Copper Top Stories

Rio Tinto faces fresh legal setback at Oyu Tolgoi mine

Administrative court has upheld claims that authorities didn’t follow due…

IMF to provide credit to Congo as growth and reserves falter

Despite vast mineral resources, Congo is one of the world’s…

Latest Stories

Strike ends at world’s biggest copper mine

Miners voted Friday to end a two-week long strike at the world's largest copper mine, La Escondida in northern Chile, approving an agreement struck by their union and management. Escondida employees accepted a management offer of a special production bonus for 2010, a year in which the mine had record earnings, a spokesman for the mine's largest union said. Image of the Escodida mine, by BHP Billiton.

Strikers to vote on defiant Chile Escondida offer

The world's top copper mine, Chile's Escondida, refused to improve a bonus to defuse a 13-day strike on Wednesday, presenting an offer the union said fell short, but that workers would vote on. Union leaders said the proposed bonus worth $5,760 failed to meet the expectations of workers who rejected the same offer from mine owner BHP Billiton on Friday.

Antofagasta boosted by Esperanza, looking outside South America

Bloomberg reports Antofagasta Plc, the copper giant controlled by Chile’s Luksic family, on Wednesday said second-quarter output increased 17% boosted by additional ore from the Esperanza mine in Chile that began shipping at the start of the year. Antofagasta is actively diversifying outside of its home base and is awaiting the outcome of a joint bid for a mine in Pakistan that has the potential to add 200,000 tonnes of copper annually.

SIGN UP FOR OUR DAILY NEWSLETTER

Ivanhoe chief says Oyu Tolgoi should be worth $30 billion

Speaking at the Diggers & Dealers conference in Kalgoorlie Australia, Robert Friedland, executive chairman of Ivanhoe mines made big claims for the new mine his company is constructing in Mongolia together with major shareholder Rio Tinto. Oyu Tolgoi is now one third complete and according to Friedland would have a life of more than a century. The mine is on track to produce more than 1.2 billion pounds of copper and 650,000 ounces of gold each year. Oyu Tolgoi will also help turn Mongolia into the world's fastest-growing economy with staggering GDP growth of 35%. Just to make sure no-one has any misconceptions of the grand scale of the project Friedland boasted that Oyu Tolgoi has 14,200 builders, easily overshadowing the largest construction project in the US, the new World Trade Center with only 2,300. And just to top things off he said Ivanhoe is worth at least double the $15.6 billion valuation the market is affording it at the moment.

Platinum miner Stillwater’s profit misses, stock slide continues

Platinum and palladium producer Stillwater Mining Co's quarterly profit almost tripled, but the results fell short of Wall Street expectations and the company's stock slipped. Analysts said investors are concerned about Stillwater's plans to diversify by buying Canadian gold and copper miner Peregrine Metals. Since the $450 million deal was announced last month, Stillwater's stock has fallen 37 percent.

Metorex to delist from JSE in early December

Base metals miner Metorex is expected to delist from the JSE in early December, following the completion of a takeover by Chinese group Jinchuan which made a R9.1bn ($7.3bn) offer for Metorex last month. Jinchuan said that the acquisition of Metorex provided it with an opportunity to acquire a scalable African copper producer with a strong management team and substantial growth potential.

Rio tipped for $7.3bn profit

Cashed-up Rio Tinto is expected to post a first-half net profit of more than $US8 billion, driven by prices of iron ore, aluminium and copper. The earnings season gets into full swing tomorrow when the miner reports, with consensus among analysts for a 39.1 per cent jump in first-half underlying profit from $US5.77 billion to $US8.03 billion. The iron ore division is expected to contribute nearly 80 per cent of the net profit, lifting its performance by more than 50 per cent a year ago to about $US6.2 billion.

Xstrata profits jump 27%, expects even better second half

Anglo-Swiss mining giant Xstrata said on Tuesday its first half net profit jumped 27 per cent to $US2.9 billion and that it expected even better earnings for the second half. "A substantially stronger financial performance in the first half reflected growing demand for our products from emerging Asian economies and recovering Western markets," Xstrata chief executive Mick Davis said in a statement.

Atlas completes buyout of partner in Philippines Carmen Copper

Atlas Consolidated Mining and Development Cop. said it has completed the acquisition of a 45.54 percent stake in Carmen Copper Corp. owned by a Singapore-based investment fund. Atlas recently raised $390 million in debt and equity to finance the deal. Carmen Copper is acknowledged as Southeast Asia’s largest copper mine during its peak, serving as a major backbone of Cebu in the Philippines' economy for over 50 years before a devastating typhoon and metal price slump led to the mine’s closure in 1994.