en_矿业资讯

China backs giant Venezuela goldmine
Source: www.chinamining.org Citation: Associated Press Date: Sep.24, 2012

Venezuela`s President Hugo Chavez plays guitar at a cabinet meeting.

Chinese and Venezuelan officials have signed an agreement to jointly develop one of the world`s biggest gold mines, the Las Cristinas asset near a town bearing the name of the mythical golden city of El Dorado.

The agreement to develop the Las Cristinas gold mine was signed by officials of the Venezuelan Government and Chinese company China International Trust and Investment Corp (CITIC) at the weekend.

It comes as a blow to Western mining companies that had eyed the massive deposit, such as Canada`s Crystallex International Corp, which has appealed to the World Bank arbitration body for $3.7 billion in compensation after its development permit was cancelled.

The Las Cristinas ore body, in southern Bolivar state, is estimated to contain 17 million ounces of gold. Previous proponents had flagged a low-grade, high-tonnage operation producing more than 200,000oz of the precious metal a year.

Venezuelan President Hugo Chavez called it an agreement to begin exploiting both gold and copper deposits at the mine. He described Las Cristinas as "one of the biggest reservoirs of gold that exists - not only in Venezuela, not only in Latin America, but in the world".

Officials did not discuss financial details of the agreement but said it specified engineering, construction and processing of the gold and copper. Mr. Chavez said officials also signed an agreement to produce a map of mineral deposits in Venezeula.

China`s ties with Venezuela have grown rapidly in recent years, encouraged by Mr. Chavez who has shunned traditional Western allies, such as the US, during his 13-year rule of the South American OPEC member. China also has become the country`s biggest creditor, offering Mr. Chavez`s Government more than $US36 billion in loans, which are being paid off largely with increasing oil shipments.

Development of Las Cristinas has been dragging on for decades because of bureaucratic, political and financing issues, while locals say the project is cursed.

The Las Cristinas ore body is massive but low grade, with Crystallex putting the average grade at 1.13 grams per ton gold. It had flagged an operation producing 233,000oz annually for 65 years.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2012 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 3-6, 2012. We invite you to join the event and to celebrate the 14^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.

                                                           Iron ore imports pile up in China`s ports    
                                                                Source: www.chinamining.org  Citation: Xinhua  Date: Sep.05, 2012 Iron ore stockpiles continued to build up at 25 major ports during the week ending on September 3 as Chinese steel makers posted widespread losses in the first seven months of the year, according to Xinhua`s latest iron ore price report released on Tuesday.

Inventories of imported iron ore at the ports climbed 1.86 million tons from the previous week to 102.53 million tons.

The price indices for 63.5-percent-grade and 58-percent-grade iron ore imports both dropped 11 points to reach 97 points and 78 points, respectively.

Most steel companies were reluctant to fill their stocks of raw materials, as demand from the property and manufacturing sectors, the industry`s primary customers, has remained weak amid the current economic slowdown.

"In the short-term, the iron ore market will continue to suffer from oversupplying and the downward trend seems irreversible," Xinhua analysts said in the report.

Chinese steel companies saw their profits decline sharply in the first half, with the sector`s combined profits tumbling 49.4 percent from a year earlier to 6.64 billion Yuan ($1.05 billion), data from the National Development and Reform Commission showed.

Of the steelmakers, 37 listed companies were hit hardest by the economic slowdown, with their combined net profits plunging 75.29 percent from a year ago to 3.8 billion Yuan in the first six months, according to their half-year reports.

China`s crude steel output added 2.1 percent year on year to 419.46 million tons, while iron ore imports rose 9.1 percent to 424.88 million tons in the January-July period, according to the NDRC data.

The price of iron ore plunged about 40 percent from a year earlier to 99.6 U.S. dollars per ton at the end of August, according to data from the Steel Index.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2012 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 3-6, 2012. We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.  

                                                      China`s coal price `to rebound` in September       
                                                             Source: www.chinamining.org  Citation: China Daily  Date: Jul.30, 2012

China`s thermal coal market will rebound in late September as the country`s economy recovers, boosting demand, said the head of Yanzhou Coal Mining Co, the nation`s fourth-largest coal producer, on Friday.

"China`s economy is strengthening, so we expect that the demand will start increasing at the end of the third quarter this year," Li Weimin, chairman of the company, said in Sydney on Friday at an investor briefing for Yanzhou-controlled Yancoal Australia Ltd, listed on the Australian stock exchange, according to Bloomberg.

He said the thermal prices will stabilize in September.

"Coal prices are hitting the bottom and we are waiting the rebound," he added.

Shandong-based Yanzhou Coal Mining Co is the key energy group in the province. Amid falling coal prices and weak demand since March, the company realized total revenue of 45.2 billion Yuan ($7.2 billion) in the first half, up 4 percent year-on-year.

The company aims at reaching total coal output of more than 100 million tons with revenue of 100 billion Yuan this year, according to the company.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2012 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 3-6, 2012. We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.  

                                              China`s coal mining provinces cut output to reduce oversupply      
                                                                        Source: www.chinamining.org  Citation: Platts  Date: Jul.13, 2012

China`s major coal mining provinces, including northern China`s Shanxi and eastern China`s Shandong, have cut or have plans to cut coal output in a bid to alleviate oversupply and end persistent weakness in the domestic coal market, industry sources told Platts Thursday.

A number of Shanxi-based coal miners are said to have cut their coal output by 20-30% since May, according to a source at a big Shanxi-based coal mining and trading company.

 "Our company has cut coal output by 10-20% since May," he said, adding that his company has coal stocks of about 6 million mt, compared to its current mining capacity of about 10 million mt/year.

Shandong Province will enact measures to cut local coal output with a view to stopping coal prices from slipping further in the second half of 2012, according to a release on the official website of the Shandong Provincial Economic and Information Committee.

The province had total coal stocks of over 11 million mt at the end of June, able to last for 32 days of burn at local power plants.

 "Stocks at local power plants and coal ports are still too high and probably that is the reason for the planned output cuts in the second half of 2012," a Shandong-based trader said.

China`s largest coal miner Shenhua Group, however, has no plans to cut its output in the second half of 2012, a source of Shenhua Group`s corporate office told Platts Thursday.

"We are still planning to achieve a 4-5% year-on-year increase in coal output in 2012," he said. In 2011, Shenhua Group mined 400 million mt of crude coal, up 12% year-on-year.

 In the first half of 2012, China`s railroads carried 1.1658 billion mt of coal, up 4.5% year-on-year.

"The year-on-year rise in coal railings indicate that China`s major coal mining provinces have not cut their output much," Mao Xiaoling, an analyst with Beijing-based Dexin Yongming Consultation.

Shaanxi Province, for example, mined 42.07 million mt of coal in June, up 14.2% year-on-year, although down 2.2% from 43.01 million mt in May, Platts reported previously.

Additionally, small coal miners and small coal mining provinces are more likely to cut their output than big ones in that the former are more vulnerable to unfavorable market conditions, Mao noted.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2012 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 3-6, 2012. We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.  

                                                      World`s largest tungsten ore mine found in Jiangxi         
                                                                   Source: www.chinamining.org  Citation: China.org.cn  Date: Jun.07, 2012 The largest tungsten ore mine, with a proved reserve of 1.06 million tons, has been found in Jiangxi Province, according to the Ministry of Land and Resources of China.

[File photo]The largest tungsten ore mine, with a proved reserve of 1.06 million tons, has been
found in Dahutang Area, Wuning County, Jiujiang City, Jiangxi Province.

The mine is located in Dahutang Area, Wuning County, Jiujiang City, and was found by Jiangxi Geology & Mineral Resources Exploration & Development Bureau after 18 months of exploration. The exploration project was part-funded by Xiamen Tungsten Co., Ltd. and it is expected that future yields from the mine will make the company increasingly self-sufficient with regard to tungsten ore concentrates.

The proved reserve of the mine has exceeded Jiangxi`s total amount of available tungsten reserves, and has a potential economic value of more than 300 billion Yuan (US$47.13 billion).

As early as May 2011, Xiamen Tungsten Co., Ltd., China Minmetals Non-Ferrous Metals Co., Ltd, Xiamen Sanhong Molybdenum Co. and the Government of Xiushui County of Jiujiang City signed an agreement stipulating that Xiamen Tungsten and Xiamen Sanhong Molybdenum would invest more than 2 billion yuan (US$314.13 million) in the surveying and subsequent exploitation of the tungsten ore mine.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2012 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 3-6, 2012. We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.  

                                                                 China to impose rare earth tax        
                                                             Source: www.chinamining.org  Citation: MINEWEB  Date: Jun.05, 2012 China is looking to allocate a value-added tax (VAT) permit to rare earth companies in a bid to regulate overproduction of the mineral and to collect revenue. By issuing the special VAT slip, the government will have full control over which companies are exporting rare earths and what quantities they can export.

The Ministry of Industry and Information Technology in China is also considering a national inventory reserve of rare earths and will look at strategic buying and selling, where producers buy up surplus supply when prices fall and sell when prices rise.

China exports more rare earths than any other country in the world, accounting for more than 90% of the world`s demand. This commanding position has been achieved despite the fact that the Asian major currently has only about 30% of global rare earth reserves.

Though the percentage of VAT is, as yet, unclear, traders say it is bound to lift prices of rare earths out of China. Once instituted, the tax would be almost impossible to avoid. The government`s move would also mean strict control and supervision over the whole process, from production to sale.

Currently, the tax rate of mined light rare earths is 60 yuan per tonne, while that of medium and heavy rare earths is set at 30 yuan per tonne.

The new tax will allow plants with a production capacity of 1,000 million tonnes of light rare earth concentrates, to only sell around 450 to 500 million tonnes of rare earth oxides, that can be produced from the concentrates. If the company sells more, it would amount to underreporting of concentrates or obtaining output from elsewhere and selling illegally.

Though China has enforced a `mandatory production plan` for rare earths since 2007, the new tax would help the government tighten control over exports and production of the valuable metals.

Jia Yinsong, the Director of Rare Earths Office of the Ministry of Industry and Information Technology has been quoted by news reports as saying that according to the 2011 quota, the export volume for rare earths should have been 18,000 tonnes, but the actual amount was around 36,000 tonnes. This would mean that nearly half of the rare earths production was smuggled.

To curb the tendency, the government is all set to issue the new and special VAT.

In the case of the national reserve, the ultimate goal is to create a rare earth trading platform, where China expects legitimate miners to participate. The government is said to be conducting a series of talks with the country`s rare earths enterprises to initiate the process. A detailed project plan towards the creation and management of the national reserve will soon be formed.

Reports indicate that rare earth companies in Sichuan and Inner Mongolia are to be the first companies to be allocated the VAT permits, in a bid to regulate the overproduction of the mineral. Companies that have received notification from the government said the tax permit will be issued by the State Administration of Taxation this week.

Rare earth reserves in Sichuan and Inner Mongolia are relatively centralised and easy to supervise, while the reserves in Fujian, Guangdong and others regions are scattered. Reports indicate that the initial steps in Sichuan and Inner Mongolia could well result in the authorities extending VAT to the whole country.

"The special invoice has a two-dimensional code, and will be needed by any producing company who would want to continue operations,`` an official with China Minmetals Rare Earth Company told newswire agencies.

He added that the VAT system would help the government control overcapacity, illegal mining, resource drainage and pollution of mines in the rare earth industry.

Jiangxi province, which has the country`s largest reserves of heavy rare earth metals, will also have separate controls on exploration. ``The volume of this year`s rare earth exploration in Jiangxi will be equal to that of the previous year, but we will concentrate more on the sustainability of the industry`s development,`` Hu Xian, director of the department of land and resources of Jiangxi province told newswire agencies.

Li Shanle, an official with the bureau of industry and information technology in Jiangxi province said the VAT introduction was an important regulatory step. The tax will cover mining and smelting, separation and distribution of rare earths. While it will control illegal mining, the new tax will also differentiate between light rare earths and heavy rare earths.

The booming rare earth industry in China has attracted many firms. Aluminum Corp of China signed a cooperation framework agreement on March 12 with Guangxi Nonferrous Metals Group and Grirem Advanced Materials Company. Together, they are to establish a venture developing rare earth resources in South China`s Guangxi Zhuang autonomous region.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2012 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 3-6, 2012. We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.      

                                            Production at Chinese copper fabricators slowing:Beijing Antaike          
                                                       Source: www.chinamining.org  Citation: Platts  Date: May.24, 2012 Production at Chinese copper fabricators has slowed this year due to higher costs and financing issues, according to a report released Tuesday by Beijing Antaike, the state-owned metals research firm.

Citing recently released data from the China Nonferrous Metals Industry Association, Antaike analysts noted that production of semi-fabricated copper products peaked last year at 10.28 million mt.

Semi-fabricated copper production in January-February 2012 totaled 1.58 million mt, up nearly 18.75% from January-February 2011, but the pace is slowing, Antaike said.

"Chinese copper fabricators have entered a bottleneck period after several years of capacity expansion, as refined copper prices have been rising and demand of end-users went down," Antaike analysts said in the report.

Production of air conditioning copper tube was the best over the period, with production of copper wire rod second, while orders for copper plate and strip decreased sharply.

Capacity utilization by copper fabricators has gradually declined, falling to 81.84% in 2011, 3.4 percentage points lower than 2010, according to CNIA data.

According to a survey of Chinese wire cable makers, more than 70% said that April orders saw no obvious increase from March and that most orders were short term, Antaike analysts said.

"Profit was squeezed due to weak demand for copper products in domestic and overseas markets," they added.

As a result, monthly semi-fabricated copper production is likely to grow an average of 2.77% in the first six months of this year, but then decline to an average of 0.98% in the second six months.

The power industry will likely continue to be the largest consumer of copper products in China, Antaike said. Strong semi-fabricated copper production by the electrical power industry kept operating rates at wire and rod makers relatively high over the period, according to Antaike analysts.

Operating rates in copper tube manufacturers are slowly improving, while operating rates for air conditioning tube makers were in the range of 75-80%, leaving only a few enterprises at more than 90%, Antaike analysts said.

The operating rate of most copper rod producers was around 75% in the January-February period, with some enterprises over 80% while the operating rate at producers of copper plate and strip was below 70%.

Turning to fixed-asset investments related to copper, Antaike analysts cited statistics from the China Electricity Council showing that overall investment in electrical power construction reached Yuan 68 billion ($10.75 billion) during January-February, up 17.1% from the year-ago period.

Of that total, investment in electrical power sources came to Yuan 45.1 billion, while investment in the power grid totaled Yuan 22.9 billion, up by 22.9% and 7%, respectively, from January-February 2011, according to Antaike analysts.

"[The] power industry is still the biggest driving force for Chinese copper consumption growth. Antaike estimates that refined copper consumption will be 1.77 million mt in Q1 of 2012, with a slowdown growth rate of 4.1% year over year," they said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2012 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 3-6, 2012. We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.  

                                                                  China still the largest gold consumer        
                                                                   Source: www.chinamining.org  Citation: Global Times  Date: May.21, 2012 China`s gold demand bucked the global trend by increasing over 9 percent year-on-year to hit a record high of 265.7 tons in the first quarter, driven by the country`s growing appetite for jewelry and gold investment, a World Gold Council (WGC) report said Thursday.

China has been the world`s largest gold consumer for the second quarter in a row, beating India`s consumption of 207.6 tons in the first quarter, which represented a 29 percent decline year-on-year.

"Further growth in gold consumption is expected in China, as consumers are still wary of high inflation rates, and the country`s restrictions on the property market continue," said the WGC report.

In the first quarter, China`s gold investment demand expanded to a record high of 100 tons, up 13 percent compared with the same period in 2011. Demand for gold jewelry reached 165 tons in the first quarter, 7 percent higher year-on-year.

China`s demand for gold jewelry currently accounts for over 30 percent of the world`s demand, making it the largest gold jewelry consumer for the third consecutive quarter.

"Even though China`s economic growth is slowing down, it is still very likely that China will become the largest source of world gold demand for the whole year," Albert Cheng, managing director of the WGC`s Far East division, told the Global Times Thursday.

In the first quarter, the world`s gold consumption dropped 5 percent year-on-year to 1,097 tons, mainly because gold prices have surged 22 percent from a year ago and because demand in India also fell significantly over the same period, said the WGC report.

Currently China and India account for some 50 percent of the world`s gold demand. But the Indian government has hiked jewelry taxes and raised gold import duties, said the WGC, which resulted in the sharp drop in first-quarter demand.

"Gold demand will surely be dampened when the economy slows down, as the demand for jewelry and gold for industrial use will shrink amid gloomy economic prospects," Song Jingyi, an investment consultant at Sinolink Securities, told the Global Times Thursday.

"China`s gold investment demand will depend on price expectations, and the performance of other sectors like the real estate sector and the stock market," said Cheng from the WGC.

Affected by the financial crisis in the eurozone, currently the world`s gold prices have dropped to a four-month low of some $1,540 per ounce.

But Zhang Bingnan, vice president of the China Gold Association, said that gold prices are expected to rise in the second half of this year.

"In the long run, gold will still be an important investment for people to avoid risks," Zhang told the Global Times.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year.  As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2012 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 3-6, 2012. We invite you to join the event and to celebrate the 14th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2012, please visit: www.chinaminingtj.org.