1. Reuters: Chavez proposes Africa-South America mining firm
Chavez calls for the creation of a multi-state corporation to help manage Africa and South America’s natural resources. Venezuela would lead the organization. Chavez claims these nations remain poor, despite their rich natural resources, due to exploitation.
2. Bloomberg.com: Fortescue, Facing Deadline, Continues Funding Talks (Update 3)
Fortescue Metals Group continues finance negotiations with Chinese lenders through today’s self-imposed deadline. September 30th was set as the target for securing $6 billion in project funding.
3. AFP: S.African mine discovers 507 carat white diamond
Petra Diamonds parades its 507-carat white diamond discovery. The diamond came from the Cullinan mine in South Africa. Initial examinations tout the diamond as one of the largest high-quality round diamonds ever found.
4. WA Today: Monadelphous wins $100m in ore contracts
Monadelphous Group secures two three-year maintenance service contracts with Rio Tinto. The engineering firm will be responsible for shutdown and maintenance services at Rio Tinto’s Pilbara region mines. The contracts are worth around $100 million in total.
5. Reuters: Indonesia unlikely to pass new mining rules in 2009
Indonesia continues to draft new regulations for a mining and coal law passed in December 2008. A mining official reported Monday that work on the regulations would likely extend into next year. Analysts worry that the uncertainty surrounding the regulations, which were expected to be completed by October, could scare off possible foreign investors.
6. Bloomberg.com: China, Korea ‘Good Fight’ for Shipyards May Hit Rates (Update 1)
China and South Korean attempt to safeguard shipyards during economic turmoil. Analysts worry the protections will raise the number of vessels in service, in turn slowing recovery in freight rates and vessel prices. China vows to grow its shipbuilding industry to become the largest shipbuilding nation by 2015.
7. WA Today: Cazaly fails to gain Rio project control
Western Australia’s mining warden confirms the validity of the Rio Tinto and partners’ joint venture’s tenure on the Rhodes Ridge deposit. Cazaly Resources Ltd has petitioned against Rio Tinto’s claim due to the inactivity on the land for the past 35 years.
8. Australia Broadcasting Corporation: Mining industry sounds off against emissions trading scheme
Miners join force against Australia’s proposed emissions trading scheme. Anglo America says the scheme will cost the coal industry nearly $14 billion while hurting government royalties. Australian miners are concerned that their global competiveness would decrease, as overseas miners would pay nothing.
9. The Associated Press: Ecuador Indian group protests water, mining laws
Ecuadorian Indians protest new water, mining and oil laws. The Confederation of Indigenous Nationalities of Ecuador dropped support for Ecuador’s current President Rafael Correa when he refused to grant Indians the right to veto mining concessions on their lands in 2008.
10. The Associated Press: Venezuela exploring uranium deposits with Russia
Venezuela touts Russia and Iran’s support to develop its uranium industry. Venezuela will reportedly use the uranium for peaceful purposes, including nuclear energy and medicinal purposes. Russia officials have been slow to publicly acknowledge the pairing; saying any joint mining of uranium is still a long way off.
