Copper Top Stories

Chile’s Codelco says considering closure of coastal copper smelter

The Ventanas smelter has been the target of criticism from…

Workers at Teck Resources’ Chile mine to go on strike

The mine, located in central Chile about 350 kilometers north…

Latest Stories

Thousands stranded after landslide, but mine still operational: Freeport McMorran

A landslide Saturday near Freeport McMorran's Grasberg mine left thousands of workers stranded, but was not expected to impact operations at the world's largest copper mine, a company spokesperson told Reuters: A weekend landslide buried a key road access tunnel to Freeport-McMoRan Copper & Gold Inc's Grasberg mine in Papua, Indonesia, leaving thousands of workers stranded, but a company spokesman said operations were continuing as normal. Freeport is the world's largest publicly traded copper miner, while Grasberg has the world's largest recoverable reserves of copper and the largest gold reserves.

Nonferrous minerals exploration rebounds 45% to second-highest total on record

Responding to rising metals prices and more stable markets, most mining companies increased exploration budgets in 2010. The result was a 45% increase in estimated worldwide nonferrous metals exploration spending over 2009. Regionally, Latin America (led by Mexico, Peru, Chile, Brazil, and Argentina) was the top exploration destination in 2010-a position it has held for the better part of two decades-while Canada was the top country overall. Gold was the leading target, attracting more than half the global exploration budget total, with copper a distant second.

SIGN UP FOR OUR DAILY NEWSLETTER

Inmet Mining down 7% after Panama government announces law repeal

Inmet Mining (TSE:IMN) was down 7.41% to Can$64 on Friday after the Government of Panama announced that it will repeal recently enacted legislation, known as Law 8, that modifies the Panamanian mineral resources code. The price drop complicates the company's proposed merger with Lundin Mining. In Jan. 2011, Inmet and Lundin Mining announced a merger that would create Canada's largest base metal producer. However, Equinox Minerals launched a hostile bid for Lundin in late February.

Panamanian government indicates intent to repeal modified mineral resources code; contract-law 9 unaffected

Inmet Mining Corporation (TSX:IMN) announced today that the government of Panama intends to repeal recently enacted legislation, known as Law 8, that modified the Panamanian mineral resources code. The intent to repeal Law 8 recognizes concerns from indigenous communities residing within areas known as Comarcas that are recognized under Panamanian law. Inmet's Cobre Panama project is neither situated on nor adjacent to any Comarcas, and has had government and local community support.

New Gold has record year

New Gold had their best year in 2010, with increased production and declining costs resulting in record earnings and cash flow, the B.C.-based company said on Friday. Consolidated revenue for the year was $530 million compared to $324 million in 2009, which the company attributed to higher production rates and elevated gold prices. Earnings from mine operations jumped 129% to USD$203 million, compared to $89 million in the previous year.