Rio Tinto Limited (RIO) said it has received approval from the Brazilian National Defence Council on the pending sale of its Corumbá iron ore mine in Brazil to Vale S.A. Earlier this year, Rio announced it had reached an agreement with Vale to sell its Corumbá iron ore mine and the associated river logistics operations in Paraguay, the Potasio Rio Colorado potash project in Argentina and the Regina exploration assets in Canada for US$1.6 billion. The mining giant said it has announced asset sales of US$6.6 billion over the past 18 months.
Macarthur Coal Limited (MCC) said that a mining lease for its Middlemount Mine Project had been granted. As a result the Middlemount Coal Company, a JV between Macarthur Coal and the Noble Group would commence construction soon on a coal handling and preparation plant as well as minesite infrastructure. The construction would generate around 160 jobs until it is completed during 2010. The mine is expected to double Macarthur’s coal production in the next five years.
Noble Mineral Resources Limited (NMG) shares soared over 90% higher on Monday morning after the gold explorer said drilling at its Morrison project in Ghana has returned high-grade intersections. The company said the northern-most reverse circulation hole drilled in its latest program returned 4m at 16.91 grams per tonne gold from 11m, including 1m at 62.19gpt. Noble said the hole also intersected 1m at 3.64gpt. Other results included 2m at 1.63gpt from 81m and 1m at 3.19gpt from 15m. Noble said the latest drilling has extended the known strike length of mineralisation at Morrison by 100 metres. The company said a review of the latest exploration by independent consultants SEMS Exploration concluded that Morrison consisted of three parallel structures with promising widths and grades.
Felix Resources Limited (FLX) said Yanzhou Coal has withdrawn and resubmitted its FIRB application to acquire the Australian coal miner with no material amendments. Felix said the decision to resubmit the application was not expected to delay the transaction timetable.
