PTC India Plans Joint Ventures for Coal Mining Assets

PTC India Ltd., the country's largest power trader, plans to form joint ventures to purchase shares of mining projects overseas to help secure fuel supplies for Indian power producers are facing shortage of coal, its chairman said Monday.

New-Delhi based PTC plans to buy coal assets overseas and Indian companies in Indonesia and Australia and may sell the imported coal in India is the spot market or through long term contracts with independent power producers, Tantra Narayan Thakur told Dow Jones Newswires in an interview.

"We would prefer a joint venture for large projects like we do not have such funds, and second, logistics, will be difficult for us to manage large projects alone," Mr. Thakur said.

India, which imports 59 million tons of coal in the fiscal year ending March 2009 is expected to import as many as 150 million tonnes in March 2017 as a local output has not been able to keep pace with the addition of a country's capacity for generating electricity.

India is already facing peak power shortages and the request is considered to lag supply for years to come as the world's second fastest growing economy continues to grow more than 7% per year.

Local power producers and coal miners have been scouting for assets in Indonesia, Australia, Mozambique and the United States is committed to ensuring supply and to guard against price fluctuations.

PTC, which raised 17 billion rupees ($ 368 million) over two calendar years, until the end of 2009 by issuing 144.09 million shares to institutional investors, has set aside 3 billion rupees for coal assets.

"In addition to 3 billion rupees, we will look forward to joint venture partners to provide (the capital) and the company may also seek funding from the private sector," said Mr. Thakur said.

PTC is in the process of preparing a UK fund Ashmore Group to acquire assets related to energy. Some of these results can also be used to buy coal assets, Mr. Thakur said.

PTC and Ashmore was in the final stages of discussions for the funds and can be signed a joint venture by March 31.

"We have not decided on the size of funds," he said, adding that a joint venture agreement has been signed, the company will come to the amount of after market testing.

TCM can also get funding from private equity investors to buy coal mines, Mr. Thakur said.

Canada Stocks Fluctuate as Gold Mining Companies Slips, Energy Producer Rise

Canadian stocks swung between gains and losses as energy producers rose and gold mining companies fell as the precious metal back from the four-week high.

Canadian Natural Resources Ltd., Canada's second largest energy company by market value, advanced 0.8 percent after analyst Brian C. Dutton of Credit Suisse Group AG raised his rating on the stock to "exceed" from "neutral." Barrick Gold Corp., the world's largest gold producer, lost 1.4 percent as bullion falls below $ 1120 per ounce. Copper mining company First Quantum Minerals Ltd. rose 2 percent as producers of metals used in industry rose.

Standard & Poor's / TSX Composite Index slipped 9.17 points, or 0.1 percent, to 11,700.12 at 9:51 am in Toronto for what will be the first loss in nine sessions.

S & P / TSX gain 5.3 percent in the eight days through February 19 as a stronger-than-expected corporate earnings in North America over concerns over rising U.S. dollar impact on commodity prices. Since the time of reporting earnings season began on January 11, 63 percent of the S & P / TSX and 78 percent of the S & P 500 companies that have reported have exceeded analysts' estimates.

New Gold Completes Purchase of El Morro

The El Morro project lies in the centre of a huge legal dispute, but New Gold Inc. went ahead and bought it anyway.

Yesterday, the Vancouverbased miner said it closed a transaction to buy 70% of El Morro, a copper-gold deposit in Chile, from Xstrata PLC for US$463-million. It then transferred that stake to Goldcorp Inc., which plans to team up with New Gold to develop the project.

New Gold and Xstrata went ahead and closed the transaction despite a lawsuit from Barrick Gold Corp., which claims it is the rightful owner of the 70% stake in El Morro and has no plans to give up the fight for it.

Barrick struck a deal to buy the stake from Xstrata last fall, but New Gold took it away by exercising its right of first refusal to purchase the interest. However, Barrick claims that New Gold violated Chilean law by immediately transferring it over to Goldcorp.

In its statement of claim, Barrick said it was seeking an injunction preventing New Gold and Goldcorp from buying the Xstrata interest. However, Xstrata still decided to go ahead and sell it, even with the lawsuit hanging over the transaction.

Randall Oliphant, executive chairman of New Gold, said he is confident that Barrick’s suit will be dismissed. “Our view has been absolutely consistent, that we have a right of first refusal and we’re going to work towards completing our transaction,” he said.

As part of the deal with Goldcorp, New Gold received US$50-million in cash, and Goldcorp agreed to pay for all of the development costs at El Morro.

Queenston Mining Reported New Drilling Results Expanding Gold-Copper Mineralization

Queenston Mining Inc. has announced that the new drilling results extending copper gold mineralization they owned Upper Beaver property. Property is located in Kirkland Lake, Ontario.

Exercise program is in progress using 3 rigs that provide infill drilling to improve the current NI 43-101 mineral resources and expand the deposit along strike and depth. A total of 12 holes and reported represent slices of drilling 5726 meters.

Resources in the Upper Regions, drilling to expand the surface deposit and the east. Just finished 6th hole at the top of the eastern zone of the deposit intersected the main zone with Prorphyry high grad e gold intervals of 68.2 meters grading 3.0 g / t Au in hole UB10-113W2, 12.0 meters grading 15.8 g / t Au in hole UB09 -156 and 3.0 meters grading 12.2 g / t Au in hole UB09-153. Hole UB09-151, -153 and -149 the previous hole is located near the top of the deposit and suggested mineralization remains open to the surface. Thick high-grade interval in hole UB09-156 is located near the base and outside of the existing shows deposits of mineral resources remain open to the east.

Deep in the Western Region of drilling began to fill the gap in the depth, mineralization is shown to open in the west and at depth. 3 new wedge in the hole in the western part of the gold-copper corridor all intersecting some mineralization zone 300 meters below the mineral resources there. Previously announced, the pilot hole UB09-148 intersected the Porphyry Zone assaying 20.3 g / t Au with 2.5% Cu over 6.0 meters at a depth of 1100 meters. 3-hole incision extended mineralization 50 meters to the west and 100 meters to the top. New holes began to fill the gap between the bottom 350 meters of mineral resources available in the 800 meters and the depth of the previous hole UB08-135W2 which tested 6.3 g / t Au with 0.5% Cu over 19.7 meters at a depth of 1150 meters. This area drilling indicates that the mineralization remains open along strike to the west and depth.

New high grade zone found at the bottom of the hole UB10-148W3. New gold zone tested 30.2 g / t over 0.5 meters. This area is called the Foot Wall Zone which does not contain copper mineralization and is located about 100 meters to the south of the Porphyry Zones. Hole UB10-148W3 is the only hole that tested this mineralized corridor as far south and the new zone open to the surface and depth.

Queenston maintain a significant land package in the Kirkland Lake gold camp of property valued at approximately 22 contiguous acres or 15,600 mineral claim units 964. Corporate strategy is to return to producer status through the development of four 100% owned gold projects including the Upper Beaver, McBean, Anoki and Upper Canada.

Report Net Income of International Minerals Corp. In Q2

International Minerals Corporation is engaged in precious metals exploration, development silver and gold mining deposits in Peru and Ecuador.

The company reported quarterly production of 2.7 million ounces of silver and 10,244 ounces of gold from Pallancata Mine. The results showed increased 9% from the previous quarter ended September 30, 2009, which produced 2.5 million ounces of silver and 9620 ounces of gold. Direct exchange costs at Mine is $ 1.72 per ounce of silver. Total cash costs $ 4.69 per ounce of silver, as defined by the Gold Institute. The results showed 37% and 12% increase respectively compared with the previous quarter.

Company’s financial statements show a consolidated net income of $ 5.1 million, or $ 0.06 per share. Net income including equity in net income of $ 7.6 million for 40%-owned Pallancata mine in Peru. The Company also reported cash dividend of $ 6.4 million 40% interest in Pallancata silver mine in November 2009.

Rio Tinto Begins Iron Ore Production In Pilbara’s Robe Valley

Mining company Rio Tinto said Monday began producing iron ore from U.S. $ 901 million Mesa A / Warramboo mine in the Pilbara region of Western Australia.

Open cut iron ore mine, about 50 miles west of Pannawonica, will have initial production of 20 million tons per year, which will increase to 25 million tons in 2011, said the miners.

Development Joint Venture Robe River mine, where Rio Tinto shares were 53%, and rail extensions started in November 2007. The mine will employ about 220 people, taken progressively from the existing workforce in Mesa J and new employees.

High-quality total reserves at Mesa A / Warramboo deposits estimated at 249 million tons, with a total of 11 years of my life. Will maintain the production of Robe Valley pisolite ore at 32 million tons per year as production from Mesa J deposit is reduced, the company said.

The first full-length train left the mine Friday night, driven by a train driver Shane Edwards of Cape Lambert, a local Aboriginal man, as requested by Kuruma and Marthudunera traditional owners.

According to Sam Walsh, chief executive of Rio Tinto's iron ore and Australia, "Mining in the Robe Valley has become an integral part of the north-west's economy for decades, and this will ensure I only continue to contribute to the broader interests of society. I am particularly pleased to note that the construction has been completed on time and within budget. "

RTP closed the regular trading day Friday at $ 213.30, down $ 2.49, or 1.15%, at 1:03 million shares.

Soaring Gold Price Pumps Up Canada Miners’ Profit

Two Canadian gold miners reported a sharp jump in core profits on Wednesday, kicking off what promises to be a strong reporting period by gold miners on the back of the metal’s run to record levels last year.

Agnico-Eagle Mines and Iamgold both more than doubled their profit — excluding items — thanks the run up in gold prices from a low below $800 an ounce in late 2008 to a record of $1,226.10 in the final months of 2009.

Iamgold’s adjusted profit was $41.4 million, or 11 cents a share, in the quarter ended Dec. 31, compared with a year-before $16.4 million, or 6 cents a share.

Key to the stronger results were average realized gold prices of $1,096 an ounce during the quarter, up 38 percent from $793.

Cash costs per ounce rose 20 percent to $488 from $408.

“Cash costs were at the low end of the previously provided range,” Steven Butler, an analyst at Canaccord Adams, said in a research note.

On a net basis, which included writedowns in the fourth quarters of both 2009 and 2008, Iamgold lost $47.4 million, compared with a year-before $96.4 million.

Agnico, which has been sharply boosting its production in the past two years, earned $58.3 million, or 26 cents a share, on an adjusted basis, compared with a loss of $1.5 million or 1 cent a share, in the year before period.

Gold production climbed 82 percent to 163,276 ounces, as the company opened three new mines in Quebec, Finland, and Mexico. Average realized gold prices leapt to $1,153 an ounce from $789.

Once a one-mine operation, Agnico has opened four mines in the past two years and expects to soon begin producing at the Meadowbank mine in the Canadian arctic territory of Nunavut.

The company said it expects to pour its first gold at Meadowbank near the end of the month. It also said capital spending during 2010 should total about $478 million.

Agnico’s adjusted profit came in ahead of analysts’ expectations of 26 cents a share, while Iamgold fell just short of expectations of a profit of 16 cents a share.

Kinross Gold is expected to report later on Wednesday, while Barrick Gold, the world’s top producer, reports early on Thursday.

Gold Prices Steady Near Two-Week Highs

Gold prices steady near a two-week high on Wednesday after rising euro put on the previous day, by continuing investors took cues from the direction of a single currency.

In the short term, if investors continue to cut short position on the views they have to sell the single currency too much concern about the Greek, there is scope for bullion to test the upside, traders said.

Spot gold rallied to a two-week high on Tuesday as the euro recovered from hefty losses recently against the dollar as investors flinched and gold to hedge against the risk of debt default in Europe.

"As is the case the day after a strong rally, gold has been steadily as investors take a break from buying, but the golden chance to extend benefits to the euro as sentiment improves," GM said Tetsu Emori Co. Astmax.

Recovery of the euro triggered buying oil and other commodities as a weaker dollar makes dollar-denominated commodities cheaper for holders of non-currency dollars.

Collecting for commodities and stock market gains also boosted sentiment, which reflects the return of risk appetite among investors, traders said.

Spot gold dropped 0.3% to $ 1 115.90 / oz as of 02:47 GMT, compared with New York's notional close of $ 1 118.95. Spot gold rose as high as 1 $ 120.80 on Tuesday, the highest since February 3.

U.S. gold futures for April delivery also edged down 0.3% to $ 1 116.60 / oz, compared with $ 1 119.80 / ounce on the COMEX division of the New York Mercantile Exchange. Deposits over $ 29.80, or 2.73%, on Tuesday at their settlement highest level since January 19.

Euro-gold price was 810.50 euros per ounce on Wednesday, slipping from a record high 819.07 euros per ounce hit the previous day. The price of gold in sterling and the South African rand also rose to the highest one-month on Tuesday.

European finance ministers said on Tuesday that Greece must report by March 16 implementation schedule steps the budget targets for 2010, and another by May 15 to set the policy measures necessary to comply with the finance minister's decision. Quarterly reports will be required from then on.

"The problems that burdened the euro is not resolved, but it is also difficult to see the euro recently plunged below the lowest in Greece itself as the problem has been solved the problem and the steps being discussed," Emori said.

Euro held steady on Wednesday after the dollar rebounded to post the biggest single day since July to get the previous day, as traders bet the single currency slid too far in recent weeks over concerns about the Greek public finances.

Nikkei stock average rose 2.1%, following gains in U.S. stocks, which posted their biggest daily percentage gain in three months on Tuesday.

The increase in the gold markets spur demand for investment, with ownership in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.3% or 3046 t of the previous working day up to 1 in 109,424 t February 16. This is the first increase in ownership since February 5.

Billionaire investor George Soros' hedge fund owned 6.2 million shares of SPDR Gold Trust at the end of the year valued at $ 663 million, up from 2.5 million shares at the end of the third quarter.

Russian Mining Companies GV Gold Will Sell Shares to Fund Expansion

Russian mining company will sell shares in some of the largest in the world stock markets, like Hong Kong, London, Moscow and Toronto this year to raise funds used to finance the expansion of new sources of mining.

Head of GV development gold mining company, Maxim Gorlachev, states "An IPO is one option we should consider the fund growth. GV Gold needs to invest approximately $ 300 million in four years to four times the output."

GV has 16.6 million ounces of gold resources and has a value of at least $ 500 million, Gorlachev said. Bodaibo, according to GV Irkutsk region produced 111,000 ounces of gold last year and plans to develop the mine to increase output to 438,000 ounces in 2014, according to presentations at the conference.

This company is majority owned by management, including Chairman Sergei Dokuchayev, who is also a co-owner of ZAO Russian Lanta Bank lenders. New York-based Blackrock Inc., which paid $ 16.7 million for 10 percent of the GV in 2007, has a 19.99 percent stake, the maximum can be stored in a company that is not publicly traded, Gorlachev said.

Russian companies may raise more than $ 20 billion selling shares in 2010 when they improve balance and continue the expansion after the recession ended the deepest recorded, Aganbegyan Ruben, president of the Russian investment bank Renaissance Capital in Moscow, said in December. OAO Severstal, Russia's largest steel, is considering whether to sell shares of gold mining unit, two people familiar with the situation said in December.

W.Va. mining fight tests EPA’s regulatory resolve

On Inauguration Day, the EPA began a crackdown on "peak coal gunung''tambang. 175 Institute has researched the proposed mine, where the top will blow off and the valleys filled with rubble. It has been signed by at only 48.

EPA officials say they simply follow the law. That, they said, means to keep pollutants out of the watershed.

But for many people in Appalachia, ordered out of Washington has appeared contradictory and mysterious. Environment was not happy because they fear losing federal officials the courage to take a strong coal industry. And the coal industry was not happy because he thinks the administration on the verge of surrender to the green crowd.

EPA found himself in the midst of the fiercest in America today, facing early test of determination and political skill. Particular institution appear to bear the burden of implementing many of Obama's historic environment agenda.

The latest sign that the fear came recently in an auditorium at the University of Charleston. A dispute between coal company and environmental chief executive Robert F. Kennedy Jr., who attracted more than 1,000 people divided between the two sides, has a tight security.

"EPA today, who would not give permission for any for any reason... They will be that people their jobs and the cost of homeland security weaken,''said Don Blankenship, chairman and chief executive of Richmond, Va.-based Massey Energy , a major player in the mountaintop mining. In the audience, cheering coal miners.

Mountaintop mining, also known as "mountaintop removal,''is an exclusive Appalachian practice has gained momentum in the last 20 years. To get the coal seams are too thin or too close to the surface accessible to tunneling, miners use explosives and machine - large machine to remove the top of the coal.

In most cases, the law requires companies to rebuild the mountain to its original form. But the ruins are usually left in the valleys near. There, the scientists said, the rain water seeping in over the rocks which had been far below the ground. Which can release trace amount of salt and toxic metals.

EPA officials said they are not out to rule out completely the mountaintop mining - recently they have agreed to permit the West Virginia mine after a change in the company promised to reduce its impact on the flow by nearly 50 percent. But for many environmental and coal industry leaders, the EPA action was uncertain. to complate visite : www.boston.com

Mining Companies, Tibet Mineral Development To Develop Lithium Mining Project

Xinhua news agency reported, mining companies lithium Tibet Mineral Development focuses on developing mining projects in Salt Lake. Lithium mining project is estimated to have reserves of lithium carbonate to reach 2.4 million tons. The company plans to produce lithium carbonate in the first phase of 5,000 tons and the second phase of lithium production can reach 20,000 tons.

Tibet Mineral Development of the mining company has hopes of becoming the largest lithium producer in China and became the main platform for restructuring the mining industry in Tibet.

Tibet Mineral Development Co. is a mining company that has a 40 percent stake in mining company shengyuan Mining Group Corporation. Mining company has several exploration projects of mining mineral resources.

Lithium mining project development is expected to provide support for the development of industrial and mining sectors in China. Development of the mining company hopes to be mining lithium mining company Mineral Tibet became the largest lithium producer in the world.

China Gold Production Reached 313.98 Tons

Official Xinhua News Agency reported China's domestic gold production increase this year reached 313.98 tons increased 11.34 percent. China's domestic gold production from the mine site located in the province of Shandong, Henan, Jiangxi, Fujian and Yunnan. Gold production from the five provinces to reach a total 59.48 percent of China's domestic gold production.

Increased gold production from year to year, placing China became the largest gold producer in the world. For three consecutive years ranked as China's first world gold production. Chinese gold production exceeded the South African gold production.

Chinese gold mining company could produce 148.55 tons to 47.31% of total Chinese production.

China Gold Association reported several gold mines have been closed and the gold mining companies combined into a single small gold mining companies. In 2002 the Chinese government has joined some 1,200 small gold mining company, until the year 2009 lived in 700 small gold mining companies.

Experts see Eritrea leading regional mining surge

ASMARA (Reuters) - An impending mining boom in Eritrea will challenge oil-rich neighbours to make it easier for foreign companies to prospect across a massive geological structure in the region rich in base metals and gold, analysts say.

Eritrea set the government's stake in any mining project at 10 percent stake in 2008 with an option to buy a further 30 percent, a small claim compared to other countries in the area like Egypt which mandates a 50 percent stake or Sudan at 60 percent, according to industry experts.

The relatively liberal mining terms have led more than a dozen foreign companies to get licenses to explore in Eritrea which analysts expect to accelerate dramatically in the next five years and provide a lifeline for the impoverished economy.

Advanced projects are at Bisha, run by Canada's Nevsun Resources Ltd, with gold production expected by the end of the year, and at Zara, run by Australia's Chalice Gold Mines and expected to start producing a year later.

"In the next ten years other nations in the region will look at Eritrea's mining boom and they will want in. They will relax their laws and it will become a regional boom," Timothy Strong, Eritrea manager for British company London Africa, told Reuters.

"If you look at the geography, Eritrea is a relatively small nation compared to African giants Sudan and Egypt, but it has many more foreign mining companies than the others combined. Geologically speaking, they are just as prospective as Eritrea."

The companies are attracted to Eritrea because it sits on a patch of the Arabian Nubian Shield, a geologic feature that stretches from Saudi Arabia and Yemen in the east to Sudan and Egypt in the west. You can visite

Peabody Energy To Invest $ 70 Million For Development Of Coal Mines In Australia

Australian coal mining explorationCoal increasing demand, particularly steel companies in China and India. The two countries are the largest coal importer. Encourage the trend of increasing coal coal mining companies increase their coal production to meet demand for coal. Climatic conditions and growth in Chinese steel industry are factors that affect the increased demand for coal in China.

Peabody Energy is one of the largest coal mining company that produces coal for the coal demand from China and India. Anticipating strong demand for coal, coal mining company Peabody Energy to develop coal mines in Australia. Mining companies increase production capacity from the Metropolitan Mine in New South Wales, Australia. Investment for the development of the Metropolitan Mine coal mining reached $ 70 million.

Peabody's coal mining companies targeted delivery metallurgy increased to 12 million, estimated each year could reach 15 million tons to 17 tons likewise until the year 2014.