BRIEFING - ASIA MINING - JULY 31, 2008

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jul 2008

An executive briefing on mining for July 31, 2008, prepared by Asia Pulse, the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities. HERALD RESOURCES SHARES SLUMP AS BUMI TALEOVER OFFER LAPSES PERTH - Shares in lead and zinc hopeful Herald Resources Ltd sank after its predator Indonesian coal miner Bumi Resources allowed its takeover offer to lapse, with its ownership pulling up just six per cent shy of its compulsory acquisition threshold of 90 per cent.
At 1510 AEST, Herald shares had sunk 63 cents or 23.25 per cent to A$2.08 (US$1.95). This compares with Bumi's A$2.85 a share all-cash offer.
CHINA EXPANDS COAL BASES AND ENTERPRISE GROUPS
TAIYUAN - China has made preliminary progress in building large coal bases and large coal enterprise groups, and there are five coal enterprises with annual output exceeding 50 million tons in China at present, said Zhang Shaoqiang, vice president of China Coal Processing and Utilization Association.
Thus far, China has 34 coal enterprises each with annual output exceeding 10 million tons, and five each with annual output exceeding 50 million tons.
AUSTRALIAN IRON ORE CO PORTMAN DELIVERS RECORD EARNINGS
MELBOURNE - Portman Ltd , Australia's third-largest iron ore producer, has delivered record earnings for its half due to higher prices for the commodity.
Portman booked a profit for the six months to June 30 of $A137.1 million ($US129.38 million), 140 per cent higher than the same period in 2007, driven primarily by the increase in benchmark iron ore prices.
KAZAKHS RETAIN OIL TRUMP CARDS
ALMATY - Oil companies working in Kazakhstan crying victory seem to have done so prematurely. By mid-October, the government of Kazakhstan and foreign operators working on the country's first major offshore project, consisting of four blocks and named Kashagan after the largest of them, should sign a revised contract in order to go ahead.
However, the project remains full of questions to most of which clear answers have yet to be defined.
ALUMINA DELIVERS 84PCT DROP IN 1H PROFIT IN AUSTRALIA
MELBOURNE - Alumina Ltd , minority partner of the Alcoa World Alumina & Chemicals (AWAC) group, has delivered an 84.6 per cent drop in first half profit due to operating higher costs.
Profit during the six months to June 30 fell to $A43.8 million ($US41.33 million), from $284.3 million in the same period in 2007, amid higher energy costs and freight rates, and a weaker US dollar.
COAL INDIA FACES MAJOR ROADBLOCKS IN ACHIEVING ASPIRED GROWTH
NEW DELHI - India's largest coal producer Coal India Ltd (CIL) is facing major roadblocks like delay in procurement of overseas equipments to achieving the aspired production target envisaged by the government, a top company official said.
"Among the possible roadblocks are delays in procurement of large-sized equipments, environmental impact of mining and social sustainability issues," Coal India chairman Partha S Bhattacharyya said.
MITSUBISHI CORP MAY TAKE CONTROL OF AUSTRALIAN MINING CO
PERTH - Japanese giant Mitsubishi Motors Corporation (TSE: 7211) could be the latest overseas predator to take control of an Australian mining company, an analyst says.
DJ Carmichael resource analyst James Wilson said he thought Mitsubishi would make a bid for equal joint venture partner Murchison Metals Ltd, which together will build the $A3.5 billion ($US3.3 billion) Oakajee deepwater port and associated rail infrastructure in Western Australia's mid west iron ore region.
S KOREA CONSIDERS PARTICIPATION IN INT'L LUNAR EXPLORATION
SEOUL - South Korea will consider taking part in an international exploration project to better survey the geological characteristics and overall environment on the moon, the state-run aerospace institute said today.
The statement of intent signed by the Korea Aerospace Research Institute (KARI) calls for a joint review of tasks and objectives of the future program, led by the US National Aeronautics and Space Administration.
W AUSTRALIA IRON ORE MINERS MAY POOL PRODUCT TO CREATE NEW BLEND
PERTH - Iron ore miners in Western Australia's mid-west could pool their product to create a new blend to help optimise and market varying qualities of ore from different mines, an infrastructure provider says.
This would be much like Rio Tinto Ltd's Pilbara Blend, which melds two different styles of iron ore and was exported from mid last year.

Source: Trading Markets