Mining Reporter Portal - The International Journal for Mining, Equipment and Technology

IEA encourages Turkey to further reform its energy sector and move towards a low-carbon economy

Thursday, 29 July 2010 03:36
Turkey will likely see the fastest medium to long-term growth in energy demand among the IEA member countries,” said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA), today in Ankara. Presenting the new study Energy Policies of IEA Countries – Turkey 2009 Review, he noted that although ensuring sufficient energy supply to a growing economy remains the government’s main energy policy concern, “Turkey has also progressed significantly in all other areas of energy policy over the past few years.”
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Xstrata: Production Report for six months ended 30 June 2010

Thursday, 29 July 2010 02:29

Highlights:

Production volumes increased for ferrochrome, PGMs, Australian coking and semi-soft coal, refined nickel, zinc in concentrate and lead in concentrate compared to the first half of 2009
Ferrochrome production rose by 149% in response to improved market conditions. The third quarter ferrochrome benchmark price was settled at $1.30 per pound
Australian coking coal production was 73% higher following the resumption of longwall operations at Oaky No. 1 in August 2009 and increased productivity at Oaky North. Semi-soft production increased by 50% at the expense of thermal coal volumes to take advantage of higher market prices
During the first half, Xstrata Coal commissioned the underground Blakefield South mine in Australia that will replace Beltana and is ramping up to reach full capacity in the third quarter of 2010 and continued the ramp of the recently completed Goedgevonden greenfield open cut operation in South Africa, to its capacity of 12 million ROM tonnes per annum (100%)
Xstrata’s share of Collahuasi’s copper production increased by 8% to 117,363 tonnes, due to improved mill throughput, ore grades and metallurgical recoveries. Higher copper grades improved production at Kidd Mine
Total refined nickel increased by 8% as the integrated nickel operations maximised capacity through processing all of Xstrata Nickel Australasia’s feed. In April, Nickel Rim South commenced full mine operation and is on track to reach full capacity of 18,000 tonnes of nickel in concentrate per annum in 2011
The ongoing transformation of Xstrata Zinc through expansions and productivity improvements at the Australian operations contributed to a 6% increase in production of zinc in concentrate. Zinc metal and lead metal volumes increased with all smelters operating at full capacity.

Thursday, 29 July 2010 01:24

With more utilities seeking to boost the output of their existing nuclear power plants to generate more low-carbon electricity, Global Nuclear Fuel-Americas (GNF) is manufacturing more efficient fuel technology to help operators achieve their energy and emissionsreduction goals.

Xcel Energy is the latest U.S. utility to address its future nuclear fuel supply needs by selecting GNF to continue providing reliable fuel and reload-engineering services to the company’s Monticello Nuclear Generating Plant. The plant is located about 50 miles northwest of Minneapolis, where Xcel Energy is headquartered.

Thursday, 29 July 2010 01:03
Tullow Oil plc (Tullow) announces that the Ngiri-2 appraisal well, which is located in the Butiaba region of Uganda Block 1, has encountered over 40 metres of net oil bearing reservoir in two zones within an overall 131 metre gross oil bearing interval.
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BP: Second quarter 2010 results

Wednesday, 28 July 2010 18:16

Second quarter and half year 2010^(a)

Second quarter	First quarter	Second quarter	$ million	First half
2009	2010	2010	$ million	2010	2009

4,385	6,079	(17,150)	Profit (loss) for the period ^(b)	(11,071)	6,947
(1,245)	(481)	177	Inventory holding (gains) losses, net of tax	(304)	(1,420)

3,140	5,598	(16,973)	Replacement cost profit (loss)	(11,375)	5,527

16.76	29.82	(90.35)	- per ordinary share (cents)	(60.58)	29.51
1.01	1.79	(5.42)	- per ADS (dollars)	(3.63)	1.77

Wednesday, 28 July 2010 18:14
The company will also tell analysts later that it plans to sell assets for up to $30 billion over the next 18 months, primarily in the upstream business, and selected on the basis that they are worth more to other companies than to BP. This portfolio high grading will leave the company with a smaller but higher quality Exploration & Production business.
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BP CEO Tony Hayward to Step Down and be Succeeded by Robert Dudley

Wednesday, 28 July 2010 18:13
BP announced that, by mutual agreement with the BP board, Tony Hayward is to step down as group chief executive with effect from October 1, 2010. He will be succeeded as of that date by fellow executive director Robert Dudley.
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Teck Reports Second Quarter Results for 2010

Wednesday, 28 July 2010 10:53
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced quarterly earnings of $260 million, or $0.44 per share, for the second quarter of 2010. Our operating profit before depreciation was approximately $1.0 billion and EBITDA was $844 million in the second quarter.
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Titan Uranium Inc. Commences Summer Drilling Program on Border Block Project

Wednesday, 28 July 2010 09:44
Titan Uranium Inc. (“Titan” or the “Company”) (TSX-V:TUE, FSE:T4X) announce that the Company’s Summer 2010 drilling program is now underway on the Border Block project. The Border Block project is the subject of a Letter of Agreement between Titan and Japan Oil, Gas and Metals National Corporation (JOGMEC) wherein JOGMEC can earn a 50% undivided interest in the project by funding Cdn $6 million in exploration over four years.
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Terex Announces Second Quarter 2010 Results

Wednesday, 28 July 2010 08:33
Terex Corporation (NYSE: TEX) announced a net loss from continuing operations for the second quarter of 2010 of $13.1 million, or $0.12 per share, compared to a net loss from continuing operations of $99.6 million, or $1.00 per share, for the second quarter of 2009.
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Orvana Signs Term Sheet with Credit Suisse AG for US $50 Million Debt Financing

Wednesday, 28 July 2010 07:21
Orvana Minerals Corp. (“Orvana”) (TSX symbol: ORV) announced that it has signed a term sheet with Credit Suisse AG (“CS”) for a US $50 million five-year term corporate debt facility.
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Arch Coal Elects Two New Board Members

Wednesday, 28 July 2010 06:18

Arch Coal, Inc. (NYSE: ACI) today announced that J. Thomas Jones, CEO of West Virginia United Health System, and Peter I. Wold, president of Wold Oil Properties, have been elected to the company's board of directors. With today's additions, Arch Coal now has a 14-person board.

Wednesday, 28 July 2010 05:48
Animas Resources Ltd. (TSX.V:ANI) report significant progress in its field exploration program at El Tigre, Santa Gertrudis Mexico.
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Kinross agrees in principle to sell Diavik interests

Wednesday, 28 July 2010 05:06
Kinross Gold Corporation (TSX: K, NYSE: KGC) announced today that it has reached an agreement in principle with Harry Winston Diamond Corporation (TSX: HW; NYSE-HWD) ("Harry Winston"), pursuant to which Kinross will sell its 22.5% interest in the partnership holding Harry Winston's 40% interest in the Diavik Diamond Mines joint venture to Harry Winston for US$220 million, comprised of US$50 million cash, approximately 7.1 million Harry Winston common shares with a value of approximately US$100 million, and a note payable in the amount of US$70 million.
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Kinross sells Harry Winston shares

Wednesday, 28 July 2010 04:04
Kinross Gold Corporation (TSX: K, NYSE: KGC) announced that it has entered into an agreement with a group of financial institutions to sell its approximate 19.9% equity interest in Harry Winston Diamond Corporation (TSX-HW; NYSE-HWD) ("Harry Winston"), consisting of 15.2 million Harry Winston common shares, on an underwritten block trade basis.
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