Contracts for TELE-FONIKA Kable Handel with the largest mining company in Europe

In January TELE-FONIKA Kable Handel S.A. signed two agreements with Kompania Węglowa S.A. for provision of cables and electrical power lines. The agreements are the result of tender procedures won by TF Handel. The total value of the agreements amounts to approx. PLN 60 million (approx. EUR 17 million).

The first contract with Kompania Węglowa includes provision of aluminium and copper electrical power mining cables. The second contract foresees deliveries of electric power rubber coated mining cables and cables for LHD units. They will be used for supplying power to underground aggregates and LHD units extracting coal.

Both agreements will be realised within 12 months from the moment of signing. The cables and lines which are the subject matter of the contracts will be produced in the Zakład Kraków Plant and the Zakład Bydgoszcz Plant belonging to TELE-FONIKA Kable S.A.

Kompania Węglowa, with its headquarters in Katowice in south-western Poland, is the largest mining company in Europe, which groups 16 mines and 5 enterprises employing a total of almost 63 thousand people. Their mining capacity amounts to approx. 47 million tonnes of bituminous coal annually.

Public Relations Office TELE-FONIKA Kable S.A.

For more Tele-Fonika and other Cable Manufacturer News please visit the manufacturing news at

http://www.thecabledirectory.com/manufacturing-news.asp

Angola wants foreign investors for diamond sector

 Today in metals we feature a news story from Angola who are in need of investors for their diamond sector.  For full press details please read on:

Angola wants foreign investors for diamond sector

 

Angola’s state-run diamond company wants foreign companies as partners to tap what it believes are vast undiscovered pockets of the precious gems, a company official said on Thursday. In an interview Endiama spokesman Sebastiao Panzo said the mineral-rich southwestern African nation wanted to attract investors who were interested in bottom-up diamond exploration and prospecting.

 

Angola, the continent’s third largest diamond producer and the world’s fifth biggest in terms of value, is exploring only about 40 percent of the territory believed to have potential for diamond mining, with production concentrated in its northeastern provinces.

 

“Surveys from the colonial era show we have diamonds in other areas we need to prospect. Who dares to prospect with us — those are the partners we need. We want international partners to go to the bottom of the pipeline of the industry with us,” Panzo said.

 

He identified the provinces of Bie, Malanje and Uige as among the areas that should be explored.

 

Angola’s diamond production is forecast to rise by about 8 percent to 10 million carats this year after surging by nearly a third in 2006, Endiama said earlier this year. It wants to boost output to 17-19 million carats by 2010.

 

Encouraging exploration is key to that objective and part of Angola’s bid to diversify its oil-dependent economy, which has been booming since the end of a 27-year civil war in 2002. But foreign interest in its diamond sector has often been confined to buying of cut and uncut stones.

“You can’t imagine how many companies we receive here who come and just want to buy diamonds. But the demand is much bigger than our capacity to provide,” Panzo said.

Endiama is considering introducing new mining legislation that would streamline regulation and make it easier for foreign firms to invest in the sector. The legislation could be passed by parliament in 2007, Panzo said.

 

“Foreign partners say we have to have better legislation on the timings for prospecting and exploration, the fees that are asked for from investors, the tax regime. That’s what we are trying to do,” he said.

 

Companies partnering with Endiama in the exploration and prospecting phases also could be given rights to trade the gems, although Panzo said it was too early to commit to such incentives.

 

South African mining giant De Beers, which is 45-percent owned by mining group Anglo American Plc, has invested in a concession in Angola’s northeastern region. Other foreign firms have also expressed interest in exploration there.

Teck makes US$3.87 billion bid for mining company Aur Resources

Today in mining news we feature a story from Canada where mining giant Teck Cominco has made an offer of nearly US$4 billion to purchase compatriot AUR Resources.  For full details please read on:

Teck makes US$3.87 billion bid for mining company Aur Resources

 

Canada’s Teck Cominco has made a friendly offer of Cdn$4.1bn (US$3.87bn) in cash and shares to purchase compatriot Aur Resources the companies announced Tuesday. The board of Aur Resources recommends the bid but reserves the right to entertain higher offers, Aur CEO Jim Gill said during a conference call Tuesday, adding Aur must pay a Cdn$140mn break fee to back out of the agreement.

 

The deal includes Cdn$30.75/share in cash and 0.2187 of a Teck class B share for each Aur common share tendered. The offer represents a 29% premium to Aur’s closing share price on June 29 of Cdn$31.70.

Aur shares leapt 32.1% by Tuesday afternoon to Cdn$41.88 in Toronto. Teck’s class B shares were up 0.71% at Cdn$45.52/share.

“As we look down the road to when this transaction is completed it will be quite reasonable for us at Teck Cominco to set as a target over five years a full triple in gold production and now with today’s transaction a full triple in copper production,” Teck CEO Don Lindsay said in the conference call.

 

Thanks to Aur’s copper mines in Chile, the purchase stands to immediately increase Teck’s red metal production by 200Mlb (90,718t) or 43%, and by 72% by 2010, Lindsay added.

 

Aur operates the Andacollo copper-gold and Quebrada Blanca copper mines in the Southern Cone country. Teck’s main asset in Latin America is a 22.5% stake in the Antamina mine in Peru, which contributed 17,000t of copper, 16,000t of zinc and 424,000lb of molybdenum to the company’s first quarter production.

 

Teck plans to mail the bid documents to Aur shareholders before July 18, after which the offer will remain open for at least 35 days, according to the statement.

Rio Tinto OKs $1.8 billion alumina refinery expansion

Rio Tinto one of the global leaders in mining and metals is to go ahead with a $1.8 billion expansion of its Alumina Refinery in Northern Australia.  For full press article please read on:

Rio Tinto OKs $1.8 billion alumina refinery expansion

 

Rio Tinto Ltd. said on Tuesday it would go ahead with a $1.8 billion expansion of its Yarwun Alumina refinery in northern Australia, to give it more exposure to booming aluminium production. The expansion, to start in the third quarter of 2007 and to take about three years, would increase output by 2 million tonnes to 3.4 million tonnes by 2011, Rio said in a statement.

 

“The expansion of Yarwun is one of the most significant investments made by Rio Tinto in recent years,” said Rio Tinto Chief Executive Tom Albanese in a statement.

“The attractive fundamentals of the aluminium industry, combined with Yarwun’s well located, low cost position and our excellent bauxite resource at Weipa, reinforce the deep underlying strength of the group’s organic pipeline.”

Aluminium prices have risen sharply in recent years on booming demand from the fast-expanding economies of China and India. Alumina is an important feedstock in the aluminium-making process.

 

Prices for aluminium on the London Metals Exchange settled at $2,755 on Monday. Prices peaked at multi-year highs around $3,000 last year.

 

Australian energy provider Origin Energy Ltd. (ORG.AX: Quote, Profile , Research) said separately on Monday that it had signed a new gas supply agreement with Rio to deliver coal seam gas to Yarwun, starting between March and July 2010.

Origin’s chief operating officer, Karen Moses, said the company would spend around A$260 million ($224 million) to further develop its Walloon coal seam gas fields to supply the contract. ($1=A$1.16

Boom in Rio Tinto shares indicates growth in Mining sector

Today we feature a press releases from Rio Tinto.  As a major player in the Mining industry the boom in their shares is a very good indicator that the industry is going to continue to grow very quickly over the coming years.  For full article please read on: 

Boom in Rio Tinto shares indicates growth in Mining sector

Resources commentators expect strong growth in the sector to continue on the back of Rio Tinto shares hitting $100 this week. The mining giant became the first Australian-listed company in modern times to reach the milestone.

 

Trading in Rio Tinto has remained steady for the last two days.

 

Stock Resource principal Steve Bartrop says this could just be the tip of the iceberg, with the head of BHP Aluminium predicting unprecedented growth.

 

“The company is really saying that if the long term demand growth rates are maintained at these levels the call on minerals and energy in the next 25 to 30 years could be as great as throughout modern history,” he said.

New BHP boss to put Alcoa bid plan back on agenda

Today in mining news we found you through BHP Billton has revived its plans to takeover Alcoa the aluminium producer and has tabled a bid in excess of £20 billion.  For full article please read on: 

New BHP boss to put Alcoa bid plan back on agenda

 

BHP Billiton, the world’s largest mining company, has revived plans for a $40 billion (£20.2 billion) takeover of Alcoa, the aluminium producer. It is understood that the Anglo-Australian miner was looking at a possible bid for the Pittsburgh-based Alcoa in February.

 

The plan is believed to have been sidelined by Chip Goodyear, the chief executive, who favoured returning cash to shareholders, but he is to be replaced when he retires in October by Marius Kloppers, the present executive director, and it is understood that the Alcoa bid plan is back on the table.

 

BHP is in only the early stages of weighing a potential takeover and it is not thought to have made an approach to the aluminium producer.

 

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BHP Billiton names insider as new chief

A spokesman for BHP said: “It is our duty to keep an eye on all opportunities in the market, but we do not comment on market speculation.”

 

Alcoa is embroiled in a bidding war of its own for Alcan, its North American rival. The $33 billion bid has been rejected by Alcan’s board and predators are thought to be circling both companies.

 

Alcoa decided to bid for Alcan after divesting its upstream business, which makes tin cans and aluminium wheels. Shareholders had criticised this business for dragging down the performance of the booming mining and smelting division.

 

Divesting the upstream business removed the poison pill that had put off bidders, so Alcoa is seeking to buy Alcan and effectively make itself too large to take over.

 

Senior mining industry executives say that a number of companies are considering moving on both Alcoa and Alcan before they come together and fall off the target list. Rio Tinto, the world’s second-largest miner, looked at Alcoa this year but has switched its focus to Alcan. CVRD, of Brazil, is thought to be interested in Alcoa.

 

Mining companies such as BHP, Rio and Anglo American are flush with cash thanks to a boom in commodity prices. All three are to return this money to investors in the form of share buybacks rather than seek expensive acquisitions. However, this may change as all three appoint new chief executives this year.

African Copper looks to expand Dukwe Mine

Today in mining news we head to Africa as ‘African Copper’ looks to expand their Dukwe Mine.  African Copper PLC is a tri-listed  international exploration and development company. The ordinary shares of African Copper trade on AIM and the TSX under the symbol “ACU”, and on the BSX under the symbol “African Copper”.  The Company has a 100% interest in the rights to two properties the northern Dukwe Project which contains a near production target (the Dukwe deposit) and a number of exploration areas, and the southern Matsitama Project which contains a large number of prioritized exploration targets.   For full press release please read on:
 

 African Copper looks to expand Dukwe Mine

African Copper, the copper miner with a focus on Botswana reported yet more encouraging drilling results from its flagship Dukwe prospect, this time indicating the mine can be significantly expanded.

 

Latest drilling results from Dukwe confirm that high-grade mineralisation extends at least 350 metres to the south of the current Dukwe resource in northern Botswana.

 

That means known mineralisation at the site now extends over 2.4 km, providing further support for the group’s ambitions to expand the already impressively loaded deposit.

On a further promising note, the group reveals that a geophysical survey to the north of the proposed pit area has also identified anomalies that are larger, deeper and more extensive than the south. A planned drill programme promises to reveal a further extension to known mineralisation.

 

’The deposit remains open to the north, south and to depth,’ adds the group.

More confirmatory data is needed but the upshot of today’s data is that there is now a real possibility the mine is capable of being significantly expanded going forward.

The group’s existing production schedule is targeting first production at Dukwe in the first quarter of 2008, with a ramp up to full production – around 20,000 tonnes per annum – over the remainder of the year. Site construction is scheduled for completion late in the fourth quarter of the current calendar year.

 

With African Copper confident of being able to produce a new, improved resource estimate for Dukwe by the end of June, Numis analyst Marc Elliott is already anticipating that current production estimates of 20,000 tonnes per annum will be upgraded in due course.

 

’With the deposit open to the north, south and at depth, we believe there is considerable upside potential at Dukwe yet to be realised,’ he adds.

 

The group’s other main asset in Botswana is the Matsitama prospect, a 4,000 sq km exploration area containing numerous showings of copper, lead-zinc and nickel. This is a longer-term project but early drilling results have been very encouraging.

 

African Copper listed on AIM in November 2004, raising £15m via a placing at 76p. It is also listed on the Botswana stock exchange.

 

The shares fell below the listing price over 2005, dropping to a low of 39p in May of that year as project delays dented sentiment.

 

A flurry of good results, first from Dukwe and then from Matsitama towards the end of 2005 and over 2006 helped the shares recover. In May 2006, the group raised £58m via a placing at 77.5p.

 

With no production, the shares have been exposed to volatility in copper prices. Yet the long-term outlook for copper, which is intimately linked to economic growth, not least in China and India, in our view, remains very positive.

 

With African remaining on track to begin output from Dukwe in early 2008, expansion of Dukwe looking to be on the cards, and Matsitama continuing to return good early results, the group’s medium to long term prospects remain bright.

 

African Copper PLC shares edged up 2.5p or 3.2% to 80.5p this morning, valuing the group at £105.6m.