Rio Tinto’s first-half profit soars 93%, investors getting $3bn back

Rio Tinto (ASX, LON:RIO), the world’s second largest miner, gave its shareholders an early Christmas present Wednesday as it declared its biggest interim dividend in the company’s 144-year history, thanks to climbing commodity prices that made first-half profit jump an impressive 93%. The Anglo-Australian company also said it will increase its share buy-back program this[…]

Indonesia closer to mining deal with Freeport, but hurdles remain

Indonesia is closer to a deal with Freeport McMoRan Inc on its long-term future in the country, but key issues still need to be resolved before the U.S. miner gets a new operating permit for its huge copper mine, a mining ministry official said. Shares of the world’s biggest publicly traded copper miner jumped to[…]

Here’s how to avoid being caught in mining scams

Calling a class “bullshit,” and in public, would normally be considered inappropriate, but there’s one where students can get away with it. Two University of Washington professors are teaching a course to help learners “think critically about the data and models that constitute evidence in the social and natural sciences,” according to the introduction to the[…]

Luxembourg shoots for the stars with fresh space mining deal

Luxembourg seems to be in a rush to achieve its goal of becoming Europe’s hub for space mining, as it announced Monday a deal with a newly created company specializing in geolocation services and developing space infrastructure. Kleos Space, 100% owned by UK-based Magna Parva, is one of dozens of firms to have either settled[…]

Anglo American appoints takeovers expert as new chairman

Anglo American (LON:AAL), the world’s fifth largest diversified miner, has appointed Stuart Chambers to succeed Sir John Parker as chairman of the group. Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November. Stuart Chambers is known for his active participation in the sale of several[…]

Adani to go ahead with polemic Carmichael coal mine after all

Indian conglomerate Adani Group has decided to go ahead with its $12 billion (A$16bn) Carmichael coal mine and rail project in Queensland, Australia, one of the world’s largest thermal coal mines approved in recent years. The decision comes only days after the conglomerate agreed to pay the state hefty royalties on the coal produced there[…]

Australian officials slam banks decision to refuse backing country’s largest coal project

As “strange” and “disappointing” qualified Australia’s Federal Finance Minister Mathias Cormann the decision by the country’s four biggest banks to rule out or withdraw funding for Adani’s Carmichael coal mine and rail project. The lenders’ move follow a decision by Australia’s second-largest bank Westpac, unveiled on Friday, to only fund new projects in existing, rather[…]

Erdene Resource moving forward with flagship project in Mongolia

Canada’s Erdene Resource Development (TSX:ERD), the company that literally struck gold earlier this year after finding its new Mongolia-based gold project was richer than previously thought, expects to move Bayan Khundii towards its maiden resource estimate by 2018. The firm, one of the very few miners to never have encountered issues in the landlocked Asian country, was granted[…]

Peabody Energy back to the NYSE as emerges from bankruptcy

US coal miner Peabody Energy (NYSE:BTU), the world’s largest privately owned producer of the fossil fuel, made a fresh debut on the New York Stock Exchange on Tuesday after emerging from an almost to the date year-long bankruptcy protection. Shares in the St. Louis-based company began trading at $31.50, but were already down 5.65% to[…]

Cyclone Debbie disrupts $3.2bn of Australian coal exports

Australia’s coal exports may be disrupted for weeks as flooding associated with Cyclone Debbie has caused serious damage to some of the country’s key rail lines, particularly in the north-east, momentarily helping prices, but also increasing the prospect of major producers declaring force majeure. Damage to rail lines in cyclone-hit Queensland have disrupted the shipment[…]