An executive briefing on mining for April 21, 2008, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities.
China’ss copper consumption remains sluggish
Beijing -China’s copper consumption has not yet shown tangible growth in the second season regarded as a robust demand season for the year, according to CBI China, a specialised commodity market information provider.
The operation rate of 18 major Chinese copper rod and wire producers reached 75.7% in April as against 85.6% in the same month of 2007.
Philippines Mining Investment to reach US$10b by 2011
Manila-Malacanang on Sunday said the Philippine mining sector has the potential to grow by as much as five times to US$10 billion by 2011.
In his weekly: “View from the Palace,” Press Secretary and Presidential Spokesman Ignacio Bunye said there had been significant interest and investment from foreign mining companies since the Supreme Court ruling in 2005 which opened up the mining sector to foreign investors.
Australia’s iron road set to raise US$4.66 million ahead of listing
Perth -Junior iron ore explorer Iron Road Ltd is seeking to raise US$A5 million (US$4.66 million) ahead of its planned listing on the Australian stock exchange in June.
Its initial public offer (IPO) opens on Monday, April 28 and involves the issue of 25 million ordinary shares at a price of 20 cents each.
Apenxindo renews drilling contract worth US$32.6 million with Chevron
Jankarta -Indonesian Mining rig operator PT Apexindo Pratama Duta said it has renewed its geothermal drilling contract with Chevron Geothermal Salak Ltd worth US$32.6 million.
The new contract will extend its contract of drilling geothermal for Chevron in Gunung Salak, West Sumatra, for another two-years until March 2010, Apexindo President Hertriono Kartowisastro said.
Indonesia’s Bumi Resources extends deadline on debt funding
Perth -Indonesia’s largest coal miner, PT Bumi Resources Tbk, has for the second time extended its deadline to finalise debt funding to partially finance its US$A444.8 million (US$414.73 million) takeover bid for zinc hopeful Herald Resources Ltd.
Last month, the would-be predator extended the date by which the debt facility must be executed to April 4.
PT Timah set to post nearly 25% income increase US$1.15 billion
Jakarta -Indonesian state-owned tin mining company PT Timah hopes to chalk up income at Rp10.49 trillion (US$1.15 billion) this year or an increase of 24.85% from last year, a company executive said.
The prediction is based on the performance in this year’s first quarter when the company posted a 52% increase in net profit to Rp478 billion despite a slight 5.08% fall in sales to Rp1.77 trillion, its Finance director Krishna Syarif said.
Indonesia’s Antam gets nod to up bid for herald resources
Jakarta -PT Aneka Tambang has been sanctioned by its shareholders to up its bidding price to A$A693.93 million (US$647.02 million) or A$3.5 per share of Australia’s Herald Resources Ltd.
Rival bidder PT Bumi Resources through Calipso Investment Ltd has not change its position with a bidding price of A$2.25 per share although it has said studying possibility to raise the price.
China’s Cosco, GPI to team up on Coal Transport JV
Jakarta -China’s Ocean Shipping Co (Cosco) has agreed to team up with PT Global Putra International (GPI) to establish a joint venture coal transport company with an investment of up to US$1 billion.
GPI chief executive officer Sumadi Kusuma said the joint venture company would buy 8-10 ships for coal transport, mainly from Indonesia to China.
India’s MMTC board approves proposal for JV with Tata Steel
New Delhi -Indian trading company MMTC on Thursday said it would set up a joint venture with Tata Steel Ltd for mines exploration.
“The MMTC Board approved the proposal for the JV with Tata Steel for exploration and development of mines for minerals, ferrous and non-ferrous ores, precious metals, diamonds and coal on public-private partnership route,” the company said in a release.
Australia’s Cazaly loses battle with Rio Tinto over Shovelanna
Melbourne-Cazaly Resources Ltd has lost its three-year battle with Rio Tinto Ltd over the ownership of the Shovelanna iron ore deposit after the High Court refused an appeal.
The High Court’s refusal to grant Cazaly’s special leave to appeal effectively ends the bitter stoush for the lucrative iron ore deposit in Western Australia.