Rio Tinto PLC (RIO) plans to sell "a lot" of the output from the Oyu Tolgoi copper and gold project in Mongolia to China, and is in discussions with smelters in China, Rio Tinto's U.S. Copper Chief Financial Officer said Friday at an industry event."Talks are still underway, and there's no definite plan right now," Kay Priestly told a Metal Bulletin conference in China. With the Oyu Tolgoi mine strategically located close to China where demand is high, so "it's certainly our plan to transport a lot of the products to China," Priestly added.
Copper Mining News
About 9,000 staff at Freeport McMoRan's huge gold and copper mine in eastern Indonesia began a month-long strike Thursday to demand better pay, as hundreds of police watched over them.
As highlighted in today's market update "Ivanhoe Australia – Moving from Explorer to Producer", further details on expected production and costs for the Osborne Copper-Gold, Merlin, Mt Dore and Mt Elliott projects have been received by Ivanhoe Australia Limited (TSX:IVA)(ASX:IVA) ("Ivanhoe Australia"). MELBOURNE, AUSTRALIA--(Marketwire - Sept. 15, 2011) -
Preliminary estimates from Metals Economics Group’s (MEG) Corporate Exploration Strategies (CES) study indicate that 2011 nonferrous exploration budgets will exceed $17 billion for expenditures related to precious and base metals, diamonds, uranium, and some industrial minerals.
Anvil Mining (TSE:AVM), a copper miner based in the central Africa, tamped down speculation that it may be acquired for $1 billion. Australian Finance Review reported that it was in serious discussion with a Chinese firm about some sort of business tie up. Last month, Anvil announced that it started a strategic review process and the company had formed a special transaction committee to ". . . review and consider the value maximizing alternatives available to the Corporation. BMO Capital Markets has been retained to assist in this regard," said the company in a statement.
For the second time this year workers have downed tools at one of the world's largest copper and gold mines. The Sydney Morning Herald is reporting thousands of workers at Freeport-McMoran's gold and copper mine in eastern Indonesia have begun a month-long strike over a wage dispute: Union spokesman Juli Parorongan said roughly 90 per cent of the Papua mine's 12,000 workers were taking part in the action, which began on Thursday.
As the United States and its allies look back on a weekend of memorials and tributes to the nearly 3,000 victims of 9/11, the country that was struck in retaliation for the 2001 attack on America could become a hotbed of mining. The National reports that Indian firms are bidding billions of dollars for a contract to mine iron ore in a central district of Afghanistan: "A consortium led by the state-run Steel Authority of India (SAIL) could invest up to US$6 billion (Dh22bn) in the mine, railroads and a steel plant in a race with China to lock in raw materials for two of the world's fastest-growing economies."
Peru's leftist government presented a bill to Congress on Wednesday that aims to increase mining taxes to fund anti-poverty projects.
Polish stocks are on a tear this week after a top court made a mining-friendly tax ruling. Bloomberg reports that Polish stocks climbed for a second day, with the benchmark index heading for the biggest advance in a week, as coal and copper producers jumped after the Constitutional Tribunal ruling on mining taxes: "The court ruled that mining excavations should not be considered as construction works and should be free of real-estate taxes."
Dr. Paul Zweng, a portfolio manager with Resource Venture Advisors in Beverly Hills, Calif., has managed to make some big things happen with small companies. By investing in the tiniest of resource companies, he has grown the fund from about $2 million (M) in 2009 to more than $20M today. In this exclusive interview withThe Gold Report, Zweng tells why his biggest asset is his cast-iron stomach.
ABB, a leading power and automation technology group, recently won an $11 million order to supply a complete ore hoisting solution for Xstrata Copper's Ernest Henry Mining (EHM) copper-gold operation in north-west Queensland, Australia.
China plans to dramatically consolidate the number of mines in its country, according to Caterpillar (NYSE:CAT) and a study by MCCM. And China also wants its mines to be a lot more productive. Caterpillar released the results of a study in August. In 2004 China had 25,000 operating mines. By the end of 2013 China wants to get that number down to 4,000 mines. A minimum production of 300,000 tonnes per annum will be required for mine approval.
Mining investments could reach $2.8 billion in the Philippines this year if Chinese investors proceed with plans to jointly develop mining projects in the country, a senior mining official said Tuesday. There is a good chance that an initial target of $1.4 billion could be doubled if Chinese investors follow through in the last quarter on investments they have expressed interest in, Mines and Geosciences Bureau director Leo Jasareno said.
LONDON, Sept 13 (Reuters) - Glencore subsidiary Kazzinc has commissioned a new copper smelter at its New Metallurgy project in Kazakhstan and will complete a lead smelter at the same project in the first half of next year, bringing its investment to $875
Majescor and SOMINE report significant copper soil and IP anomalies at the SOMINE property, northeast Haiti
MONTREAL, QUEBEC--(Marketwire - Sept. 13, 2011) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX), its 100%-owned affiliate company SIMACT Alliance Copper-Gold Inc. ("SACG") and their Haitian partner SOMINE SA are pleased to report new significant results from the ongoing exploration program at the SOMINE Cu-Au project in northeast Haiti, together with the signing of a drill contract for a first round of 3,500 m focussing on the Douvray-Blondin porphyry copper-gold deposits, and on nearby targets. The drill contract has been awarded to Palo Verde Drilling Ltda. of Guatemala City, Guatemala. A man-portable drill with capabilities to 325 m depth is presently in transit from the Dominican Republic to the SOMINE project in NE Haiti. Majescor anticipates that drilling will commence on or before September 30.
Cornerstone Capital Resources Inc. :significant porphyry copper-gold mineralization discovered at Cascabel project in Ecuador
MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Sept. 13, 2011) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (FRANKFURT:GWN) (BERLIN:GWN) (PINK SHEETS:CTNXF) announced today the results of initial exploration work carried out on its 100%-owned Cascabel project in northern Ecuador. The project is located approximately 120 km north of Quito and 20 km south of the Colombian border. Access is very good via a paved road from the provincial capital city of Ibarra to San Lorenzo city, on the Pacific coast, and secondary gravel roads to the central part of the 50 km2 property. Maps showing the geology and exploration results of this program may be viewed at http://www.cornerstoneresources.com/s/Ecuador.asp?ReportID=478495.
London copper prices rose 1.3% to $8,869.50 a tonne n Tuesday on reports that China could bolster Italy's flagging economy by buying its bonds. In the previous session, copper – considered a good indicator of economic activity – was dragged to a one-month low after Chile’s Codelco, the world’s largest producer, said some of its clients in the United States and Europe have asked to cancel orders. Italy has asked China to make "significant" purchases of Italian debt, the Financial Times reported on its website on Monday, saying that the chairman of China Investment Corp, headed up a delegation to Rome last week. Meanwhile Greek workers threatened to sabotage a new property tax, a last-ditch effort by the government to please international lenders and the US treasury secretary flies to Poland to meet with EU finance ministers on the Greek crisis.
The Mormon Church and Kennecott have agreed to a land swap that includes almost 3,300 acres of church-owned land in west of the Salt Lake International Airport. The deal is not expected to close for several months, but all contingencies have been cleared.
Newmont Mining Corp.'s Indonesian unit said on Monday it is in talks with a worker union and local government to solve a protest that blocked access to its copper and gold mine last week.
Bard Ventures up seven percent after announcing drill results of 70.49 gm/t silver over 214.7m at Lone Pine property
Bard Ventures (CVE:CBS) was up 7.69% on Friday, bucking a down day in the markets when the S&P/TSX Composite index was down 2.34%, after the company announced drill results of 70.49 gm/t silver over 214.7m at Lone Pine Property. Bard Ventures said that the positive results received from drill hole BD-11-69 demonstrate the continuity of high grade molybdenum (Mo), copper (Cu) and silver (Ag) mineralization over a horizontal distance of 131 meters from drill hole BDQ-08-03 through BD-11-69 to BDQ-08-04.
Lumina Copper (CVE:LCC) announced on Thursday intersects of 646 meters grading of .93% copper equivalent at the Taca Taca copper-gold-molybedenum project in Argentina. Lumina also reported drilling results of 2.69% copper equivalent in 50 meters of grading. Lumina was up 23 cents to 7.08 on Thursday. At the end of the week, was back down $6.71.
that it had awarded local copper mining company Asarel Medet a new gold and copper mining concession for a period of 15 years reports Sofia Echo. The concession area spans 1604 hectares, the Government's media office said.... Username: Password: Stay
The Australian reported that global demand for refined copper is forecast to rise by more than 40% to 27 million tonnes by 2020 and the massive Mongolian gold and copper Oyu Tolgoi project is strategically positioned to capitalize on that increase as it
Alaska's Pebble deposit presents big problems for Northern Dynasty, the junior Canadian miner that wants to cash out of its sole asset. Pebble has an eye-popping recoverable resource of 67 million ounces of gold and 55 billion pounds copper with some molybdenum thrown in for good measure which at today's prices is worth over $300 billion in total. The Vancouver company shares the venture with Anglo-American but the $4.7 billion development costs could be too rich even for the London-listed giant's blood. Apart from the problem of finding a heavyweight buyer for its 50%, Dynasty also faces opposition from a $150 million a year salmon fishery near the site and local environmental protesters who have enlisted the support of Hollywood celebrities like Robert Redford.
SPOKANE, WASHINGTON--(Marketwire - Sept. 9, 2011) - Josephine Mining Corp. (TSX VENTURE:JMC) ("JMC" or the "Company") is pleased to announce a drilling update on the Turner Gold Project. The company continues to fast track its progress with further drilling, logging and assaying at its Turner Gold Project in O'Brien, Oregon.