1. Reuters: ArcelorMittal to buy London Mining Brasil
ArcelorMittal announces its agreement to buy London Mining Brasil for $810 million. The acquisition will help the world’s biggest steelmaker in its quest for raw material self-sufficiency. It is estimated that London Mining Brasil iron ore reserves top one billion tonnes. The steelmaker is considering investing another $700 million to increase production.
2. Bloomberg.com: Indonesia’s Bangka won’t back new tin-export permits
Tin export permits feel the squeeze; Indonesia’s government maintains tightened control to prevent prices from falling. Mining export permits have been required since 2007 in an attempt to limit illegal mining. The government assures more permit licenses will be granted if prices rise.
3. Forbes.com: Lithic Metals says survey discovers numerous uranium targets in Zambia
Yellowcake recipe step one: prefeasibility survey success. Lithic Metals and Energy Ltd. announced its radiometric and magnetic survey uranium results with joint venture partner Zambezi Resources Ltd. The findings identified 18 high priority targets within its Zambia Mpande license.
4. International Herald Tribune: Xstrata temporarily suspends mining in DomRep
Dominican Republic nickel operations face suspension, Xstrata blames high oil costs and nickel’s falling prices. The company is using the break to switch its power source from oil to coal, perform maintenance, and explore new land for mining.
5. Reuters: Australia clears China stake in iron ore miner
Proposed Chinese-Australian deal clears first hoop, continues jumping. China’s Hunan Valin Steel Tube & Wire Co. receives O.K. to purchase 11.4% of Australian iron ore firm Golden West Resources from the Australian foreign investment regulators. The proposal, initially announced on August 12, is still subject to approval by the Foreign Investment Review Board.
6. Bloomberg.com: China may increase copper imports by 60% from June
A copper comeback for China, whose imports are expected to increase. As the gap between domestic and international prices continues to narrow, China looks to cheaper imports for consumption needs. Analysts estimate refined copper imports could increase between 100,000-120,000 tonnes per month.
7. NWI Times: U.S. Steel profit sharing sets record
U.S. Steel’s 16,000 union workers receive record-setting profit share, $4,464 for the second-quarter. The amount trumps what ArcelorMittal’s 14,000 USW employees will receive for the same period, a maximum of $695.
8. Canadian Press: ArcelorMittal buys stake in Adriana Resources, teams on Brazilian port project
ArcelorMittal adds port deal to Brazilian based announcements. The steelmaker is teaming with a Canadian resources company Adriana Resources to develop a $250 million Brazilian port. The port will increase Brazil’s iron ore export capabilities.
9. Reuters: BHP says no change to Australian nickel operations
BHP Billiton’s nickel operations remain steady in slew of global nickel shutdowns. While the diversified miner idled portions of its nickel operations in June for repairs, there are no plans to change operations. Nickel is down 60% from its record high 15 months ago.
10. Australian Broadcasting Corporation: Iron ore train drivers threatening to strike
Train drivers are ready to roll, and the Pilbara region iron ore industry worries of potential strike’s impact. A representing union claims if the dispute between train drivers and Pilbara Rail Services, a subsidiary of Rio Tinto, boils over to a strike, the impacts could cost the industry millions of dollars. The union hopes that negotiations can be reached without resorting to strike actions.
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