FL Smidth has received a major order from an as yet unnamed Latin American copper miner for milling equipment including world's largest SAG mill
Copper Mining News
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) ("Teck") announced today that it has priced its previously announced offering of senior unsecured notes. Teck will issue US$2.0 billion in aggregate principal amount of notes, consisting of US$300 million aggregate principal amount of 3.15% notes due 2017, US$700 million aggregate principal amount of 4.75% notes due 2022 and US$1.0 billion aggregate principal amount of 6.25% notes due 2041.
The world seems set to enter a period of slower growth and higher inflation and investors would do well to gain some direct exposure to commodity markets, said Barclays Capital MD Kevin Norrish on Wednesday.
Investing directly in commodities through indexes gives an investor more direct exposure to commodity prices than investing in the producers, whose returns were more aligned with equities.
The Street reports that Copper's supply versus demand curve shows that the metal is likely to shine in the near future.
Candente Copper Corp. (TSE:DNT) updates on the status of the entirely owned Cañariaco Norte Copper Project in Northern Peru.
Santa Fe Metals Corp. has signed a letter of intent to option up to 100% of the Cuyoaco Gold and Base Metal Property in the State of Puebla, Mexico. The Cuyoaco property currently hosts 3 separate prospective zones of high-grade mineralization. Previous sampling has returned up to 6% Cu and 31 grams/ton Au with previous drill intercepts grading as high as 28 metres of 1.3g/t Au.
Jinchuan Group Ltd., China's dominant nickel producer, may be the secret bidder for South African miner Metorex , the Business Day reported on Wednesday. Metorex, attractive due to its copper and cobalt operations in Africa, said earlier this month it had received an interest from another unnamed party after an earlier $1.1 billion bid from Brazil’s Vale .
An announced order for milling equipment for First Quantum's big Sentinel copper project in Zambia suggests a decision to go ahead with the project has already been taken. FLSmidth has received a contract worth approximately USD 50m from Kalumbila
Moly Mines Ltd (MOL.TO: Quote) (MOL.AX: Quote) said it got loans totalling $494 million from China Development Bank Corp(CDB) for the construction of its Spinifex Ridge molybdenum and copper project in Western Australia. The miner said the loans will include a $454 million syndicated loan. CDB will also provide the company with a $40 million working capital loan.
Grupo Mexico and miners at its U.S. copper mining unit Asarco agreed to extend their existing contract for two more years, the Mexican company said in a statement on Tuesday. The contract covers 2,100 workers at Asarco's operations in Arizona and Texas and will now be valid until 2013.
Moderately lower base metals, molybdenum, uranium and silver prices more than offset stronger gold, potash and cobalt prices in May, lowering the Scotiabank Commodity Price Index by 2.3% last month. LME copper prices eased from US$4.30 per pound in April to $4.05 per pound in May "and are still exceptionally lucrative at US$4.08 in late June," noted Scotiabank economist Patricia Mohr.
Cornerstone Capital Resources of Mount Pearl, NL, and joint venture partner Thundermin Resources of Toronto are pleased with the increased resource estimate for their Little Deer copper project 10 km north of Springdale.
Copper rose Tuesday, on the back of an agreement by French banks to rollover Greek debt. France introduced a “creative” solution to the Greek debt-crisis on Monday, suggesting that banks roll over some Greek debt for 30 years, in order to help the struggling economy avoid insolvency.
Moly Mines Limited (TSX:MOL)(ASX:MOL) said today it has signed various project debt agreements with China Development Bank Corporation (CDB) totaling US$494 million for the construction of the Spinifex Ridge Molybdenum / Copper mine (Spinifex Ridge), Australia. Image by Moly Mines Limited
Vancouver-based Quadra FNX announced a three-year collective agreement with United Steelworkers that includes a 3% wage increase, BIV reports: “This agreement breaks a pattern in the mining industry of attempts by employers to impose concessions on their workers,” said Wess Dowsett, Steelworkers area coordinator for Northeastern Ontario.
Sir Michael Somare PM of Papua New Guinea signed an affidavit accusing mining giant Rio Tinto of driving the war on Bougainville. Rio Tinto's subsidiary, Bougainville Copper owns the Panguna copper mine which sparked the civil war on the island. The
China’s massive appetite for commodities is creating concerns for the global economy, the environment and workers in other countries. In a series of reports, VOA is looking at the economic power modern China wields. Chinese government and company officials are signing agreements at a dizzying pace around the world, including in places where few other foreigners invest.
For the first time in Japan, a leading recycling firm announced a project to recover precious metals like gold, silver and copper from electronic devices. Nippon Magnetic Dressing Co it will extract rare and precious metals from cellphones, home appliances, cars and medical equipment for sale to metal smelters, reports asahi.com Image from Wikipedia.
Rio Tinto is comfortable with the company's multibillion-dollar project budgets in Australia, where labour, input and services costs were all increasing, Chief Executive Tom Albanese said on Tuesday. "I'm comfortable that our budgets in Australia are being managed appropriately," Albanese said at a business lunch.
East Asia Minerals Corporation (TSXV-EAS) ("East Asia Minerals") is pleased to report on the progress with regards to the proposed distribution by way of dividend-in-kind to eligible East Asia Minerals shareholders of all the shares in
Zijin Mining Group Co Ltd said it plans a $280 million U.S. dollar-denominated bond issue, raising capital to acquire copper concentrate overseas for a smelter project of its unit. In a filing to the Hong Kong bourse on Tuesday, Zijin Mining said the bonds would have maturity of five years and a fixed interest rate of 4.25 percent per year during its term with interest payable semi-annually.
The directors of Encounter Resources Ltd (“Encounter”) are pleased to provide assay results from the mineralised intersection from diamond drill hole EPT751 at the BM1 prospect at the Yeneena project. In an ASX announcement on 8 June 2011 the company reported that drillhole EPT751 had intersected strong copper mineralisation over a 10 metre interval commencing from 32 metres downhole.
Is this year’s worst-performing LME metal a canary in the coal mine for copper? And is there any hope in sight for nickel prices? Tolstoy once wrote, “Happy families are all alike; every unhappy family is unhappy in its own way.”
Papua Guinea's Prime Minister, Sir Michael Somare, has accused Australian mining giant Rio Tinto and its subsidiary Bougainville Copper Limited (BCL) of being behind the PNG military's bloody suppression of Bougainville rebels opposed to the company's