Copper Top Stories

Codelco kicks off production at El Teniente expansion ahead of schedule

Phase one was completed 15 months ahead of schedule and…

Rio Tinto Canada inspires Transition to focus on Saskatchewan project

The Sudbury-based company will concentrate on its Wollaston copper project.

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Dia Bras confirms discovery of a large disseminated silver zone at its Cusi property

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) - Dia Bras Exploration Inc. (TSX VENTURE:DIB) ("Dia Bras" or the "Company") is pleased to report that exploration drilling from the surface at Promontorio mine (Figure 1: http://diabras.com/files/media/a20ec_figure1.pdf) combined with underground channel and bulk samples from drifting in the Promontorio mine continue to identify wide zones of disseminated silver mineralization, confirming the discovery of a new zone with large tonnage potential.

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Ivanhoe Mines announces financial results and review of operations for the third quarter of 2011

Overall construction at Oyu Tolgoi continues to advance on budget and reached a 54.4% level of completion at the end of Q3'11. Key elements of the project, including the concentrator complex, primary crusher and tailings-thickening ponds, remain ahead of schedule. Total capital invested in the project to the end of Q3'11 was approximately $3.2 billion. Facilities required for first ore production in mid-2012 remain on schedule and commercial production is expected to commence in the first half of 2013.

Chile president says will use ‘all available options’ against Anglo

Chile will draw on all options at its disposal, including suing for damages, to defend the interests of state-owned Codelco in its fight with Anglo American, President Sebastián Piñera told the Asia Pacific Economic Cooperation Forum on Saturday. Earlier Codelco's chief Diego Hernandez said in a press interview the looming legal battle with Anglo could take three to four years to be resolved. The state-owned copper giant is putting together a crack team of lawyers and financial advisers from Chile and New York to fight Anglo's attempt to block it from exercising an option to buy half of Anglo's Chilean copper assets for $6 billion. Anglo last week sold 24.5% to Mitsubishi for $5.4 billion.

Anglo’s Cynthia Carrol snubbed by Chile president as Codelco fight becomes issue of national pride

The Telegraph reports Anglo American CEO Cynthia Carroll took a last-minute flight to Santiago on Thursday to calm tempers over the sale of a 24.5% stake to Mitsubishi Corporation but neither Chile's president Sebastian Pinera, finance minister Felipe Larrain or mining minister Hernan de Solminihac would see her. She is understood to have contacted all three before announcing the $5.39 billion deal that undermines state-owned copper giant Codelco's plan to exercise the 33-year old option to buy half of Anglo's Sur copper complex. The Mitsubishi transaction values Anglo Sur at $22 billion and Anglo's stock is up 4.8% since the deal. Codelco was offering $6 billion for 50% and is now putting together a team of top New York and Chile litigation firms and financial advisor Rothchild.

Nautilus now has $155 million kitty and all its green permits for undersea mine

Nautilus, the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits, announced on Friday it has completed the quarter with a cash balance of $155.1 million, after successfully raising $70.5 million in the first tranche of a $98.1 million capital raising. The final tranche of C$27.6 million was received in October. The capital raising involved the issue of approximately 39 million shares at C$2.52 per share. Nautilus is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce gold, copper and silver. The company has been granted all necessary environmental and mining permits. Nautilus also holds approximately 600,000 square kilometers of highly prospective exploration acreage in the western Pacific, in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.

Katanga gets $635 million to build world’s largest cobalt mine

Katanga Mining announced on Friday it has secured $635.5 million in new loan facilities from parent Glencore International to fund the expansion of its Democratic Republic of Congo copper-cobalt mine. The Toronto-listed firm wants to bump copper production to 270,000 tonnes per annum and thereafter bump it up to 310,000 tonnes from cash flow. The company is already ramping up copper production with financials results also out on Friday showing year to date copper in ore mined was 157,658 tonnes, a 96% increase over 2010. Cobalt produced fell 30% to 593 tonnes, but that was in line with expectations. Katanga says with the expansion the DRC complex it could become Africa's largest producer of copper and the world's number one cobalt mine.

Foreign powers eyeing $3 trillion Afghan resource spoils

While peace in Afghanistan still looks to be a utopian dream, AFP reports that developing nations like China and India are eager to make resource deals in the troubled country even before the guns fall silent: While an end to the fighting seems remote for now, mining lots are being quickly parcelled out among Afghanistan's resource-hungry neighbours, potentially sparking a new "Great Game" for control of its battle-worn ground. According to mining ministry documents seen by AFP, Afghanistan is planning to sell extraction rights for up to five mines every year until the departure of the last foreign combat troops in 2014 -- a rattling pace, say experts.