British Columbia is bestowed with an impressive mineral wealth, and as a result has been one of the world’s mining capitals since the mid-1800s, producing and exporting a variety of commodities including copper, gold, silver, lead,zinc, molybdenum, and coal. From the 1950s through the early 1970s, most of the world’s major mining companies were actively exploring in the province, with several of them operating mines.
Copper Mining News
Jun 29 (Reuters) - Three-month copper on the London Metal Exchange hit its highest in nearly two months on Wednesday at $9,280 a tonne as the euro rallied on optimism Greece will be able to avert a default, after its parliament backed an austerity bill.
The stock of cobalt and copper miner Metorex is up by a third this year following Brazilian giant Vale's $1.1bn bid for the mid-tier producer. With reports surfacing that Jinchuan, China's biggest nickel miner, is readying a competing offer shareholders of the Johannesburg-based company look set to extract further value ahead of a vote on July 22. Metorex has aggressive expansion plans for its central and Southern African projects and aims to more than double its current annual copper output of around 50,000 tonnes. It's a far cry from the situation in 2009 when the company was fighting for survival amid serious cost overruns in the Congo.
Industrial metals surged nearly 3 percent to end at its priciest in nearly two months Wednesday, as repressed buyers flooded the market after a Greek parliament vote to accept austerity measures bolstered risk appetite.
* Copper hits two-month high * Copper stocks fall for sixth session (Updates after U.S. data) By Melanie Burton LONDON, June 30 (Reuters) - Copper h it its highest in two months on Thursday , supported by investors' greater appetite for risky assets
[miningmx.com] -- THE latest Metorex annual review – which covers the 18 months to end-December 2010 following a change to its financial year-end – is already out of date due to the pace of developments this year. But one comment from chairperson Rob
FL Smidth has received a major order from an as yet unnamed Latin American copper miner for milling equipment including world's largest SAG mill
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) ("Teck") announced today that it has priced its previously announced offering of senior unsecured notes. Teck will issue US$2.0 billion in aggregate principal amount of notes, consisting of US$300 million aggregate principal amount of 3.15% notes due 2017, US$700 million aggregate principal amount of 4.75% notes due 2022 and US$1.0 billion aggregate principal amount of 6.25% notes due 2041.
Investing directly in commodities through indexes gives an investor more direct exposure to commodity prices than investing in the producers, whose returns were more aligned with equities.
The world seems set to enter a period of slower growth and higher inflation and investors would do well to gain some direct exposure to commodity markets, said Barclays Capital MD Kevin Norrish on Wednesday.
The Street reports that Copper's supply versus demand curve shows that the metal is likely to shine in the near future.
Candente Copper Corp. (TSE:DNT) updates on the status of the entirely owned Cañariaco Norte Copper Project in Northern Peru.
Santa Fe Metals Corp. has signed a letter of intent to option up to 100% of the Cuyoaco Gold and Base Metal Property in the State of Puebla, Mexico. The Cuyoaco property currently hosts 3 separate prospective zones of high-grade mineralization. Previous sampling has returned up to 6% Cu and 31 grams/ton Au with previous drill intercepts grading as high as 28 metres of 1.3g/t Au.
Jinchuan Group Ltd., China's dominant nickel producer, may be the secret bidder for South African miner Metorex , the Business Day reported on Wednesday. Metorex, attractive due to its copper and cobalt operations in Africa, said earlier this month it had received an interest from another unnamed party after an earlier $1.1 billion bid from Brazil’s Vale .
An announced order for milling equipment for First Quantum's big Sentinel copper project in Zambia suggests a decision to go ahead with the project has already been taken. FLSmidth has received a contract worth approximately USD 50m from Kalumbila
Moly Mines Ltd (MOL.TO: Quote) (MOL.AX: Quote) said it got loans totalling $494 million from China Development Bank Corp(CDB) for the construction of its Spinifex Ridge molybdenum and copper project in Western Australia. The miner said the loans will include a $454 million syndicated loan. CDB will also provide the company with a $40 million working capital loan.
Grupo Mexico and miners at its U.S. copper mining unit Asarco agreed to extend their existing contract for two more years, the Mexican company said in a statement on Tuesday. The contract covers 2,100 workers at Asarco's operations in Arizona and Texas and will now be valid until 2013.
Moderately lower base metals, molybdenum, uranium and silver prices more than offset stronger gold, potash and cobalt prices in May, lowering the Scotiabank Commodity Price Index by 2.3% last month. LME copper prices eased from US$4.30 per pound in April to $4.05 per pound in May "and are still exceptionally lucrative at US$4.08 in late June," noted Scotiabank economist Patricia Mohr.
Cornerstone Capital Resources of Mount Pearl, NL, and joint venture partner Thundermin Resources of Toronto are pleased with the increased resource estimate for their Little Deer copper project 10 km north of Springdale.
Copper rose Tuesday, on the back of an agreement by French banks to rollover Greek debt. France introduced a “creative” solution to the Greek debt-crisis on Monday, suggesting that banks roll over some Greek debt for 30 years, in order to help the struggling economy avoid insolvency.
Moly Mines Limited (TSX:MOL)(ASX:MOL) said today it has signed various project debt agreements with China Development Bank Corporation (CDB) totaling US$494 million for the construction of the Spinifex Ridge Molybdenum / Copper mine (Spinifex Ridge), Australia. Image by Moly Mines Limited
Vancouver-based Quadra FNX announced a three-year collective agreement with United Steelworkers that includes a 3% wage increase, BIV reports: “This agreement breaks a pattern in the mining industry of attempts by employers to impose concessions on their workers,” said Wess Dowsett, Steelworkers area coordinator for Northeastern Ontario.
Sir Michael Somare PM of Papua New Guinea signed an affidavit accusing mining giant Rio Tinto of driving the war on Bougainville. Rio Tinto's subsidiary, Bougainville Copper owns the Panguna copper mine which sparked the civil war on the island. The
China’s massive appetite for commodities is creating concerns for the global economy, the environment and workers in other countries. In a series of reports, VOA is looking at the economic power modern China wields. Chinese government and company officials are signing agreements at a dizzying pace around the world, including in places where few other foreigners invest.
For the first time in Japan, a leading recycling firm announced a project to recover precious metals like gold, silver and copper from electronic devices. Nippon Magnetic Dressing Co it will extract rare and precious metals from cellphones, home appliances, cars and medical equipment for sale to metal smelters, reports asahi.com Image from Wikipedia.