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West Africa emerging as the new Pilbara

Richard — Wed, 23 May 2012 16:48:06 +0000

West Africa is emerging as the next significant iron-ore province after Australia’s rich Pilbara and is attracting the attention of global majors and the Chinese, says the London-Aim-listed West African Minerals. Major diversified miners are attracted to the area by the potentially large, high-grade deposits generally with low impurities and low processing costs.

See http://www.miningweekly.com/article/west-africa-emerging-as-the-new-pilbara-west-african-minerals-2012-05-21.

Australia’s mining reforms have gone distinctly “down under”

Richard — Wed, 23 May 2012 16:36:53 +0000

The Labor-held federal Australian government recently presented its much-awaited 2012 budget. And what a mess of potage it turns out to be! According to Rob Burgess of the Business Spectator, the country’s mining sector “currently accounts for 30 per cent of ‘gross operating surplus’ – its basic approximation of who’s making all the money in this country.” Miners pay only 15 per cent of company tax at present, and they were expecting a further cut in the tax, ostensibly to promote more jobs. But this hasn’t materialised. For the cut was “to come out of the revenue that the government speculates can be raised from the minerals resource rent tax [MRRT].” Now, it seems, the MRRT itself has just about bombed. This affects, among others, Anglo American, BHP Billiton, Rio Tinto and Xstrata.

See http://www.minesandcommunities.org/article.php?a=11692.

Protests threaten energy-hungry miners in Chile

Richard — Wed, 23 May 2012 16:35:40 +0000

Residents close to a proposed new coal-fired power plant in Chile’s Atacama desert region claim its emissions will harm air quality. They also say the temperature of water, released back into the ocean, will impact fish and marine life. The plant is designed to provide power to major copper mining projects, and the proposal is “seen as a litmus test for a string of other potential flashpoints in Chile”.

This article mentions, among others, Anglo American, BHP Billiton and Xstrata.

See http://www.minesandcommunities.org/article.php?a=11695.

Rio returns to PNG

Richard — Fri, 11 May 2012 17:08:26 +0000

RIO Tinto has joined the growing ranks of major miners lured to Papua New Guinea. It did not make any grand announcements on the matter but has picked up at least three tenements.

See http://www.pngindustrynews.net/storyview.asp?storyid=8682927&sectionsource=s0…
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Qatar plonks $4 billion on Xstrata and hands Glasenberg another victory

Richard — Fri, 11 May 2012 17:05:09 +0000

The Financial Times reports that the oil and natural gas rich nation of Qatar has plans to up its stake in Xstrata, currently negotiating a $90 billion merger with Glencore International, to over 10%, which would make the country’s sovereign wealth fund the diversified miner’s second largest shareholder.

See http://www.mining.com/2012/05/10/qatar-plonks-4-billion-on-xstrata-and-hands-glasenberg-another-victory/.

Philippines: Miners and military create refugees

Richard — Fri, 11 May 2012 17:03:01 +0000

Displaced indigenous peoples’ leaders and human rights activists from Mindanao have been in Manila to condemn the military actions that forced them from their homes. As their testimony noted, many were driven out to make way for large-scale developments, including mining. Sharon Liguyon, wife of slain indigenous leader, Jimmy Liguyon, lamented: “Our lands are being taken away from us. Mining companies and the military brought fear and havoc in our communities … we want peace in our communities, and we demand justice.”

Also in Mindanao, a fact-finding mission travelled to Tampakan at the invitation of the indigenous B’laan, who recently erected barricades against the entry of the mining company controlled by Xstrata.

See http://www.minesandcommunities.org/article.php?a=11678&l=1.

Xstrata parody leaves mining giant fuming yet again

Richard — Fri, 11 May 2012 16:59:49 +0000

EFFORTS by coal giant Xstrata to purge a parody mining commercial from video site YouTube have backfired, reigniting interest in the months-old clip. The commercial, created as part of a union campaign by former Chaser member Charles Firth, was deleted from the Australian Manufacturing Workers Union’s YouTube account in early December after a complaint from Xstrata.

However, a different YouTube user has uploaded the video to YouTube again.

See http://www.smh.com.au/business/xstrata-parody-leaves-mining-giant-fuming-yet-again-20120423-1xhac.html#ixzz1uZXb2UY2.

Watch the video at http://www.youtube.com/watch?feature=player_embedded&v=FA7EucYwcwI.

Xstrata pressed on record in Peru and Colombia

Richard — Fri, 04 May 2012 19:15:05 +0000

Representatives of communities affected by Xstrata’s operations in the Espinar region of Peru attended the massive London-listed mining company’s AGM in Switzerland on Tuesday 1 May. They called for compensation and a solution to the problem of water pollution around the company’s Tintaya and Antapaccay projects. Xstrata was condemned for lack of respect for the communities at Espinar.

Supporters of communities affected by the Cerrejon coal mine in Colombia (jointly owned with Anglo American and BHP Billiton) called for just resettlement agreements with affected communities, a halt to legal proceedings to take possession of the community of Roche, and abandonment of plans to reroute the areas only major river – echoing concerns raised at Anglo American’s London AGM on 19 April (see http://londonminingnetwork.org/2012/04/5590/).

A webcast of Xstrata’s AGM, including questions and answers, can be accessed at http://www.media-server.com/m/p/s88xdvn4.

See also Xstrata woos waverers to back $39bn Glencore deal, http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=150559&sn=Detail&pid=92730.

Mining giant Glencore accused in child labour and acid dumping row

Richard — Wed, 25 Apr 2012 13:53:44 +0000

Glencore, the commodity and mining firm worth £27bn, stands accused in the Democratic Republic of the Congo of dumping raw acid and profiting from children working 150ft underground. The revelations come as the notoriously secretive Swiss-based company, which floated on the London Stock Exchange last year, seeks to merge with mining firm Xstrata in a £50bn-plus deal.

See http://www.minesandcommunities.org/article.php?a=11640.

Philippines: Mining abuses continue with no promised changes in the law

Richard — Thu, 12 Apr 2012 14:49:45 +0000

The drama over the proposed Executive Order of the Philippine President, Nonoy Aquino, continues. There are further hints about its coming out, but when, how – or indeed if – it will appear is now anyone’s guess. A recent article explains that the mining development on Nonoc island remains stalled thanks to incompetence and corruption. It hints at the difficulties any such order will have in dealing with the endemic problems of the Philippine mining industry.

And, while everyone waits, the abuses pile up. Xstrata‘s controversial Tampakan project hits the headlines as communities blockaded the company once again, this time over relocation issues. Although the issue has apparently been solved, it bodes ill for continuing development of the project.

See http://www.minesandcommunities.org/article.php?a=11610.

Xstrata Wins Approval for Biggest Australian Coal Mine

michaela — Thu, 05 Apr 2012 09:32:09 +0000

Xstrata Plc, the world’s largest exporter of power-station coal, won court approval to build the A$6 billion ($6.3 billion) Wandoan coal mine in Australia that opponents say threatens the Great Barrier Reef. Carmel MacDonald, president of the Land Court of Queensland, ruled that opponents hadn’t proved the mine would cause environmental harm justifying it being blocked.

See http://www.bloomberg.com/news/2012-03-27/xstrata-wins-court-approval-for-australia-s-biggest-coal-mine.html.

‘Philippine Mining Act cannot be saved by executive order’

michaela — Thu, 05 Apr 2012 09:21:33 +0000

The “will he won’t he” political pantomime continues as President Aquino’s promised executive order (EO) on mining in the Philippines is further postponed. The vacuum created by inaction is being more than filled with speculation; the most recent being on whether there will be an executive order at all. While the industry lobby blasts away, many mining opponents note that even a favourable EO is unlikely to get at the root of the problems in the original 1995 Mining Act. There have been a number of recent events that prove this point. Once again the human rights violations at Xstrata’s Tampakan mine have been highlighted.

See http://www.minesandcommunities.org/article.php?a=11579&l=1.

Australia passes controversial mining tax into law

michaela — Wed, 21 Mar 2012 21:14:17 +0000

The Australian Senate has pushed through into law a 30% tax on iron ore and coal mining companies. The tax will raise A$10.6bn ($11.2bn, £7bn) over three years from major companies including BHP Billiton, Rio Tinto and Xstrata.

See http://www.bbc.co.uk/news/business-17441170.

See also: Court threats loom as Australia’s mining tax passed http://www.google.com/hostednews/afp/article/ALeqM5hymTU1FJTqrQfMtQ0z2PXP2IzOygdocId=CNG.9fd2e1098c02c3cc04099ac8d7f2e9e9.11.

Philippines: Anniversary knocked while President delays reforms

michaela — Fri, 16 Mar 2012 22:20:42 +0000

The debate on mining continues to dominate the Philippine media. There has been a ‘flurry’ of activities to coincide with the anniversary of the Philippine Mining Act, which has also collided with the on-going lobbying of the President over the much heralded, and now much delayed, Executive Order on mining.

These activities include a number of conferences which have produced statements, as well as a number of demonstrations. The conferences were organised by different Churches, and their support groups, as well as different political groupings. The Catholic Church has once again been particularly strident in declaring the link between mining and poverty.

There was also a national debate between so called ‘pro’ and ‘anti’ mining advocates, which led to a great deal of simplified coverage, but also picked up on the theme of mining and poverty. It is this worry that is at the heart of much indigenous opposition to specific projects. Local B’laan leaders talk of the harassment brought upon them by their opposition to Xstrata’s Tampakan project.

See http://www.minesandcommunities.org/article.php?a=11547.

Glencore/Xstrata merger news

michaela — Fri, 16 Mar 2012 22:13:26 +0000

Glencore faces stand-off in Xstrata charm offensive

Glencore, days into a campaign to win approval from recalcitrant Xstrata shareholders for a $36-billion bid, is facing a stand off as naysayers dig in their heels and the trader warns it would walk away rather than overpay.

See http://news.yahoo.com/glencore-faces-stand-off-xstrata-charm-offensive-171308625.html.

Glencore raising new $6bn loan – extending existing too

Commodities trader Glencore is raising a $6 billion syndicated loan to back a $37 billion bid for miner Xstrata and is also extending $11.85 billion of existing loans, banking sources said.

See http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=146912&sn=Detail&pid=92730.