Copper Mining News

Gunmen kill 2 at Freeport's giant Grasberg copper-gold mine in Indonesia

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 signs $13M copper exploration joint venture with Japanese state company

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%.

Oyu Tolgoi to begin production in August 2012

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.

Global copper supply deficit could be 500,000 tonnes in 2011 – Rio Tinto

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 signs option to acquire the Red Hills Molybdenum-Copper Project in Texas

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 near $11,000 by year-end but short-term correction possible – GFMS

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.

Canadian M&A deal volume to grow led by base metals miners

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.

Peru natural resources clashes leave dead and injured in election runup

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 Canada wins Mt Milligan fleet contract

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.

China's Minmetals makes surprise C$6.3 bn offer for copper miner Equinox

Equinox's hard-fought battle for Lundin may be aborted by a financially superior hostile bid for Equinox by China Minmetals' subsidiary Minmetals Resources.

Banks circle Donner Metals

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 Canada wins Mt Milligan fleet contract

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

Peru influence compelling traders to rethink copper

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 […]

Forbes says aluminum will shine if copper prices continue to rise

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 […]

World's No.3 copper mine, Collahuasi, lifts force majeure

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.

Speculators raising net longs on gold and copper, trimming silver

Speculators in gold and copper futures and options raised their net long positions in the week ended March 29, while they trimmed bullish bets in the silver market, according to the latest report by the U.S. Commodity Futures Trading Commission.

Copper prices update: Prosper as copper becomes the new gold

The Statue of Liberty is one of the most recognizable American icons in the world. And as she towers 305 feet above Ellis Island, what's Lady Liberty wearing? Copper - 60,000 pounds of it. Clearly, copper's big in art. It's also a key metal that keeps the world economy humming. Copper consumption has grown at an average annual rate of 4% since 1900.

Greystar intercepts 20.21 g/t gold, 124.86 g/t silver and 1% copper over 5 metres

Greystar Resources Ltd. (TSX:GSL)(AIM:GSL) reports that diamond drilling continues to encounter significant gold-silver-copper mineralization below and to the south of the oxide/transitional mineral resource on the multi-million ounce Angostura deposit in northeastern Colombia.

Thompson Creek announces completion of $132 million equipment financing

Thompson Creek Metals completed a $132 million equipment financing facility with Cat Financial Services Limited. Cat Financial has agreed to underwrite up to $132 million in mobile fleet equipment financing for Thompson Creek’s Mt. Milligan copper-gold mine located in British Columbia.

Codelco to halt Ventanas smelter after court order

World No. 1 copper producer Codelco said on Wednesday it was preparing to halt its Ventanas smelter after a court ordered it to do so following an environmental complaint.

BHP Billiton approves USD554 million investment at Escondida

BHP Billiton today announced approval for the Escondida Ore Access project (EOA), the first of a number of development options that will underline Escondida’s status as the world’s premier copper operation. The EOA project will relocate the crushing and conveying facilities currently located inside Escondida’s main pit to improve access to higher grade ore and thereby support higher production from 2013. The project is expected to cost US$554 million (US$319 million BHP Billiton share) and will be completed by mid calendar year 2012.

FT/Alphaville says 700,000 mt of Chinese copper used for financing, not construction

In a worrying report for copper bugs, FT/Alphaville looks more closely at a practice in China whereby copper is warehoused and used as collateral to get financing rather than actually used to build things. The […]

Copper remains BlackRock's most favoured base metal

Copper is the most favoured base metal in BlackRock's $17 billion World Mining Trust, fund manager Evy Hambro said on Tuesday, with the demand and supply outlook keeping prices of the metal resiliently high. At just under 20 percent, copper is the single largest weighting on a pure commodity basis in the fund, Hambro told an Association of Investment Companies roundtable in London.

Ecuador expects $7bn in gold, copper projects in the next 7 years

Ecuador expects companies including Canada's Kinross Gold to invest $7 billion in gold and copper projects in the next seven years, as the OPEC member tries to diversify its economy by encouraging mining. Natural Resources Minister Wilson Pastor said on Tuesday five projects will be signed in the next few months.

BHP Billiton moves to feasibility stage of Olympic dam expansion

Top global miner BHP Billiton has moved into the feasibility study stage of preparing a long-awaited expansion of the Olympic Dam copper and uranium mine in South Australia.