maaden launches biggest mining IPO

State-owned Saudi Arabian Mining Company (Maaden) yesterday launched an initial public offering to raise 9.25 billion riyals ($2.47bn) in the Middle East’s biggest mining IPO, valuing the firm at $4.9bn. Maaden plans to sell 462.5 million of stock – equivalent to 50 per cent of its share capital – at 20 riyals each with subscriptions closing on July 14, according to the bourse regulator,... 

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Russian billionaire Prokhorov says eyes uranium

State-controlled uranium miner Atomredmedzoloto will be in charge of developing Elkon and other deposits. The company plans to produce 10,000 tonnes a year of uranium by 2015, more than three times what it produced last year. (Reporting by Polina Devitt, writing by Robin Paxton; Editing by David Cowell) – ST PETERSBURG, Russia, June 8 – Russian billionaire Mikhail Prokhorov said on Sunday... 

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Rio Tinto says first quarter iron ore sales at record high

The world’s third largest miner Rio Tinto Wednesday said iron ore sales were at a record level in the first quarter despite lower production from Western Australia. The miner also said aluminium output had reached an all-time high in the three months to March 2008, reflecting the first full quarter contribution from Canada’s Alcan Inc which Rio acquired last year. Rio did not provide figures...