1. Reuters: Zimbabwe parliament to weigh mine sector law reform
Zimbabwe’s new session of parliament expected to consider amendments to the Mines and Minerals Act. An earlier draft of the act would have given locals control of mining operations owned by foreign companies. Analysts say investors will be waiting to see how the new laws are applied in practice.
2. The Associated Press: EPA to delay 79 coal mining permits in 4 states
President Obama’s administration has delayed 79 coal-mining permits that would allow operators to bury intermittent steams. The EPA is pushing miners to build smaller valley fills to dispose of debris as to not violate the clean water act.
3. The Australian: Centrex Metals iron ore berth cleared
Centrex Metals advances its goal to become South Australia’s leading iron ore miner. The state’s government has approved the miner’s proposed $40 million iron ore berth on the Eyre Peninsula. The berth is expected to have a capacity of 1.6 million tonnes a year. Centrex is also awaiting approval for a deal with Chinese Wuhan Iron & Steel Company.
4. Bloomberg.com: Fortescue, Seeking Funds From China, Drops a 10th Day (Update 2)
Investor fears of inadequate funding causes Fortescue Metal Group’s stock to fall its tenth consecutive day. The decline is the miner’s longest losing streak and has resulted in a 19% drop. The losing streak began shortly before Fortescue missed a self-imposed deadline to secure funding with China Iron & Steel Association and Baosteel.
5. The Australian: Bidding war for iron ore hopeful Polaris Metals
Singapore-based Lion-Asia increases the bidding war for Australia’s Polaris Metals, offers $105.5 million for the iron ore junior. Lion officials believe its cash bid is a significant premium to Mineral Resources’ bid.
6. The Associated Press: Ecuador government seeks end to Indian protest
Ecuador’s government considers altering mining and water laws to pacify country’s Indians, looks for an end to week-long protests. Indian leaders were in lengthy talks with the government, but have yet to sign an accord to end the roadblocks. The leaders object to mining without their consent.
7. Guardian: Chinese steel giant bids for stake in Anglo’s Minas Rio iron ore mine
China’s Baosteel proposes an £1 billion pound, 30% stake in Anglo American’s Minas Rio iron ore mine. Anglo acquired the Brazilian mine last year for £3.7 billion pounds. The miner has shown interest in forging a partnership to help develop the Minas Rio while rejecting a merger approach from Xstrata in June.
8. The Associated Press: Kennecott Utah Copper discovers molybdenum deposit
Kennecott Utah Copper announces an estimated 500 million ton discovery of molybdenum near its Bingham Canyon Mine: feasibility of extraction still unknown. Kennecott’s parent company Rio Tinto has expressed interest in building a facility to process and refine molybdenum near the Utah mine.
9. New Zealand Herald: Licence lets miner get close to Kahurangi
A Fortescue Metals Group subsidiary has been granted a prospecting permit on New Zealand’s upper South island in an area bordering the Kahurangi national park. The license allows the miner to search for 23 minerals, but mining interest is primarily focused on iron ore and coal. Fortescue will have two years to complete its preliminary studies.
10. Reuters: Australia’s P. Hedland iron ore shipments up in Sept
September iron ore shipments from Australia’s Port Hedland rise slightly over August levels. The port, which is used by BHP Billiton and Fortescue Metals Group, reported 14.4 million tonnes in September compared to 14.2 million tonnes in August.
