Australian copper junior Aeris Resources (ASX: AIS) revealed on Wednesday that it had offered miner and commodities trader Glencore (LON: GLEN) $575 million for its CSA copper operation.Aeris said negotiations to buy the mine were at a late stage, adding that the offer consisted of $525 million in cash, $50 million in the company's shares and a royalty payable to Glencore.Aeris Resources' outsized...Read More
Alkane maps own path to world-class critical metals producerSPONSOREDalkane resourcesWestern Atlas drill-ready in NunavutSPONSOREDwestern atlas resources"Tshisekedi would be a relatively positive figure for mining investment"SPONSOREDverisk maplecroftSocial opposition remains key industry hurdle in ColombiaSPONSOREDverisk maplecroftIt's been some years since I have been to the far east o...Read More
Eastern promise for PolarXSPONSOREDpolarxAltech ticks boxes on path to production SPONSOREDaltech chemicalsModern mining had barely scratched the surface of the significant mineral endowment held in this developing region, a recent PDAC 2019 forum heard.Read More
In recent weeks we noted the bullish outlook for the stock market.Friday the S&P 500 as well as ACWX (global equity ETF ex US stocks) closed above resistance and made higher highs.Not surprisingly, as US and global equities have avoided a bear market (for the time being), precious metals have weakened. It's not a surprise that as Gold failed to breakout both the S&P 500 and global equities...Read More
Miner KGHM will extend negotiations with a union at its Chilean copper mine Sierra Gorda, averting a strike, a union representative said on Tuesday.The company had until the end of Tuesday to request government mediation to help reach a deal with the union of 520 workers.(By Fabian Cambero and Cassandra Garrison; Editing by Sandra Maler)Read More
Wolfden Resources' (CVE: WLF) stock was up nearly 6% on Tuesday, after Kinross Gold (TSE: K) acquired 12.5 million shares at $0.20 a share -a $2.5 million investment - for a 9.7% stake in the junior exploration company.The two companies will form of a committee to explore Wolfden's 100%-owned Pickett Mountain volcanogenic massive sulphide (VMS) deposit in northeastern Maine.Wolfden describes Picke...Read More
The reactivation of a smelter belonging to Chile's state-owned Codelco, the world's largest copper producer, will take more time than expected, the country's mining minister Baldo Prokurica said on Tuesday.The smelter, halted in December to undergo changes to bring it up to new emissions standards, has had its restart delayed because of issues related to Canadian construction firm SNC-Lavalin, c...Read More
Two workers died in an accident at Glencore's Zambian operation Mopani Copper Mines (MCM) on Tuesday, prompting it to suspend production pending investigations, the company said."All operations at the South Ore Body (shaft) have been suspended until further notice," the company said in a statement without providing details of the accident.Mopani is one the biggest mining companies in Zambia - Afri...Read More
Ecuador has tethered its economic fortunes to a burgeoning mining industry. Now it just needs to get bureaucrats and community leaders on board.Local opposition and red tape are hindering plans to become a mining superpower that can rival other South American nations. Less than two years ago the government hoped mining would become 4 percent of Ecuador's gross domestic product by the end of Presid...Read More
The biggest trading volume in copper call options on record signals supply troubles brewing in the market.A spread trade worth $6.5 million was posted just after 7 a.m. on Comex in New York in a bet that the price of the metal used in wires and pipes will surge past $3.05 in a few months, from Monday's settlement price of $2.909.Copper production will trail consumption by 116,000 metric tons this...Read More
Chile's Codelco, the world's No. 1 copper producer, is set to ink a long-awaited deal with Ecuador-controlled miner Enami EP to develop a jointly-owned copper project in the Andean country.The 982-million-tonne Llurimagua copper project, located in the Imbabura Province, about 80 km northeast of Ecuador's capital, Quito, is in the advanced exploration stage and could become the first mine Codelco...Read More
Chilean miner Antofagasta Plc. (LON: ANTO) expects the anticipated global copper deficit to hit between 100,000 and 300,000 tonnes this year as consumption growth remains positive, but production increases are minimal.Releasing the company's annual results, chief executive Iv??n Arriagada also revealed that the first phase of a planned expansion at its flagship Los Pelambres copper mine had been a...Read More
A report published by Deloitte Access Economics reveals that Australian mining companies paid A$30.6 billion in company tax and royalties in 2017-18 - the equivalent of all Federal Government spending on Australian schools, universities and vocational training.According to the report, the dollar amount paid in company taxes over the past couple of years surpasses that of 2011-12, which was the pea...Read More
Eastern promise for PolarXSPONSOREDpolarxAltech ticks boxes on path to production SPONSOREDaltech chemicalsThe company has spiced up its majority-owned Productora deposit - which has a resource base of about 1.5 million tonnes of copper and 1 million ounces of gold - with two recent additions that look set to deliver critical mass for a globally-significant copper development.The first is the majo...Read More
Eastern promise for PolarXSPONSOREDpolarxAltech ticks boxes on path to production SPONSOREDaltech chemicalsThe inferred Andrade copper deposit contains 10.8 million tonnes grading 0.56% copper and 2.56 grams per tonne silver, included within which there's an "openpit constrained" 1.3Mt of oxidised material at 0.43% copper.Aguia said the resource was located in a single structural panel, and that i...Read More
"Tshisekedi would be a relatively positive figure for mining investment"SPONSOREDverisk maplecroftAntofagasta said the total dividend was above its minimum pay-out policy of 35% of underlying earnings per share and equal to a 65% pay-out ratio, down from last year's pay-out ratio of 67%.Read More
Anglo American has installed 256 photovoltaic panels that float on the tailings containment pond at its Los Bronces complex. This pilot project is expected to generate 150 MWh/year from 256 photovoltaic cells.The mine is located 65 km from Santiago at an elevation of 3,500 metres. The cells are designed to withstand extreme weather such as snow and heavy rain. Even winds of 210 km/h should not dis...Read More
A union at Chile's Sierra Gorda copper mine, controlled by Polish mining company KGHM, could go on strike this week after rejecting the latest offer in contract negotiations, the union leader told Reuters on Monday.The company still has until the end of Tuesday to request government mediation to help reach a deal with the union of 520 workers."I hope they will be ready to have an agreement because...Read More
Chile's economy surged in the fourth quarter as increases in mining output and investments set the stage for continued growth going forward.Gross domestic product grew 1.3 percent in the fourth quarter, up from a revised 0.2 percent expansion in the three months through September. The economy expanded 3.6 percent from the fourth quarter of 2017 and 4 percent for the full year of 2018, the central...Read More
Havilah Resources (ASX: HAV) is planning to run a detailed, high resolution, airborne electromagnetic survey or AEM to explore for additional copper-cobalt resources in the Mutooroo copper-cobalt district, located in New South Wales, eastern Australia.The survey is planned to commence in mid-April and it is expected to take at least three weeks to complete. This type of study has never been done o...Read More