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Iron ore index set to go on trial

Business | Metallurgical industry
2011-8-3

CHINA will start publishing an iron ore price index later this month on a trial basis to give steel mills a guide to their imports of the steel-making ingredient for which China is the top buyer globally, the China...

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Zijin buys Aussie gold miner

Business | Metallurgical industry
2011-7-27

ZIJIN Mining Group Co will pay A$27.67 million (US$30 million) for a minority stake in Australia's Norton Gold Fields Ltd as the Chinese miner seeks to boost gold reserves. China's leading gold producer will...

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Steel mills face higher oversupply pressure

Business | Metallurgical industry
2011-7-26

CHINA'S steel industry faces increased oversupply pressure because exports are likely to continue falling in the second half of this year while growth in output may surge, an industry group said yesterday. Although...

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Price slowdowns fuel mining takeovers

Business | Metallurgical industry
2011-7-26

MINING mergers and acquisitions doubled in value in the first half, according to consultant Ernst & Young, which has forecast an extension of the trend through the year. Deals by mining companies increased to US$96.3...

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Hanlong to buy out Sundance

Business | Metallurgical industry
2011-7-19

CHINA'S Sichuan Hanlong Group has offered A$1.2 billion (US$1.3 billion) to buy the remaining shares it does not own in Australia's Sundance Resources Ltd, a west Africa-focused iron ore explorer, but the Australian...

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Rare earths quota unchanged

Business | Metallurgical industry
2011-7-15

CHINA has basically maintained its 2011 export quota for rare earths at last year's level, and its commerce minister played down concerns about potential WTO action challenging the country's curbs on the raw materials. ...

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Hanlong keen to acquire Bannerman

Business | Metallurgical industry
2011-7-12

CHINA'S Sichuan Hanlong Group has offered A$143 million (US$153 million) to acquire Australian uranium developer Bannerman Resources Ltd as the Chinese firm eyes Namibian resources. Though Hanlong's offer at...

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Bid to nix outdated base metals capacity

Business | Metallurgical industry
2011-7-12

CHINA has ordered local governments to eliminate about 2 million tons of outdated base metals capacity by the year-end as part of efforts to boost efficiency and curb pollution. A total of 425,000 tons of annual...

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Hanlong offers US$153m to buy uranium firm in Namibia

Business | Metallurgical industry
2011-7-11

CHINA'S Sichuan Hanlong Group has offered A$143 million (US$153 million) to buy Australian uranium developer Bannerman Resources Ltd, eyeing its assets in Namibia. The bid, if successful, would give Hanlong access...

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BHP eyes Brazil project to expand output

Business | Metallurgical industry
2011-7-9

BHP Billiton Ltd, the world's largest mining company, is studying a 3.7 billion reais (US$2.4 billion) iron-ore project in Brazil as it seeks to expand output of the steelmaking material and gain from higher prices. ...

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Ministry vows to improve rare earth export regulations

Business | Metallurgical industry
2011-7-7

CHINA said yesterday that it will synchronize its rare earth export rules with both Chinese law and the regulations of the World Trade Organization. Zhong Shan, China's vice commerce minister, made the remarks...

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Sinosteel drops Aussie iron ore project

Business | Metallurgical industry
2011-6-24

SINOSTEEL Corp has shelved its A$2 billion (US$2.1 billion) iron ore project in Australia's Midwest region because of uncertainty in the development of transport infrastructure. Sinosteel Midwest Corp, a unit...

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205 mines shut down

Business | Metallurgical industry
2011-6-23

THE work safety watchdog in north China's Inner Mongolia Autonomous Region has shut down 205 mines and ordered 136 others to suspend operations in a six-month campaign to boost safety supervision in the resource-rich...

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Baosteel may buy stake in Lion Group

Business | Metallurgical industry
2011-6-23

BAOSTEEL Group Corp, China's second-biggest steel maker, is in talks to buy a stake in a steel unit of Malaysia's Lion Group for about US$1 billion, two people with knowledge of the matter said yesterday. The...

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Steel and mining bourses

Business | Metallurgical industry
2011-6-21

THE Shanghai United Steel Exchange and the Shanghai United Mining Right Exchange were officially launched yesterday as part of the city's plan to strengthen its influence in commodity trading. The steel bourse...