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Mining, Drilling and Discovery
The action, process or good fortune of discovery or discovering oil, gas or mining deposits. Disclaimer : this page is not intended for any specific nationality or jurisdiction. It is also not intended to solicit clients from any specific jurisdiction including the Republic of Mauritius inter alia.
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CAT said commodity prices remain on the low end and had yet to translate into increased mining activity or higher demand for equipment.
'Caterpillar (NYSE:CAT), the world’s No.1 heavy machinery maker, has reviewed down its forecast for 2016 profit and sales for the second time in three months as demand for mining and energy equipment has failed to pick up.'
The stock of Mcewen Mining Incorporated (NYSE:MUX) registered a decrease of 3.81% in short interest. MUX's total short interest was 15.22 million
'McEwen Mining Inc. is a mining and minerals exploration company. The company has a market cap of $566.16 million. The Firm is focused on precious and base metals in Argentina, Mexico and the United States. It currently has negative earnings. The Company’s divisions include Mexico, Argentina and the United States.'
South Africa's manufacturing output resumed its decline and mining production contracted as weak global demand pushed the country's ailing economy closer to a recession.
'South Africa, one of the world's biggest metals producers, has been hit by a slide in commodities prices that has come on top of widespread labour unrest among miners. "We need to be cognisant that our mining sector is under pressure and that it's a global theme," said Elna Moolman, an economist at Maquire First Securities. "We need to look for alternatives. And given that we are very strong in the services, this is an area we need to focus on."'
JOHANNESBURG (Reuters) - South Africa's mining output fell the most on record in March, a result of last year's ramp up in mining activity after a five-month strike two years ago, a statistics body said
'Total mining output plunged 18 percent in March year-on-year compared to an 8.3 percent drop the previous month.'
South Africa is planning a new law that will separate parts of its oil and gas rules from legislation governing the mining industry, Energy Minister Tina Joemat-Pettersson said.
'Exxon Mobil Corp. and Total SA are among those that objected to law on the grounds it’s too vague and will undermine their businesses. The Chamber of Mines, which speaks for companies including Glencore Plc and AngloGold Ashanti Ltd. supported plans to cut oil and gas from the mineral-resources bill, saying the delays deter investment in the nation that’s the world’s biggest platinum producer.'
Brazilian regulators plan to tighten rules on dams used in the mining industry after a breach last year caused the nation's worst environmental disaster but the changes, while opposed by struggling companies, look unlikely to improve safety.
'When the Fundao dam burst in November at the Samarco mine, owned by BHP Billiton and Vale SA, enough mud to fill 12,000 Olympic swimming pools flattened an entire village, killed 19 people and left hundreds homeless.'
The oil price bust has struck the offshore sector especially hard, leading to nothing less than a fire sale of oil and gas rigs
'This is the cost coup recently pulled off by Ocean Rig, a company controlled by shipping billionaire George Economou, who has landed a drillship—the Cerrado—for only US$65 million at auction, which represents less than 10 percent of the estimated price when it was built over six years ago.'
'The deadline for the IUP data reconciliation and annulment is May 12, with a three-month grace period until August. By December 2016, provinces may only record trouble-free IUP documents.'
Costly ventures off Alaska are being undercut by sustained low oil prices.
'The Arctic is believed to hold nearly 30 billion barrels of oil, and companies that expected $100-plus price tags for crude to remain the norm bet heavily that they could fund costly ventures in the Arctic. But with producers pumping more than 1 million extra barrels of oil a day, prices have sunk to less than half their June 2014 peak, upending firms' Arctic plans .'
'President Muhammadu Buhari has visited more than 20 states in his first year of office to advertise largely untapped deposits of 34 minerals including gold, iron ore, coal, tin and zinc. He also wants investment to boost cocoa exports, cut a $20 billion food import bill and revive a once-mighty leather industry to offset plummeting oil revenues.'
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The operator of the largest oil field on the North Slope is planning a big reduction in drilling activity this year because of low oil prices, a step that will lead to less oil production from the largest chunk of Prudhoe Bay.
'The plan of development for the area was submitted March 31 to the state Department of Natural Resources for approval. It offers a window into the impact of the recent decision to idle three of the five rigs that had been operating at Prudhoe Bay, a field BP owns with two other major producers, ExxonMobil and ConocoPhillips.'
A group of protesters on Mount Karangahake in the Coromandel have scored a victory against a major international gold mining company.
Up to 20 people from
'The group believes the activity will damage the ecological corridor, and contaminate waterways. Protestor Lucy Aitken-Read said the rig's workers have now packed up and gone for the day.'
Zimbabwean president, Robert Mugabe, got the world jawing angrily in early March this year. He used his traditional birthday interview with State television to reveal that his country had produced diamonds worth more than $15billion over six years, yet only about $2 billion of the gems had been accounted for (https://soundcloud.com/zimpapers1980/president-interviewwav).
'The common tale is that diamonds were discovered in Marange in 2006. Thousands of poor illegal miners swamped the area and fed local and international underground syndicates with the gems until 2008 when the governments sent in soldiers to violently flush out the hungry alluvial gem miners. This paved the way for commercial production that commenced on a low note in 2009. By 2015, a total of eight companies were extracting the diamonds, with most of them in joint ventures with the government.'
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'If you’re in the market for an engagement ring and are considering a non-diamond option, your options won’t disappoint. Despite the vast marketing efforts of De Beers to imprint an impression that diamond is the traditional engagement stone and that all other alternatives to the diamond are non-traditional.'
Gold prices tumble to settle lower Monday, erasing all of the jobs data-fueled gains seen late last week, as the dollar finds renewed strength.
'Investment demand was helping to underpin gold’s price, however. Hedge funds and money managers raised their net long positions in COMEX gold and copper contracts in the week to May 3, U.S. Commodity Futures Trading Commission data showed on Friday.'
Lucara's 813 caret rough diamond called the Constellation sold for $63.1 million, setting a new record.
'Glencore subsidiary Maru Sky had acquired a portion of Atlas Iron’s debt earlier this year as the junior miner negotiated with creditors to fend off collapse brought on by weak iron ore prices.'
'AngloGold Ashanti announced to the Johannesburg Stock Exchange last week that it had sought international arbitration in order to save operations at Obuasi following a deterioration in security at the mine, situated in Ghana.'
'MMG has been the buyer of major copper assets in recent years, snapping up the Las Bambas mine for $7 billion from Glencore in 2014 and the Kinsevere mine in the DRC in 2012.'
U.S. explorers aren’t the only ones idling rigs as sub-$50 crude forces oil and gas drillers in Africa to slow their search for new reserves. The number of oil
'The number of rigs in Angola and Nigeria, Africa’s biggest producers, has dropped to about half of the count when oil began its steep decline two years ago. Only Algeria among the continent’s producers has shown a significant uptick in the activity, with an increase to 55 rigs.'
Freeport-McMoRan said it would sell its stake in an African surface mining operation to a Chinese mining-and-processing firm for $2.65 billion in cash, as Freeport looks to pay down debt.
'Freeport, the U.S.’s biggest mining company by market value, made a big bet on oil and gas in 2013 when it bought McMoRan Exploration Co. and Plains Exploration & Production Co. for a total of $9 billion. The purchase loaded the company with debt just before a steep decline in energy prices.'
The company could rise $2 billion for offloading Vasilkovskoye, its largest gold mine.
'The report adds that Chinese companies are the most likely to show interest in Glencore’s Vasilkovskoye mine, thanks to the way gold prices have climbed back up this year.'