Mining News
Indonesia will take more of the profits from its vast mineral resources by limiting foreign ownership of mines in a move likely to scare off new investment in the world's top exporter of thermal coal and tin. Under new rules announced on the mining ministry's website, Southeast Asia's largest economy will require foreign companies to sell down stakes in mines and increase domestic ownership to at least 51% by the 10th year of production. The regulation, signed by President Susilo Bambang Yudhoyono on Feb. 21, comes as the government is renegotiating existing royalty contracts with major foreign investors such as Freeport McMoRan Copper & Gold Inc and Newmont Mining Corp. It was not clear how soon the regulation will apply to existing investors.
Antofagasta (LON:ANTO) PLC (SELL, 1121p) (ANTO LN, 1230.0p, ? 0.5% ) announced that the chief executive of its copper division, Marcelo Awad, has resigned with immediate effect. No reason was given. Marcelo Awad's resignation comes a week before Antofagasta is due to announce its full year 2011 results. Until a successor is appointed, the board has requested Mr Jean-Paul Luksic to assume these responsibilities on an interim basis, while also continuing in his role as Chairman of Antofagasta.
Avocet Mining (LON:AVM) (AVM LN, 219.0p, ? 1.86% ) and Petra Diamonds Limited (PDL LN, 146.75p, ? 2.4%) have both announced that the FTSE Group yesterday approved their inclusion in the FTSE 250 Index.
North River Resources (LON:NRRP) plc (NRRP LN, 1.60p, ? 0.0% ) announced positive results from metallurgical testwork completed on samples from the Malachite Pan Copper Project within the Witvlei Licence Area, and the Koperberg Copper. For the purpose of the testwork, samples from Malachite Pan were segregated into two composite samples, one representing the oxide fraction of the deposit, the other the sulphide fraction Recoveries of 82.4% copper and 77.7% silver were achieved from the oxide sample. Recoveries of 92.8% Cu and 83.5% Ag were achieved from the sulphide sample. At Koperberg the samples consisted of both oxide and sulphide fractions - recovery of 83% Cu was achieved.
Scotgold Resources (LON:SGZ) Limited (SGZ LN, 5.38p, ? 4.88%) has announced that recent drilling at the Sron Garbh mafic complex has returned interesting results including assays of gold, platinum and…
