BRIEFING - ASIA MINING - OCT 22, 2009

ERAMET, MITSUBISHI TO DEVELOP US$4.6 BLN NICKEL MINE IN
MALUKU

JAKARTA - France's Eramet, Japan's Mitsubishi and
Indonesia's PT Aneka Tambang (Antam) (JSX:ANTM) will build a
US$4.6 billion nickel project in North Maluku, a report said.

Eramet, which owns 60 per cent stake in the project will be
the operator of the world's largest ferronickel plant with
Mitsubishi and Antam holding 30 per cent and 10 per cent
respectively, Antam President Alwyin Syah Lubis said.

CHINA POWER COAL PRICE EDGING UP ON LOW STOCKS

BEIJING - The power-coal price at Qinhuangdao Port is
expected to keep rising moderately in the fourth quarter of
2009 on decreasing coal inventory, recovering power demand and
the resumed suspension of production of small coalmines in
Shanxi province.

Coal inventories at Qinhuangdao Port, the largest coal
distribution center in China, have been declining for two
months, fluctuating at about 4 million tons recently. They grew
to 4.2597 million tons on Oct. 20, but this is still lower than
the standard level of 5 million tons.

AUSSIES INVITE FDI, BUT CONCERNS LINGER AMONG CHINESE MINERS

TIANJIN - Australian state government and industry officials
Wednesday extended invitation to Chinese investment in the
mining sector, but their remarks didn't help dispel concerns of
Chinese mining companies.

The officials from Australian states, including the New
South Wales, South Australia, Western Australia and Queensland,
and some industry associations, attended the three-day 2009
China Mining Conference with hopes of boosting investment
sentiment from China following a spate of failed mining asset
purchases.

CHINA MINMETALS TO BEGIN PRODUCTION AT COPPER MINE IN PERU BY
2012

BEIJING - China Minmetals Corp., a major state-owned metals
and mineral trader, expects to begin construction of the Galeno
copper mine in Peru next year and production by 2012, China
Daily reported Thursday.

The Galeno copper mine, purchased jointly by China Minmetals
and Jiangxi Copper Co. early last year, is believed to have 20
years of mine life and an annual production estimate of 144,000
tonnes concentrate.

CHINA TO INNOVATE IN PROSPECTING, MINING TECHNOLOGIES:
OFFICIAL

BEIJING - Over 90 per cent of the energy and 89 per cent of
the industrial fuel in China come from mineral resources, Liu
Yanhua, vice-minister of China Ministry of Science and
Technology, said at the ongoing China Mining Conference.

"Although China owns relatively rich resources, the volume
per capita is quite small," Liu added.

CANADIAN COMPANY GETS NOD FOR W. AUSTRALIAN URANIUM MINE

PERTH - Western Australia's first uranium mine is one step
closer to reality after a mining lease was granted to a
Canadian venture in the state's eastern goldfields region.

Mega Uranium, a Canadian company, announced on Wednesday the
WA Department of Mines and Petroleum had granted a mining lease
for its Lake Maitland project, near Wiluna.

AUSTRALIAN CO AMCOR SEES COMPLETION OF ALCAN DEAL AROUND
JANUARY

MELBOURNE - Australian company Amcor Ltd (ASX:AMC) managing
director Ken MacKenzie says the group's $A2.44 billion (US$2.27
billion) acquisition of Rio Tinto's packaging unit, Alcan
Packaging, is expected to be completed by January 1, plus or
minus 30 days.

The deal, which was announced in August, will result in
Amcor's gearing moving to 43.4 per cent, he said while speaking
after the company's annual general meeting on Thursday.

INDONESIA'S ANEKA TAMBANG SET TO OVERSHOOT GOLD SALES TARGET

JAKARTA - Publicly traded Indonesian mining company PT Aneka
Tambang (ANTAM) (JSX:ANTM) said it is set to overshoot its gold
sales target of 9 tons this year.

Gold sales this year are expected to reach 11 tons, based on
performance up to the third quarter of this year, Alwin Syah
Loebis, the president of the state company, said.

BHP CHAIRMAN SAYS INVESTMENT OPPORTUNITIES NEEDED FOR AUSSIES

MELBOURNE - BHP Billiton Ltd (ASX:BHP) chairman Don Argus
says Australia needs policies to ensure foreigners do not
squeeze out locals to invest in the country's natural
resources.

Mr Argus said Australia must make certain the right
"economic rent" is charged for access to mining assets.

MAJOR SHAREHOLDERS SHUN S.KOREAN CO GM DAEWOO'S RIGHTS OFFER

SEOUL - Major shareholders of struggling South Korean GM
Daewoo Auto & Technology Co. failed Wednesday to subscribe to
the company's new share issue, overshadowing its efforts to
ride out a cash crunch, sources said.

General Motors Corp., the Korea Development Bank (KDB) and
other big shareholders were invited to participate in the 491.1
billion won (US$417 million) rights offering by late Wednesday,
which was designed to secure working capital for the
cash-strapped carmaker.

AUST'S NEWCREST GOLD OUTPUT FALLS 5PCT IN Q1, MAINTAINS
GUIDANCE

SYDNEY - Australian miner Newcrest Mining Ltd (ASX:NCM) has
reported a five per cent fall in first quarter gold production
due to lower grade output at one mine and slower commissioning
at another.

Gold production of 377,084 ounces in the three months ended
September 30 was down from 397,826 ounces at the end of June,
and down 22.4 per cent from 485,978 ounces a year ago.

IVANHOE AUSTRALIA REPORTS ANOTHER HIGH-GRADE METALS DISCOVERY

PERTH - Ivanhoe Australia Ltd (ASX:IVA) has reported another
high-grade molybdenum and rhenium discovery in Queensland's
Cloncurry region, which could provide the company with early
cashflow if found suitable for development.

The mineralised system has been named Little Wizard and lies
above Ivanhoe Australia's Merlin discovery, which was
discovered in April amid claims it represented the world's
highest-grade molybdenum and rhenium deposit.

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