Peru's copper output jumped to 207,867 mt in July of 2016, an almost 30% growth from last year's production of 155,313 million tonnes, recent data published by the country's Energy and Mines Ministry shows (in Spanish).The surge, said authorities, was driven by increased activity at different sites: Antamina, Freeport-McMoRan's Cerro Verde mine, Glencore's Antapaccay, Chinalco's Toromocho, Hu...Read More
Global underground mining equipment will reach US$30.5 billion by 2023 according to a market research study published last month by Credence Research. Based on what the firm calls a "comprehensive analysis of market influencing and inhibiting factors related to underground mining equipment industry," the report concludes that growing urbanization in the Asia Pacific region, the Middle East, Af...Read More
Shares in Freeport-McMoRan Copper & Gold (NYSE:FCX) reacted positively to news the number one publicly-held copper producer managed to offload oil and gas assets it put up for sale more than a year ago. Year to date the $14 billion company's stock is now up 64%.Anadarko Petroleum said Monday after market close that it would buy deepwater Gulf of Mexico assets from Freeport for a total of $2 billio...Read More
In European trade on Monday copper for delivery in December slipped to a near three-month low after worries about the global economic outlook weighed down the bellwether metal and speculators bet on further weakness ahead. Copper futures exchanged hands for $2.0640 per pound ($4,550 a tonne), down more than 1% from Friday's close and the lowest since June 16.Shipments from the world's number t...Read More
Miners at one of Chile's largest copper operations walked off the job on Friday morning after rejecting the majority-owner's final offer in collective wage talks.Over 1,700 workers at Anglo American's (LON:AAL) Los Bronces copper mine stopped work, after the union and the company failed to reach agreement despite a government-sponsored mediation process during contract negotiations. Anglo had repo...Read More
In 1900, two prospectors spotted a copper outcrop in southern Alaska below the Kennecott glacier, later confirmed to be the richest copper occurrence in the world.The project attracted backing from two of Wall Street's most prominent financiers, JP Morgan and Daniel Guggenheim, and was brought into production by 1909 despite considerable logistical challenges.Five Kennecott mines were built and in...Read More
Cash-strapped Mongolia is planning to bring back to life the long-delayed and massive Tavan Tolgoi coal project in the south Gobi desert, as the land-locked country looks for ways to revive its ailing economy.As a first step, Erdenes Tavan Tolgoi (ETT), the state-owned company that holds the license to the deposit, has already begun evaluating bids and calculating the potential economic benefits o...Read More
Nevsun Resources (TSX:NSU) (NYSE MKT:NSU) announced on Friday that it has sold and shipped the first zinc concentrate product from its Bisha mine in Eritrea.The ten thousand tonne lot was loaded at the Port of Massawa and sailed on September 7, 2016. The concentrate was sold on the spot market, attracting multiple offers and highly competitive treatment charges, the company said in a statement.Nev...Read More
A river near the city of Norilsk in Siberia, the eponymous home of the world's top nickel and palladium producer, turned blood red recently with various social media outlets posting pictures of the crimson flood.A photo posted by ?'???????>>?Read More
Embattled Australian copper producer, Tiger Resources, today revealed it would surge ahead with plans to explore potential cobalt production at its African copper mine.Addressing the third and final day of the Paydirt 2016 Africa Down Under mining conference in Perth today, Tiger Resources Managing Director, Mr Michael Griffiths, released the positive results of an independent study the Company ha...Read More
An Australian think tank has called for a more strategic approach to our engagement with countries and regional organisations in Africa including its mining sector.The call was made in Perth today by the Canberra-based Australian Strategic Policy Institute (ASPI) in an address to the third and final day of the Paydirt 2016 Africa Down Under mining conference, drawing on findings from its second Au...Read More
For the second year in a row, Newmont Mining Corporation (NYSE: NEM) was ranked by the Dow Jones Sustainability World Index (DJSI World) as the mining industry's overall leader in sustainability. Newmont's inclusion on the index also marked the 10th consecutive year the company has been selected for the DJSI World. This year, the DJSI World - one of the most highly regarded sustainability indices...Read More
The US Environmental Protection Agency (EPA) has placed the inactive Gold King Mine, source of a major waste spill in Colorado last year, among nearly a dozen sites added to its newly created Superfund National Priorities List.The move, announced late Wednesday, paves the way for a multimillion-dollar clean-up of the area known as the Bonita Peak Mining District, provided US legislators approve t...Read More
In European trade on Tuesday copper for delivery in December consolidated at a two-week high after strong year-to-date imports from top consumer China remained broadly in line.Copper futures exchanged hands for $2.1025 per pound ($4,635 a tonne), less than a penny above yesterday's closing which was the highest since August 23. While other industrial metals and steelmaking raw...Read More
Financing mining projects in Africa continues to be difficult - but after years of decline it is slowly starting to evolve.Addressing today the second day of the three day Paydirt 2016 Africa Down Under mining conference in Perth Speaking on day two, Northcott Capital Managing Director, Mr Nick Martin, said to be successful in obtaining finance a company must adhere to three crucial platforms.Comp...Read More
Goldcorp Inc. (G:TSX; GG:NYSE 16.02) has had a tough year.After reporting a year-end loss of $4.1 billion due to writing off and down various projects-a supposed clearing of the decks for the new CEO David Garofalo-the recent results were not so positive. Production was down year-on-year, due to shortfalls and problems at its two largest mines, Pe??asquito and Cerro Negro.There are some positives,...Read More
China's infrastructure investments have been a net negative due to high cost over runs that have overwhelmed returns and the added debt has made the country more exposed to financial shocks, says lead author Atif Ansar in a study published this July in Oxford Review of Economic Policy.The authors looked at various infrastructure projects, such as rail and road, and assessed the return on invest...Read More
Top publicly-held copper producer Freeport-McMoRan Copper & Gold (NYSE:FCX) in May announced the sale of its largest African copper mine to China Molybdenum (CMOC) for up to $2.65 billion.On Wednesday Reuters reported that the Democratic Republic of Congo's state-owned Gecamines has submitted its own bid for Freeport's 56% stake in the high-grade Tenke Fungurume mine.Gecamines already owns 20% of...Read More
Canada's Eldorado Gold (TSX:ELD) (NYSE:EGO) said Tuesday has completed the sale of its 82% stake in the Chinese Jinfeng mine to a wholly-owned subsidiary of China National Gold Group for US$300 million in cash.Jinfeng mine is expected to generate 95,000-105,000 ounces of gold this year, as the operation transitions fully into the underground.The move marks the Vancouver-based miner exit from Ch...Read More
Zinc is the best performing base metal so far this year and measured from its six-year low struck mid-January today's $2,336 a tonne zinc prize is up 58%.Zinc's prospects brightened considerably after the shutdown of two major mines last year - Australia's Century and the Lisheen mine in Ireland. The two mines had a combined output of more than 630,000.The shuttering of top zinc producer Glencor...Read More