A Blog for Browsing Mining, Mineral Processing, and Metals Info

NEW YORK  : Barrick Gold Corp. – World’s number one producer of the precious yellow metal had warned that their in-the-ground gold reserve will shrink, resulting a significant decline of production in 2014. Barrick had warned the reserve cut of gold during the week which has startled miners and investors across the globe, generating anxiety regarding the asset write downs, especially in an already weakened sector.

The reserve cut of top gold miner has increased the uneasiness among shareholders and gold-lovers as decline of future source of gold production is foreseen to add to the present gold price and week gold market. This will be an added curse to the bullion price slide that fell 28 % in 2013. However, the reserve cut may benefit is one way as it will help in bringing back the sector to longer-term health.

Read more at:  http://www.metal.com/newscontent/57126_world%E2%80%99s-biggest-gold-producer-barrick-gold-corp-warns-drop-of-production

Jan 28 (Reuters) – Indonesia plans to issue export quotas for processed minerals and concentrates soon, a senior mines ministry official said, as the government seeks to take greater control over shipments of its natural resources.

Hersonyo Wibowo, chief of mineral production supervision at the mines and energy ministry, said the new regulation could be issued within the next few days.

Read more at: http://www.reuters.com/article/2014/01/28/indonesia-minerals-idUSJ9N0FE01N20140128

SHANGHAI , January 28 , SinoCast — Jilin Jien Nickel Industry announces that it plans to raise investment in Nunavik copper and nickel mine in Canada by CAD 195 million .

The board of director approved a proposal to raise the investment at a general meeting of shareholders in 2011. Total investment was CAD 969 million .

Total investment now comes to CNY 1.16 billion after the expansion.

Source: http://www.kitco.com/news//2014-01-28/Jien-Nickel-Raises-Investment-in-Canada-Nickel-Project.html

Indonesia’s Iron and Steel Association was among the first business lobby groups to formally declare their objections to the planned removal of electricity subsidy for medium and large scale industries.

Following lawmakers’ approval this month, the government in May will start increasing the electricity rate for medium and large industries classified as I-3 and I-4 consumers by state utility firm Perusahaan Listrik Negara to the point that the rate is no longer being subsidized by the government. The rate for I-3 consumers will eventually rise by 38.9% and I-4 consumers by 64.7% in one year.

Read more at: http://www.steelguru.com/international_news/Indonesia_steel_group_objects_to_power_rate_rise/331602.html

TAIPEI (Reuters) – Taiwan’s Foxconn Technology Group, the major supplier of Apple Inc’s iPhones and iPads, may build high-tech factories in the United States and low-cost plants in Indonesia as the appeal of ‘made in China’ fades into a burden.

Beset by rising costs and labor unrest in China, Chairman Terry Gou told employees on Sunday that Foxconn is considering diversifying away from its manufacturing heartland. The world’s largest contract maker of electronic goods has little choice if it’s to protect margins and stay ahead of peers who have adapted the Foxconn playbook into their own success stories.

Read more at: http://news.yahoo.com/foxconn-tech-group-sees-revenue-growing-t-10-005411352–sector.html

Russian state lender Sberbank is negotiating with loss-making aluminium group Rusal on a debt restructuring deal to help the company  two banking sources told Reuters on Friday.

“The model has been broadly agreed… We cannot afford the world’s largest producer to fail,” one of the sources said.

Read more at: http://www.reuters.com/article/2014/01/24/sberbank-rusal-debt-idUSL5N0KY13V20140124

Jan 24 (Reuters) – Indonesia’s metal ore and concentrate exports have ground to a halt, a trade ministry official said on Friday, with a ban on ore shipments and an export tax introduced less than two weeks ago hurting the mining industry.

“There has been no concentrate export since January 12,” Bachrul Chairi, director general of foreign trade at the trade ministry told Reuters. “As of now, no miners or companies have requested export approval for concentrate or processed ore to trade ministry.”

Read more at: http://www.reuters.com/article/2014/01/24/indonesia-mining-export-idUSL3N0KY21920140124