Latin America Mining News

Brazil's Vale to sell all of its Colombian coal assets for over $400 million

Mining giant Vale said on Monday it will sell its coal assets in Colombia to CPC, a unit of Colombian Natural Resources, for $407 million.

PERU: Illegal gold mining earns more than cocaine

Informal gold mining in Peru is not only being targeted as a threat to the environment and a source of fiscal evasion but also as a major illegal industry that generates more revenues than cocaine.

Chief of Codelco quits amid legal battle with Anglo

In what it seems to be the first casualty of the heated conflict between diversified miner Anglo American (LON:ALL) and its Chilean adversary Codelco, the world’s largest copper producer announced its CEO Diego Hernandez resigned late Thursday.

Premier Gold agrees to acquire Golden Arrow's 1% NSR on Yamana Gold Inc.'s Gualcamayo Gold mine

Golden Arrow Resources Corporation CA:GRG +5.45% , "Golden Arrow" or the "Company") is pleased to announce the signing of a definitive purchase agreement (the "Agreement") regarding the sale by Golden Arrow and purchase by Premier Gold Mines Limited (pg:TSX)(pg:"Premier Gold") through its wholly-owned subsidiary, Premier Royalty Corporation ("Premier Royalty"), of a 1% NSR on Yamana Gold Inc.'s Gualcamayo Gold mine (the "Royalty").

Full production resumes at Coeur d’Alene Mines’ Palmarejo Mine

Coeur d’Alene Mines Corporation (NYSE:CDE)(TSX:CDM) announced today that full production has resumed at its Palmarejo Mine after the small group of employees who had been blocking access to the mine agreed to return to work.

Xstrata weighs political risk in Argentina before deciding on its $5.5 billion copper projects

Xstrata Plc (LON:XTA), the fourth largest copper producer in the world, said it is analyzing political risks in Argentina, where the company has two major copper projects on the go with an estimated investment of $5.5 billion.

Codelco confident of reaching 2012 target despite Q1 drop

The world's top copper producer, Chile's Codelco, said on Wednesday its output fell 10 percent in the first quarter from a year earlier to 373,000 tonnes, but said it was on target to produce 1.708 million tonnes this year.

Guatemala's Escobal Mine to become one of the top silver projects in the world: report

With a total investment of $406 million, Canadian based mining exploration company Tahoe Resources (NYSE:TAHO), through its subsidiary Minera San Rafael SA, could become one of the largest silver producers in the world thanks to its El Escobal project in southeastern Guatemala, approximately 70 kilometres from Guatemala City.

Newmont applies substantial cuts to investment in controversial $4.8 billion Conga project in Peru

World number two gold producer, Newmont Mining Corp. (NYSE:NEM), will spend $440 million on the controversial Conga mine project in Peru over the next 18 months, about two-thirds less than the $1.5 billion initially budgeted.

Endeavour Silver hits bonanza silver grades at its Mexican San Sebastian property

After dreary drilling results last year, Canadian junior miner Endeavour Silver (TSX: EXK), announced exploration drilling at the San Sebastian property in Mexico has discovered a new high grade silver-gold mineralized zone in the Terronera vein.

Anglo and Codelco restart talks to end dispute

The frantic legal battle between diversified miner Anglo American (LON:ALL) and its Chilean adversary Codelco, the world’s largest copper producer, was put on hold as the parties announced they were entering into talks.

NGEx announces Josemaria drill results including 172 metres at 1.57% copper equivalent

Highlights from the latest batch of results include: JMDH49 with 172 metres at 1.57% CuEq* (136 to 308m, 1.33% Cu and 0.36 g/t Au);JMDH25 with 552 metres at 0.75% CuEq* (48 to 600m, 0.45% Cu and 0.43 g/t Au) and JMDH39 with 412 metres at 0.65% CuEq* (38 to 450m, 0.47% Cu and 0.26 g/t Au).

AndeanGold signs agreement to acquire Gitennes' 40% interest in Urumalqui Ag-Au project, Peru

AndeanGold Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties, principally in Peru and Ecuador.

Australian miners should seek business opportunities in Latin America: Government

Australian Foreign Minister, Bob Carr, called local mining companies to look at Latin America as a business destination, as the region was emerging as an important economic powerhouse, hungry for Australian investment.

Australian Crusader Resources to invest $400 million in Brazil gold mine

Australian company Crusader Resources Ltd. will invest $400 million in a gold mining project located in the Currais Novos region in Brazil’s north-eastern state of Rio Grande do Norte. The project is expected to be one of the biggest gold mines in the country.

Rio Tinto sells aluminum business for $185 million

In what it seems a move towards exiting the aluminum wire business, diversified miner Rio Tinto (LON & NYSE:RIO) announced it is selling its U.S.-based wire and cable business Alcan Cable to American company General Cable (NYSE: BGC) for $185 million.

Vale losing iron ore marketshare to Rio, BHP

Stricter environmental rules on new mining projects, combined with soaring labour costs, are making Vale SA, the world's leading iron ore exporter, less competitive against Australian rivals Rio Tinto and BHP Billiton.

Continental Coal to acquire half of Colombian coal mine

South African thermal coal producer Continental Coal is seeking to augment its coal assets with a property in Colombia. The ASX and AIM-listed company (ASX:CCC; AIM:COOL) said yesterday it has entered into a JV agreement […]

McEwen considers selling the Los Azules Project in Argentina

McEwen Mining (TSX and NYSE:MUX) President and CEO Rob McEwen on Thursday cautioned shareholders that recent energy-industry expropriation and Argentina government policy decrees augured negatively for its San José silver/gold mine and other development projects.

Inmet finances Cobre Panama under majority ownership

Toronto-based major Inmet Mining has opted to retain its majority interest in the world-class Cobre Panama copper-gold project through development financing, as the company announced a hybrid plan that would see it shoulder the bulk of a US$6.2 billion capital expenditure (capex) requirement aimed at putting the project into production by 2016.

Peru’s illegal mining exports problem worse than drug trafficking: report

Peru’s illegal mining exports reached $1.8 billion in 2011, exceeding even drug trafficking profits, which accounted for $1.2 billion, said local consultancy firm Macroconsult.

Extorre looks to high-grade open pits to fund Cerro Moro development

Extorre Gold Mines looks for ways to minimize dilution as it advances its Cerro Moro project in Argentina closer to possible financing.

Pan American Silver 1Q net falls 46% due to Mexican acquisition

Pan American Silver Corp. (TSX: PAAS, NASDAQ: PAA.T) first-quarter profit fell 46% as the costs of acquiring a Mexican gold and silver operation covered a revenue increase.

Latin American mining investment boom continues unabated

Over the past decade, mining investment in Latin America has more than doubled, even after experiencing a sharp drop in 2009. According to a report by the Metals Economic Group, Latin America is now the primary destination for mining exploration investment in the world, with 25% of total investment going to Chile, Peru, Brazil, Colombia, Mexico and Argentina.