Anvil Mining is scheduled to commence production of copper from its new Kinsevere Stage II Solvent Extraction Electrowinning (SX-EW) plant in the Democratic Republic of Congo in the current quarter.
Copper Mining News
Outotec has signed a contract with Chilean Codelco, the leading copper producer in the world, for the design and delivery of concentrator technology to Codelco's new Mina Ministro Hales mine in northern Chile.
Extending the Neves-Coro mine in Portugal will add $100 million to the net present value (NPV) and push the life of the mine into 2026, Lundin Mining (TSX:LUN) said today. The company released the feasibility results for Lombador Phase 1, which plans to exploit the uppper portions of the Lombador zinc/copper ore bodies.
Workers at Cerro Verde in Peru launched a two-day pay strike on Wednesday but no impact on output was expected at the mine that produces around 2 percent of the world's copper, union and company representatives said.
Chinalco Yunnan Copper Resources Ltd. (CYU.AU) said Thursday it signed an agreement to earn a stake in a copper exploration project in northern Chile with Rio Tinto PLC (RIO).
Western Copper Corporation ("Western Copper" or the "Company") (TSX:WRN; NYSE Amex:WRN) is pleased to announce that further to the Company's News Release dated August 19, 2011, it has mailed a detailed Information Circular (the "Circular") describing the business to be conducted at a special meeting of shareholders to be held October 3, 2011 with respect to the spin-out of certain assets of the Company into two new companies: Copper North Mining Corp. ("Copper North") and NorthIsle Copper and Gold Inc. ("NorthIsle") by plan of arrangement (the "Arrangement").
HOYT LAKES, MINNESOTA--(Marketwire - Sept. 7, 2011) - PolyMet Mining Corp. (TSX:POM)(NYSE Amex:PLM) ("PolyMet" or the "Company") today reported its financial results for the three months ended July 31, 2011, which have been filed at www.polymetmining.comand on SEDAR and EDGAR. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are in U.S. funds.
Reuters reports Indonesia may impose a tax or quota on mineral ore exports ahead of a planned regulation to ban all exports of raw minerals by 2014, the industry ministry said on Wednesday. The planned ban is part of a mining and coal law introduced in 2009 that requires miners to process minerals into higher value products before exporting them. The move would negatively impact copper miners Newmont and Freeport as currently only 30% of output is processed domestically and comes on top of news that workers at Freeport's massive Grasberg mine in the Papua province plan a second strike next week after wages negotiations broke down.
St-Georges Platinum and Base Metals Ltd. (CNSX:SX)(BERLIN:85G) is pleased to provide updates on the second phase of its drilling program carried out on the Villebon property located 45 km southeast of Val d'Or in the Abitibi Greenstone Belt of Quebec.
Nevada Copper Corp.: mineralization continues to expand, intersecting over 600 feet of mineralization including 323 feet of 1.82% copper
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - Nevada Copper Corp. (TSX:NCU) ("Nevada Copper") is pleased to announce additional positive step-out drill results from the 100% owned Pumpkin Hollow Property located in Nevada. The hole reported below represents recent assay results from the North Deposit. The 20,000 meter step-out and expansion drilling program is progressing with three drill rigs currently on the property.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - Evrim Resources Corp. (TSX VENTURE:EVM) ("Evrim" or the "Company") is pleased to announce that drill crews have mobilized to the Suaqui Verde copper project in Sonora, Mexico. Evrim's exploration funding partner, Inmet Mining Corporation, has planned to drill 12 holes totaling 4,700 metres.
The deal-making frenzy in the global mining sector during the first half of the year was followed by a dramatic drop in activity in July and August, according to a new report by consultants PricewaterhouseCoopers. Figures from the report titled Riders on the Storm show that in July and August the value of global mining deals fell by 49% and deal volumes declined by 25%. The sharp reversal came after a record first half when 1,379 deals worth $71bn were announced even though Chinese entities, firmly focused on value, retreated from iconic western takeovers. Buyers were also willing to pay over the odds for large publicly listed targets – for $500 million+ acquisitions, the average premium was 37%. For sub-$500 million deals, premiums averaged a mere 8%.
PHOENIX, ARIZONA--(Marketwire - Sept. 6, 2011) - VIKING MINERALS INC (OTCBB:VKML) ( www.vikingmineralsinc.com) reports up to 5.23% copper from its first five assay results at the Dolly Varden Claims, in Elko County, Nevada.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2011) - Entrée Gold Inc. (TSX:ETG)(NYSE Amex:EGI)(FRANKFURT:EKA) ("Entrée" or the "Company") has received assay results from three additional deep diamond drill holes on the 100% owned Ann Mason copper molybdenum porphyry deposit in the Yerington district of Nevada. Drilling continues to return long intercepts (448 metres to 814 metres) averaging from 0.35% to 0.43% copper equivalent ("CuEq"). Higher grade mineralization, including intervals greater than 0.60% CuEq, is present in these holes, as shown in Table 1 below. Hole locations and cross sections can be viewed at www.entreegold.com.
Copper steadied on Tuesday as an earlier price correction enticed buying from top consumer China, but concerns about slowing growth in the world's top economies muddied the metal's demand picture. Three-month copper on the London Metal Exchange (LME) traded at $8,9 50 a tonne in rings , little changed from Monday's close of $8,960 a tonne.
Outotec has signed a contract with Chilean Codelco, the leading copper producer in the world, for the design and delivery of concentrator technology to Codelco's new Mina Ministro Hales mine in northern Chile. The contract value is approximately EUR 24 million, half of which was booked in Outotec's second quarter and the rest in the third quarter order intake.
Freeport McMoRan Copper & Gold's Indonesia mine workers are set to strike from Sept. 15 to Oct. 15 unless the firm meets their demands for a pay rise, Julia Parorongan, the firm's workers union spokeswoman, told Reuters on Tuesday.
Anglo American and Rio Tinto could fetch almost R5 billion for their combined 74.5% stake in SA's largest copper producer, Palabora Mining. The two resources giants on Monday announced their intention to divest from the South African copper miner.
Copper extended its losses in futures trade today, declining by 0.56% to Rs 417.85 per kg amid a weak trend on the London Metal Exchange and subdued domestic demand.
Rio Tinto Group and Anglo American Plc (AAL), which together own about three-quarters of Palabora Mining Co., said they plan to sell their entire holdings in the South African miner as it no longer fits their investment objectives. Palabora’s main asset, a mine that produces copper and magnetite, “is no longer of a sufficient scale” for either Rio or Anglo, and a sale process for their stakes has started, the companies said today. Rio holds about 58 percent of Palabora and London-based Anglo almost 17 percent. Their combined holding is valued at about $700 million based on the closing price of Palabora stock in Johannesburg trading today. Image of copper spools at Palabora mine, courtesy of Rio Tinto
Copper supplies are getting tighter on higher Chinese imports and copper mine strikes around the world. Decreased availability of high quality ore is also expected to support copper prices. ?Copper is getting tighter and tighter due to supply problems.
Increased bonded warehousing space in China, the largest consumer of copper and aluminum, may facilitate larger trade volumes as importers benefit from lower costs. Increased bonded warehousing space in China, the largest consumer of copper and aluminum,
Union workers at Peruvian copper producer Sociedad Minera Cerro Verde said late Friday that they plan to hold a two-day strike starting Sept. 7 to seek a salary increase.
Sandfire Resources managing director Karl Simich says the company's looming $360 million finance facility is still on track for completion soon, despite turmoil in global markets.
Canada led the world in the number of mining mergers and acquisitions (M&A) for the first half of the year, says Ernst & Young. And while the number of deals fell in comparison to the highly acquisitive first half of 2010, the value of the transactions that took place this year more than doubled compared to the same period last year. The country was the leading buyer in H1 with 196 deals, and also the leading target destination with 129 deals. Australia came second as a buyer and target destination, with 83 and 72 deals respectively.