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August 2011

PNG’s new leaders try to assuage miners while tightening grip on power
Base Metals

PNG’s new leaders try to assuage miners while tightening grip on power

Papua New Guinea’s new prime minister Peter O'Neill and the country's Investment Promotion Authority have moved to quell concern about proposed changes governing ownership of resources in the country saying it needs further discussion and acknowledging genealogical problems. Among sweeping changes promised for the impoverished country, PNG's new mining minister introduced a plan to hand state ownership of mineral and energy resources to customary landowners forcing mining companies to renegotiate permits and contracts. Last week O'Neill guaranteed the support of 80% of MPs he needs to preserve his majority ahead of 2012 elections by expanding his cabinet by a third.

Frik Els | August 31, 2011 - 11:31 pm

First Nation invests in potash in Saskatchewan

Upon returning from my latest site visit and video shoot detailing a partnership for potash in Saskatchewan between Encanto Potash [EPO – TSX.V] and the Muskowekwan First Nation (MFN), I was pleased to see that the relationship was healthy and the company is poised to make the gains I’d read about before the trip. Click on the headline to view the rest of the article and a video by ProspectingTV, featuring interviews with EPO President and CEO Jim Walchuck and the MFN's Chief Reginald Bellerose.

Prospecting Journal | August 31, 2011 - 11:06 pm

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Quebec’s tiny Century Iron gets $120 million China injection

Quebec’s tiny Century Iron gets $120 million China injection

Quebec minnow Century Iron Mines (CVE:FER) said Wednesday that China's Wuhan Iron and Steel (WISCO) will invest $120 million over two years in three joint ventures to explore and develop the company’s Duncan Lake, Attikamagen and Sunny Lake projects in Quebec. The joint venture agreement was signed on Tuesday in Beijing with the premier of Quebec in attendance. Century Iron hardly trades but on Wednesday the company enjoyed a tenfold increase in volumes on the Toronto exchange with 44,000 shares exchanging hands. It ended the day flat at $2.60 with a market value of less than $1 million.

Frik Els | August 31, 2011 - 9:39 pm

Base Metals

South Africa may force mining sector into beneficiation

South Africa's mining sector could be forced to take part in beneficiation activities, the Department of Mineral Resources (DMR) has indicated. Mining licences could be granted with conditions attached to ensure a supply of raw materials for local industries to further refine minerals. Mineral resources chief director Siyabonga Ndabezitha said the previous way of doing things was no longer an option, Business Live reports.

Platinum today | August 31, 2011 - 9:39 pm

Base Metals

Guinea transitional council debates draft mining code

Guinea's draft mining code, in which the government plans to more than double its stake in mining projects, has been sent to the country's transitional law-making body for debate and adoption, a member of the council said on Wednesday. A copy of the draft code seen by Reuters in April said the West African country, the world's top bauxite exporter, would take a free 15 percent stake in mining projects.

AlertNet | August 31, 2011 - 9:34 pm

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