Bearing Resources announced that the Company has entered into an option agreement with Eastfield Resources Ltd. ("Eastfield") to earn up to a 65% interest in the 12,113 hectare Zymo copper-gold project ("Zymo"), located 45 kilometres west of the town of Smithers, British Columbia. Exploration work carried out to date at Zymo, including surface sampling, geophysical testing and core drilling has identified a large copper-gold porphyry system. Four distinct porphyry targets have been identified over an open ended nine kilometre by three kilometre area defined by a coincident copper in soil and induced polarization ("IP") chargeability anomaly.
Copper Mining News
Power supplies have returned to normal in Chile's northern mining heartland after a power grid failure hit some of the world's biggest copper mines earlier on Sunday, the mining minister said. Chilean Energy and Mining Minister Laurence Golborne told Reuters power supplies were back to "100 percent" and that the impact on production in the top global copper producer was expected to be minimal.
Market sources indicate a serious Chinese contender has finally decided to make a bid for Metorex, in opposition to Vale’s $1.1bn cash offer for the South African company. There has been speculation in the market over such a development since the Vale bid was announced in mid-April, with Jinchuan Mining singled out as the most likely bidder. Jinchuan is the company which now controls Wesizwe Platinum after heading up a Chinese consortium which paid some $940m for 51% of Wesizwe.
Indonesian gold miner Newmont Nusa Tenggara’s long-delayed initial public offering is not likely to happen this year as the problematic divestment process has prompted the company to re-evaluate the terms of the IPO. NNT’s management had planned to hold the IPO in the second half of this year, selling a 10 percent stake to the public in a bid to raise $500 million as it expected the delayed divestment process would be completed by mid-April.
BNAmericas reported that Vancouver-based tailings processor Amerigo Resources has resumed operations at its Minera Valle Central complex in central Chile's region VI. The company said that the plant is once again in production, processing both fresh and old tailings from the El Teniente mine. Amerigo halted operations on June 6th 2011 as a result of the ongoing strike by 11,000 contract workers at state copper producer Codelco's El Teniente division. Amerigo's sole business is to process copper and molybdenum tailings from El Teniente, which is by far Codelco's most profitable division.
Korea Resources Corporation as says that its Boleo copper project in Mexico with Canada’s Baja Mining Corporation will begin production in 2013, supplying South Korea with about 30% of the mine’s output. The mine on Mexico’s Baja California Peninsula is expected to produce 38,000 tonnes of copper annually for 23 years starting in the H2 of 2013, according to the the Seoul based company which owns 30% of the project along with other Korean partners. Baja Mining holds the remaining 70% of the mine.
HudBay Minerals Intersects 2.4% Copper Equivalent Over 120 Meters at Constancia's Pampacancha Deposit
HudBay Minerals Inc. ("HudBay", the "company") (TSX:HBM)(NYSE:HBM) today announced exploration results from the Pampacancha zone at the company's Constancia project in Peru. Hole PO-11-072 intersected two main intervals of mineralization, including 121.45 meters of 1.62% copper, 13.62 g/t silver and 1.02 g/t gold (2.4% copper equivalent1) and 87.50 meters of 0.46% copper, 2.30 g/t silver and 0.22 g/t gold (0.65% copper equivalent).
Lumina Copper and Lumina Royalty announced that they have closed their previously announced arrangement. Under the terms of a statutory plan of arrangement which received shareholder approval on June 7, 2011 (the "Plan of Arrangement"), the shareholders of Lumina Copper (the "Shareholders") each received, as a distribution in respect of a reduction of capital, one common share of Lumina Royalty for each common share of Lumina Copper
Zambia's finance minister said on Thursday that audits had highlighted tax "issues" with Konkola Copper Mines (KCM), owned by London-listed Vedanta Resources (VED.L:Quote), and Canada's First Quantum Minerals (FM.TO: Quote) in addition to Glencore's (GLEN.L:Quote) subsidiary in the country.
Mining Weekly reported that Baja Mining’s (TSE:BAJ) copper/cobalt/zinc project in Mexico is progressing on schedule. The market news is quoted as saying: “The Boleo project is currently meeting its scheduled milestones, with environmental compliance and surface mining activities continuing in targeted areas, the processing plant and road earthworks well underway, in addition to the site camp, utilities and services being finalized,” the company said in a statement.
Fjordland: Drilling at Woodjam South yields 349.3 m grading 0.36% copper, 0.05 g/t gold and 0.006% molybdenum
Fjordland Exploration Inc. (TSX VENTURE:FEX) and Cariboo Rose Resources Ltd. (TSX VENTURE:CRB), 60%-40% partners in the Woodjam Joint Venture ("WJV"), report that Gold Fields Limited's (NYSE:GFI) exploration company, Gold Fields Horsefly Exploration Corporation ("Gold Fields"), has forwarded drill results from three new holes (1,214.6 m) of the 2011 infill and expansion diamond drilling program on the Southeast Zone of the Woodjam South copper-gold-molybdenum property. The property is located 45 km east of Williams Lake in south-central British Columbia.
After an unrivalled rally, commodity prices are likely to soften during the second half of the year, according to Bank of America Merrill Lynch. At a seminar in London on Wednesday, commodity strategist Francisco Blanch said commodity prices will come off during the latter part of the year as demand destruction looms on the horizon.
Heatherdale Resources announced that it has closed the previously announced non-brokered private placement of 11,314,255 units of its capital at a price of $0.83 per unit for gross cash proceeds of $9,390,831. Each unit consists of one common share and one warrant entitling the holder to purchase an additional common share at a price of $1.20 for a period of 18 months from the closing of the private placement. The common shares and warrants comprising the units are subject to a four month hold period from the closing date, which hold period expires on October 15, 2011.
Top miners in Peru expect to have to pay a new tax on windfall profits proposed by President-elect Ollanta Humala, but on Wednesday urged the incoming government to refrain from raising royalties based on sales.
Geologists suspected there would be significant copper below Pershimco Resources' (TSX-V: PRO) La Pava gold deposit at its Cerro Quema project in Panama. In drilling La Pava during the mid-1990s, previous project operators mostly stuck to near-surface gold in La Pava's oxide cap and in the process outlined a now updated indicated resource of 7.2 million tonnes @ 1.1 g/t gold.
Modular Mining Systems, one of the world leaders in information management solutions for mining operations, has announced that SouthGobi Resources has chosen to implement the Modular IntelliMine Integrated Asset Management Suite at its Ovoot Tolgoi coal operation in southern Mongolia. The installation will include the DISPATCH fleet management system, PowerView reporting software, MineCare maintenance management system, and ProVision machine guidance solution for shovels, dozers, and drills. “We chose Modular because the IntelliMine suite covers all aspects of our business,” said Justin Kapla, General Manager, Ovoot Tolgoi Operations. “From safety, to asset management, to increased productivity, they have solutions that meet all of our needs. We look forward to the value their products will add to our business.”
Bloomberg reports BHP Billiton Ltd., the largest mining company, Minmetals Resources Ltd. and First Quantum Minerals Ltd. are stepping up copper exploration in Zambia after prices for the metal more than doubled over the past two years.
Mining Weekly reports Zambia is keen to diversify its mining sector and wants more exploration in iron-ore, manganese, coal and uranium, Vice-President George Kunda said on Wednesday. Speaking at a mining conference in Lusaka, Kunda said that the Zambian economy was too dependent on copper. Zambia aims to be the third-largest uranium producer in Africa in the near future, Kunda said, adding that this would depend on exploration and investment.
Get set for a pace of drilling and exploration results from the Yukon even more blistering this year than the last. By way of yardstick, 2010 was stellar for exploration in the Yukon, with about $150 million in such expenditures. But this year is looking even better, with exploration expenditures expected to top $250 million, according to Natural Resources Canada, which some months ago surveyed the 2011 spending intentions of mining and exploration companies. And with the shorter Yukon exploration season, many drilling campaigns in the Yukon are just getting underway.
HudBay Minerals intersects 2.4% copper equivalent over 120 meters at Constancia's Pampacancha Deposit
HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) today announced exploration results from the Pampacancha zone at the company's Constancia project in Peru. Hole PO-11-072 intersected two main intervals of mineralization, including 121.45 meters of 1.62% copper, 13.62 g/t silver […]
In a guest blog post for Oxfam America, Keith Slack, Extractive Industries Campaign Manager wrote that Peru’s new President Ollanta Humala “is generally viewed as bad news for the country’s mining industry. Indeed, Lima’s stock market — which primarily trades mining and minerals companies — promptly crashed following the election.
Xstrata Plc will start exporting iron ore concentrate to Asian buyers from Australia on Wednesday as part of a A$589 million redesign of its Ernest Henry copper and gold mine, the company said on Tuesday. Exports of the magnetite-type material at a rate of 1.2 million tonnes a year are a key component of Xstrata plan to transform the Ernest Henry mine from an open-cut design to an underground one, the company said.
South Africa's MDM Engineering Group has been awarded the increased throughput design update and cost revalidation of the Bankable Feasibility Study (BFS) for Africo Resources' Kalukundi copper/cobalt project, located in the Katanga Province of the Democratic Republic of Congo (DRC), which borders Zambia to the south. In May 2006 MDM completed a BFS, based on a throughput of 800,000 tonne/year plant, on the Kalukundi project.
Chinese asset managers are rushing to launch funds that invest in natural resources and precious metals overseas, responding to feverish domestic demand for inflation-hedging tools.
Commodities trader Glencore (GLEN.L: Quote) is not considering a bid for embattled miner ENRC, its chief executive said, dismissing reports of a takeover after it disappointed the market with its maiden frst-quarter results. Shares in the world's largest diversified commodity trader dropped 2 percent as weaker-than-expected results from its metals and mining trading unit held back its operating profit.