Rio Tinto will offer the metals to produce the 4700 gold, silver and bronze medals of the London 2012 Olympic and Paralympic Games, being the 'Official Mining and Metals Provider'.
Kennecott Utah Copper mine and future copper and gold giant Oyu Togoi in Mongolia, have been chosen by Rio Tinto amongst all its operations to supply the precious raw materials.
This is actually the second time that Rio Tinto has contributed to the production of Olympic medals. First time was in 2002, for the Salt Lake City Olympics Winter Games.
Rio Tinto also announced the signature of a partner level sponsorship agreement with the Australian Olympic Committee (AOC) to support the Australian Team.
Beyond the marketing coup, this involvement comes to illustrate Kennecott Utah Copper motto: 'We are part of something bigger'
This is something the whole mining industry should always keep in mind.
A really fun and informative 6 minutes video from Kennecott Utah Copper (Rio Tinto), starting with how important copper is in our daily life and then focusing on copper extraction, processing, smelting and refining.
Enjoy it and learn how copper mining actually relate to whales!
Here is the link!
Still Waiting For the Boom
"Coal price could hit $US500 a tonne after the floods, analysts warn", by Sarah-Jane Tasker, The Australian, January 17, 2011
Similar analysis came up immediately after the earthquake and tsunami that recently struck Japan. The subsequent Fukushima nuclear crisis comes to reinforce the bullish thesis.
Moderation is now a key word in latest analyst consensus.
Prices range now around $US125, after a short increase, up to $US135. The trend is rather likely to show a slight drop in price for the coming months.
The Australian flood impact on coal mining is huge, tightening the market. The earthquake and tsunami severally damaged Japanese main coal import terminal and thermal power plants. Economic activity slows and steel-thirsty car manufacturing industry suspends production. Temperature rising in the Northern Hemisphere also brings a seasonal factor in favor of a price drop.
The situation in Japan will improve. And Japan is the world's largest importer of thermal coal. Economy will restart. We all hope that will happen at the earliest. But who can be more precise?
Australian flood impact on the middle term supply of coal market remains uncertain. But due to the relative weight of Australian coal on the global market, prices will certainly be pushed up. $US140? $US170? Nobody really knows.
Nevertheless, there is a persistent rumor of a coming Coal Price Boom. Of a big boom. And the traders call the mining consultants. What do you think? $US400? 500, maybe? Sarah-Jane Tasker's price levels are back on stage.
The Coal Price Boomers have a massive argument: they predict a major shift away from nuclear power, at least in Europe and in the US, under the pressure of environmental NGO's.
I personally find it hard to believe that the green parties will join the anti-nuclear groups to promote coal usage!
The Coal Price Boom thesis also willingly ignores all the other sources of energy that could be alternative to a potential lack of energy due to a potential future partial shift away from nuclear power. Natural gas is one. Renewable energies are also definitely part of the equation.
- Shall we expect higher prices for the energy in the future, whatever the source?
Definitely yes. Nothing new under the sun, I am afraid.
- Are the Fukushima Nuclear Crisis and the Australian Flood going to provoke a coal price boom?
My answer is no. But I am not a trader.
The death toll from a coal mine accident in south-western Pakistan rose to 43 on March 22, while 9 more miners were still trapped underground, DPA reported.
A methane gas explosion on March 20 caused the mine collapse at Surran range, some 35 km (22 miles) east of Quetta, the capital of Baluchistan province, trapping 52 miners.
"Our rescue teams are working hard to reach the trapped miners," Saleem ud Din from the collieries office said. The death toll could rise, he said, as the chances of survival were very slim for the miners trapped at a depth of over 1 kilometre.
The mine blast was attributed to poor ventilation that allowed toxic levels of methane to accumulate. The mine operator was previously cited for violations and was ordered to cease operations.
Baluchistan is rich in mineral resources including coal, copper, gold, oil and gas, but poor extraction techniques and lack of safety measures frequently lead to accidents.