Lions Gate Metals Inc. (TSX VENTURE:LGM) ("LGM" or the "Company") is pleased to announce that, further to its press release of March 4, 2011, it has closed the second tranche of its private placement, and […]
Copper Mining News
The Brisbane-based explorer has reported positive infill drilling results on its Zeta underground project on its 100% owned Boseto project in Botswana.
Inmet Mining is holding firm on the proposed friendly merger with Lundin Mining, saying there are significant risks associated with the hostile Equinox offer for Lundin announced last week. Inmet continues to believe the proposed merger of equals between Inmet and Lundin to create Symterra provides superior benefits to shareholders of both Inmet and Lundin without the risks associated with the Equinox offer, Inmet stated on Thursday.
The spectacular Carapateena discovery that Canadian Teck Resources had seen as its big foreign play until the global financial crisis, is now passing into the hands of OZ Minerals Ltd (ASX: OZL). OZ Minerals said this week it had paid $US240 million for the project, making an immediate deposit of $US10 M.
Reuters writes that Executive Chairman Randall Oliphant said New Gold Inc (NGD.TO) is benefiting from near record high copper and silver prices, which are helping lower its gold production costs. "For 2011, we expect production to […]
Equinox Minerals would consider selling some of Lundin Mining's assets in order to clear off debt, the company's CEO said in a conference call to analysts on Thursday. Equinox has bid CAD$4.8 billion in a challenge to Inmet Mining's friendly merger with Lundin, but needs a $3.2 billion bridge loan, according to the story by Bloomberg. “We would consider asset sales in the context of non-core, non-copper assets,” Craig Williams, chief executive of the Perth-based company, said today. Equinox may sell Lundin’s Zinkgruvan zinc mine in Sweden, he said.
HudBay Minerals posted some big gains in its fourth-quarter and year-end financials, the Toronto-based miner reported on Wednesday. Net earnings in Q4 2010 more than tripled to $24.5 million, compared to $7.2 million in the fourth quarter of 2009. Year-end numbers were also impressive, with net earnings of $73 million — a 475% increase over 2009 after adjusting for gains on the sale of investments, the company stated.
The 2011 copper market, according to a Roundup 2011 presentation in January, will present a 1.5 Mt deficit. The picture will change in 2013 when production exceeds market demand but still the surplus will be easily swallowed by investment demand. In the 2011-2015 interval some 66 new copper mining projects will come online.
With Libyans having joined the movement to overturn aging autocracies the Arab street action has moved into a geopolitically more difficult territory. Concern over Libya’s oil exports are showing up as higher crude pricing. Libya’s 1.6 M barrels/day of crude output may well undergo disruptions, but the Saudis could replace that if prices move high enough to cause concern. As troubling is the unpredictability of Muammar Gaddafi and those around him. They seem more likely to go down fighting than the western leaning autocrats have been, and that is more likely to cause splintering of the country and concern similar shifts elsewhere in the region. Markets are reflecting this heightened uncertainty with continued gains for precious metals and US$ as well as oil. We expect the US$ and oil to peak before gold and its cousins do.
Franconia shareholders have approved an agreement whereby Duluth will acquire all of the outstanding common shares of Franconia, and Franconia will become a wholly-owned subsidiary of Duluth. Franconia's assets are expected to be rolled into Twin Metals Minnesota LLC, a Duluth (60%) and Antofagasta plc (40%) joint venture.
Antofagasta will pay a special dividend of 100 cents a share, the Chilean miner said on Tuesday as it posted a jump in full-year earnings on higher copper prices and production. Earnings per share rose to 106.7 cents, from 67.7 cents, as revenue grew 54.5 percent to $4.58 billion.
Copper Canyon Resources is getting more for its Copper Canyon property along with a spin-off company to develop its other exploration assets.
Papuan Precious Metals Corporation: Sampling Returns Copper Values as High as 23.86% from Ioleu Creek Prospect, Mt. Suckling
Papuan Precious Metals (TSX VENTURE:PAU)(OTCQX:PAUFF) announced that it has received geochemical results from 25 rock samples collected at its 100% owned Ioleu Creek copper-gold prospect, Mt Suckling, Papua New Guinea. In addition, platinum group element […]
Shareholders of Lundin Mining Corp. and Inmet Mining Corp. will have two more weeks before they are asked to vote on a friendly merger of the two entities. Canadian Press said the posptponement of the shareholder meetings, from March 14 to March 28, was decided on the weekend after a hostile takeover bid was announced last week by Equinox Minerals: The reason for the postponement is to allow time for shareholders to receive and review the recommendation of the board of directors in relation to the Equinox (TSX:EQN) bid, Lundin said Sunday in a news release.
A landslide Saturday near Freeport McMorran's Grasberg mine left thousands of workers stranded, but was not expected to impact operations at the world's largest copper mine, a company spokesperson told Reuters: A weekend landslide buried a key road access tunnel to Freeport-McMoRan Copper & Gold Inc's Grasberg mine in Papua, Indonesia, leaving thousands of workers stranded, but a company spokesman said operations were continuing as normal. Freeport is the world's largest publicly traded copper miner, while Grasberg has the world's largest recoverable reserves of copper and the largest gold reserves.
Responding to rising metals prices and more stable markets, most mining companies increased exploration budgets in 2010. The result was a 45% increase in estimated worldwide nonferrous metals exploration spending over 2009. Regionally, Latin America (led by Mexico, Peru, Chile, Brazil, and Argentina) was the top exploration destination in 2010-a position it has held for the better part of two decades-while Canada was the top country overall. Gold was the leading target, attracting more than half the global exploration budget total, with copper a distant second.
Jiangxi Copper, China's top copper producer, sees copper prices rising this year as supply remains tight and demand continues to increase.
China's top copper producer Jiangxi Copper (0358.HK) (600362.SS) expects domestic copper prices to rise this year, mainly due to a supply squeeze, its chairman said on Saturday.
Inmet Mining (TSE:IMN) was down 7.41% to Can$64 on Friday after the Government of Panama announced that it will repeal recently enacted legislation, known as Law 8, that modifies the Panamanian mineral resources code. The price drop complicates the company's proposed merger with Lundin Mining. In Jan. 2011, Inmet and Lundin Mining announced a merger that would create Canada's largest base metal producer. However, Equinox Minerals launched a hostile bid for Lundin in late February.
Panamanian government indicates intent to repeal modified mineral resources code; contract-law 9 unaffected
Inmet Mining Corporation (TSX:IMN) announced today that the government of Panama intends to repeal recently enacted legislation, known as Law 8, that modified the Panamanian mineral resources code. The intent to repeal Law 8 recognizes concerns from indigenous communities residing within areas known as Comarcas that are recognized under Panamanian law. Inmet's Cobre Panama project is neither situated on nor adjacent to any Comarcas, and has had government and local community support.
New Gold had their best year in 2010, with increased production and declining costs resulting in record earnings and cash flow, the B.C.-based company said on Friday. Consolidated revenue for the year was $530 million compared to $324 million in 2009, which the company attributed to higher production rates and elevated gold prices. Earnings from mine operations jumped 129% to USD$203 million, compared to $89 million in the previous year.
Equinox Minerals Ltd.’s counter offer for Lundin Mining Corp. is so low that it’s leaving an opening for Freeport-McMoran Copper & Gold Inc. to enter the bidding war, Bloomberg News said Thursday: Lundin, a Toronto-based […]
Tasman Resources says the latest drilling on its Vulcan prospect near Olympic Dam shows evidence of "significant" iron oxide copper gold uranium mineralisation.
Mapping project by British Columbia Geological Survey identifies "unprecedented opportunities" in new zones and offers insights in Romios' Dirk/Newmont Lake area Geology
Romios Gold Resources announced that a 2010 mapping project from the British Columbia Geological Survey confirmed Romios' previous claims that the Dirk property mineralization is analogous to and may be as large as the Galore Creek project. Samples collected by Romios from the Dirk property produced numerous anomalous values including a 3.0 metre chip sample of 6.21% Cu, 0.57 g/t Au, and 44.1 g/t Ag. The BCGS also reports values up to 21 ppb platinum and 64 ppb palladium from samples that they collected from the Dirk property.
On Tuesday the Ontario Superior Court of Justice dismissed Inspiration Mining Corporation's court application against URSA Major Minerals. Inspiration sought to reverse a private placement that URSA closed on Jan. 31, 2011. "After legal argument, […]