ETFs for copper have moved lower this week and came under additional selling pressure Wednesday after Goldman Sachs (GS) said it’s closing a recommended trade based on the industrial metal.
Copper Mining News
Glencore International plc plans to raise up to $12.1 billion in a London and Hong Kong IPO, according to a term sheet seen by Reuters on Thursday, cashing in on a resources boom and giving the trading giant the fire power to grow through acquisitions. The much anticipated initial public offering, set to value the company at up to $60 billion, will mark the end of four decades of closely guarded privacy for the world's biggest commodities trading company.
Lured by rising copper prices, thieves are causing havoc for Europe's railways as they steal copper cables that run alongside the tracks, causing major delays and significant damage to both infrastructure and profits.
Vancouver-based Mercator Minerals has acquired Creston Moly Corp. in a stock and cash deal amounting to C$195 million, Mercator announced Tuesday in a press release. Under the arrangement, Creston shareholders will receive 0.15 of a Mercator common share and $0.08 in cash, for each common share of Creston — representing a respective 43% and 40% premium on the companies' share prices as of market close on Friday.
The Peruvian government has cancelled a billion-dollar copper mining project near Arequipa, Peru, after clashes between police and protesters left three dead last week, BBC News reported: The mining ministry said the environmental impact assessment […]
As the extent and depth of its low-grade gold project Cerro Maricunga grows, so follows Atacama Pacific Gold's (TSX-V: ATM) shareprice. Since the start of the year the latter has climbed from around $3 a share to just over $5 as Atacama released a slew of drill intercepts outlining three, semi-contiguous areas of gold mineralization at Cerro Maricunga, 100-km northeast of Copiapo, Chile
South African miner Metorex (MTXJ.J: Quote) said on Monday that if there were any other serious offers to acquire it aside from one launched by Brazil's Vale (VALE5.SA: Quote) it would have to consider them. "If there are other serious and 'firm' offers for Metorex, the company has a duty to consider them and will of course consider any such offers in the best interests of its shareholders," Metorex CEO Terence Goodlace said in an e-mailed response to questions submitted by Reuters.
Dundee Precious Metals’ Chelopech mine has selected Gemcom InSite as its mine production management solution for its mining and processing operation. Chelopech is an underground gold, silver, and copper mining and processing operation located in Bulgaria.
Moly Mines Limited: China Development Bank approves US$500 million project finance facility for the Spinifex Ridge molybdenum/copper project
Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to announce it has been advised by Hanlong Mining Investment Pty Ltd ("Hanlong"), that the China Development Bank ("CDB") has approved US$500 million in project finance facilities to develop the Spinifex Ridge Molybdenum / Copper mine. CDB have agreed to expand their commitment from the US$250 million, announced on 1st February 2011, to US$465 million and make available US$35 million in further working capital facilities to meet Hanlong's US$500 million financing commitment to Moly Mines. A formal commitment letter is expected to be issued by CDB within the next two weeks.
Last week was a busy one in Santiago, Chile where CRU’s 10th Annual World Copper Conference was held as part of CESCO week. CRU is a worldwide consulting firm which specializes in mining and is known for its generous hosting of conferences. CESCO is the Center for Copper and Mining Studies, an independent, non-profit organization created in Santiago, Chile in 1984.
Gunmen killed two workers on Thursday at Freeport-McMoran Copper & Gold Inc's giant gold mine in Indonesia's Papua, a province with a simmering separatist movement. A Freeport company spokesman said the shooting by unidentified gunmen, which left the car the two workers were in a blazing wreck, did not affect production at the world's largest gold mine.
Azure Minerals, a Mexico-focused precious and base metals explorer, said today it has entered into an agreement to form a joint venture with a Japanese state-owned corporation to explore the El Tecolote Project in Sonora, Mexico. According to the press release, Japan, Oil, Gas and Metals National Corporation (JOGMEC), a Japanese state-owned entity, will spend $US5 million over three years, in order to earn a 51% interest in El Tecolote. The company can earn another 19% stake by spending a further $8 million, which would take its total equity in the project to 70%.
Mongolia's massive Oyu Tolgoi copper-gold project is expected to begin production in August 2012, sooner than forecast, said Temuulen Ganzorig, Deputy Director of Erdenes MGL which partners with Ivanhoe Mines and Rio Tinto in developing the site.
The world copper market could see a supply deficit of half a million tonnes this year and the shortage may extend beyond 2013, Rio Tinto's (RIO.L: Quote) copper unit chief executive, Andrew Harding, said on Wednesday.
Tosca Mining Corp. (TSQ - TSX Venture, TQ4 - FWB), reported today it has completed the due diligence on the Red Hills Moly-Copper Project and has signed a formal agreement to purchase the 100% ownership of all mineral and surface rights of the property. The agreement calls for payments of US$10,900,000 and the issuance of 2.1 million common shares to the sellers of the property over a five year period. The sellers will retain a 2% net smelter return over the Red Hills property.
Copper will resume a rally to record highs near $11,000 per tonne in the second half of this year, driven by an ongoing production deficit and robust investment demand, an industry report said on Tuesday.
Miners, especially of base metals, will drive Canadian merger and acquisition activity for the rest of 2011, although oil and gas and financial services will also be significant, bankers said on Tuesday.
Natural resources have become a battleground in Peru's election campaign where the left wing nationalist frontrunner wants more state control over country's huge mineral wealth.
Finning International has announced that its Canadian division has been selected as the mining equipment supplier by Thompson Creek Metals Co for their Mt Milligan copper-gold project.
Equinox's hard-fought battle for Lundin may be aborted by a financially superior hostile bid for Equinox by China Minmetals' subsidiary Minmetals Resources.
Donner Metals Ltd. (DON-TSX-V) is currently constructing a joint venture zinc mine with Xstrata Zinc Canada (XTA-L) on the Bracemac-McLeod deposit in Québec, while exploring a number of different financing scenarios.
Finning International has announced that its Canadian division has been selected as the mining equipment supplier by Thompson Creek Metals Co for their Mt Milligan copper-gold project. Read more
News out of Peru gave traders a reason to pause and rethink on Monday and Tuesday as reports say leftist political candidate Ollanta Humala has taken the lead in the latest polling. Along with Peruvian […]
As copper prices reach greater highs, Forbes says that manufacturers are looking at substitutes and choosing aluminum. After the financial crisis in 2008, copper descended to under $1.50/lb. In the last month it has traded […]
Chile's Collahuasi, the world's No. 3 copper mine, said on Friday it had lifted a force majeure on copper concentrate exports imposed after an accident at its key sea terminal in December.