1. The Times of India: China raises duty on coke, to hit Indian steel
Indian steelmakers feel a cold wind whip through their furnaces after Chinese duty announcement. The Chinese government announced Sunday that metrological coke duty had risen by 40%. One-third of Indian steelmakers import coal from China. The Chinese claim the duty rise is meant to help curtail global pollution and energy consumption.
2. Herald Sun: Bumper profit likely for mining giant
BHP clears its throat for a big announcement, record profit expected in annual report. The mining giant plans to unveil its 2007-2008 results, which are anticipated to be more than US$15 billion profit. The miner has benefited from record commodity prices such as iron ore and coal, and also the spike in oil prices.
3. Bloomberg.com: Venezuela to limit gold mining in Bolivar state, Nacional says
Trees trump gold: in an effort to limit the environmental impacts of gold mining the Venezuela government enacts a land boundary. Mining is sequestered to a 4 million hectare area in the mineral-rich jungle region along the Cuyuni river bed.
4. The West: BHP iron ore port expansion plans face investor scrutiny
Analysts watch BHP port expansion with eagle eyes and sharp tongues. The mining giant plans to build an outer harbor at Port Hedland to bypass the congested inner harbor; this is a key feature to increase output in their Pilbara iron ore expansion plans. Any delay in progress is likely to attract investor attention, especially from Rio Tinto, which is still defending itself from a BHP takeover attempt.
5. The Sydney Morning Herald: No end in sight to Xstrata’s coal hunt
Xstrata’s shopping spree continues at full force with no signs of a slowdown. The coal miner burned through $2 billion in last year’s coal acquisitions. Xstrata is reconsidering Felix Resources after a failed attempt, with mining operations in close proximity to its other projects.
6. The Australian: $6 million raising for Queensland terminal
Northern Energy Corp. stakes its future after a $6 million fund-raiser. The money, raised through a discounted share placement, is earmarked for thermal coal exploration and to guarantee a stake in the proposed Wiggins Island coal terminal in Queensland.
7. Gulf Daily News: Dubai’s rough diamond trade tops $3 billion
Diamond trade sparkles in Dubai’s desert oasis. The Dubai Diamond Exchange reported a first half of the year total rough diamond trade increase of 36%. Dubai is now seen as a major distribution center with growing rough diamond inventories.
8. The Sydney Morning Herald: Golden West play has a way to run
Golden West wins junior mining jackpot twice in one week: new experienced exec hops on board and a big-league sale to Hunan Valin Steel Tube & Wire. The iron ore junior has agreed to sell 4.5 million tonnes a year to Hunan. David Rose, who trained in Rio’s iron ore division, was appointed new chief executive.
9. This Day: Nigeria Set to Produce Structural Steel
Nigeria is on the cusp of structural steel production; indigenous company Westcom plans to roll out first products by December 2008. Structural steel will be a key construction material to aid in other advances for the country, including power, telecommunications, and construction industries. Imported steel products currently place a large strain on the country’s foreign exchange.
10. Business Standard: ‘Cut duty on iron ore to make NMDC’s exports viable’
India’s government plans to take necessary steps to keep iron ore exports competitive. The Commerce Ministry is likely to reduce the export duty on iron ore and also might waive the railway surcharge on iron ore. India’s largest iron ore miner NMDC needs these measures to make trade with Japanese and South Korea financially viable.
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