Copper Mining News

New 50% bigger Kalukundi copper/cobalt project study awarded

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.

China's asset managers rushing to launch resource investment funds

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.

Glencore shares dip on results, bid denial

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.

Immigration surges as Australia’s mining boom resonates in Europe

About 100 men in their 20s and 30s, filled a conference room at a Dublin hotel last week to hear a migration agent describe the personal fortunes waiting to be made a world away in the booming mining towns of the Australian outback. With unemployment running at close to 15 percent in Ireland, and local wages a fraction of those now on offer in Australia, it appeared to be an easy sell.

Helio makes significant new gold-copper-silver discovery at Damara Gold Project, Namibia

Helio Resource Corp. on Monday reported the first diamond drill results from the current drill programme at the Gold Kop Target, on its 100%-owned Damara Gold Project in Namibia. The Gold Kop Target is situated 45km northeast of AngloGold Ashanti's Navachab gold mine. On Monday, Helio which also owns gold projects in Tanzania was trading up almost 5% on the TSX Venture Exchange on the news. The tightly-held company is worth some $44m with 104m shares outstanding.

Kazakhmys $1.5bn Chinese loan for major copper development

Kazakhmys agreed on Monday to borrow $1.5 billion loan from China Development Bank to help develop a large copper deposit in eastern Kazakhstan, officials said at a signing ceremony. The loan, to be disbursed by the end of this year, will enable Kazakhmys to develop the Aktogay copper field in eastern Kazakhstan without selling a stake in the deposit to China's Jinchuan Group Ltd.

Glencore said to be mulling $20 billion ENRC takeover

According to a detailed report in the U.K.'s Sunday times newspaper, Global mega commodities group, Glencore, which recently listed in the London stock Exchange's largest ever IPO, is considering a what appears to be a £12 billion (US$20 billion) friendly takeover of European-based diversified mining and metals company, ENRC (Eurasian Natural Resources Corporation). If such a move takes place this would convert Glencore from the world's largest commodities trading group into one of the globe's biggest integrated mining and metals companies - even without taking into account its 35% stake in Xstrata.

Chinese copper imports in May down by 3pct and seen up in June

China's imports of unwrought copper and semi finished copper products dropped 3% on the month in May because of high stocks. Traders said that extra bookings placed in May will raise June arrivals. High bonded stocks in Shanghai limited China's imports

Helio makes a significant new gold-copper-silver discovery at the Gold Kop target, Damara gold project, Namibia

Helio Resource Corp. (TSX-V: HRC) is very pleased to report the first diamond drill results from the current drill programme at the Gold Kop Target, on its 100%-owned Damara Gold Project (DGP) in Namibia. The Gold Kop Target is situated 45km northeast of AngloGold Ashanti's (AGA) Navachab gold mine (see map at http://www.helioresource.com/i/pdf/2011-06-13_NRM1.pdf).

Zambia copper output down – see IM article in July

Africa’s largest copper producing nation saw output fall back over the first four months of 2011, compared with a year ago. Cobalt output and exports rose though. A complete article on the Zambian Copperbelt will […]

The miner's drilling plans excite the market, while Bayan makes a back-door ASX listing.

GARIMPEIRO last had a look at Kentor Gold (ASX: KGL) back in July 2009 when it was an $8 million company and had just picked up the Andash gold/copper project in the most alphabetic of […]

Goldman, Clive Capital to launch commodities index-FT

Goldman Sachs is to launch a commodities index with Clive Capital, the world's largest commodity hedge fund, the Financial Times reported on Monday citing a source familiar with the product.

Giant Chilean copper mine still operating below half capacity

Output at Chile's El Teniente mine, the world's No. 5 copper deposit owned by Codelco, fell on Friday as staff held off a full return to work after contractor protest violence, the company's chairman said. Gerardo Jofre told reporters the mine was operating at 40 percent of capacity, down from around 50 percent on Thursday -- when output was gradually recovering as thousands of contract workers opted to abandon a sometimes violent 17-day walkout over wages at the 404,000-tonnes-a-year mine.

Xstrata has cleared the final hurdle in purchasing $A175 million worth of copper deposits in north-west Queensland.

The ABC reports shareholders in Exco Resources voted on Thursday in favour of selling the assets to the Swiss mining company.

Taking a Chance With Peruvian Miners – Seeking Alpha

Now that markets have reacted to Ollanta Humala’s election as president of Peru, it might be time for the brave to dip back into the country’s battered miners. Humala’s economic advisor has made the unusual […]

3 of the Best Mining Stocks on the Market Trading at Bargain Prices – Seeking Alpha

The recent pullback of the market has created some value opportunities. Out of all the healthy sectors in the global economy, the leading mining companies are some of the best bargains on the market. With […]

Striker violence keeps giant copper mine operating below half capacity

Output at Chile's El Teniente mine, the world's No. 5 copper deposit owned by Codelco, fell on Friday as staff held off a full return to work after contractor protest violence, the company's chairman said. Gerardo Jofre told reporters the mine was operating at 40 percent of capacity, down from around 50 percent on Thursday -- when output was gradually recovering as thousands of contract workers opted to abandon a sometimes violent 17-day walkout over wages at the 404,000-tonnes-a-year mine.

Chinalco Yunnan Copper Resources increases equity in Mary Kathleen Copper joint venture

Chinalco Yunnan Copper Resources Limited has now earned a 70 per cent equity interest in the Mary Kathleen Joint Venture with Goldsearch Limited, located in North Queensland, Australia. CYU previously announced commencement of drilling on […]

Western Troy receives assay results at Deborah Lake

Western Troy Capital Resources has released drill results at its Deborah Lake Prospect near Schefferville, Quebec, Canada: The drilling program at Deborah Lake consisted of 2370 meters in 24 core holes drilled on a number […]

Big Oyu Tolgoi copper-gold mine in Mongolia 23% built

Ivanhoe Mines Ltd said nearly one-fourth of the construction of its flagship Oyu Tolgoi project in Mongolia was completed by May and it continued to be ahead of schedule, sending its shares up 3 percent […]

China coal and oil demand strong but copper appetite sickly in May

China showed robust demand for crude oil and coal in May, shrugging off higher prices to boost imports by more than 20 percent, but its appetite for overseas copper supplies remained sickly and iron ore […]

Australian government moving closer to mining profits tax legislation

Australia moved closer to introducing a contentious 30 percent mining tax being eyed by other countries, releasing draft laws and seeking reaction from resource companies to legislation expected to be passed later this year. The government unveiled the mining tax over a year ago but modified its plan before last August' s elections after global miners including BHP Billiton , Rio Tinto , and Xstrata launched a public campaign against it. Big miners and minority lawmakers are now broadly supportive and the legislation is expected to pass parliament and take effect on July 1, 2012.

Nautilus withdraws capital raising

As a result of weak financial market conditions, Nautilus Minerals (TSX:NUS)(AIM:NUS) has decided to withdraw its proposed capital raising. Despite a positive response from investors during marketing of the proposed transaction over the past two weeks, adverse market conditions had meant that it was not in the interests of shareholders for the transaction to proceed.

S&P raises gold and base metals price assumptions for 2011

Standard & Poor's has raised its metals price assumptions for 2011 and beyond, citing the increased volatility of the markets but worries about sharp risk of fall in investor demand for gold.

Commodity prices should snap higher in H2, dollar unlikely to recover until 2012 – Morgan Stanley

Ron Leven of Morgan Stanley has recently delivered a presentation under the auspice of ETF Securities Ltd. in which he outlined his expectations for the major currencies.