Base metals miner Metorex is expected to delist from the JSE in early December, following the completion of a takeover by Chinese group Jinchuan which made a R9.1bn ($7.3bn) offer for Metorex last month. Jinchuan said that the acquisition of Metorex provided it with an opportunity to acquire a scalable African copper producer with a strong management team and substantial growth potential.
Copper Mining News
Cashed-up Rio Tinto is expected to post a first-half net profit of more than $US8 billion, driven by prices of iron ore, aluminium and copper. The earnings season gets into full swing tomorrow when the miner reports, with consensus among analysts for a 39.1 per cent jump in first-half underlying profit from $US5.77 billion to $US8.03 billion. The iron ore division is expected to contribute nearly 80 per cent of the net profit, lifting its performance by more than 50 per cent a year ago to about $US6.2 billion.
Asking whether South Africa should nationalise its mining industry was the wrong, dangerous question to ask in searching for the answer to South Africa’s “evil triplets” of poverty, inequality and unemployment, said Mineral Resources Minister Susan Shabangu.
Anglo-Swiss mining giant Xstrata said on Tuesday its first half net profit jumped 27 per cent to $US2.9 billion and that it expected even better earnings for the second half. "A substantially stronger financial performance in the first half reflected growing demand for our products from emerging Asian economies and recovering Western markets," Xstrata chief executive Mick Davis said in a statement.
Atlas Consolidated Mining and Development Cop. said it has completed the acquisition of a 45.54 percent stake in Carmen Copper Corp. owned by a Singapore-based investment fund. Atlas recently raised $390 million in debt and equity to finance the deal. Carmen Copper is acknowledged as Southeast Asia’s largest copper mine during its peak, serving as a major backbone of Cebu in the Philippines' economy for over 50 years before a devastating typhoon and metal price slump led to the mine’s closure in 1994.
Call it the two-speed mining boom. On the one hand, there are all the active miners and explorers attending Diggers & Dealers in Kalgoorlie who - provided they have a viable project - can lay their hands on enough money to get into operation. But according to the ASX website, there are more than a dozen resource floats languishing with "to be advised" sitting alongside their listing dates.
ABC reported that exploration company Rex Minerals has upgraded by 25% the size of a proposed copper and gold mine near Ardrossan, Alberta, Canada.
Following a 24-hour strike, operations at Chilean copper mine Dona Ines de Collahuasi returned to normal, the company and the workers' union said.
Reuters reported that miners from Chile to Indonesia have staged strikes to demand a bigger share of a global copper boom, stoking supply fears and boosting prices.
Putting Galore Creek into production would cost a whopping $5.2 billion in capex, NovaGold Resources said this week in announcing their prefeasibility study of the substantial copper--gold- silver project in northern British Columbia. The proposed mine, located 200 kilometres north of Stuart, BC, is 50%-owned by NovaGold and 50% by Teck Resources. Image of the proposed pit design for Galore Creek, courtesy of NovaGold Resources Resources Inc.
Reuters reported that Kazakh miner Kazakhmys posted 7% dip in H1 copper production in line with expectations and said it was on track to meet its full year target of 300,000 tonnes after the second quarter saw improved grades and output.
With BHP Billiton's fourth-quarter operating performance in line with expectations, it is the acquisition of Petrohawk that triggers changes to our EPS calculations.
Unionized workers at Chilean copper mine Dona Ines de Collahuasi downed their tools Saturday, the sole mine union said on its Twitter page. The strike comes on the heels of a now week-long stoppage at Escondida, the world's largest copper mine, which is fueling supply concerns in the copper market and driving prices higher. While Collahuasi represents about 3% of global output, Escondida, the world's largest copper mine, accounts for 7% of annual global copper production.
Disagreements over a bonus scuttled a potential labor deal at the world's biggest copper mine, Chile's Escondida, union leaders said on Friday, the eighth day of a strike that has fed worries about global supplies of the metal.
Finnish mineral processing company Outotec more than doubled its profits for the first half of 2011.
Lundin Mining Corporation reported on Friday net income of $57.7 million for the second quarter of 2011, up 36% from the same quarter last year. The numbers were below management expectations after lower than expected metal production and higher unit costs at its flagship Neves-Corvo copper mine in Portugal north of the city of Faro (pictured). Lundin said the Tenke Fungurume mine in the Democratic Republic of Congo, its first venture beyond Europe, should start contributing to cash flows in the third quarter.
Field season commences on Nevada gold and copper targets Surface geological, geochemical and geophysical surveys completed at Excelsior Drilling commenced at Excelsior Drilling scheduled for Bartlett Cu-Au target
Highlights include: Progressing five projects in two Australian states - Queensland and South Australia. Actively reviewing opportunities to add to the Company's current project portfolio. Processing of gravity data for Punt Hill copper-gold project in
Junction Dam uranium project (SA) Phase 3 drilling program commenced Significant uranium mineralisation expansion potential identified at the Bridget prospect immediately adjacent to the Saffron prospect. Marmota Energy set to increase its
BHP Billiton Ltd. has declared force majeure on exports from the world’s biggest copper mine, as a mine workers’ strike entered its eighth day. The strike at BHP’s Escondida mine in Chile, which supplied 7 per cent of the world’s copper last year, comes in a month of widespread mining strikes from Indonesia to South Africa. BHP's Escondida mine (pictured) has been the site of an 8-day strike in Chile.
Diversified miner Teck Resources doubled its quarterly profit on higher copper and coal prices, the company announced on Thursday. Teck said it brought in $756 million in profits in the second quarter of 2011, a 90 percent increase from the same period in 2010, or $1.12 a share compared to 59 cents per share in Q2 2010. President and CEO Don Lindsay attributed the doubling of profits to higher prices for coal and copper — the company's chief commodities — along with a US$2 billion rights offering in July that cashed up the company to the tune of $3.4 billion. Photo of Teck's Elkview operation in southeastern British Columbia, by Teck Resources Limited.
Loesche was awarded the third order of Copper Matte mill-LM31.3 in Fangchenggang City, P.R. China, following the YangGu Copper Matte project in September 2009 and Tongling Copper Matte project in July 2010.
Barrick, the word's number one gold miner, reported net earnings for Q2 rose 35% to $1.2 billion ($1.16 per share) from $859 million in the prior year period. Q2 adjusted net earnings increased 36% to a record $1.1 billion ($1.12 per share)1 from $824 million ($0.84 per share) in Q2 2010, reflecting higher realized gold and copper prices and higher gold sales volumes, resulting in an annualized return on equity of about 21%. The company is on track to meet its 2011 operating guidance of 7.6-8.0 million ounces at total cash costs of $450-$480 per ounce and lower expected net cash costs of $290-$320 per ounce
Chile's copper output tumbled 8.5 percent to 426,477 tonnes in June after a contract workers' strike, heavy rains and power outages hit operations at the world's top copper producer, the government said on Thursday.
Kimberley plans to raise up to $13.3 million to fast track its copper-gold-silver Mineral Hill mine in central NSW and develop its Sorby Hills silver-lead project in northern Australia.