As the price of copper drops to a 14-month low on speculation of sluggish demand for industrial metals, the chief executive of Codelco — the world's largest copper producer — said buyers in China should take advantage, Bloomberg reported.
Copper Mining News
Metorex Limited (JNB:MEMTX) reached a new high in quarterly copper output, with production rising by 15% to 15,202 tons. Cobalt output rose by 11% to 942 tons.
Mercator Minerals was changing hands for $1.24, down 7.4% and a new year-low, at the opening of trade on Tuesday despite announcing record production at its Mineral Park Mine in Arizona. The counter has had a dismal year and so far is down 68% on the Toronto exchange in 2011 where it is worth $330 million. Production for the quarter totalled 10.5 million pounds of copper, 2.0 million pounds of molybdenum and 178,000 ounces of silver. Recoveries of copper and molybdenum also increased 7.3% and 3.2%, respectively to average 80.0% for copper and 77.8% for molybdenum.
A Chinese company has made another bid to secure iron ore and other metals beyond its borders. On Tuesday Hanlong Mining said it will buy Perth-based Sundance Resources for US$1.57 billion. AFP reported that Hanlong will acquire Sundance through a scheme of arrangement, after lifting its offer to 57 cents cash per share from 50 cents back in July.
An area to the northeast of Alice Springs has the potential to emerge as the Northern Territory's newest nickel, copper and gold province, according to an explorer active in the province.
A statement put out by Ivanhoe Mines and partner Rio Tinto on Monday saying it has formally informed the Mongolian government it won't renegotiate the terms of the Oyu Tolgoi investment did not have the desired effect and the share was beaten down 6.6% on Monday. The counter’s losses began after rumours – now confirmed – surfaced that the Mongolian government is rethinking a 2009 deal that gave Ivanhoe Mines and Rio Tinto a 66% stake in Oyu Tolgoi and that it now wants half of the $6 billion gold and copper project.
An illegal work stoppage at La Arena Gold Oxide Mine has been resolved and mining operations have resumed, Rio Alto Mining (CVE:RIO) said on its website today.
The metals and mining sector offers one of the more consistent seasonal plays each year. Its period of strength is from the end of November to the end of May. Average return per period during the past 20 periods is 8.0 per cent.
Freeport-McMoRan Copper & Gold Inc said supervisory staff and volunteers are operating its Cerro Verde mine in Peru and production has not been hurt by a strike. "Production of copper and molybdenum concentrates have not been materially affected by the
Joint response from Ivanhoe Mines and Rio Tinto delivered to Mongolian Government and members of the National Security Council
Late last week Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) and Rio Tinto received a letter from a representative of the Mongolian Cabinet inviting the companies to discuss potential changes to the Oyu Tolgoi Investment Agreement. The changes related to the conditions under which the Mongolian Government may negotiate with Ivanhoe Mines to acquire, on mutually agreed terms, an additional 16% interest in the project and the application of a sliding-scale royalty to the project. In response to this letter, Ivanhoe Mines and Rio Tinto have formally advised the Mongolian government that the companies are not prepared to renegotiate the investment agreement.
SBS World News Australia reports that Bouganville copper mine, one of the world's largest deposits of copper, could open if past combatants could be fairly compensated. The report also alleges new complicity in the conflict that cost the lives of around 15,000 to 20,000 people. The open pit mine was established in Papua New Guinea in the early 1970s by Bougainville Copper Limited, a subsidiary of Rio Tinto. While operating, it accounted for 20% of the country's national budget.
Northern Dynasty's proposed Pebble Mine hears from local residents on Tuesday when the results of a referendum will be announced. Residents in southwest Alaska, the Lake and Peninsula Borough, are being asked to ban the granting of mine permits that could significantly impact salmon streams. While a successful referendum would be a set back to Pebble mine, the referendum results are not the last word. It is one of many decision points that the mine has to face. Regulatory bodies, the judiciary and other levels of government still have to weigh in.
Investing in conflict-affected and high-risk areas is a growing concern for responsible businesses and investors. Companies based in developed countries often operate in lesser-developed foreign markets, where governance standards are lax, corruption is high and business practices are poor.
Metals-Energy Update: Lead top gainer with 5.21%, copper slumps 4.40% Read more : nickel,lead,zinc,lead,copper,narural gas,crude oil,silver,gold Commodities continued their weakness from the last week at the Multi Commodity Exchange (MCX). Investors
China Minmetals, a State-owned metals trader, has made a $1.3 billion offer to take over the Toronto-listed copper producer Anvil Mining, marking Minmetals' second attempt to obtain copper assets this year after it had failed to take over the African
The mining industry finds it difficult to attract and retain senior women. Narelle Crux, talent management head at Rio Tinto, tells Louisa Peacock how the company is working to change that.
Nautilus Minerals (TSE:NUS), a Toronto-based miner seeking to extract minerals from the ocean floor, uploaded some multimedia showing how it will mine the sea floor. The company is exploring for copper, gold, silver and zinc in seafloor massive sulphide (SMS) deposits, equivalent to land-based volcanogenic massive sulphide deposits such as Kidd Creek in Canada. The company's main focus is Solwara 1 Project, located off Papua New Guinea in the western Pacific Ocean. The mineralised zone is about 1.3 km long and up to 200 m wide. It has been drilled up to depths of 19 m below the seafloor. Water depth is approximately 1600m.
JACQUES Nasser, for the second time in a month, has bought shares in BHP Billiton on the New York Stock Exchange. The chairman paid about $29.50 a share for scrip in BHP Billiton plc, outlaying about $507,000; late last month he paid about $35 a share, a
Minmetals Resources Ltd, a unit of state-owned China Minmetals Group, on Friday made a $1.28 billion offer for Congolese copper firm Anvil Mining Ltd. The move highlights the willingness of Chinese firms to invest in risky regions -- despite recent dips
U.S copper futures lost more than a quarter of their value in the July to September period, their largest drop since Q4 2008 U.S. copper futures sustained their biggest quarterly loss since the height of the financial crisis three years ago, as growing
The biggest rout in copper since the global recession drove analysts to cut their price forecasts by 16 percent in a week as mounting concern about growth eroded expectations for supply shortages. The metal may drop as much as 10 percent to $6,500 a
By ULAN BATOR, Sept 30 (Reuters) - Global miner Rio Tinto is fighting a legacy of bad publicity as it tries to persuade the Mongolian public a $10 billion copper deposit it took over from Ivanhoe Mines last year is in safe hands. Some Mongolian
The strike at Highland Valley Copper Mine in British Columbia could soon be over, local media is reporting. Kamloops This Week reported that a late-night bargaining session between Teck Resources and United Steelworkers has resulted in a tentative collective agreement. The mine's 1100 employees voted 99.5% in favour of a strike on Wednesday.
Minmetal Resources bought Anvil Mining for $1.3 billion, representing a 30% premium over Anvil Mining's average share price. The Anvil Board has unanimously approved the offer. Anvil's key asset is the Kinsevere mine, located in the Democratic Republic of Congo. Minmetal says its annual copper output will grow by 60,000 tonnes per year, an increase of 60%. The mine is expected to have about a 14 year life.
Global miner Rio Tinto is fighting a legacy of bad publicity as it tries to persuade the Mongolian public a $10 billion copper deposit it took over from Ivanhoe Mines last year is in safe hands.