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Random News from Mining Top News

Strike ends at Sasol Mining in Secunda

A 12-day-long strike at Sasol Mining in Secunda has come to an end with both Sasol and employees represented by the newly recognised United People’s Union of South Africa (Upusa) trade union agreeing that work would resume on Thursday afternoon.
An estimated 2 000 employees, or one-third of the Sasol Mining workforce, embarked on the strike [...]

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North American Gem Inc. Mobilizes Augers to the North American Gem Mine #1

North American Gem Inc. announce an agreement between Engle Hollow Mining LLC (as operator for NAG) and Kentucky Mine Power Inc. to provide mining and augering services for the North American Gem Mine #1 in Whitley County, Kentucky.
Kentucky Mine Power Inc. will immediately mobilize two augers to the North American Gem Mine #1 location. Mine [...]

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CGGE: Subsidiary Completes Initial Tests to Enhance the Value of Waste Coal

Consolidated Energy & Technology Group, Inc. (CGGE) announced that its subsidiary, TecEnergy Pennsylvania, Inc. (“TecEnergy”) has successfully completed initial tests to enhance the value of waste coal that it owns in Pennsylvania.
TecEnergy has recently completed the construction of a proto-type machine to process waste coal using an economically viable enzyme technology. Expertise and assistance to [...]

Royal Dutch Shell plc: New Accounting Segmentation

Royal Dutch Shell plc has implemented, as from 1 July, 2009, a series of changes to senior management roles and responsibilities. Accounting disclosure segmentation, as from the third quarter 2009, will reflect the new organisational structure.
These changes will reduce Shell’s administrative costs, simplify the presentation of Shell’s financial results, and at the same time provide [...]

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Sidoarjo gas pipe blast was an accident, says police spokesman

Police said here on Thursday they had so far found no indication of criminal intent in the gas pipe blast in Sidoarjo, East Java, that killed six people on Wednesday.
“Until now, we believe it was only an accident. However, we do not know whether this belief will stick. It is not impossible that it will [...]

Pengrowth Acquires Esprit to Boost Oil Reserves, Production

Pengrowth Energy Trust, an investor in oil and gas resources in Canada, said it agreed to acquire Esprit Energy Trust to create a company with production capacity of 75,000 barrels of oil equivalent, or BOE, a day.
Pengrowth will acquire 18,350 BOE of current production through the transaction, it said in a statement distributed through the [...]

Arch Coal Posts Lower 1st-Quarter Profit on Lower Coal Prices, Higher Operating Costs

Arch Coal Inc. said Monday its first-quarter profit tumbled 53 percent because of soft conditions in the U.S. coal markets.
After the payment of preferred dividends, Arch Coal earned $28.7 million, or 20 cents per share, compared with $60.6 million, or 42 cents per share, for the same quarter in 2006.
Coal sales fell 10 percent to [...]

Nippon Steel & Sumikin Raises Prices on Nickel Costs

Nippon Steel & Sumikin Stainless Corp., Japan’s largest stainless steel producer, raised sheet metal prices for a ninth month because of higher nickel costs.
The company, which isn’t publicly traded, increased the price of its 304-grade steel sheet to 475,000 yen ($4,050) a metric ton this month, from 420,000 yen last momth, the Tokyo- based company [...]

Bearish Fundamentals Should Continue to Weigh on Copper Prices

How the mighty have fallen. Copper, one of the most prolific commodity fund darlings of the great 2006 bull market has fallen on hard times.
There was a time in early 2006 when it looked like there was no limit as to how high copper prices could rise. The housing market in the U.S. had not [...]

Zijin Mining surges on A-share listing plan

Shares of Chinese gold miner Zijin Mining Group Co. Ltd. were set to open 5.93 percent higher on Friday after it unveiled plans for an A-share issue.
Shares of Zijin gained HK$0.29 to HK$5.18 in pre-open trade.
The Chinese gold miner said it planned to issue up to 150 million A-shares in Shanghai, raising funds to expand [...]