At the end of 2007, the internationally renowned mining information agency, The Mining Journal (UK), listed the significant events that occurred in the global mining industry throughout the year and had a substantial impact.
　　 January
　　 De Beers is changing the way it sells rough diamonds.
　　 In early 2007, DTC (Diamond Trading Co), the world’s largest supplier of rough diamonds and a subsidiary of the De Beers Group, announced that it would change its sales approach for rough diamonds in order to seek more partners.
　　 February
　　 Zimbabwe Targets Diamonds
　　 In February, Zimbabwean President Robert Mugabe declared that diamond mining was the country’s sole treasure—though industry commentators believe this announcement has yet to carry any real substance. Zimbabwe’s proposed new mining law requires foreign companies to sell more than 51 percent of their equity to local entities. Even more significantly, 25 percent of the government’s equity stake is being “donated,” and the revised legislation is currently under discussion and approval in parliament.
　　 Copper prices fall.
　　 In February 2007, copper prices initially declined sharply before rebounding. The price of 3-month copper futures fell from $6,000 per ton to $5,430 per ton. Throughout the year, copper prices briefly rose back to $8,200 per ton on three occasions, but by year-end, they had fallen back to around $6,600 per ton.
　　 March
　　 La Rioja, Argentina, bans open-pit mining.
　　 In March, Argentina’s La Rioja Province banned open-pit mining, prompting Canada’s Barrick Gold Corporation to abandon its exploration plans in partnership with Yamiri Gold Mining Company. This decision followed a provincial council vote led by Luis Beder Herrera, the province’s vice governor who opposes the mining industry, which approved a ban on the use of cyanide in open-pit mining within the province.
　　 Democratic Republic of the Congo Mining Review
　　 In March, the Democratic Republic of the Congo began reviewing all existing mining agreements signed by the previous government, and in April further suspended negotiations on new mining concessions. The review process occupied most of 2007 and was completed in the first quarter of December; however, the report had not yet been published by year-end.
　　 A mining disaster in Russia has left 108 people dead.
　　 In March, the worst mining disaster in history occurred at the Ulyanovsk coal mine in Kemerovo Oblast, Russia. At that time, two methane explosions inside the Ulyanovsk coal mine in Siberia claimed the lives of 108 people.
　　 Brissas Copper-Gold Mine Officially Approved
　　 At the end of March, Venezuela agreed to allow the U.S. Gold Reserve Corporation to proceed with the development of the Las Brisas gold-copper project located in southeastern Venezuela. The company plans to invest $552 million over a two-year period to develop this open-pit gold-copper mine, which has a life cycle of 16 years and is expected to produce 487,000 ounces of gold and 64 million pounds of copper annually.
　　 May
　　 Bolivia issues a decree.
　　 In early May, Bolivia announced the national reserves of mineral resources within its territory and agreed that the state-owned mining company Comibol would manage all mining sites. Existing mining agreements were upheld, but pending permits were canceled, and new permits would require approval from Comibol.
　　 The role of Nikanor Company
　　 In May, Nikanor, the company slated for merger, came under consideration as a potential acquisition target after its three largest shareholders and the Glencore International consortium submitted a bid of US$1.7 billion to acquire the developer of copper mines in the Democratic Republic of Congo. As a result, Glencore International gained control of Nikanor. By the end of 2007, Nikanor had agreed to merge with Katanga Mining.
　　 Nickel prices are soaring.
　　 In May, nickel prices reached a high of around $52,000 per ton, but by the end of 2007, they had fallen back to $26,000 per ton.
　　 Cigar Lake Uranium Mine Incident
Cameco, the world’s largest supplier of uranium products, has acknowledged mistakes made before, during, and after the accident at the Cigar Lake uranium mine in Canada, which was flooded in October 2006. The Canadian government has agreed to extend the project by two years, with production expected to begin in 2011 at a rate of 18 million pounds per year of U3O8, making it the world’s largest uranium mine.
　　 Tekkominco acquires the Galore Creek project.
　　 At the end of May, Canada’s Teck Cominco Ltd. agreed to jointly develop the Galore Creek copper-gold mine project in British Columbia, Canada, with NovaGold Resources Inc., using a $478 million mortgage as collateral. The project’s budget, initially set at $5 billion, was reduced to $2 billion by the end of November, prompting the partners to delay the project.
　　 June
　　 Lionore manufacturer takes over the battle.
　　 In June, Russia’s largest mining company, OAO Norilsk Nickel, outbid Switzerland’s Xstrata Plc to take over Lionore, a Canadian nickel mining producer based in Toronto, ultimately paying Australian nickel miners $6.4 billion. Lionore paid Xstrata Plc a penalty of $288 million for breach of contract.
　　 Mexico Group’s Expansion Plan
　　 In June, Grupo Mexico unveiled a $4 billion expansion plan that included a $2.2 billion investment aimed at doubling the production capacity of its Cananea open-pit copper mine in Mexico. However, due to ongoing strikes that continued until the end of the year, Grupo Mexico canceled this investment and instead redirected the funds toward its operations in Peru.
　　 Rio Tinto—The Largest Mining Deal
　　 In June, the largest mining deal to date was unveiled when Australia's Rio Tinto agreed to acquire Canada's aluminum producer Alcan Inc. for $38.1 billion in cash. This deal made Rio Tinto the world's largest bauxite miner and the second-largest aluminum producer.
　　 July
　　 Southwest Resources Sues Former Executive
　　 The shadow of the mining scandal involving Canada’s Bre-X company was rekindled in July when Southwest Resources Inc. revealed that it had falsified drilling results at the Boka gold mine in Dongchuan, Yunnan Province, China. The company’s former CEO, Paterson, was hospitalized due to severe neurological disorders. Southwest Resources announced that it was suing Paterson for US$1.2 million, alleging that he had manipulated data to inflate the reported gold content in certain samples. Later, the company agreed to an out-of-court settlement. Paterson is the largest shareholder of Southwest Resources, holding a 17.9% stake in the company. Southwest Resources’ shares are also held by some of Canada’s largest fund managers and by Newmont Mining Corporation, the world’s second-largest gold producer.
　　 British and American companies acquire the Pebble mine.
　　 At the end of July, Anglo American PLC, the world’s second-largest mining company, provided $1.4 billion in financing to acquire a 50% stake in the Pebble copper-gold mine project in Alaska, USA, beating out Australia’s Rio Tinto (which holds a 20% stake in Canada’s Northern Dynasty Minerals Ltd.). The two mine sites at Pebble contain estimated resources of 4.1 billion tons (proven, probable, and possible) and 3.38 billion tons (possible), respectively.
　　 August
　　 The former geologist CEO of Bre-X has been found not guilty.
　　 In August, Canadian geologist Feldhoff—vice president and one of the founders of Bre-x Minerals Mining Company—was charged with involvement in a $3 billion lawsuit but was later found not guilty. Feldhoff had not violated Ontario securities regulations. Authorities revealed that if Feldhoff had been convicted, he would have faced up to two years in prison, plus substantial financial penalties.
　　 Uranium prices are soaring.
　　 In June 2007, uranium prices surged to a historic high of $138 per pound, but the upward trend did not continue. Shortly thereafter, spot uranium prices began to decline steadily, falling to $90 per pound by August—a drop of 35%—and remained at that level through the end of the year.
　　 China Aluminum Corporation enters Peru.
　　 In June, China Aluminum Corporation acquired the porphyry copper project of Peru Copper Corporation for US$792 million. On August 1, the company completed its acquisition of 91% of the shares in Canadian Peru Copper Corporation (hereinafter referred to as “Peru Copper”), marking the successful conclusion of this cross-border acquisition. The company stated that it will continue to acquire the remaining shares, fully take over Peru Copper, and strive to start construction of the project at an early date.
　　 September
　　 The concession for Gabriel Company’s Rosia Montana gold project has been suspended.
　　 In September, Romania’s Minister of Environment indefinitely suspended the concession granted to Gabriel Resources’ Rosia Montana gold project. At the end of the year, the company suffered another blow when its archaeological permit was revoked. As a result, the company reduced its workforce on the project by two-thirds.
　　 Zambia Raises Resource Tax Rate
　　 The Zambian government has resumed negotiations with copper mining companies regarding the current mineral tax and royalty agreements. The government plans to increase the mineral revenue tax fivefold—from the current fixed rate of 0.6% to around 3%.
　　 Bali Gold Company plans to delay.
　　 Canadian Barrick Gold Corporation stated that it has been forced to delay the construction of the Pascua-Lama gold mine project, which straddles the border between Argentina and Chile, due to ongoing tax negotiations with Argentine authorities.
　　 Russian United Aluminum Company’s IPO Put on Hold
　　 At the end of September, UC Rusal, the world’s largest primary aluminum producer, put on hold its initial public offering in London.
　　 October
　　 City Banker Loan Warning
　　 In October, city bankers and financiers said that due to the crisis in the U.S. subprime mortgage market, lenders’ credit restrictions would hit junior mining companies, and banks would be more cautious about lending to high-risk projects.
　　 Invest in the Jubilee Mine
　　 At the end of October, Xstrata Plc invested $2.9 billion to acquire Jubilee Mines NL’s nickel sulfide mine in Australia.
　　 Strata Company gives the green light to the Koniambo project.
　　 In October, Swiss company Strata Ltd. invested 3.8 billion U.S. dollars in the development of the Koniambo nickel-cobalt mine project located in New Caledonia. The investment will be made in phases over a period of 25 years; however, the detailed mining plan has not been disclosed to the public. The company holds a 49% stake in the Koniambo nickel-cobalt mine. The mine’s nickel ore reserves amount to 62.5 million tons, with a nickel grade of 2.4%. The mine’s long-term production lifespan is projected to be 50 years.
　　 November
　　 Gold prices rise.
　　 In early November, gold prices surged to a record high of $845 per ounce. These prices are expected to continue fluctuating in the time ahead.
　　 BHP plans to acquire Rio Tinto.
After months of speculation about a takeover, global mining giant BHP Billiton made an offer in November to acquire Rio Tinto for US$110 billion. This proposal was subsequently rejected by the relevant regulatory authorities, which stated that the offer significantly undervalued the group. BHP Billiton also indicated that it would continue to make further acquisition proposals in the future.
　　 Russian businessman proposes to acquire Norilsk Nickel shares.
　　 At the end of November, Russian businessman Mikhail Prokhorov made a bid to sell his 25% stake in Norilsk Nickel.
The $15.7 billion stake was transferred to Vladimir Potanin, a wealthy Russian businessman and former trading partner. Later, Prokhorov agreed to sell the stake to United Company Rusal (UC Rusal) because Potanin was unable to meet the earlier offer.
　　 Ukraine Experiences Worst Methane Explosion
　　 On November 18, a methane explosion occurred at the Zasyadko coal mine in Ukraine, killing 101 miners. This was the deadliest mining disaster in Ukraine's history. In early December, another explosion struck the same region, claiming the lives of five workers.
　　 Namibia Mining Charter
　　 In November, Namibia’s Ministry of Mines and Energy announced a new Mining Charter for Namibia, which is set to be completed next year. The final phase of the Mining Charter will be finalized next year and includes provisions to transfer 15% of equity stakes to local mining companies in Namibia that have previously been disadvantaged.
　　 Rio Tinto expands its investment.
　　 At the end of November, Rio Tinto PLC responded to BHP Billiton’s continued bid to take over the company, announcing a $2.42 billion investment in expanding iron ore production at its Pilbara mining region in Western Australia, as well as a $563 million investment in the Diavik diamond mine in Canada, where Rio Tinto holds a 60% stake. Rio Tinto stated that it will further increase its investments.
　　 December
　　 South Africa’s National Union of Mineworkers launches a one-day strike.
　　 On December 4, South African miners held a one-day strike to protest the high number of miner fatalities occurring at mines across the country. According to statistics from the National Union of Mineworkers (NUM), approximately 250,000 miners participated in the strike. In 2007, the total number of miner deaths in South African mines reached 200, surpassing last year's annual total of 199. The South African government has begun temporarily closing mines.
　　 South Africa's mining royalties reduced.
　　 At the end of 2007, the South African government announced that it would reduce corporate deductions for mining royalties starting in 2009. Mining royalties on coal and manganese increased, but royalties on diamonds, non-ferrous metals, chrome alloys, and platinum-group metals saw significant declines.
　　 Platinum prices rise.
　　 In the third week of December, platinum prices rose to a record high of $1,500 per ounce.