| OIL & GAS |
| Opec believed to overstate oil reserves by 70% |
| Analysts at a New York-based research firm believe that the Organisation of the Petroleum Exporting Countries' (Opec's) global oil reserve statements could be inflated by as much as 70%. Global oil prices are expected to dramatically spike from the end of the decade as a result of depletion, and continue to dramatically rise into the future as a result of oil-producing countries being unable to replace reserves fast enough, research specialist Lux Research analysts told Mining Weekly Online on Thursday. Full Article |
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| ALUMINA |
| Orbite technology expected to revolutionise alumina, REE production |
| The developer of a potentially market-changing alumina-producing technology Orbite Aluminae on Thursday said it had found a way to produce high-quality smelter-grade alumina (HGA) at a cost of about 40% less than that produced through traditional methods. President and CEO Richard Boudreault told Mining Weekly Online that in its quest to "make unobtanium available", Orbite had discovered a technique to produce HGA and a number of valuable by-products in an environment-friendly and economical way that no other producer had done before. Full Article |
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| IRON-ORE |
| Vale to halt output at Brazil iron ore pellet plants |
| Brazil's Vale said on Thursday that it plans to suspend operations at three Brazilian iron-ore pellet plants and increase output of lower-value mine products as world steel demand slows. The closures remove capacity responsible for nearly a fifth of the company's pellet output in the first six months of the year. Full Article |
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| PHOSPHATE MINING |
| UCL takeover target Minemakers sells stake in Namibia projects |
| ASX- and TSX-listed Minemakers has circumvented its joint venture (JV) partner's efforts to gain control of the Sandpiper phosphate project by selling its interest to Mawarid Mining, from Oman. Minemakers on Thursday announced it had sold its 42.5% direct interest in the Sandpiper project, as well as its 70% interest in the Rocky Point phosphate project, both in Namibia, for A$25-million in cash. Full Article |
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| FINANCE |
| Brazil's Batista says EBX to receive $2bn cash by year-end |
| Brazilian billionaire Eike Batista said on Thursday that his EBX energy, mining and shipbuilding group will receive $2-billion in cash by the end of the year. Speaking to reporters in Sao Paulo, Batista declined to say which company in his Rio de Janeiro-based group will receive the money or whether the cash is payment for a stake in AUX, his gold mining company. Full Article |
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| IRON-ORE |
| Vale, Brazil to settle royalty dispute within month - Lobao |
| Brazil's Vale, the world's second-largest mining company, and Brazil's government will resolve a four-billion real ($1.81-billion) dispute over back royalties within a month, Brazil's mines minister Edison Lobao told reporters in Brasilia. On September 4 Vale, the world's largest iron-ore producer, said it increased provisions against potential back royalty payments to 1.41-billion reais. Full Article |
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