1. The Australian: Rio Tinto to dig deep: capital expenditure
Rio Tinto more than doubles its planned 2010 capital expenditure budget. The Australian miner raised its forecast from $2.5 billion to between $5-$6 billion, and are claiming increased mineral demand and assets sales have left the company more financially sound.
2. The Associated Press: Mining stream buffer rule could be ready by 2011
The Office of Surface Mining Reclamation and Enforcement beings replacing Bush-era surface mining regulations: changes expected to take at least a year. The Obama administration is seeking to return towards earlier regulations that required operators from dumping mining-related material within 100 feet of streams.
3. Bloomberg.com: Vale Sells $1 Billion of 30-Year Bonds in Overseas Markets
Vale sells bonds to boost investments: offers $1 billion in 30-year bonds. It is the Vale’s second overseas note offering this year. The miner seeks to increase investments 43% next year, with plans to expand its iron ore, nickel and potassium operations.
4. AFP: Rio Tinto hints at different iron prices for China
Rio Tinto considers allowing a separate iron ore pricing mechanism for China than in the rest of the world. The world’s largest producers failed to reach a 2009 benchmark price for iron ore with Chinese steel mills.
5. Reuters: Peru mine killings work of drug trade: businessmen
Peru’s business leaders claim drug traffickers attacked a copper project in order to keep the area undeveloped and open for drug production and trade. Three mine employees were killed with gunman invaded the Rio Blanco copper project and then set the complex ablaze. The project is owned by China’s Zijin Mining Group.
6. The Associated Press: Cliffs Natural Resources has steep 3Q profit fall
Cliffs Natural Resources reports third-quarter net income of $58.8 million, nearly two-thirds lower than in the same quarter last year. Both profit and revenue fell sharply due to decreased North American business.
7. Bloomberg.com: BHP Agrees to Buy Iron Ore Explorer for A$204 Million (Update 3)
BHP Billiton beats out Chinese rival for the acquisition of United Minerals Corp. BHP agreed to buy the Australian iron ore explorer at 43% more than United’s last traded share price. The A$204 million purchase will give BHP access to 158 million metric tons of iron ore located next to its Pilbara based operations.
8. The Associated Press: Ariz. Governor opposes halt on new mining claims
Arizona Governor Jan Brewer appeals to Government officials to lift a ban on filing mining claims on nearly 1 million acres of federal land. The ban was enacted in July, and prohibits filing claims for two years while a study on the environmental effects takes place.
9. Reuters India: BHP says may do more deals like Rio iron ore jv
BHP Billiton is keen for future acquisitions similar to its current joint venture proposal with Rio Tinto. The Australian miner says it is on the continuous lookout for partnerships consisting of large developments that are expandable and export oriented.
10. Bloomberg.com: Tata Power May Buy Thermal Coal From Riversdale Mine (Update 2)
India’s largest, private electricity generator considers purchasing Mozambique mined coal. Tata Power Co. is looking to double its generation capacity in the next seven years. Australia based Riversdale Mining and Tata have approved the joint development of a $270 million coal mine in Mozambique with production scheduled to begin next year.
