Copper Top Stories

Rio Tinto, Mongolia sign power deal for Oyu Tolgoi copper mine

The Oyu Tolgoi project is central to Rio Tinto's push…

Chile’s Collahuasi aims to extend output at copper mine with $3.2B project

The project at Collahuasi is one of the world's largest…

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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.

Mapping project by British Columbia Geological Survey identifies “unprecedented opportunities” in new zones and offers insights in Romios’ Dirk/Newmont Lake area Geology

Romios Gold Resources announced that a 2010 mapping project from the British Columbia Geological Survey confirmed Romios' previous claims that the Dirk property mineralization is analogous to and may be as large as the Galore Creek project. Samples collected by Romios from the Dirk property produced numerous anomalous values including a 3.0 metre chip sample of 6.21% Cu, 0.57 g/t Au, and 44.1 g/t Ag. The BCGS also reports values up to 21 ppb platinum and 64 ppb palladium from samples that they collected from the Dirk property.

Kazakhmys remains confident of copper’s longer term outlook

Kazakhmys, the world's 10th largest copper miner, was confident the long-term outlook for copper remained positive as a surge in prices drove its full-year profit higher. Kazakhmys said on Thursday its 2010 earnings before interest, tax, depreciation and amortisation (EBITDA) rose 59.5 percent to $1.93 billion. According to Thomson Reuters I/B/E/S estimates, the average EBITDA forecast stood at $1.86 billion.