Shanghai Shibang
Machinery Co., ltd.
The spot price of iron ore will climb in the second half of the year if the Japanese and South Korean economies recover, and this possibility may force China to accept the 33-percent discount in full-year ore rates now being offered by global miners, industry experts said.
Exports by southern China's Guangdong Province, an economic powerhouse and a major export base of the nation, had seen signs of recovery, expecting a year-on-year growth in the fourth quarter, said a local trade official on Tuesday.
Coal miner Peabody Energy Corp, which has cut production because of a drop in demand, said on Tuesday that second-quarter profit fell sharply as weak market conditions persisted.
Africa-focused diamond- miner Stellar Diamonds is considering several consolidation opportunities, one of which, if it materialises, may lead to a stock exchange listing.
Although it is majority-owned by Aim- and TSX Venture Exchange-listed Mano River Resources,
Australian mining company Equinox says that while the amount of ore mined at its Lumwana copper mine, in Zambia, increased by 1 192 822 t during the first quarter of this year, it only man- aged an increase of 154 642 t in the second quarter, a figure that CEO Craig Williams says is “well below the company’s expectations”.
Last December, the Russian mining industry felt beleaguered by the global recession. That month, Norilsk Nickel CEO Vladimir Strzhalkovsky issued an appeal to the Kremlin. “The industry is in a very difficult situation now. The revenues of Norilsk Nickel alone will drop 50% [in 2009].
The first stamp mill to be used in the Witwatersrand, in 1885, has found a new home at the Kloofendal Nature Reserve, in Roodepoort, west of Johannesburg.
Local historian Rod Kruger reports that the Friends of Kloofendal Society, in conjunc-tion with the Department of Arts and Culture, decided to move the mill to protect it from the growing incidence of vandalism.