Mining and Exploration

Peabody Energy today announced the completion of its acquisition of Macarthur Coal Limited, and has notified the Australian Securities Exchange to delist Macarthur.

Peabody is the world's largest private-sector coal company, with 28 surface and underground mines across the United States and Australia.

Iran’s Petroleum Engineering and Development Company has signed a deal with Russia’s Tatneft to develop the dormant Zagheh heavy oil field in Iran.

Zagheh is located 25 kilometres from the port city of Deilam.

The deal, which was signed yesterday, will bring production capacity at the oil field to 7,000 barrels per day in the first phase and 55,000 in the second phase.

The first well of the oil field, which was drilled many years ago, had been abandoned; however there are now plans to gain more accurate data on the heavy oil field.

Chilean mining operator Cerro Grande Mining Corporation has reported record financial results for its fiscal year ended September 30, 2011.

Revenues from gold, copper and silver sales came in at US $24,289,000 compared to US $10,959,000 in the same period last year. Net earnings were a positive US $3,425,000 compared to a negative (US $5,248,000) last year.

After completing the acquisition of Bucyrus earlier this year, Caterpillar is selling part of the former Bucyrus distribution business to the Industrial Division of Malaysian-based multinational Sime Darby Berhad.

The transaction, valued at approximately $360 million, involves the Sime Darby Industrial Cat dealerships operated by Hastings Deering in Queensland and the Northern Territory of Australia, Papua New Guinea and New Caledonia.

Rockhopper Exploration has announced the discovery of more oil and gas in the North Falklands Basin.

The oil and gas exploration company drilled in multiple reservoir targets: Beverley, Casper South, Casper and Sea Lion Main Complex.

The positive drilling update is expected to raise estimated reserves of hydrocarbons across the four fields.

The Sea Lion discovery was the first oil to flow to surface in Falkland Islands waters, having been successfully tested during September 2010 and June 2011.

BHP Billiton Energy Coal South Africa (BECSA) has entered into an empowerment transaction with a black-owned consortium led by Pembani Group, it announced today.

The consortium will effectively hold an eight per cent equity interest in BECSA, and also includes a Broad-Based Empowerment grouping. BECSA shareholders have also approved the implementation of an Employee Share Ownership Plan in which participating employees will hold a beneficial interest of two per cent equity in BECSA.

Afferro Mining has agreed to sell its 38.5 per cent interest in its Putu iron ore project in Liberia to Russia’s second biggest steelmaker.

Severstal, one of the world’s leading vertically integrated steel and steel-related mining companies, already owns the remaining 61.5 per cent of Putu through its subsidiary, Lybica Holdings.

Afferro will receive a cash payment of $65 million on completion of the deal. It said it would use the funds from the sale to accelerate its development strategy for its 100 per cent owned Nkout iron ore project in Cameroon.

Norwegian oil company Det norske has awarded Denmark-based Maersk Drilling with a three-year contract at its Draupne project.

Maersk Drilling is to supply the CJ-70 ultra harsh environment jack-up rig, XL Enhanced 2, presently under construction in Singapore, for development drilling on the Draupne field in the Norwegian North Sea.

The contract, awarded by Det norske on behalf of the Draupne licence, is for three years with options to extend up to seven years.

The total contract value for the three-year period is approximately $413 million.

Tel Aviv is not only Israel’s second city by population and its business capital, it is also globally recognized as one of the world’s most innovative startup hubs. In addition, according to one 2018 report, more than 300 large multinational firms have set up research and development centers in Israel – mostly in Tel Aviv – to take advantage of its young, tech-savvy population.

Uranium Energy Corp has announced the completion of its acquisition of the Workman Creek uranium project, previously announced on 8 November, 2011, from Cooper Minerals, Inc.

"The Workman Creek Project represents the company's fourth project in pro-business and mining-friendly Arizona,” said President and CEO Amir Adnani. “This acquisition further demonstrates management's commitment to expanding and diversifying our project portfolio at a viable cost for long-term growth."