A US court has ruled in favour of Rio Tinto's (LON, ASX:RIO) Kennecott in a lawsuit over alleged pollution at its Bingham Canyon copper mine, located in Utah.The charges were brought forward in Sep. 2013 by a coalition of environmental groups including the Sierra Club, Utah Physicians for a Healthy Environment, Utah Moms for Clean Air and WildEarth Guardians, which claimed the operation was excee...Read More
Chinese firms Zhongjin Gold Corp., Shandong Gold Mining Co. and Zijin Mining Group Co. are said to be competing for Glencore's (LON:GLEN) gold mine in Kazakhstan, which the miner and commodities giant put up for sale earlier this year.Glencore may be seeking about $2 billion for its Vasilkovskoye mine, people familiar with the matter told Bloomberg.The sale would bring Glencore closer to its t...Read More
Despite a painful readjustment caused by a recent global collapse in commodity prices, Australia is seen as the world's most attractive region for mining investment, according to the latest annual global survey of mining executives released Thursday by the Fraser Institute.Mining has been the driving force of Australia's economy, helping GDP growth average 3.6% a year for most of this century.Mi...Read More
According to a new study of private capital in the resources sector from industry tracker Preqin investment firms now have $400 billion assets under management after 10 years of uninterrupted growth.Of this $239 billion represent unrealized value with the remaining $161 billion so-called dry-powder capital ready to invest.2015 could be the first year since 2004 in which positive net capital...Read More
In New York trade on Wednesday copper for delivery in July bounced back after customs data from top consumer China showed imports of the red metal remain strong.In midday New York trade July copper, the most active contract, exchanged hands for $2.0605 a pound ($4,588 a tonne) up slightly following yesterday's steep decline that pushed the price into negative territory for the year.China is respon...Read More
The cost of mining gold for the world's top producers dropped more than 7% in the first three months of the year as most companies ignored the metal price's spike and continued efforts to straighten out their books, a new report shows.According to data compiled by SNL Metals & Mining, the top 17 publicly listed gold companies that reported all-in sustaining costs (AISC) produced the metal at a w...Read More
Afghanistan has deployed security forces to ensure that insurgents fighting to overthrow the government do not benefit from illegal mining of lapis lazuli, the semi-precious blue stone once coveted by Egyptian pharaohs.Illegal extraction of lapis lazuli and other minerals is fuelling the rise of the Taliban in a once peaceful corner of the country.The move comes only a few days after anti-corrupt...Read More
Carrapateena in South Australia is shaping up as a major copper-gold project. In a statement last month, the proponent (OZ Minerals) made clear its commitment to the project. The ore-production rate is to be increased over what was previously planned; work on a decline will commence next month (mining will be underground); and final processing will take place at Whyalla, a regional city approxima...Read More
The copper price was hammered down on Tuesday as a rise in warehouse stocks convinced traders that end-demand in China has not materially improved despite Beijing's economic stimulus.In late New York trade July copper, the most active contract, fell 3.4% exchanging hands for $2.0450 a pound ($4,508 a tonne), more than wiping out Friday's rebound and pushing the metal back into the red for 201...Read More
The World Bank is downgrading its 2016 global growth forecast to 2.4% from the already sluggish 2.9% pace projected in January.According to the latest update by the institution, exporting emerging market and developing economies have struggled to adapt to lower prices for oil and other key commodities, and this accounts for half of the downward revision.Growth in these economies is projected to ad...Read More
Some of China's resource companies feel they have been misled by investment-seeking Canadian governments about just how difficult it is to establish successful mines in Canada, Ottawa's ambassador to Beijing has warned.That sour note may help to explain declines in Chinese investment in Canada in favour of the United States, and serves as a backdrop to recent diplomatic jousting between the two c...Read More
Canadian miners Goldcorp (TSX:G), (NYSE:GG) and Teck Resources (TSX:TCK.A & TCK.B) (NYSE:TCK) are moving ahead with their new $3.5 billion mine in Chile's Atacama region, with a pre-feasibility study expected to be ready by the second half of 2017.The $3.5 billion mine will mean lower costs and improved capital efficiency - before joining El Morro and Relincho, the estimated costs for each proj...Read More
After four years of depressed prices for most commodities, especially gold, iron ore, coal, copper and oil, the end of the bear market seems closer than ever as raw materials continue to outperform bonds, currencies and equities.Based on the Bloomberg Commodity Index, which tracks returns from 22 raw materials, everything from soybeans to diamonds have experienced an important recovery this year.O...Read More
Former chief executive officer of the London Metal Exchange Martin Abbott is trying to set up an alternative metals-trading platform to existing venues.Brokers are said to be unhappy with the exchange's new fees as well as the sense that the LME is moving away from its traditional metals trading roots.The move, reports Bloomberg, follows months of talks with brokers and other concerned parties a...Read More
Los Pelambres mine.At Los Pelambres, a copper mine located in Salamanca, Chile and owned in part by Antofagasta Minerals 55 Komatsu mining trucks transport more than 365,000 tons of copper through 50 square kilometers of uneven terrain. In an effort to maximize asset utilization, the mine adopted a fast refueling system to reduce refueling time from 25 to about 5 minutes. Unfortunately, the ruptur...Read More
The copper price rebounded on Friday, moving back into positive territory for 2016 after a disappointing economic number in the US sent the dollar reeling.In morning New York trade July copper, the most active contract, jumped more than 3.2% exchanging hands for $2.1355 a pound ($4,705 a tonne) following US non-farm payrolls data showed the weakest job gain in the world's largest economy i...Read More
Amid a down day on metals markets Nevsun Resources (TSE:NSU NYSEMKT:NSU) stock jumped 4% on Thursday after releasing new assay results from further drilling at Asheli, part of its $11 million ongoing regional exploration program at its Bisha mine in Eritrea.By the close in New York the Nevsun shares changed hands at $3.34 affording the counter a market capitalization of $658 million. Nevsun is up...Read More
IBEX MERGER CONSOLIDATES THE SOUTHERN GOBI COPPER-GOLD BELT CONVERSION OF OUTSTANDING $2 MILLION LOAN NOTE PROPOSED $2 MILLION NON-BROKERED FINANCINGVancouver, BC - Kincora Copper Limited (the "Company", "Kincora") (TSXV:KCC) today announces a proposed non-brokered private placement of up to $2 million through the issuance of up to 5,333,333 shares at a price of $0.375 on a post-consolidated bas...Read More
Mineralized boulders at Aston Bay's Storm project on Somerset Island, Nunavut.The mineralized boulders at surface, stained with rich turquoise hues, are impressive.But it's what could be sitting beneath the surface at Aston Bay Holdings' Storm copper project on Somerset Island, Nunavut that intrigues economic geologist Tom Ullrich."Nobody's had the opportunity to do any proper work in looking for...Read More
Iran is stepping up talks with potential foreign investors with an eye to developing its mining and metals industries according to Mehdi Karbasian, president of Imidro a state-owned group pushing for mine development in the country, Platts News reported on Wednesday.The annual value of Iran's mining and metals imports and exports only amount to $11.5 billion at the moment, but following the lift...Read More