Nasarawa State Government has been advised to liaise with the federal ministry of steel and mining to mine the coal in Obi Local Government Area.
The Osuko of Obi, Alhaji Aliyu Dangiwa Ogiri-Orume, gave the advice while speaking with Nigerian Newsday in his palace at Obi recently.
Alhaji Orume said with the help of the state government, the federal ministry of steel and mining could be invited to the site in Obi for proper mining.
The traditional ruler said the coal in Obi was first discovered and explored by the steel council in the early 70’s and that no mining took place since then.
He said the presence of a mining company would create jobs for the youth and the people of the area. Read more
JOHANNESBURG – For a year and more, piles of smart money have been moving into proxies for iron ore, one of the world’s most exclusive mining clubs. The stock price for the world’s leading iron ore digger, Brazil’s CVRD (NYSE: RIO, $33 a share), has more than tripled in the past 12 months; stock prices for the second and third dominant members of the club, Rio Tinto (RTP.L, £41.46), and BHP Billiton (BHP.L, £17.09), have also soared.
The price of iron ore, in its variants such as fines and pellets, has been soaring on huge increases in demand from Asia, led by China. But the iron ore story is far from isolated, given that demand for final products, mainly steel and stainless steel, fuel similar demands for other steel ingredients such as coking coal, molybdenum, and for stainless steel, chrome and nickel. Seen at the steel end of the story, the price of Arcelor Mittal (MT, $78.55), the world’s biggest steelmaker, has more than doubled in the past 12 months, and is currently trading up around record highs.
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VANCOUVER, BRITISH COLUMBIA–(MARKET WIRE)–Sep 4, 2007 — Baja Mining Corp. (the “Company”) (Toronto:BAJ.TO – News) is pleased to announce it has entered into a bridge loan facility (the “Facility”) with Endeavour Mining Capital Corp. (“Endeavour”) for an aggregate principal amount of up to US$10 million to finance the purchase of long-lead order equipment required for the development of the Boleo Project, Baja California Sur, Mexico.
The Facility consists of a US$10 million non-revolving term facility that may be drawn down in four tranches of US$2.5 million on or before October 12, 2007. Funds borrowed will bear interest at a rate of 10% per annum. Any funds borrowed will be repaid from future financings. The Company paid a cash fee to Endeavour upon execution of the Facility. Endeavour will also be granted 1.5 million share purchase warrants entitling it to purchase an aggregate of 1.5 million common shares of the Company at an exercise price of $1.92 per common share for a period of one year from closing. The warrants will contain vesting provisions such that 375,000 warrants may be exercised for each US$2.5 million draw down made under the Facility. Unvested warrants may not be exercised, and will expire at the conclusion of their one year term. The issuance of the warrants is subject to the approval of the TSX. Read more
MOSCOW – A press statement this week from the southeastern Siberian town of Irkutsk revived hopes that Russia’s El Dorado, and one of the world’s largest unmined gold deposits, may be about to go on the market.
Sukhoi Log (“Dry Gulch”in Russian), according to Nikolai Suslov, deputy head of the Irkutsk region agency for natural resources (Irkutsknedra), may be put up for public auction “ïn the next few months” — “by the end of 2007, or the beginning of 2008″. Suslov’s timing was initially reported by Interfax, and then Bloomberg picked up the story. The full report of Suslov’s remarks indicate that his focus was on two relatively minor prospecting licences to be put on the block in September and October — the Isko-Tagulsky nickel prospect, and the Uryahsky gold deposit.
When Mineweb asked Suslov to clarify what he believes is about to happen for Sukhoi Log, he declined to say; and a spokesman said no-one else at the Irkutsk branch of the resource licensing agency was willing to speak in his place. Read more
MOSCOW – A press statement this week from the southeastern Siberian town of Irkutsk revived hopes that Russia’s El Dorado, and one of the world’s largest unmined gold deposits, may be about to go on the market.
Sukhoi Log (“Dry Gulch”in Russian), according to Nikolai Suslov, deputy head of the Irkutsk region agency for natural resources (Irkutsknedra), may be put up for public auction “ïn the next few months” — “by the end of 2007, or the beginning of 2008″. Suslov’s timing was initially reported by Interfax, and then Bloomberg picked up the story. The full report of Suslov’s remarks indicate that his focus was on two relatively minor prospecting licences to be put on the block in September and October — the Isko-Tagulsky nickel prospect, and the Uryahsky gold deposit.
When Mineweb asked Suslov to clarify what he believes is about to happen for Sukhoi Log, he declined to say; and a spokesman said no-one else at the Irkutsk branch of the resource licensing agency was willing to speak in his place. Read more