World Mining News

Mongolia will ease limits on foreign investment that requires parliamentary approval even as it restricts overseas ownership in industries such as mining amid a dispute with Rio Tinto Group. The threshold will be raised to 1 trillion tugrik ($715 million) from 100 billion tugrik, Foreign Minister Luvsanvandan Bold said today in an interview. “Today at the cabinet meeting this issue …

US-based Newmont Mining Corporation (NYSE:NEM) announced Friday the promotion of Gary Goldberg to chief executive officer. An American mining engineer, Goldberg, 53, had previously been the chief operating officer for Newmont — one of the world’s largest gold producers — and takes over the top spot from departing CEO Richard O’Brien. Goldberg said his immediate priorities were to “drive a more disciplined …

In 2012, for the preliminary estimated corporate production of the yellow metal, total volume of gold mined by the top 10 publicly traded companies dropped roughly 3.4%, from 32 Moz in 2011 to 30.9 Moz. Seven out of 10 companies faced decreases in their attributable gold output while only three of them have reached growth (Figure 1). Figure 1. Provisional …

Canadian miner Kinross Gold Corporation (TSE:K), the world’s fifth largest gold producing company, acquired exploration and mining rights for potential high-grade gold-silver deposits in Russia. Kinross Gold’s subsidiary — Chukotka Mining and Geological Company (CMGC) —  won auctions entitling it to develop two gold-silver prospective areas located in the Chukotka region in the far east of Russian. The Erguveemskaya perspective area …

FT.com reports Mongolia has revoked the licences for a key section of Rio Tinto’s  Oyu Tolgoi giant copper-gold mine. The London paper reports “Rio is meeting with the government on Wednesday and Thursday, as the two sides are under pressure to reach agreement before funding runs out for the $6.6bn mine. “If an agreement is not reached either the mine …