| CONSERVATION PROJECT |
| Flathead Valley off limits to mining, $10m raised to implement Act |
 | Two nongovernmental nature conservation organisations on Friday announced that through a collaboration of public and private partners, more than $10-million had been raised to implement legislation that permanently bans mining and exploration in British Columbia's Flathead River Valley. The partners, comprising the Government of Canada's Natural Areas Conservation Programme (NACP), the Nature Conservancy of Canada and The Nature Conservancy, energy-focused private equity firm Warburg Pincus and other private donors, raised the money to assist the British Columbia government to implement the controversial Flathead Watershed Area Conservation Act, which was passed last year. Full Article |
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| COAL |
| Patriot Coal to cut met coal production |
| St Louis-based Patriot Coal on Friday said it would temporarily cut metallurgical coal production by 85 000 t/m in response to market demand further weakening. The production cuts would take place over the next 60 days at three southern West Virginia mine complexes, potentially impacting on 250 employee and contractor positions. Full Article |
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| VANADIUM |
| Brazil project 'advantageously timed' for price recovery – Largo |
| Tungsten and Vanadium-focused miner Largo Resources, developing the Maracás vanadium project, in Bahia, Brazil, said it expected an upswing in demand for vanadium, positioning the project well to take advantage of rising prices when production starts at the end of 2013. CEO Mark Brennan on Friday said the current vanadium pricing level had been severely impacted on by the general slowdown in the global economy. Full Article |
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| RARE EARTHS |
| MBAC reports 'robust' PEA for Brazil rare-earths project |
| Toronto-listed phosphate and potash producer MBAC Fertilizer on Friday said the results of a preliminary economic assessment (PEA) pointed to its Araxá project, in Brazil, having "robust" economic indicators. The company said the PEA attached a net-present value, using a 10% discount rate, of about $967-million to the project. Full Article |
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| WINDFALL TAX |
| Côte d'Ivoire plans 19% windfall tax on gold miners' profits |
| Côte d'Ivoire plans a windfall tax at 19% on gold mine profits to share in the benefits from soaring world prices for the metal, a government document showed, setting the scene for a possible dispute with foreign companies building up the sector. West Africa-focused Randgold Resources, Australia's Newcrest Mining and Toronto-listed La Mancha Resources all operate mines in the country. Full Article |
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| ASBESTOS |
| Canada to stop opposing listing asbestos as hazardous |
| Canada dropped its longtime opposition on Friday to the international listing of asbestos as a hazardous material, a designation intended to curb the use abroad of the fire-resistant substance, which can cause cancer and other illnesses. Canada had been the main opponent of such a listing, which would require exporters to warn importing countries of the hazards of asbestos, and would allow countries to ban its import. The listing would not of itself ban its sale. Full Article |
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| LITHIUM |
| Chile weighing Asian, local lithium concession bids |
| Six companies are in the running to pocket a lithium mining concession in Chile, which produces about 40% of global supply of the metal, which is used in hybrid vehicles and computer and smartphone batteries, the Mining Ministry said on Friday. Posco Consortium, made up of Posco, Mitsui & Co , Daewoo International and miner Li Energy Spa; and Chilean miners NX UNO de Peine and SQM are competing for a concession. Full Article |
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| NOTES OFFERING |
| Iamgold increases notes offering to $650m |
| Canada's Iamgold on Friday increased its senior unsecured notes offering from $500-million to $650-million in a private placement offering to eligible investors. The notes, which would carry a coupon of 6.75% a year, would be due in 2020. Full Article |
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| RAIL PROJECT |
| Vale allowed to resume work on key railway expansion |
| Vale received court permission to resume work on a $4.1-billion transportation project needed to increase iron-ore output, the world's second-largest mining company said on Friday. A federal judge in the capital Brasilia struck down an injunction preventing work designed to nearly double the capacity of the Carajas Railway, which connects Vale's enormous Amazon mine complex at Carajas with the Port of Ponta da Madeira in Sao Luis, Brasil, Vale said in a statement. Full Article |
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| COMMODITY MUTUAL FUNDS |
| US tax ruling threatens commodity mutual funds: Kemp |
| Commodity prices could come under severe pressure if the US Internal Revenue Service (IRS) decides to revoke previous rulings that have allowed mutual funds to pour over $50-billion into commodity derivatives through subsidiaries in the Cayman Islands and structured notes while remaining exempt from corporate income tax. "The controlled foreign corporations are corporate fictions, offshore shams, paper exercises whose sole purpose is to make an end run around the legal restrictions on commodity investments by mutual funds," chairperson Carl Levin complained at a hearing of the Senate Permanent Subcommittee on Investigations in January. Full Article |
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