Following a 24-hour strike, operations at Chilean copper mine Dona Ines de Collahuasi returned to normal, the company and the workers' union said.
Copper Mining News
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.
Outotec has signed a contract with ZAO Miheevsky, a subsidiary of Russian Copper Co, for the design and delivery of a new copper concentrator for the Miheevsky porphyry-copper project in Cheylabinsk, Russia. The contract value exceeds US$85.1 million, which will be booked in Outotec’s September quarter intake.
Nortec Minerals Corp. (TSX VENTURE:NVT)(PINK SHEETS:NMNZF)(FRANKFURT:WMQ) has signed a binding Letter of Intent with Otterburn Ventures Inc. (CSNX:OTB). The LOI gives Otterburn the option to earn up to an 80% interest in Nortec's Läntinen Koillismaa project, a 100% owned palladium-platinum–gold–copper-nickel property in north central Finland.
Copper Investing News delves into the history books and takes a look at copper mining on the island of Cyprus which is so closely associated with copper, that the word “copper” is actually derived from the Greek name for the island, Kupros. Cyprus’ copper deposits are being revalued and in 2010, around $13 million worth of copper was exported from Skouriotissa (pictured), the world’s longest producing commercial copper mine first explored in 1914 but exploited since the Bronze Age.
Chile's Escondida copper mine on Wednesday declared force majeure on copper concentrate sales amid a six-day strike that has hit output at the world's top deposit. The mine is owned by global miner BHP Billiton (BHP.AX: Quote) (BLT.L: Quote) and produces about 7 percent of the world's mined copper.
London copper futures rose for a second day on Wednesday as supply worries brought on by an extended strike at the world's largest copper mine countered concerns over protracted talks in the United States to lift its debt limit. But the thin trading volumes in Asian hours and modest gains suggest investors were far from aggressive in pushing up copper prices, now trading just around 3 percent away from historic highs, given a shaky outlook for global demand. Satellite image of Escondida Mine in Chile
The tide of deaths of infants and young children from an outbreak of lead poisoning in Zamfara State, in North West Nigeria did not come like a thief in the night. The stage had been set for the tragic incident several years earlier. Increasing activities of illegal miners and improper processing of lead-contaminated gold ore within households in the community, were largely responsible for the high death toll. Image of an artisinal miner holding wolframite is from Julien Harneis.
REX Minerals has forecast more copper from its Hillside project in SA, releasing a blueprint for a 12-year mine to almost rival Olympic Dam in size. "The conceptual study supports our view that Hillside is one of Australia's largest copper development opportunities," managing director Steven Olsen said.