August 13, 2013
To boost Papua New Guinea’s economic development, the country needs to prudently manage its natural resources
By John Enos
As one of the most isolated and remote countries on earth, Papua New Guinea (PNG) has caught the eye of investors due to its substantial natural resource wealth. PNG achieved an impressive 8% GDP growth in 2012 and 6.1% growth is projected this year, thanks to the mining sector. Growth is expected to slow to 4%, however, as Exxon-Mobil’s US $19 billion Papua New Guinea Liquefied Natural Gas (PNG LNG) project nears completion in 2014. Revenues flowing to both mining companies and the PNG government have been hit by sliding global commodity prices, highlighting why Papua New Guinea must diversify its economy to avoid the perils of its resource windfall. More…
August 10, 2013
The use of in situ leaching technology at Meilisai, Aulbek, and Northern Maizak mines is not cost-effective due to high carbonate content in uranium ore.
Reposted from Times of Central Asia
Uzbekistan’s Navoi Mining and Metallurgical Plant (NMMP) has suspended the construction of three uranium mines in Central Kyzylkum Desert due to inefficiency of in situ leaching technology used by the plant, a source in the Uzbek Government said.
The source said that the use of in situ leaching technology at Meilisai, Aulbek, and Northern Maizak mines is not cost-effective due to high carbonate content in uranium ore. The source said it is necessary to develop an effective production technology, declining to say when the construction will be resumed. More…
August 5, 2013
Reposted from Mining.com
By Cecilia Jamasmie
Over three years after an earthquake devastated Haiti, killing more than 300,000, the country is banking on its mineral wealth to help take it off the poorest countries in the world list.
Since earlier this year, the country has been working on updating its old mining legislation with the assistance of The World Bank. More…
August 1, 2013
Reposted from Reuters
By Peter Thal Larsen
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
Mongolia’s fairytale economic boom is developing cracks. The failure of the country’s fifth-largest bank and delays to the development of its giant copper mine underscores fears that its growth potential is built on shaky foundations. Yet greater economic realism may ultimately be welcome. More…
July 17, 2013
Mongolia is on investors’ radars again due to successful elections and Oyu Tolgoi’s inaugural copper shipment
By John Enos
Mongolia, once the darling of foreign investors and mining corporations, has had a large question mark looming over it over the past few years as the government has backtracked on previously agreed upon mining profit shares, scaring off many investors and sending the country’s stock exchange on a downward spiral. In recent months, however, Mongolia’s outlook has brightened due to the country’s recent election, the passage of a new Securities Law enacted to further safeguard investors’ interests, and the first successful copper shipment from Oyu Tolgoi mine. Invigorated by this rekindled investor appetite, Mongolia’s economy is projected to achieve 14% GDP growth this year and 11.6% growth in 2014. More…
June 17, 2013
Vietnam and Mozambique are developing trade and investment ties
Reposted from Touitrenews
By Thoai Tran
Mozambique is calling for investment from Vietnam into many sectors, said a high-ranking senior state of official of the Southeast African country at a recent business forum in Ho Chi Minh City.
Agriculture, industrial production, infrastructures, finance/ banking, seafood processing, mining, and telecommunications are potential fields that the Mozambique government is offering many incentives for foreign investors, said Gamilied Munguambe, Mozambican ambassador to Vietnam at Vietnam-Mozambique Business Forum. More…
June 14, 2013
Reposted from Radio Australia
The processing plant of the Lihir mine in PNG.
By Jemima Garrett
Papua New Guinea’s Prime Minister has called for talks with Newcrest Mining as fallout from the company’s asset writedown continues.
The company last week announced a $6 billion reduction in the value of its assets with around half of the writedown coming from Newcrest’s PNG operations.
Prime minister Peter O’Neill has expressed concern at the problems facing Newcrest and the implications for the PNG economy and the resources sector. More…
June 13, 2013
Reposted from Reuters
Rio Tinto is delaying an event to mark first exports from the $6.2 billion Oyu Tolgoi mine in Mongolia, as it awaits final clearance from the government, sources familiar with the situation said on Thursday.
By Terrence Edwards
Reuters and traders had been invited to a ceremony on June 14 at the site in Mongolia’s South Gobi Desert to witness the first exports from the copper and gold mine to China, but were informed late on Wednesday the trip was off.
Oyu Tolgoi LLC said nothing had changed from previous statements that it was expecting first exports before the end of June. Rio Tinto declined to comment.
Start-up of the mine, the biggest in the country, is being closely watched by other companies and investors in Mongolia, who have been rattled over the past year by new regulations and concerns raised by the government over Oyu Tolgoi. More…
May 9, 2013
Reposted from Mining Weekly
LONDON – Canada’s Barrick Gold and Chile’s Antofagasta have given up hope of mining Reko Diq, a disputed but promising copper and gold project in Pakistan’s poorest region of Baluchistan, and will demand compensation instead.
Reko Diq was meant to be the biggest foreign investment in Pakistan’s mining sector. But development has been frozen since 2011 after the provincial government refused a mining license for the venture jointly owned by Barrick and Antofagasta – Tethyan Copper Company – months after a request was submitted.
Tethyan began international arbitration proceedings in November 2011.
May 8, 2013
Reposted from the South China Morning Post
Tavan Tolgoi contains up to 7.5 billion tonnes of high-quality coal.
By Reuters in Ulan Bator
Mongolia’s plan to develop the untapped western block of its massive Tavan Tolgoi coal mine will help raise cash from new customers to offset an exclusive but loss-making supply deal with China’s Chalco, an official with the mine’s developer said.
The mine’s state-owned operator, Erdenes Tavan Tolgoi (ETT), expects to begin exporting coal from the West Tsankhi coal field in the third quarter of this year after opening it up to tender last week, said Tsagaan-Uvgun Delgersaikhan, the head of mine planning at the firm. More…