September 18, 2013
Source: The Australian
Papua New Guinea’s Prime Minister Peter O’Neill has been accused of “stealing” an $876 million asset, the Ok Tedi copper-gold mine, by former prime minister and former central bank governor Mekere Morauta.
Sir Mekere said that Mr O’Neill had decided to expropriate the mine without paying compensation to the people of Western province, who are the chief owners and beneficiaries of the trust fund PNG Sustainable Development Program (PNGSDP), which owns 63 per cent of Ok Tedi. More…
September 17, 2013
Source: Bloomberg Businessweek
Mongolia will take a stake in a domestic uranium venture led by France’s Areva SA and support its development, signaling the nation’s willingness to revive foreign investment, said Prime Minister Norovyn Altankhuyag. More…
September 16, 2013
Source: The New York Times
The partial collapse of a coal mine in northern Afghanistan has killed at least 20 coal miners and injured 14 others, officials said Sunday. Many of those who died suffocated. More…
September 14, 2013
Prime Minister Peter O’Neill aims to advance gas projects in Papua New Guinea as its mining and agricultural industries experience downturns.
“Most of you will know, while we are benefiting from the massive construction phase of our first LNG project, other sectors are being hit hard by low world commodity prices,” O’Neill said at the PNG Advantage conference this week. More…
September 12, 2013
Source: Oyu Tolgoi LLC
The Oyu Tolgoi Board of Directors have today approved the appointment of Craig Kinnell as the new Oyu Tolgoi President and Chief Executive Officer.
Mr Kinnell, currently the Chief Marketing Officer for Rio Tinto Copper, will commence his new position on 1 October 2013. More…
September 11, 2013
Source: Philippine Daily Inquirer
The Philippines will likely miss its mining investment target of $16 billion by 2016 (cumulative from 2004) given its changing regulatory environment and push for higher taxes, Chamber of Mines of the Philippines (COMP) president Benjamin Philip Romualdez said. More…
September 5, 2013
Erdenes Oyu Tolgoi LLC, the Mongolian State owned company, announced the replacement of three board members to Turquoise Hill on Tuesday September 3rd.
Two of the three board members of Oyu Tolgoi LLC representing Mongolia, Chuluun Ganbold and Puntsag Tsagaan have submitted resignations as board members. The third member Natsag Bagabandi is expected to resign soon. More…
September 5, 2013
Workers of the mining industry will hold mass demonstration in Bishkek, Mining and Smelting Committee informed.
According to the committee, protest march of mining workers will take place on September 6. In such a way people want to attract the attention of authorities and the public to the problems of the mining and metallurgical industry, in particular, Kumtor mine. The demonstration is not politically oriented. Miners will come out with the slogan: “Give us a chance to work and earn money!”. More…
September 4, 2013
Source: The UB Post
During last week’s regular meeting of the government, the cabinet agreed to submit a bill that would ease and increase transparency in gold trading to stop illegal exportation and increase the nation’s gold reserve.
The cabinet agreed that the Law on Taxation for Products that Increase in Value, approved in 2006, has put a lot of tax pressure on gold miners and served as the primary reason behind illegal trading and exportation of gold, and tax evasion by gold mines. More…