Cecilia Jamasmie , Editor-in-Chief

China's Ministry of Industry and Information Technology (MIIT) is drafting new standards for the gold industry which will raise the entry barriers and it will force companies with daily gold processing capacity of less than 50 tons to shut down. Citing unidentified sources who attended a national gold mining conference, the industry ministry is drawing up a blueprint to better regulate gold miners, such as shutting mines with a daily gold processing capacity of below 100 tonnes and halting approvals for small ore processing companies. China, the world's largest bullion producer, currently has no limits on gold production and production is determined by the gold producers.

Chinese energy giant China National Offshore Oil Corp (CNOOC) took over oil sands operator Opti Canada Inc. (TSXV:OPC) today in a deal valued at Cd$2.1 billion. This acquisition gives China's top offshore oil company its second stake in a Canadian oil sands property. With the close, reports Reuters, CNOOC gains a 35 percent stake in the troubled Long Lake oil sands project, which operates well below its 72,000 barrels per day capacity as operator Nexen Inc (NXY.TO) works to overcome problems with the C$6.1 billion project's reservoir.

The global mining industry is facing intensifying social, economic and political challenges, which means companies must incorporate more complex scenarios into their strategic planning, says a new study from Deloitte. The report, titled Tracking the Trends 2012, warns of a “perfect storm” already hitting the mining industry.

Global mining giant Anglo American announced the delivery of the first copper produced from its $2.8bn expansion of its fought-over Chilean mine Los Bronces, amid signs that its battle with its state-backed rival Codelco could avoid the courts.

Brazil has temporarily banned Chevron from drilling in the country after it caused an oil spill off the coast of Rio de Janeiro, raising doubts about the company’s role in one of the industry’s biggest investment programmes. Late on Wednesday, Brazil’s National Petroleum Agency (ANP) accused the U.S. company of negligence late on Wednesday, announcing it would suspend all of Chevron’s drilling until it clarified the reasons for a spill that released almost 3,000 barrels of oil into the sea earlier this month. Analysts believe that the Brazilian government is keen to make an example of Chevron as a warning to other foreign companies looking to take a share of Brazil’s pre-salt reserves, which are estimated to contain as much as 50bn barrels of oil.

Fears over the direction of Vale, the world’s biggest miner of iron ore by volume, renewed this morning as the company’s CEO Murilo Ferreira announced late on Monday that he will submit to the Board of Directors a proposal for a new structure of the Executive Board. Investors have been particularly cautious of management changes at the miner since Brazil’s government helped push out Roger Agnelli, Vale’s former chief executive, at the end of his mandate in May. The company said that the restructuring aims to establish an operational model with clearly defined roles and responsibilities for each business unit.

Chilean Government urged state-owned copper producer Codelco and Anglo American Plc (AAL) to seek an out-of court resolution to a contractual dispute over the sale of a stake in Anglo’s mine and smelting assets in the country. Codelco's Chief Executive Officer Diego Hernandez sai today in a public event that while the company is prepared to negotiate with Anglo, the starting point of any discussions would be to recognize Codelco’s right to the full 49 percent stake.

Global miner Anglo American has risked its future in the world's largest copper producing nation by denying Chile's state-owned Codelco a 49 percent stake in its Sur unit, said Diego Hernandez, Codelco's chief executive on Thursday. Miguel Angel Durán, president of Anglo American’s Chilean operations, told a Chilean newspaper that the company wants to sit down with Codelco, the Chilean state mining company, and find a way to avoid years of litigation over Anglo’s Chilean assets. The copper giant is putting together a crack team of lawyers and financial advisers from Chile and New York to fight Anglo’s attempt to block it from exercising an option to buy half of Anglo’s Chilean copper assets for $6 billion. Anglo early in November sold 24.5% to Mitsubishi for $5.4 billion.

CHINA MINING Congress & Expo 2010 hosted by the Chinese Ministry of Land & Resources and the Tianjin Municipal Government, will be […]

A large resource extraction sector and the lack of academictraining options in the mining and explorationindustry were two of the main factors […]