MMX doubles iron ore resources

Brazilian mining company MMX, controlled by billionaire magnate Eike Batista, said that a certification study showed the firm's iron ore resources stood at 3.1 billion tonnes, more than twice the previous estimate.

MMX in a statement that SRK Consulting carried out the study at Serra Azul its principal mine, as well as the Pau de Vinho mine. The new estimate was 106 percent higher than the previous one in March.

Mr Roger Downey president said the resources are sufficient for MMX to reach its production target of 46 million tonnes of iron ore per year by 2016.

(Sourced from Reuters)

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Miners to strike over stalled enterprise talks

More than 4,000 central Queensland mine workers will walk off the job in the next few days as part of ongoing enterprise bargaining negotiations.

Staff at seven BHP mines will take part in the protected action, with rolling stoppages at Goonyella and Peak Downs mines already underway.

Mr Steve Pierce from the Construction, Forestry, Mining and Energy Union said that job security is a major sticking point. He said that more talks are scheduled for next week but further action will be taken if they cannot reach an agreement.

Mr Pierce said that "They are committed to pursuing that form of action if it's necessary. They would rather have a position where we reach a settlement on the agreement through negotiation but as I said they believe that their claims are reasonable and they have a rightful and legal right to put them forward and have them dealt with."

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Baltic index rallies capes at near 9 month high

The Baltic Exchange's main sea freight index which tracks rates to ship dry commodities, rose to its highest in nearly eight months on Thursday as a surge in coal and iron ore bookings on the larger capesizes bolstered sentiment and earnings.

Brokers said a growing ship glut was set to cap dry bulk freight rate gains in the coming months.

The overall index rose 3.89 percent or 63 points to 1,682 points, in a second day of gains and was at its highest since Jan. 4. Before Wednesday's rise it had fallen for three sessions. The index had hit a near seven-month high last month.

Brokers said firmer coal and iron exports from Australia had boosted the capesize market.

RS Platou Markets said that "The fixture activity accelerated in both basins with Pacific and Transatlantic round voyage rates seeing the maximum gains as charterers rushed to fix open cargoes.”

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Oceanic Iron hits 39pct iron at Ungava Bay

Oceanic Iron Ore announced assay results from its 2011 resource verification drilling program in the Hopes Advance area of its Ungava Bay iron deposit in the Nunavik Region of northern Quebec.

The program focused on the Castle Mountain, Zone 2, and Zone 4 areas, and compared them to their corresponding historic drill hole, whose results are from the mid- to late-1950s.

Notable results from the program found 35.85 metres grading 39.9% iron in hole HA-11-018, on Zone 2. This hole corresponded with historical drill hole E136, which had returned 47.11 metres grading 33.4% iron.

On Zone 4, hole HA-11-023, which corresponded with the 43.82 metres grading 36.6% iron in historical hole R101, returned 39.4% iron over 46.19 metres.

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Banks Group calls for changes in planning regulations on coal mining

A county Durham Mining and development firm has called for changes in the planning regulations on coal mining, so it can invest more in renewable energy.

The family owned Banks Group has called on the Government to remove the presumption against coal mining which presently exists, as it reviews planning regulations. The Durham City based firm, which runs surface mines across northern England and Scotland, also has an expanding renewable energy division which has secured a number of multi million pound onshore wind farm projects.

Mr Mark Dowdall, environment and community director at the Banks Group, employing 400, said it was partly through its coal mining operations that it was able to afford to invest in renewable energy research. The firm put its concerns to planning minister Mr Bob Neill, who visited one of its mines in Northumberland, and called for the presumption against coal mining to be removed.

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