Top global miner BHP Billiton has moved into the feasibility study stage of preparing a long-awaited expansion of the Olympic Dam copper and uranium mine in South Australia.
Copper Mining News
Southern Copper, one of the world's largest producers of the metal, has postponed its $1 billion Tia Maria mining project in Peru because of social conflicts, Chief Executive Oscar Gonzalez said on Tuesday. The company (SCCO.N: Quote) will revise the project's viability later this month and consider alternative sites in Argentina and Ecuador in the meantime, Gonzalez told local television.
Lundin Mining and Inmet Mining late Tuesday called it a day regarding their proposed friendly merger with a kindly farewell: "We continue to think very highly of each other's assets and wish each other well."
Strait Gold Corporation (TSX-V:SRD), is pleased to report final assay results from a 2000-metre drill program at its Alicia copper-gold project in southern Peru. Highlights include: - 134.0 metres of 0.29% copper, 0.03 grams per tonne (g/t) gold in hole ALC11-16, including 9.75 metres of 1.27% copper, 0.07 g/t gold and 0.032% molybdenite; and, - 18.5 metres of 1.25% copper, 0.15g/t gold, 13.3 g/t silver and 0.012% molybdenite in ALC11-17. Image from Strait Gold Corporation
A Mexican tribunal ruled in favor of Grupo Mexico in its fight to merge its two railroad units, throwing out a complaint by competition authorities, the company and the antitrust regulator said on Monday. Grupo Mexico (GMEXICOB.MX: Quote), which owns copper mines in Mexico, Peru and the United States, also operates Ferromex, Mexico's largest railroad company. In 2005, Grupo Mexico bought another rail line, Ferrosur, through a subsidiary.
A Preliminary Feasibility Study says adding a sulphide circuit to the Ҫӧpler project will augment mine production by 2.5 million ounces of gold and 91 million pounds of copper.
Next Generation Mining Latin America Summit 2011: Lack of skilled labour increases costs to mining industry
As the mining industry continues to wrestle with skilled and experienced workers, what does it mean for mining companies’ bottom line - particularly in Chile where copper mining accounts for 49 percent of exports?
Ivanhoe Mines announced its financial results for the year ended December 31, 2010. The approved 2011 capital budget for Oyu Tolgoi is estimated at $2.3 billion. Principal components of the 2011 construction program include $561 million for the 100,000-tonne-per-day concentrator complex; $186 million for the initial mining fleet and to start pre-stripping of the Southern Oyu open-pit mine; and $713 million for project infrastructure, electrical power and completion of the process-water supply. The number of workers assigned to the Oyu Tolgoi site recently surpassed 7,000 for the first time. On-site jobs at Oyu Tolgoi are expected to peak at almost 14,000 in mid-2011, with an additional 3,700 Mongolians receiving skills training sponsored by Oyu Tolgoi.
Western Copper (WRN.TO) has begun engineering studies to determine whether it can modify plans that pushed regulators to reject its request for a water use license at its Carmacks copper project in Canada's Yukon Territory. A recent court ruling in the northwestern territory upheld the Yukon Water Board's decision to reject Western Copper's plans, forcing the exploration company to go back to the drawing board.
Global No. 1 copper producer Chile's Codelco said Friday its 2010 output dipped but should be steady this year, and expects strong Chinese demand, Japan's recovery after a natural disaster, as well as new uses to stoke demand. Codelco said profits surged 47 percent to $5.8 billion in 2010, with a rise in copper prices to record highs more than compensating for a 0.8 percent fall in production from 2009 to 1.688 million tonnes. [ID:nN08136598]
Rambler Metals & Mining Plc: Proposed Placing to Raise GBP 10 Million in Support of Bringing the Ming Copper-Gold Mine Into Production
Rambler Metals and Mining PLC (TSX-V:RAB)(AIM:RMM) said it intends to raise approximately £10 million, before expenses, through a placing of 27,777,778 ordinary shares at 36 pence each (approximately CDN$0.57 per share).
Four miners have been killed in an accident at Vedanta's Nchanga copper mine in Zambia. They were working on a new section adjacent to the major open pit mine.
Canada's Inmet Mining said a letter from the Panama government confirmed that its copper-gold project will not be affected by the recent repeal of a law that allowed foreign government investment in mines within the Central American country. The law is crucial to Inmet, as the company plans to partner with Singapore's state investor Temasek and with Korea Resources Corp to finance and build its $4.3 billion copper-gold project in the country.
In its latest Commodity Companion publication, RBS explains why it prefers aluminium, copper, platinum and palladium to bulk commodities and silver on a view through to 2014.
Yellowhead Mining has raised $20 million through bought-deal financing, the B.C.-based company exploration company announced earlier this week. Under the deal, Yellowhead is selling 13.8 million shares at CDN$1.45 per unit, with each unit including a common share and one-half of a warrant. The warrants may be exercised at a price of $2.00, for two years after the deal closes.
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.
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 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 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 (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 (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.
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 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 (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.