Copper Mining News

Commodity prices should snap higher in H2, dollar unlikely to recover until 2012 – Morgan Stanley

Ron Leven of Morgan Stanley has recently delivered a presentation under the auspice of ETF Securities Ltd. in which he outlined his expectations for the major currencies.

China coal and oil demand strong but copper appetite sickly in May

China showed robust demand for crude oil and coal in May, shrugging off higher prices to boost imports by more than 20 percent, but its appetite for overseas copper supplies remained sickly and iron ore buying showed signs of ending a strong run.

Barrick offer for Equinox-additional shares acquired

Barrick Gold announced today that an additional 36,221,770 common shares of Equinox Minerals representing approximately 4% of the outstanding Equinox Shares on a fully diluted basis have now been taken up under the offer (the "Offer") by the Offeror to acquire all of the Equinox Shares at a price of C$8.15 per Equinox Share.

Ivanhoe says Oyu Tolgoi construction 23% complete

Robert Friedland, Chief Executive Officer of Ivanhoe Mines Ltd. (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN), issued an operations update today that reports on progress being achieved on the development of principal projects in the portfolios of the parent company and its subsidiaries and associated interests. Key developments: Full-scale construction at Ivanhoe Mines' flagship Oyu Tolgoi copper-gold-silver mining complex is continuing toward a projected peak level of activity that is expected to be reached during the third quarter of this year. The total number of workers engaged at the Oyu Tolgoi construction site has more than doubled since March 1, 2011, as part of the build up to the peak of construction and currently stands at 12,497.

Two miners killed at Canadian nickel operation

Two workers died after they were hit by waste debris being removed from Brazilian miner Vale's (VALE5.SA) Stobie underground copper-nickel mine in Sudbury, Ontario, officials said on Thursday. The employees were working in a shaft about 1,000 metres below the surface on Wednesday evening when the accident occurred, and were dead when rescuers reached the scene, the company said.

Copper falls to one-week low

Bloomberg reports that copper fell to a one-week low. The market news is quoted as saying: Copper futures for July delivery declined 2.4 cents, or 0.6 percent, to $4.0845 a pound at 9:58 a.m. on the Comex in New York.

Bear market=buy opportunity: Roulston at Cambridge House

Stock markets may be suffering through a bear market, but that is no reason to stop investing in junior mining companies, according to newsletter writer Lawrence Roulston, speaking at this year's Cambridge House investor conference held Sunday and Monday in Vancouver.

Strong copper prices move Anvil to Q1 profit

Anvil Mining Ltd posted a quarterly profit, helped by higher realized copper prices. The Democratic Republic of Congo-focused copper miner expects 2011 output to be 36,000-38,000 tonnes and set an exploration budget of $10 million for the year.

Strike weakens at Chile copper mine

Reuters reports that half of contractors in a strike at Chile's El Teniente mine have ended their strike. The market news is quoted as saying: Mine owner Codelco [CODEL.UL] expects to lift output to 51 percent capacity on Thursday after the world's top underground operation slowed production to 40 percent capacity over the weekend to protect staff workers amid escalating violence by protesters.

Taseko announces first quarter 2011 earnings results

Taseko Mines announces first quarter earnings of $5.7 million, or $0.03 per share. Adjusted earnings1 were $10.8 million, or $0.06 per share, a 48% increase over the $7.3 million reported in the first quarter of 2010.

Capella discovers two new mineralization zones at Lajitas

Capella Resources Ltd. (TSX VENTURE:KPS)(PINK SHEETS:CPSJF) is pleased to announce that it has discovered two new mineralization zones at its Lajitas gold-copper project in northern Chile as a result of the recently completed airborne hyperspectral imaging survey by SpecTIR LLC of Reno, Nevada.

Today in Commodities: USDA big news today

No curve balls from the USDA but as for food prices look for prices to stay elevated. Crude will settle approximately 1% higher in today’s session trading briefly over $102/barrel in the July contract. We […]

Commodity prices should snap higher in H2, dollar unlikely to recover until 2012 – Morgan Stanley

Ron Leven of Morgan Stanley has recently delivered a presentation under the auspice of ETF Securities Ltd. in which he outlined his expectations for the major currencies. He argues that it was perhaps inevitable that […]

Three of the top five highest paid executives in B.C. are miners – Vancouver Sun

On Wednesday the Vancouver Sun released its list of the highest paid executives in B.C. with several miners making it to the top five: And the No. 2 name on the list, Robert Quartermain, CEO […]

Mutiny Gold commences drilling at the promising Spanish Galleon gold prospect

Australian gold-copper resources company, Mutiny Gold Ltd (ASX:MYG) ("Mutiny" or the "Company"), is pleased to announce that its initial RC drilling program of drilling on the Deflector extension zones in the South Murchison Region of Western Australia has been successfully completed. This program, which totaled 40 RC holes for approximately 3609 metres, added a further southern extension of 60m to the Deflector deposit to increase the total strike length to at least 800m.

Taseko invites public comment on proposed Prosperity Mine plan

Taseko Mines is inviting public discussion on its revised plan for developing a controversial gold-copper mine in British Columbia. Information on the project and a commentary section are found at http://www.newprosperityproject.ca. Taseko announced in February it is taking another run at Prosperity after the federal government rejected it last fall. Under the revisions, the company plans to spend another $300 million, pushing the project's capex to $1.1 billion. Image by Taseko Mines Ltd.

Proposed Marathon Platinum Group Metals and Copper Mine Project in Ontario: Availability of $150,000 to Support Participation in the Environmental Assessment-Phase II

The Canadian Environmental Assessment Agency the Agency is making available $150,000 under its Participant Funding Program to assist groups and individuals to participate in the environmental assessment process of the proposed Marathon Platinum Group Metals and Copper Mine Project in Ontario.

Top 40 mining companies’ 2010 financial results ‘spectacular’-PwC

The top 40 global mining companies are poised to break through the US$1 trillion asset mark this year, due to record levels of cash, property and equipment on balance sheets, says a new PwC report. In their report Mine 2011: The game has changed, PwC called the financial results of the top 40 "spectacular" as total revenues increased 32% to US$435 billion, breaking the $400 billion mark for the first time.

Alcoa CEO reckons great scope for aluminum to replace copper

Alcoa Inc. (AA.N) Chief Executive Klaus Kleinfeld said on Tuesday that no one is happier to see copper prices climbing than he is, because that meant substitutions into aluminum would increase. Speaking at The Aluminum […]

Chieftain commences barging for summer construction schedule

Chieftain Metals has initiated an important step in its 2011 operations plan by transporting heavy machinery and equipment via barge to the Tulsequah Chief mine site in north-western British Columbia.

Globe: Barrick, Goldcorp set to square off over Chilean project

Barrick Gold is suing Goldcorp over the El Morro copper mine in Chile, the Globe and Mail reported yesterday. According to the newspaper: Toronto-based Barrick Gold Corp., (ABX-T44.24-0.39-0.87%) the world’s largest gold producer, is fighting Goldcorp Inc. (G-T46.82-0.59-1.24%)after the Vancouver company scooped up a majority stake in the El Morro development, one of the largest known copper and gold deposits in South America. Barrick alleges Goldcorp’s deal to buy Swiss miner Xstrata PLC’s 70-per-cent stake in El Morro was done illegally and is suing both parties, along with New Gold Inc., (NGD-T9.09-0.06-0.66%) which has a 30-per-cent stake in the project.

EMED sees copper deposits for potential second mine in Spain

Toronto and London listed exploration and development company EMED Mining said on Tuesday it found significant potential new copper deposits near its Cerro Colorado open pit operations in Spain (pictured), sending its shares up over 5% in afternoon trade. In May the Cyprus-based company announced Andalucia, one of Spain's autonomous regions, gave approval for the plans to restart its flagship Rio Tinto copper mine, which was placed on care and maintenance in 2000. Production is scheduled to start in 2012 following further approvals.

Dissident shareholder group looking to replace Ursa Major board

The Canadian Press reports a group of shareholders in copper, nickel and platinum junior miner Ursa Major Minerals is looking to gather support for a bid to oust the company's board over the underperformance of its stock on the Toronto Stock Exchange. Merchant bank Forbes & Manhattan Inc. and Inspiration Mining Corp., which is Ursa Major's largest shareholder, said Tuesday they have filed a dissident proxy circular seeking backers for a move to elect new directors at an annual meeting June 23. Ursa Major was trading up 7.4% on the TSX by mid-day Tuesday.

Teck announces temporary production interruption at Carmen de Andacollo

Teck Resources announced today that the mine and mill at its Carmen de Andacollo copper operation in Chile was idled on the morning of June 6th due to unusually heavy rain. The mine and mill are expected to be restarted on June 7th. Production loss due to the interruption is expected to be minimal.

Mercator production for two months exceeds projected Q2 2011 production guidance

Mercator Minerals is pleased to announce that that for the first two months of Q2 2011, the Company produced 7,538,130 pounds of copper and 1,128,674 pounds of molybdenum at its wholly owned Mineral Park mine in Arizona, as compared to total Q2 2011 production guidance for the months of April to June, given on March 8, 2011 of 10,163,548 pounds of copper and 1,033,558 pounds of molybdenum, representing 74% of the guided quarterly copper production and 109% of the guided quarterly molybdenum production during a period of two months of a three month quarter, with a full month of production to come.