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Copper News

Equinox marks milestone in Lumwana commissioning

By: Liezel Hill     30th June 2008 TSX- and ASX-listed Equinox Minerals has begun commissioning the SAG mill at its Lumwana copper project, in Zambia, the firm announced on Monday. The 18-MW mill was fully energised and rotated by the engineering contractor, using Siemens gearless mill drives, on June 28. 

Chrometco agrees to buy majority stake in DRC copper/cobalt firm

By: Matthew Hill     30th June 2008 AltX-listed Chrometco announced on Tuesday that it had signed an agreement with Democratic Republic of Congo-registered (DRC-registered) Nucoco SPRL, which could see it acquiring 51% of that firm, which owned a copper/cobalt concession in the south of the country. The company would conduct a due... 

Katanga could become takeover target – RBC analyst

By: Liezel Hill     25th June 2008 TSX-listed Katanga Mining has “outstanding value growth” and could become an acquisition target within a couple of years, RBC Capital Markets analyst Cailey Barker wrote in a research note published this week. Barker initiated coverage of Katanga with a 'top pick' rating, albeit with an 'above... 

Key contracts in place, Nautilus eyes 2010 for sea-floor mining start-up

By: Liezel Hill     24th June 2008 Nautilus Minerals, the company that is pioneering the concept of mining the ocean bed for copper, gold, zinc and silver, has awarded the final major contract for its Solwara 1 project, and is holding thumbs to be in a position to start producing base and precious metals off the coast of Papua New... 

Zim loses 500 skilled personnel, may not enrol new mining, engineering students

By: Oscar Nkala     20th June 2008 Zimbabwe’s mining sector has lost over 500 technically skilled and experienced personnel over the last year alone, a recent survey conducted by the Chamber of Mines reveals. 

Mwana to raise £25m to boost Zim unit, fund exploration

By: Chanel de Bruyn     18th June 2008 Aim-listed pan-African diversified resources company Mwana Africa would place new ordinary shares to raise up to £25-million in order to fund exploration and capital expenditure (capex) at some prospects, as well as provide financial support to Zimbabwe's Bindura Nickel Corporation... 

Sumitomo swaps loan for right to buy stake in Augusta mine

By: Liezel Hill     17th June 2008 Japanese investment group Sumitomo has agreed to provide a $40-million loan to Vancouver-based Augusta Resource Corporation, which the mine will use to pay for major equipment contracts for its Rosemont copper project, as well as for general working capital. In exchange for the loan, Augusta has... 

Appeals court overturns earlier decision, confirms approvals for BC mine

By: Liezel Hill     16th June 2008 A Canadian appeals court has set aside an earlier decision by a lower court to block environmental approvals for Imperial Metals' Red Chris copper/gold project, based on a case brought by industry watchdog MiningWatch Canada, and has reconfirmed the government's environmental... 

Antofagasta may buy stake in Metallica's Chile project

By: Liezel Hill     16th June 2008 Toronto-based Metallica Resources has agreed to give copper miner Antofagasta an option to earn up to a 70% interest in Metallica's Rio Figueroa copper/gold project, in Chile, the company said in a statement on Monday. Antofagasta can earn an initial 30% stake in the project by paying $50... 

Zinifex investors OK Oxiana merger, to create new zinc No 2

By: Liezel Hill     16th June 2008 The shareholders of Australian base-metals miner Zinifex on Monday voted to approve the takeover of the company by Oxiana, to create the newly-christened OZ Minerals, which will be the third-largest diversified miner in Australia, and the world's second biggest producer of zinc in... 

Katanga chief Arthur Ditto quits, Glencore to nominate replacement

By: Liezel Hill     16th June 2008 The president and CEO of TSX-listed Katanga Mining, Arthur Ditto, will step down for “personal reasons”, the company said on Monday. Ditto's resignation will be effective July 10, but he has offered to continue in his role beyond this date to assist with the handover to the new... 

Copper and zinc hopeful to start scoping studies at Namibian targets in June

By: Chanel de Bruyn     13th June 2008 Aim-listed mining exploration group Kalahari Minerals on Friday said exploration activities at its copper and base-metal projects in Namibia had shown good drill results, adding that the projects were making good progress. The group had continued its exploration programme to define in excess of... 

African Copper appoints Fredericks as CEO

By: Creamer Media Reporter      13th June 2008 Aim-listed exploration firm African Copper has appointed its former COO, Christopher Fredericks as CEO, to take over from Joseph Hamilton who had resigned. Fredericks had been involved in base-metal mining and exploration in Zambia, Botswana and South Africa for over 29 years, and joined African... 

First Quantum gets shareholder approval to buy Finnish nickel firm

By: Matthew Hill     13th June 2008 TSX-quoted miner First Quantum Minerals on Friday said that Finnish acquisition target Scandinavian Minerals' shareholders had voted in favour of its C$281-million cash and share offer, first unveiled in April. First Quantum said that the deal was expected to become effective on June 18,... 

Bacteria doing sensational 98% recovery job for Finland nickel entrant 

By: Martin Creamer     13th June 2008 Bugs are helping to a new Nordic nickel entrant to hit the recovery high spots and hold its share price high despite the world’s credit crunch. 

Teck Cominco seals wage agreement with Trail smelter unions

By: Liezel Hill     11th June 2008 Vancouver-based Teck Cominco has reached a four-year contract agreement with the unions at its Trail lead and zinc smelter and refinery operations, in British Columbia, the company said.  

Lundin CEO upbeat on Tenke Fungurume project

By: Liezel Hill     11th June 2008 While the purchase of a stake in the Tenke Fungurume copper/cobalt project last year has proved a “value-destroying exercise” for the company so far, Lundin Mining CEO Phil Wright is determined to see it through to production, scheduled to begin towards the end of next year.... 

Rio Tinto to build $270m molybdenum plant in Utah

By: Liezel Hill     11th June 2008 Diversified miner Rio Tinto will spend $270-million on the construction of a molybdenum processing facility at its Kennecott Utah Copper (KUC) operations, in the US, the group announced on Wednesday. The new molybdenum autoclave process plant will enable lower-grade concentrate to be processed... 

Miners should position themselves for even bigger China resources assault 

By: Matthew Hill     10th June 2008 Mining companies needed to look strategically and systematically at how they could benefit from opportunities that resource-hungry China's increasing growth as global resources player presented, an expert on that country said on Tuesday. Speaking at the ‘Africa Mining Congress'... 

Kazakhstan to swap shares in Eurasian for Kazakhmys stake

By: Liezel Hill     10th June 2008 LSE-listed miner Kazakhmys has agreed to buy a 7,66% stake in fellow Kazakh miner Eurasian Natural Resources (ENRC) from the government of Kazakhstan, in exchange for 15% of Kazakhmys, the company said on Tuesday. The exchange ratio will be 1 Kazakhmys share for 1,23 ENRC shares, and the deal... 

Inmet warns of possible production delays at Las Cruces

By: Liezel Hill     10th June 2008 TSX-listed Inmet Mining believes it has come up with a solution to the Spanish water authority's concerns over a water system at its Las Cruces project in the country, but cautioned on Monday evening that the start-up of the processing plant, and first cathode production, could be delayed.... 

Aura Minerals joins producers' ranks with Mexico mine acquisition

By: Liezel Hill     9th June 2008 Canadian junior Aura Minerals has completed the acquisition of the Aranzazau copper/gold/silver project, in Zacatecas, Mexico, and plans to increase production at the mine over the next two years, while moving its flagship development project, Arapiraca, in Brazil, through to feasibility study... 

Weaker demand conditions prevailing as world economy slows – NCM

By: Irma Venter     6th June 2008 There is a selective bull market at play in the industrial commodities market, reports London-based Natixis Commodity Markets (NCM) in its second quarter metals review. 

Metorex enthused by ‘positive’ DRC developments

By: Matthew Hill     3rd June 2008 Diversified-miner Metorex on Tuesday welcomed positive comments that a Democratic Republic of Congo (DRC) government official made this week regarding the company's operations in the central African state, saying that the firm had had a "successful and satisfactory" meeting with... 

Teal reports encouraging results from DRC copper prospect

By: Liezel Hill     30th May 2008 TSX- and JSE-listed Teal Exploration & Mining on Friday published additional high-grade drilling intersections from its Lupoto copper prospect, in the Democratic Republic of Congo (DRC).  

Moly Mines finalising mine plan, expects increase in reserves at Aus project

By: Liezel Hill     29th May 2008 TSX- and ASX-listed Moly Mines is finalising a long term mine plan for its Spinifex Ridge project, in Western Australia, and expects to announce a “significant” increase in reserves from the current 315-million tons, the company said on Wednesday. 

Rio Tinto announces ‘substantial' nickel resource in Indonesia

By: Creamer Media Reporter      28th May 2008 Diversified-miner Rio Tinto has strengthened its presence in Indonesia with the reporting of a 162-million ton lateritic nickel resource at its Sulawesi nickel project, along with substantial potential to outline further mineralisation through additional exploration. The 162-million ton resource... 

Goldcorp backs development of BC copper/gold mine

By: Liezel Hill     26th May 2008 Canada's second-biggest gold-miner, Goldcorp, will guarantee a term credit facility of up to C$40-million, to fund the construction of the Mt Milligan copper/gold project, in British Columbia, Canada. Goldcorp holds 58% of junior Terrane Metals, which owns the project. 

Weatherly forms Namibian exploration JV with Anglo subsidiary

By: Mariaan Webb     21st May 2008 Base-metals company Weatherly International has formed a joint venture (JV) with Ambase Prospecting, a subsidiary of resources giant Anglo American, to explore in Namibia. London-based Weatherly said on Wednesday that the JV would explore its tenement in the Grootfontein district, in... 

Power disruptions to cut Zambia mine tax earnings

By: Reuters     19th May 2008 Zambia is unlikely to collect a projected $415-million from new mining taxes this year because of disruptions in power supply, which cut production in the copper and cobalt mines, a senior official said. The new tax regime, which came into effect on April 1, increased mineral royalty to 3... 

Kiwara encouraged by Zambia uranium drilling results

By: Matthew Hill     19th May 2008 Zambia-based copper and uranium hopeful Kiwara said on Monday that it had intercepted potentially viable grades of the nuclear fuel at four drill holes at its licence in the north west of the country. The company said that this confirmed historic findings that the mineralisation occurred in at... 

Chariot Resources on track for Peru feasibility study, despite 'modest' delay

By: Liezel Hill     16th May 2008 Toronto-based Chariot Resources may need a little extra time to complete a feasibility study on its 70%-owned Mina Justa project, in Peru, after “modest” delays in completing an updated mine plan. However, all other key elements of the study, which CEO Ulli Rath said earlier this year... 

Rio Tinto increases US copper resource to 637mt

By: Liezel Hill     16th May 2008 Diversified miner Rio Tinto has increased the mineral resources at its Kennecott copper unit, in the US, to 637-million tons, an increase of 628-million tons over a December 2007 estimate, the company said.  

Lundin sells stake in Swedish zinc/copper project

By: Liezel Hill     16th May 2008 TSX Venture Exchange-listed Gold-Ore Resources has agreed to buy Lundin Mining's 90% interest in the Norrliden base- and precious-metals deposit from Lundin Mining, the company said on Friday. Gold-Ore will make a one-time payment of 3-million shares for the 90% interest in Norrliden and... 

Junior explorer to start production at Botswana mine

By: Chanel de Bruyn     16th May 2008 Base-metals exploration company African Copper on Friday said its Mowana mine, in Botswana, would start production in the second quarter of this year, which would change the junior explorer into a copper producer. Cold commissioning of the mine was now ongoing, with ramp up to production to... 

Katanga enforces cobalt concentrate export ban

By: Reuters     16th May 2008 Democratic Republic of Congo's mineral-rich Katanga province is enforcing a suspension of cobalt concentrate exports, the provincial governor said on Friday. "No one is getting through now," governor Moise Katumbi told Reuters. He had announced this week the suspension would start... 

Lundin mulls options for Russian zinc prospect

By: Liezel Hill     15th May 2008 Base-metals miner Lundin Mining is “looking at all alternatives” regarding its 49% stake in the Ozernoe zinc deposit, in Russia, president and CEO Phil Wright said on Thursday. Work on the feasibility study was “slow going” and certain project deadlines and governing... 

Nevsun expects first production in 2010 from Eritrea gold mine 

By: Liezel Hill     15th May 2008 Vancouver-based Nevsun Resources is making progress at its Bisha project, in Eritrea, with first output expected in 2010, the company reported on Thursday. The project is now expected to cost $246-million, and produce an average of 431 000 oz of gold and 702 000 oz of silver a year in the first... 

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