Higher demand for mining equipment prompted a Watertown company to invest $4 million in an expansion that will add about 70 jobs.

Angus Industries designs and makes operator cabs that are assembled onto equipment used for construction, agriculture and mining.

The company will use the additional space to make large cabs for mining equipment. It’s also expanding its engineering division. Read more

Every segment of the mining industry and the companies that support it continue to enjoy great success with no end in sight despite trouble on Wall Street, industry leaders said Monday at a national conference and trade show.

Much of the optimism can be attributed to the unprecedented demand from China and India, said Harold Quinn, president and CEO of the National Mining Association.

“The boom in worldwide mining activity and the equipment to bring those products to market has arguably been the biggest economic success story of the year,” he said at MINExpo International 2008, which opened Monday in Las Vegas. He expects the gathering to be the largest ever with more than 35,000 attendees—50 percent more than the last such expo in 2004.
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the securities of Canadian Imperial Bank of Commerce (“CIBC” or the “Company”) (NYSE: CM) on the New York Stock Exchange (“NYSE”), and all U.S. purchasers of the securities of CIBC between May 31, 2007 and May 28, 2008, inclusive (the “Class Period”).

The Complaint charges that CIBC and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose that: (i) CIBC did not make timely disclosure of material changes affecting the valuation of its investments in collateralized debt obligations consisting of U.S. subprime mortgages; (ii) CIBC’s hedged subprime exposure was nearly four times larger than its unhedged subprime exposure; and (iii) 35% of CIBC’s hedged subprime exposure was entrusted with a substantially undercapitalized financial guarantor.

On December 6, 2007, CIBC revealed that its write-downs had already reached $1 billion, and warned of significantly higher losses related to its $9.8 billion in hedged exposure to the subprime market. Then, On May 29, 2008 CIBC took a $2.51 billion loss related to its structured credit activities.

If you are a member of the class, you may, no later than November 18, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

© Die Welt

Mining, construction, cranes and road-building equipment supplier Terex Africa has moved into its new multimillion-rand premises, in Kempton Park, north-east of Johannesburg.

The 24 000-m² precinct includes the company’s national office, the Gauteng regional office and warehouse, as well as state-of-the-art workshops.

The new premises enable the company’s rapidly growing workforce to operate under one roof, as the employees formerly worked from four different sites in Sebenza, Jet Park and Edenvale, Gauteng.

“Functioning as a unified unit has enabled us to grow and develop our unique corporate culture and values,” says marketing officer Tammy Davies, adding that the company has gone a long way towards improving internal communication across its various divisions.
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Mining activity in Zambia continues vigorously as mining companies seek out new orebodies, with special focus on exploration, in spite of the recent fluctuations in the prices of commodities such as copper and nickel, states engineering technology group Sandvik Mining & Construction Zambia MD John Oberg.

This bodes well for the Zambian economy, and mining industry stakeholders, such as Sandvik Mining & Construction, which has invested in the establishment of supply and service facilities to the Zambian mining industry, reports the company.

“Exploration is going to be the biggest driver for our business over the short term, given that this is a relatively new activity for Sandvik in Zambia,” says Oberg.
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