Peru's President Alan Garcia Perez and the Ministry of Energy and Mines have suspended mining concessions in several of the nation's provinces for the next 12 months. The President of the Council of Ministers Rosario Fernandez Figueroa said a multi-sectoral commission has been appointed to study and propose reforms regarding mining concessions.
Copper Mining News
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or "the Company") announced today that it has received the unconditional approval of the Zambian Competition and Consumer Protection Commission for Barrick's proposed acquisition of all of the issued and […]
Iberian Minerals announces purchase of net profit interest from Trafigura and $62 million “bought deal” financing
Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has determined to exercise its right to purchase from Trafigura Beheer B.V. its 45.96% net profit interest in Compania Minera Condestable S.A. ("Condestable"), which is the subsidiary through which Iberian holds its approximately 98.73% interest in the Condestable Mine. In accordance with the terms of the CMC Purchase Agreement, Iberian retained the option to purchase the NPI from Trafigura at any time until June 30, 2011 in consideration of the payment of US$60,000,000 (the "NPI Buy-out").
The global copper-mining industry needs to expand to new regions if producers are to bring supply back into line with unprecedented demand, according to a mining- studies group in Chile, the world’s largest producer. So far, the industry’s reaction to record prices has been slow because of declining ore grades, the need for deeper mines and higher costs, Juan Carlos Guajardo, executive director of the Center for Copper & Mining Studies, said. Copper futures in London surged to an all-time high in February.
Adroit Resources listed on the TSX Venture exchange on Monday announced the receipt of a Mobile Metal Ions Process Soil Geochemical Survey report on the Grassy Lake portion of the Red Vein Volcanogenic Massive Sulphide (VMS) property. President's comments: "I am very pleased with the contents of the MMI Report. The report strengthens management's belief that this property will yield a valuable commercial discovery. The detection of a geochemical signature for Platinum Group Mineralization has certainly come as an exciting surprise."
Castillian Resources Corp. listed on the TSX Venture market announced on Monday that Kibaran Nickel Limited an ASX listed company has started a 3,000 metre drill program at its Kagera Nickel Project located in Tanzania. In October 2010, Castillian and Kibaran entered into an agreement whereby Kibaran acquired a 100% interest in the Kagera Nickel Project from Castillian. Castillian has gold and base metal properties in Canada and South America — its flagship property is the Hope Brook Gold Project located in southwestern Newfoundland.
Mitchell Adam, President and CEO of Pan Terra Industries announcedit has entered into a Letter of Intent (the "LOI") to acquire 90% of the issued and outstanding common shares of Mertens Mining and Trading (PTY) Limited ("Mertens"), a private company incorporated under the laws of Namibia, Africa. Pursuant to the terms and conditions of the LOI, Pan Terra will acquire 90% of the issued and outstanding shares of Mertens for total consideration of $6,617,647 CDN
Capstone Mining announced the result of a National Instrument 43-101 compliant mineral resource estimate for the Wildfire/Copper Keel area at the Minto Mine in Yukon, Canada. Wildfire/Copper Keel is now recognized as a southeastwardly extension of the Area 2/118 deposit which is currently being pre-stripped in preparation for mining. The combined Area 2/118/Copper Keel/Wildfire mineral resources are now recognized as a single mineral deposit and will be referred to as the Minto South Deposit ("MSD"). The Copper Keel region of this larger deposit model is still open and exploration drilling is currently in progress with two drills. Image of Minto mine from Capstone Mining.
A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces. The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."
Yellowhead Mining Inc. ("Yellowhead") (TSX VENTURE:YMI) is pleased to report Hole HC11-87 returned 242.52 m of 0.39 Cu, 1.6 g/t Ag and 0.037 g/t Au, including 33.45 m of 0.65% Cu, 2.1 g/t Ag and 0.071 g/t Au and 17.62 m of 0.96% Cu, 4.5 g/t Ag and 0.069 g/t Au.
Copper rose to its highest in three weeks on Friday, reversing losses in the previous session, as a weaker dollar boosted prices. Three-month copper on the London Metal Exchange CMCU3 traded at $9,213 tonne at 1243 GMT, from Thursday's close of $9,020. The metal hit $9,238, its highest since May 4, as the euro climbed to a session high against the dollar. However copper prices were on track for a third monthly loss.
Zambia has approved the proposed takeover of Equinox Minerals by Barrick Gold on condition the government keeps its 2.2 percent stake in Equinox, a regulatory body said on Friday. The Zambia Competition and Consumer Protection Commission granted final conditional authorisation of the acquisition as the deal did not raise any competition concerns, it said in a statement.
A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces." The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."
The S&P GSCI Index of 24 raw materials dropped about 10% since the Goldman (GS) sell call on April 11. It was up over 1% today on the new bullish call by both GS and Morgan Stanley (MS).
Lundin Mining has abandoned its plans to sell, saying the bids did not fully value the company, according to a story reported in Bloomberg News. The decision also means CEO Phil Wright will resign; senior vice president of corporate development Paul Conibear will serve as interim CEO. The bids “did not adequately value the company or its assets,” Lundin said in a statement. “The best way to create shareholder value is to continue to manage and develop the company’s quality assets and to actively seek growth opportunities.”
Bloomberg reports that in London, Copper inched up for a second day as banks from Goldman Sachs Group Inc. to JPMorgan Chase & Co. backed the metal’s prospects. The market news is quoted as saying: Three-month delivery copper on the London Metal Exchange rose as much as 1.1 percent to $8,958 a metric ton and traded at $8,949.75 at 3:12 p.m. Singapore time. Stockpiles of the metal in Shanghai Futures Exchange warehouses declined to the lowest in more than seven months last week, a sign that demand may be picking up in the world’s biggest consumer.
Vancouver-based copper mining company Capstone Mining Corp. reported Tuesday a $18.9m profit for the first quarter, up from the Q1 2010 figure of $14.76m. Cash flow from operating activities was $6.7m, helping the company end the quarter with cash on hand of $181.2m. Darren Pylot, Capstone President and CEO said in a statement that the proposed acquisition of Far West Mining is expected to give the company 200% growth in anticipated copper production from 2011 to 2016 from its Santo Domingo project in Chile. The transaction, if approved by Capstone and Far West shareholders, is expected to close in mid-June.
BHP Billiton has dissolved a partnership with Blackthorn Resources to develop a mine in Zambia, according to a report in The Post Online: World's largest mining company BHP Billiton has finally withdrawn from the Mumbwa Iron Oxide Copper Gold project, aborting expectations that Zambia was to herald a new era of top tier miners. Its joint venture partner, Blackthorn Resources, announced that BHP Billiton had pulled out of a copper venture but would retain the right to a two per cent production royalty on any metal mined from the area.
Indian controlled and London listed diversified miner, Vedanta is reported to be poised to float off Konkola Copper Mines, its major Zambian copper producer for around US$7.3bn. Vedanta bought an initial 51% stake in Konkola Copper Mines in 2004 for a paltry US$261m, and subsequently increased its holding to the current 79.4% with the Zambian Government holding the balance, so an IPO valuing the company at over $7bn represents a huge gain for the multinational, founded and controlled by Indian entrepreneur Anil Agarwal.
Indonesia will audit over 8,000 existing mining permits to make sure they are in line with mining and environmental laws, the country's finance minister said on Monday, days after the country passed new regulations on environmental protection. President Susilo Bambang Yudhoyono last week signed a two-year moratorium on permits for logging and another decree allowing underground mining in protected forests if conditions such as an environmental assessment had been met.
The Santiago Times reported that Sebastián Pinera, president of Chile, signed a bill which if approved by Congress, would eliminate a substantial source of revenue for Chile’s armed forces and at the same time relieve a massive burden on the country’s state mining company. Under current legislation dating back to the Second World War, 10% of revenues from Chile’s National Copper Corporation, Codelco, are directed to the nation’s armed forces. Codelco is the world’s largest copper mining company and accounts for some 11% of global copper production, but the tax has contributed to years of underinvestment and the prospect of falling output at the miner just as copper prices hit record highs.
Bard Ventures Ltd. (TSX VENTURE:CBS)(FRANKFURT:BVU) is pleased to announce that the drill program on its Lone Pine Property has commenced. The property is located 15 kilometers north-northwest of Houston, BC and is situated in the Omineca Mining Division. The drill program is planned to further evaluate exceptional drill hole results received from all three zones on the property, being the Alaskite Zone, the Quartz Breccia Zone and the 61 Zone.
Blinded by the glare of gold's rocketing rise over the last several years, investors may want to follow the leads of the Barricks, Thompson Creek Metals, Goldcorps and other major miners targeting the copper space, according to Kevin Puil, portfolio manager at Malcolm H. Gissen & Associates and senior analyst for its Encompass Fund. In this exclusive Gold Report interview, Kevin tells us that major gold miners increasingly want to diversify and are turning to the red metal on the opposite end of the economic spectrum.
Toronto stock exchange listed Minera Andes announced on Friday the proposed spin-out of its copper assets, including the 100%-owned Los Azules project, has been deferred. The gold, silver and copper exploration company cited weaker financial markets, financing uncertainties, and a delayed legal decision regarding its dispute with TNR Gold over claims on the Argentinean property, as contributing to the board’s decision.
To hear the mainstream media tell it, the commodities bubble has burst. Commodities are plunging across the board in response to the latest U.S. data, most of which seems to suggest that the American economic recovery is waning. Oil, which closed at $100 a barrel yesterday, was particularly hard hit, which is why so many suggest the commodities bubble has met its end.