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Vedanta poised to float Zambian copper arm in $7.3bn IPO

Indian controlled and London listed diversified miner, Vedanta is reported to be poised to float off Konkola Copper Mines, its major Zambian copper producer for around US$7.3bn. Vedanta bought an initial 51% stake in Konkola Copper Mines in 2004 for a paltry US$261m, and subsequently increased its holding to the current 79.4% with the Zambian Government holding the balance, so an IPO valuing the company at over $7bn represents a huge gain for the multinational, founded and controlled by Indian entrepreneur Anil Agarwal.

New underground lead/zinc/silver mine in Broken Hill to start next year

The Rasp underground mine in the heart of one of Australia' most historic mining centres -- Broken Hill's Line of Lode -- should be operating by April next year. Development of the Rasp mine on Central Mining Lease 7 is in one of the most intensely worked areas between the Perilya Ltd North and South mining leases and it had a stop-start scenario with the big stall being when the zinc price crashed in during the global financial crisis.

Indonesia to review all existing mining permits as new mining regulations passed

Indonesia will audit over 8,000 existing mining permits to make sure they are in line with mining and environmental laws, the country's finance minister said on Monday, days after the country passed new regulations on environmental protection. President Susilo Bambang Yudhoyono last week signed a two-year moratorium on permits for logging and another decree allowing underground mining in protected forests if conditions such as an environmental assessment had been met.

Chile to halt financing of military spending with copper exports

The Santiago Times reported that Sebastián Pinera, president of Chile, signed a bill which if approved by Congress, would eliminate a substantial source of revenue for Chile’s armed forces and at the same time relieve a massive burden on the country’s state mining company. Under current legislation dating back to the Second World War, 10% of revenues from Chile’s National Copper Corporation, Codelco, are directed to the nation’s armed forces. Codelco is the world’s largest copper mining company and accounts for some 11% of global copper production, but the tax has contributed to years of underinvestment and the prospect of falling output at the miner just as copper prices hit record highs.

Bard begins drilling on Lone Pine molybdenum-copper-silver project

Bard Ventures Ltd. (TSX VENTURE:CBS)(FRANKFURT:BVU) is pleased to announce that the drill program on its Lone Pine Property has commenced. The property is located 15 kilometers north-northwest of Houston, BC and is situated in the Omineca Mining Division. The drill program is planned to further evaluate exceptional drill hole results received from all three zones on the property, being the Alaskite Zone, the Quartz Breccia Zone and the 61 Zone.

Minera Andes puts back Los Azules spin-out, cites ongoing litigation

Toronto stock exchange listed Minera Andes announced on Friday the proposed spin-out of its copper assets, including the 100%-owned Los Azules project, has been deferred. The gold, silver and copper exploration company cited weaker financial markets, financing uncertainties, and a delayed legal decision regarding its dispute with TNR Gold over claims on the Argentinean property, as contributing to the board’s decision.

Exxaro seeks bids for zinc assets

Reuters Africa reports Exxaro (JNB:EXX) has invited bids for the company’s stake in a zinc and lead mine in Namibia. The market news is quoted as saying: The assets up for sale include Exxaro’s 50.04 percent stake in the Rosh Pinah mine and its wholly owned Zincor refinery.

Pan Pacific, BHP agree 29% jump in copper TC/RC costs

Pan Pacific Copper Co, Japan's top smelter, said on Friday it and BHP had agreed to a 29 percent rise in copper treatment and refining fees for ores to be delivered in July-December, reflecting higher fees on the spot market. Pan Pacific, a unit of JX Holdings Inc , agreed to $90 a tonne for treatment fees and 9 cents a pound for refining for the six months, a company executive said.

BHP’s treatment, refining costs with large Chinese smelters rise 25%

Large copper smelters in China settled term treatment and refining charges with global miner BHP Billiton Ltd at $90 per tonne and 9 cents per pound respectively for delivery in the second half of this year, a smelter source said on Friday. The second-half treatment and refining charges, or TC/RC, will nearly double from the same period of 2010 and represent a rise of 25 percent from about $72 for the first half of 2011. The term TC/RC for the full year 2010 was $46.5 and 4.65 cents.