SYDNEY (Thomson Financial) – Energy Resources of Australia Ltd (ERA) said Thursday it will spend 57 million Australian dollars to expand the open pit at its Ranger uranium mine in Australia’s Northern Territory to extend the mine’s life to 2012.
ERA, 68 percent-owned by Rio Tinto, said the planned expansion will add an additional 4,857 tonnes (10.7 million pounds) of contained uranium oxide.
It said the majority of the additional production from the extension will occur in 2011. Processing at Ranger is due to cease in 2020.
As well, the company said, it will spend a further 10 million dollars on a study which will examine the potential for further expansion as well as the possibility of lifting capacity at the project’s processing plant. Read more
DAKAR (AFP) — Australia’s Mining Deposits Limited on Monday signed an agreement with Senegal to begin mining zircon, a mineral used in jewellery, from the sands of coast north of the capital Dakar, national media reported.
Signed by MDL Managing Director Jeffrey Wayne William and Senegalese Mining and Industry Minister Madicke Niang, the agreement allows the exploitation of deposits that “represent seven percent of world production” of zircon beginning in 2009, the Senegalese news agency APS reported.
On its website MDL said: “Zircon production from the Grande Cote will be of world significance at about 85,000 tonnes per year — making it the fourth largest zircon mine in the world.”
The project is expected to cost some 180 million dollars to get underway, according to Senegalese national television RTS. Read more
Australia’s S&P/ASX 200 Index rose to a record, led by National Australia Bank Ltd., after durable goods orders fell more than expected in the U.S., adding to expectations the Federal Reserve will cut interest rates again.
“The chance of another rate cut in the U.S. helps banks; it’s like petrol to a fire,” said Hans Kunnen, who helped manage the equivalent of $117 billion at Colonial First State Global Asset Management in Sydney. “Lower interest rates mean more people will be out to borrow money.”
Energy Resources of Australia Ltd. climbed on plans to expand its Ranger uranium mine. Seven Network Ltd. gained after it bid to take Unwired Group Ltd. over.
The S&P/ASX 200 increased 56.70, or 0.9 percent, to 6,538.10 in Sydney, its highest-ever close. About two stocks rose for each that fell. Read more
Sahnghai shares ended in record territory on the last trading session of the week, with energy and resources stocks leading the gains. The benchmark Shanghai Composite Index closed up 142.90 points or 2.64% at 5,552.30.
China Oilfield Services, which debuted today, surged 196% to 39.90 yuan compared to its IPO price of 13.48. China Petroleum & Chemical gained 0.56 yuan after it announced plans to raise a combined 50 billion yuan. Coal producers climbed for the second day, with Pingdingshan Tianan Coal Mining adding 4.44 yuan.
Among metals stocks, Jiangxi Copper soared 4.65 yuan and Qinghai Salt Lake Potash jumped 3.46 yuan. Property developers rebounded, with Shanghai Wai Gaoqiao Free Trade Zone Development Co climbing by 10%, its daily trading limit, and Gemdale ring 2.42 yuan. China Merchants Property Development Co added 1.00 yuan after its nine months net profit was projected to rise by about 100% on year-on-year basis. Read more
Companhia Vale do Rio Doce, Rio Tinto and BHP Billiton, the world’s three largest iron-ore exporters, may increase prices 30 percent next year as demand driven by steel makers in China outpaces growth in supply.
Prices for benchmark shipments from Australia will rise to a record $66.40 a ton next year from $51.47 in 2007, according to the median forecast of eight analysts surveyed by Bloomberg. Sales may climb 11 percent this year as supplies increase 8 percent, Merrill Lynch estimates. Mining companies and customers begin annual contract talks next month for shipments from April.
Chinese steel makers, the biggest consumers of the ore, are increasing production 15 percent to meet demand for cars, railroads and buildings. The increase will provide record profits for mining companies and may help CVRD of Brazil double its earnings from iron ore by 2009, according to Citigroup research. Read more
Parts of a temple dating to the reign of pharaoh Ramses II have been discovered inside a mosque in Luxor, Egypt, officials report (see map). Experts restoring the historic mosque uncovered sections of columns, capitals, and elaborately inscribed reliefs from one of the ancient temple’s courtyards built around 1250 B.C.
The previously concealed architectural elements reveal well-preserved hieroglyphics and unique scenes depicting the powerful pharaoh.
The discovery is likely to touch a nerve among religious leaders, because the newly exposed reliefs contain representations of humans and animals, which are forbidden inside mosques, the experts said.
The mosque was erected as a shrine to Muslim saint Abul Haggag in the 13th century A.D. on the site of an earlier Christian church, which was itself built on top of the ancient temple, the archaeologists explained. Read more
The Coalition Government has confirmed if it wins the election it will press ahead to pass legislation to allow the construction of electricity-generating nuclear power plants in Australia.
Federal Industry Minister Ian Macfarlane says the Government will put in place the regulations to enable further development of a nuclear industry in Australia.
“It would be irresponsible to do anything else, bearing in mind our commitment… our complete commitment to ensuring that we have all the options to consider in lowering Australia’s greenhouse gas in the future,” he said.
“The legislation includes the establishment of a regulatory body and also establishes the key guidelines in which any expansion of the nuclear industry would occur, including the potential establishment of nuclear power stations.” Read more