Copper Mining News

Government of Panama confirms commitment to Cobre Panama project

Inmet Mining Corporation (TSX:IMN) (Inmet) announced today that its wholly-owned subsidiary Minera Panama, S.A. (MPSA) has received a letter from His Excellency, the Minister of Industry and Commerce, Roberto Henriquez, that clarifies the Government of Panama's position on the recent repeal of Law 8 of 2011, making it clear that such repeal will not impact the development of mining projects in Panama, such as the Cobre Panama project, that currently have a contract law in place in respect of their concessions.

Japan reconstruction good for copper, iron ore – Friedland

Copper and iron ore prices should remain high in the near future because of additional demand for reconstruction in Japan after a devastating earthquake and tsunami, Ivanhoe Mines Ltd Chief Executive Robert Friedland said. The earthquake in northeastern Japan destroyed thousands of homes, levelled buildings and bridges and caused damage estimated at up to $308 billion, according to the Nikkei newspaper.

Teck lowers estimated coal output by one million tonnes due to weather, labour dispute

Teck Resources announced today that it expects lowers coal output this year due to bad weather conditions along its rail lines and an ongoing labour dispute at its Elkview operations. The company believes that coal […]

EMED makes progress with reopening of Rio Tinto copper mine, Spain

EMED announced that the provincial government of Andalucia has unblocked the process required to grant the mineral rights for the Rio Tinto Mine to EMED Tartessus, the company’s wholly-owned Spanish subsidiary. Further, the government has made a decision on the tailings dam issue and ruled that EMED will assume formal responsibility for its maintenance and operation.

Gold Fields to buy out Peruvian unit

Gold Fields (GFIJ.J: Quote), the world's fourth-largest listed gold miner, said on Tuesday it had offered to buy out the remaining shares of its Peruvian unit to boost the group's total production of the precious metal.

KGHM launches telecom arm sale

KGHM (KGHM.WA: Quote), Europe's second biggest copper producer, has launched the sale of its telecoms arm Dialog as part of its plans to shed some non-core assets, sources close to the deal told Reuters late on Monday. "Teasers have been sent," one of the sources said, referring to a document presenting the company to potential buyers.

Hudbay raises Augusta Resource Corp stake to 14%

Canadian base metals miner HudBay Minerals Inc raised its stake in Augusta Resource Corp to 14.3 percent by buying 5.4 million more shares in the company for C$21.3 million. HudBay now holds 20.2 million shares of Augusta Resource, up from about 14.8 million earlier, the company said on Monday.

Lundin tells shareholders to rejects Equinox bid

Lundin Mining has rejected the hostile takeover bid mounted last month by Australia-based Equinox Minerals. Canadian Press reported Sunday that Lundin told its shareholders to reject a debt-financed takeover bid from Equinox, saying the unsolicited offer was "financially inadequate" and fraught with risks: Vancouver-based Lundin (TSX:LUN) said the Equinox (TSX: EQN) bid undervalued the company and would place considerable influence over business decisions in the hands of lenders.

NWTT Acquires New Mining Property With Historically Confirmed Findings of Platinum, Copper and Nickel

NW Tech Capital Inc. (PINK SHEETS:NWTT) has executed an option agreement that grants the company 100% interest in a prolific platinum, copper and nickel-bearing property located in McConkey Township, Ontario. After successfully completing the negotiation process, management decided to enter into an agreement that gives the company unrestricted rights to explore resources and reserves on what is known as the Caribou Property.

Minera Andes to spin out Los Azules project

Minera Andes (MAI.TO: Quote) said on Thursday it plans to spin out its Los Azules copper project in Argentina into a new publicly traded company. The Toronto-based exploration company said the move will let it unlock value from Los Azules and allow it to focus on developing its San Jose gold-copper project, which is located in the vicinity of Goldcorp's (G.TO: Quote) recently acquired Cerro Negro project in Argentina.

Vale, Copper Mountain Mining say they are fine despite Japan quake

Two mining companies announced Thursday that their respective dealings with Japanese smelters and steel manufacturers have not been impacted by the devastating Japanese earthquake and tsunami at this time.

Taseko attributes strong financial performance to higher production

Taseko Mines has implemented plans to increase mine production at its flagship Gibraltar Mine to 180,000 pounds of copper and one million pounds of moly annually.

100,000 tpy copper smelter planned for northwestern China

Shanghai-listed Western Mining Co Ltd said it plans to build a 100,000-tonne-per-year copper smelter in the northern western Chinese province of Qinghai, Reuters reported: The cost of the project was estimated at 2.28 billion yuan ($347 million), the company said in a statement on Friday, adding that it would seek a partner to build the smelter with the Western Mining holding a majority stake. "The project is going to add pressure to the local supply of copper concentrate," said senior copper analyst Yang Changhua at state-backed research firm Antaike.

ATO Ruling: Proposed OZ Minerals capital return not a dividend for Australian tax purposes

OZ Minerals is pleased to advise that the Australian Taxation Office (ATO) has issued a Class Ruling which advises that the proposed capital return by OZ Minerals is solely sourced from capital and so no part of the return will be treated as a dividend for Australian income tax purposes.

First Quantum doubles quarterly profit

First Quantum Minerals posted a US$455 million profit in the third quarter, the Vancouver-based company reported on Tuesday. That compares with $227 million in earnings in the three months ended December 31, 2009. Sales of copper in Q3 were down from the same period last year, from 98,171 tonnes in Q3 2009 to 76,290 in the third quarter of 2010. However, the company ended the year with $1.385 billion in its treasury compared to $959 million in the previous year's Q3.

Bearish nuclear picture clouds Olympic Dam expansion

BHP's $30-billion expansion of its Olympic Dam copper, uranium and gold mine could be in doubt as a result of the nuclear emergency unfolding in Japan, Barry Fitzgerald writes in The Sydney Morning Herald. With uranium stocks plunging over the last two days, BHP will have to factor in the outlook for a stable uranium outlook when determining the future of the project, which is the world's largest uranium deposit.

Capstone returns to profitability

Capstone Mining made a dramatic move into the black last year, earning a US$72.6 million profit compared to a loss of $18.3 million in 2009. Revenues grew from $250 million in 2009 to $310 million last year. The Vancouver-based company had US$192.4 million in the bank at the end of the year, up from $118.4 million the year previously.

Northern Tiger closes $4.7 million private placement for Yukon exploration

Northern Tiger Resources Inc. (TSX-V:NTR) has closed a brokered private placement of 8.622 million flow-through common share at a price of $0.55 per share for proceeds of $4.742 million. The private placement was initially announced on February 14, 2011 and contemplated raising gross proceeds up to $3 million.

Eurasian Minerals Completes $3M Tranche of CAD$17.875M Private Placement

Eurasian Minerals Inc. (TSX-V: EMX) announced the completion of the second tranche of its CAD $17.875 million private placement by the sale of 921,000 units for proceeds of CAD $2,993,250. Each unit, priced at CAD $3.25, consisted of one common share and one-half of one common share purchase warrant. Each full warrant entitles the warrant holder to purchase one additional common share of EMX until March 14, 2013 at a purchase price of CAD $4.00.

Counting the reasons for copper's decline

John Spence from Marketwire looks at copper's sharp pull-back last week. He ponders whether the lower price has broder implications for the economy as a whole: The red metal’s slump is a worrying sign for […]

Formation Metals Inc. completes $80 million equity financing

Formation Metals Inc. (TSX:FCO) (the "Company") is pleased to announce it has completed the equity financing (the "Financing") announced on January 27, 2011 in the full amount for gross proceeds of $80,000,000. The Financing was […]

Lions Gate Metals closes Can$6 million private placement

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 […]

Discovery Metals says infill drilling enhances Botswana copper project

The Brisbane-based explorer has reported positive infill drilling results on its Zeta underground project on its 100% owned Boseto project in Botswana.

'Significant risk' associated with Equinox offer, Inmet says

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.

OZ Minerals buys big copper-gold find in Prominent Hill region

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.