Mining Roundup

Rio Tinto (LON:RIO) has appointed two executives to its management team to step up performance in its people and partnering capabilities, which are core enablers of the company’s strategy and long-term focus under CEO J-S Jacques.

Vera Kirikova will assume the role of Human Resources Group executive and Simone Niven the role of Corporate Relations Group executive on 1 January 2017.

As a consequence of the restructure, Organisational Resources Group executive Hugo Bague will leave the company on 31 March 2017 after supporting a transition.

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Green Dragon Gas (LON:GDG) has welcomed the Chinese Government’s and National Energy Administration’s development plan that targets the percentage of China’s energy mix to be accounted for by coalbed methane consumption.

Highlights:

– Planned increase in coalbed methane consumption to 13 per cent of energy mix by 2020

– Significant increase in investment in Chinese coalbed methane development, adding 420 billion cubic metres (2,641.6 mmboe) by 2020 to national proved reserves

– National production to increase to 24 billion cubic metres per year (151 mmboe) in 2020, an increase of 33% from 2015

– Decrease colliery gas incidents by 15% by 2020

– Exemption of certain coalbed gas exploration and development equipment from import tariffs and VAT from 2016-2020

Green Dragon founder and chairman Randeep S. Grewal said: “The Chinese Government has again affirmed its support of coalbed methane gas development as it progresses with safety enhancements and rapidly shifts towards a cleaner energy profile.

“This is great news for the country, and Green Dragon Gas is poised to assist in delivering this planned surge in domestic demand. China has the third largest coalbed methane reserves in the world and Green Dragon Gas has a vast acreage to exploit, and we continue to enjoy the cooperation of our Chinese partners, working together to help deliver increases in both production and reserves from our blocks.”

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ZCCM-IH (LON:ZCC) has announced the appointment of Teddy D. Mulonga as a non-executive director, representing the National Pension Scheme Authority which holds 15% shares in the company. Mulonga was appointed to the ZCCM-IH board on 31 October.

Mulonga has vast experience spanning decades in senior management positions both in the private and public sectors. He has served in senior positions in the Government of the Republic of Zambia, including as Director General Zambia National Tender Board, Permanent Secretary in the Ministry of Labour and Social Security, Permanent Secretary Ministry of Sport, Youth and Child Development and also as Deputy Secretary to the Cabinet -Administration.

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The sector’s biggest riser was Horizonte Minerals (LON:HZM) – up by 10.1% in late trading. The biggest faller was Herencia Resources (LON:HER) – down by 12.5%.

At 4:07pm:

(LON:BEM) Beowulf Mining PLC share price was -0.25p at 5.13p

(LON:BKY) Berkeley Energia Ltd share price was +1.25p at 46.38p

(LON:CEY) Centamin PLC share price was +0.5p at 133.9p

(LON:CZA) Coal of Africa Ltd share price was +0.01p at 3.51p

(LON:FDI) Firestone Diamonds PLC share price was +1p at 52.75p

(LON:FRES) Fresnillo PLC share price was -5p at 1168p

(LON:GDG) Green Dragon Gas Ltd share price was 0p at 180p

(LON:GEMD) Gem Diamonds Ltd share price was -0.75p at 104.75p

(LON:HER) Herencia Resources PLC share price was -0p at 0.02p

(LON:HOC) Hochschild Mining PLC share price was -2.95p at 231.65p

(LON:HZM) Horizonte Minerals PLC share price was +0.25p at 2.73p

(LON:KMR) Kenmare Resources PLC share price was +0.25p at 254p

(LON:RIO) Rio Tinto PLC share price was +76p at 3297.5p

(LON:VED) Vedanta Resources PLC share price was +14p at 947p

Story provided by StockMarketWire.com