MineWatch.org

On Wednesday, Feb. 4, 2009, the SAA (Sportmans Alliance for Alaska) launched the second annual online fundraising auction to benefit the Bristol Bay conservation campaign. Through the generosity of so many wonderful supporters in the sporting products industry, artists, lodge operators, and more, they are excited to raise some more money to support the cause!

To see a list of ALL auction items and the dates they will be available for bidding click here ...

Only a year ago, the affairs of Rio Tinto's new Chief Executive, Tom Albanese, wore a hopeful aspect. The young American businessman had masterminded a $38 billion acquisition of Canadian aluminium maker Alcan. Since metal prices were through theroof and continuing on their upward swing, Albanese felt himself secure.

Oh what a difference a year makes.

With the metal market tanking the once promising acquisition has become a millstone around the neck of Rio Tinto's CEO and his critics have taken up a hue and cry against him - some even calling for his ouster. Reuter's reports,

Albanese, once confident enough to spurn an all-share bid worth almost $200 billion from bigger rival BHP Billiton, is now entering into what some shareholders and politicians regard as a kind of Faustian deal with China.

In agreeing a $19.5 billion cash injection from state-owned Chinalco, Rio is taking Beijing's money -- reportedly much more than it could otherwise expect in a depressed market -- in return for giving China a seat at the mining industry's top table.

"They think they can sell less than a controlling interest in their assets and still control them. They think they will still rule the roost and have money in the tin but that seems crazy," Warren Staude, investor adviser with Taurus Funds Management.

The good times started to sour for Albanese last November when BHP pulled its offer amid tumbling commodity prices, looming world recession and the daunting prospect of having to refinance Rio's debts. Rio's shares immediately fell by more than a third.

The future of Albanese as Rio Tinto's CEO is murky at best, but we'll continue watching this story and updating you as events unfold.

Found on the Anchorage Daily News website, The Pebble Blog's Elizabeth Bluemink used a February 4th entry to analyze the potential impact of the economic recovery package, currently under debate in the United States Congress, and how it might effect the mining industry

Sure enough, last month, some of President Obama's economic advisors published an analysis of the impact of his proposed $600 billion stimulus plan, by employment sector.

On page nine of the analysis they said the stimulus would create 26,000 mining jobs. The report doesn't provide much detail about those projected jobs, though.

For the full story click here.

With exploration projects facing big cutbacks in the wake of the economic downturn, can the Pebble Mine project survive?  We shall see.

The hard working fisherman of Bristol Bay bringing hauling in their cash crop. Enjoy it while it lasts boys!

The Online Gonazaga Bulletin has an op-ed by Sierra Golden entitled, "Alaskan Fisheries Need Protection".  It reads, in part,

One of the issues where it is completely possible to make a difference is the wild Alaskan salmon fisheries. In the past, the major concern of Alaskan salmon fisheries was the burgeoning farmed salmon industry. This new industry continues to threaten both wild salmon markets and, quite literally, the very existence of wild salmon, but today the Alaskan salmon fisheries face an even greater threat: A large mining company called the Pebble Limited Partnership wants to open one of the world's largest open pit mines at the headwaters of the world's largest sockeye salmon return. The mine would be up to a mile deep and four miles across. Over the life of the mine, it might produce $350-$500 billion in gold and copper, but continually threaten and possibly destroy Alaska's sustainable commercial and sport fisheries, which produce nearly $400 million every year. Although the Pebble Limited Partnership promised that the mine would be absolutely foolproof, no open pit mine has ever been constructed without later causing major environmental issues.

Click here to read the article in its entirety.