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GOXI's Blog – October 2010 Archive (16)

First Quantum v. DRC: They said, they said

First Quantum goes on record (Mineweb,…

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Added by GOXI on October 30, 2010 at 7:30 — No Comments

Canadian bill on mining social responsibility defeated (The Canadian Press)

By Jim Bronskill



OTTAWA - A private member's bill aimed at ensuring…

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Added by GOXI on October 30, 2010 at 7:12 — No Comments

"Congo delays reopening eastern mining sector" (Reuters)

KINSHASA (Reuters) - Democratic Republic of Congo will delay reopening the mining sector in its troubled eastern provinces by "probably" two weeks due to security problems, the

nation's top mining official said on Monday.





Some 80 percent of Congo's tin comes from the region, where both rebel groups and government soldiers are jostling for control over lucrative…

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Added by GOXI on October 25, 2010 at 14:08 — No Comments

Statoil makes new discovery offshore angola

The Mpungi-1 well is the seventh discovery in Block 15/06. It completes the minimum work commitment for this area 18 months in advance of the contractual deadline.



The well was drilled 120 km from the Angolan shoreline in 1,050 metres of water with a total drilling depth of 2,300 metres. It encountered oil pay in both the Upper and the Middle Miocene sand

reservoirs.

During the production test, the well has flowed light oil at rates in excess of 6,000 barrels per…

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Added by GOXI on October 22, 2010 at 15:34 — No Comments

South African mine water report under wraps for now

A government-appointed team of experts has completed a report on acid

mine drainage, but the document will not be made public yet, officials

said on Friday.



The team met the ministers of water and environmental affairs, Buyelwa

Sonjica, and her mineral resources counterpart Susan Shabangu on

Thursday, their departments said in a joint statement.



The ministers sit on an interministerial committee on mine drainage,

which has been described as the… Continue

Added by GOXI on October 22, 2010 at 15:22 — No Comments

Freeport-McMoran, DRC reach agreement

RENO, NV -

Freeport-McMoRan Copper & Gold CEO Richard Adkerson told analysts Thursday that after two years of discussions with the DRC government regarding the Tenke Fungurume project, Freeport officials

believe the DRC government has "an imminent announcement of what will be

a resolution" of contract issues.

Adkerson was spot on as the DRC government told Reuters that the DRC reached an agreement with Freeport that…

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Added by GOXI on October 22, 2010 at 15:08 — No Comments

Freeport-McMoran, DRC reach agreement

RENO, NV -

Freeport-McMoRan Copper & Gold CEO Richard Adkerson told analysts Thursday that after two years of discussions with the DRC government regarding the Tenke Fungurume project, Freeport officials

believe the DRC government has "an imminent announcement of what will be

a resolution" of contract issues.

Adkerson was spot on as the DRC government told Reuters that the DRC reached an agreement with Freeport that…

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Added by GOXI on October 22, 2010 at 15:08 — No Comments

The case against corporate social responsibility (Wall Street Journal)

This piece is long but worth your while, I think.

By Aneel Karnani

Can companies do well by doing good? Yes—sometimes.

But the idea that companies have a responsibility to act in the public interest and will profit from doing so is fundamentally flawed.

Large companies now routinely claim that they aren't in business just for the profits, that they're also intent on serving some larger social purpose. They trumpet their efforts to produce…

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Added by GOXI on October 20, 2010 at 20:08 — No Comments

Xtrata to spend $710 million on ferrochrome expansion in South Africa (Reuters)

LONDON (Reuters) - Miner Xstrata will spend $710 million to boost capacity of ferrochrome production and cut costs with a more energy-efficient smelter in South Africa, which is struggling to meet power needs.

Xstrata, one of the world's biggest producers of ferrochrome, a key component in stainless steel, said in a statement on Wednesday it had approved the second phase of its Lion ferrochrome complex.…

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Added by GOXI on October 20, 2010 at 17:56 — No Comments

Chinese bosses charged over Zambia mine shooting (BBC)

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Added by GOXI on October 19, 2010 at 1:40 — No Comments

AfDB supports Mozambique's EITI with $350,000 grant

The African Development Bank (AfDB) will support Mozambique’s efforts to improve its extractive industries operations following the signing of a USD 350,000 grant agreement by the two sides

on Tuesday, 5 October 2010 in Maputo.





The agreement for the grant from Japan’s bilateral support to the Bank through the Fund for African Private Sector Assistance (FAPA) was jointly signed by Mozambique’s planning and

development…

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Added by GOXI on October 13, 2010 at 20:23 — No Comments

Australia and UK warn Guinea over Rio rights (Financial Times)

Available: http://www.ft.com/cms/s/0/2e3f63f6-d09f-11df-8667-00144feabdc0.html

You need a free ft.com account to read

Added by GOXI on October 6, 2010 at 13:54 — 1 Comment

Rio dumps record BHP deal (Sydney Morning Herald)

THE biggest merger in Australian business history is dead. The board of Rio Tinto is preparing to abandon a $120 billion iron ore deal with the rival mining giant BHP Billiton in the Pilbara.

The aborted joint venture, which follows an unsuccessful $180 billion takeover bid for Rio by BHP two years ago, was expected to

meet opposition from European and Chinese regulators concerned about the

effect of the new iron ore stranglehold on global steel prices.

In early…

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Added by GOXI on October 6, 2010 at 13:30 — No Comments

Union decries Malema for mines threat (Business Day)

By Sibongakonke Shoba



THE National Union of Mineworkers (NUM) yesterday lambasted African National Congress (ANC) Youth League president Julius Malema for his threat to shut down mines that do not co-operate with the league’s plan

to nationalise South African mines and urged the ANC to rein in the

youth leader.



Mr Malema told a rally in Limpopo at the weekend that “mines that are not co-operative…

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Added by GOXI on October 4, 2010 at 14:10 — No Comments

Steel demand 't hit fresh highs' (BBC)

Global steel demand is expected to hit all-time highs next year, rising above levels last seen before the global economic crisis, a trade body has said.



The World Steel Association predicts world demand will rise 5.3% in 2011 to reach 1.34 billion tonnes, the highest amount since the first half of 2008.



It said continuing steel demand was being led by China, but that Europe was also consuming high volumes of…

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Added by GOXI on October 4, 2010 at 14:03 — No Comments

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