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Copper News

Macro disquiet drowns out signs of base metals shortages

By: Reuters     4th October 2018 Uncertainty about how metals demand will be hit by trade wars, rising US interest rates and a slowdown in China is weighing on industrial metals prices, submerging signals pointing to potential shortages. The index of copper and five other top industrial metals traded on the London Metal Exchange... 

Vale is said close to approving $1bn copper expansion

By: Bloomberg     4th October 2018 Vale, flush with cash from its booming iron-ore sales to China, is expected to approve a $1-billion expansion of a Brazilian copper mine later this month, according to a person with knowledge of the matter. Building out the Salobo mine – known as the Salobo 3 project – would likely take about... 

Mining firms say Zambia's tax hike plan would ruin economy

By: Reuters     4th October 2018 Zambia's proposed mining tax increases would hobble Africa's second biggest copper industry, companies said on Thursday, a further warning to investors already concerned about the country's mounting debt. Several mines would become unprofitable if the tax plans were implemented with overall... 

Finders reports another wall failure

By: Esmarie Iannucci     3rd October 2018 Junior Finders Resources has reported a wall failure within the Kali Kuning openpit operation at its Wetar copper project, in Indonesia. The company on Wednesday said that some 300 000 bank cubic meters of waste rock from the north-eastern highwall was displaced into the pit on October 1,... 

Sunstone’s Viscara sale becomes binding

By: Esmarie Iannucci     3rd October 2018 ASX-listed Sunstone Metals has enacted an earlier letter of intent to divest of its Viscaria copper project, in Sweden, in a transaction valued at A$47.3-million. Under the terms of a binding share sale and purchase agreement with Swedish listed Copperstone Resources, Sunstone will receive an... 

Sunstone’s Viscara sale becomes binding

Panoro partners with Jogmec in Peru

By: Creamer Media Reporter      3rd October 2018 Copper explorer Panoro Minerals has a new joint venture partner in Peru, with Japan Oil, gas and Metals National Corporation (Jogmec) entering an agreement to earn up to 60% indirect interest in the Humamantata property, in Peru. In terms of the option, Jogmec invest $8-million in the... 

Peru's mining investment boom leaves political woes behind

By: Bloomberg     3rd October 2018 Peru’s ability to post eight consecutive months of investment growth is calming fears that political woes would derail mining activity in the world’s second-largest producer of copper, zinc and silver. Mining investment in Peru jumped 6.3% August compared with last year, to $395-million,... 

Zambia mines to pay mineral royalties in dollars to stabilize kwacha

By: Reuters     3rd October 2018 Zambia has asked mining companies to pay mineral royalties directly to the central bank in dollars as one of the measures to help stabilise its kwacha currency , its finance minister said on Tuesday. The kwacha gained more than 5% to close at 11.9500 per dollar on Tuesday after hitting 12.6750 on... 

Chinese delegation to study South Africa’s mineral codes

By: Martin Creamer     2nd October 2018 South Africa’s meticulous set of mineral reporting codes has succeeded in attracting a high-ranking Chinese delegation from the Mineral Resources and Reserves Evaluation Centre of the Ministry of Land and Natural Resources (MRREC) in Beijing. South Africa’s Samcodes Standards Committee (SSC) will... 

Chinese delegation to study South Africa’s mineral codes
Photo by Creamer Media
Samcodes Standards Committee chairperson Matt Mullins

Study confirms ‘quality, size’ of Copper Mountain’s Eva

By: Esmarie Iannucci     2nd October 2018 Dual-listed Copper Mountain Mining has estimated that its Eva copper project, in Queensland, would require a capital investment of $350-million to develop. A feasibility study, results of which were announced on Tuesday, found that the project would produce 334-million tonnes of ore and waste... 

Vedanta shareholders back London delisting amid protest

By: Reuters     2nd October 2018 Shareholders in Vedanta Resources, the UK arm of Indian miner Vedanta, on Monday backed the delisting of the company from London, where the miner has faced protests and legal action. Volcan Investments, the family trust of Vedanta chairman and founder Anil Agarwal, announced a roughly... 

Vedanta shareholders back London delisting amid protest
Anil Agarwal

Ivanhoe announces third major copper discovery in DRC

By: Simone Liedtke     1st October 2018 TSX-listed Ivanhoe Mines has made an important new discovery of high-grade copper on its 100%-owned Western Foreland licences, west of the Kamoa-Kakula mining licence in the Democratic Republic of Congo (DRC). This discovery, Makoko, is the first of multiple high-potential target areas identified... 

Ivanhoe announces third major copper discovery in DRC
Photo by Creamer Media
Ivanhoe executive co-chairperson Robert Friedland

Arc Minerals raises £2m for exploration, development at Zambia project

By: Simone Liedtke     1st October 2018 Aim-listed Arc Minerals will raise about £2-million to help fund exploration and development work on the company’s Kalaba copper/cobalt project, in Zambia, and for general working capital purposes. On Monday, the company placed more than 44-million units at 4.5p a unit, with each unit comprising... 

Lundin names new CFO as Inkster formally assumes CEO role

By: Mariaan Webb     1st October 2018 Canadian base metals miner Lundin has promoted VP of finance, Jinhee Magie, to the position of senior VP and CFO, succeeding Marie Inkster, who on Monday formally took over from Paul Conibear as president and CEO. Conibear, who announced his retirement in July, will continue as an adviser until... 

Rio Tinto and Freeport aim to close Grasberg deal in Q1

By: Esmarie Iannucci     1st October 2018 Mining major Rio Tinto has confirmed that it has signed a binding agreement to divest of its interest in the Grasberg mine, in Indonesia. In terms of the divestment agreement announced last week, State-owned enterprise PT Indonesia Asahan Aluminium (Inalum) will acquire all of Rio Tinto’s... 

Zambia hikes mining taxes in 2019 budget to rein in debt

By: Reuters     28th September 2018 Zambia will introduce new mining duties and increase royalties to help bring down mounting debt and narrow its fiscal deficit, Finance Minister Margaret Mwanakatwe said on Friday. Presenting a 86.8-billion kwacha ($7.10-billion) budget, Mwanakatwe said Zambia planned to trim its fiscal deficit to... 

Bezant pitching Philippines copper/gold project to large miners

By: Mariaan Webb     28th September 2018 Aim-listed copper/gold explorer Bezant Resources is actively marketing its Mankayan copper project, in the Philippines, to large mining groups and institutions that recognise the strength of copper fundamental, executive chairperson Colin Bird said on Friday. The project, which is now Bezant’s... 

SolGold CEO: High grades deliver independence

By: Mariaan Webb     28th September 2018 High copper and gold grades of the Alpala deposit are providing dual-listed SolGold with a level of independence in the development of the larger Cascabel project, in Ecuador, CEO Nicholas Mather said on Friday. Responding to critics saying that Brisbane-based SolGold is too small to fund a... 

SolGold CEO: High grades deliver independence
The Cascabel project, in Ecuador.

Constantine updates Palmer resource to indicated category at 11% zinc

By: Marleny Arnoldi     28th September 2018 TSX-listed Constantine Metal Resources (CMR) has updated its mineral resource estimate for the Palmer copper/zinc/gold/silver deposit, in Alaska, to an indicated resource of 4.6-million tonnes, grading 11.67% zinc equivalent and 3.84% copper equivalent. This mineral resource update represents... 

India copper imports surge

By: Ajoy K Das     28th September 2018 Almost a third of India’s domestic demand for copper is being met through imports with local copper refiners facing a challenge to meet this cheaper inflow of the base metal into the country. “There has been a surge in copper imports particularly from countries that have signed free trade... 

Copper Mountain publishes PEA for deposit adjacent to flagship mine

By: Mariaan Webb     28th September 2018 The New Ingerbelle property, located about one kilometre from the Copper Mountain mine, in southern British Columbia, is a strong candidate to be incorporated into the current mine’s plan aimed at increasing yearly production. The New Ingerbelle deposit is expected to produce 768-million pounds... 

Copper Mountain publishes PEA for deposit adjacent to flagship mine
The Copper Mountain mine, near Princeton, British Columbia.

Lifting-equipment orders from Zambia’s Mopani Copper Mines exceed R100m – Condra Cranes

By: Nadine James     28th September 2018 Condra Cranes shipment of lifting equipment despatched in late August to Zambia-based copper mine Mopani Copper Mines has raised Condra’s order intake from Mopani to more than R100-million. Comprising one electric travelling overhead crane, 38 hoists, two large, and seven smaller, jib cranes, the... 

Freeport seals deal with Indonesia on giant Grasberg copper mine

By: Bloomberg     27th September 2018 Freeport-McMoRan and Indonesia signed an agreement, paving way for the US miner to hand over majority control of the giant Grasberg copper and gold mine to a local State-owned company. Freeport CEO Richard Adkerson and PT Indonesia Asahan Aluminium president director Budi Gunadi Sadikin signed... 

Freeport seals deal with Indonesia on giant Grasberg copper mine

Inferred resource estimate released for Iron Creek cobalt project

By: Mariaan Webb     27th September 2018 The Iron Creek cobalt project in Idaho, US, has received its first NI 43-101-compliant inferred mineral resource estimate, TSX-V and ASX-listed First Cobalt announced on Wednesday. The inferred mineral resource is estimated at 29.6-million tons (26.9-million tonnes) grading 0.11% cobalt... 

Trafigura Group helps re-establish historic African trade route

By: Tasneem Bulbulia     26th September 2018 Independent commodity trading group Trafigura has successfully taken the first step towards reopening one of Africa’s most historic trade routes, with a train journey that ended in the Angolan port of Lobito on Saturday, September 22. A cargo of 800 t of copper blister, bought by Trafigura from... 

Sibanye highlights Lonmin, DRDGold deal attractions at Denver

By: Martin Creamer     26th September 2018 The progressing Lonmin acquisition and the already done DRDGold deal have been highlighted to the Denver Gold Forum by Sibanye-Stillwater, which is currently hosting investors and analysts at its Stillwater mine in Montana. The forum heard how the Lonmin acquisition would add significantly to... 

Sibanye highlights Lonmin, DRDGold deal attractions at Denver
Photo by Creamer Media
Sibanye-Stillwater CEO Neal Froneman

Elementos ups Tasmania project's tin/copper resources

By: Mariaan Webb     26th September 2018 ASX-listed Elementos has increased the Cleveland project’s tin resource estimate by 168% and the copper estimate by 164%, following a revised Joint Ore Reserve Committee study. The openpit resource now contains 17 955 t of tin and 4 624 t of copper, the owner of the Tasmania-based project... 

Tribunal rules in favour of group contesting Atalaya enviro declaration

By: Mariaan Webb     26th September 2018 Aim- and TSX-listed Atalaya Mining is considering its options at the Proyecto Riotinto mine, in Spain, after the Tribunal Superior de Justicia de Andalucía ruled in favour of an environmental group against the government of Andalucía (JdA). Atalaya was a co-defendant in the case, which stems... 

Tribunal rules in favour of group contesting Atalaya enviro declaration

Harmony Gold shows off growing portfolio quality in Denver

By: Martin Creamer     26th September 2018 Harmony Gold’s Moab Khotsong mine in South Africa and Hidden Valley mine in Papua New Guinea will together produce a third of the guided 1.5-million ounces in the 12 months to end June, with the projected 500 000 oz from these two operations being produced at an all-in sustaining cost of $950/oz,... 

Harmony Gold shows off growing portfolio quality in Denver
Photo by Creamer Media
Harmony Gold CEO Peter Steenkamp

First Quantum falls as Panama court casts uncertainty on project

By: Bloomberg     26th September 2018 Canadian miner First Quantum Minerals headed for a one-week low after a ruling by Panama’s Supreme Court cast uncertainty over a major copper mine it’s developing in the central American country. Local media in Panama reported that the court ruled on Monday that Law 9 – used to approve a mining... 

Sibanye reaches significant milestones in transaction with Regulus

By: Simone Liedtke     25th September 2018 JSE- and NYSE-listed Sibanye-Stillwater has reached significant milestones in its arrangement agreement with Regulus Resources and a newly-formed Regulus subsidiary, Aldebaran Resources, to unlock value at the Altar copper/gold project, in Argentina. Sibanye in June entered into the agreement... 

Heron marks Woodlawn milestone

By: Creamer Media Reporter      25th September 2018 Base metals firm Heron Resources on Tuesday reported a significant milestone in the project development schedule of the Woodlawn zinc/copper project, in New South Wales, announcing that Pybar Mining has started underground activities. The company has a four-year underground mining contract with... 

Barrick and Shandong announce $300m cross investment

By: Creamer Media Reporter      25th September 2018 Gold major Barrick Gold, which on Monday announced a $18.5-billion merger with Randgold Resources, has reached a cross investment agreement with China’s Shandong Gold, which executive chairperson John Thornton said further deepened the partnership between the two companies. Under the agreement,... 

Luminex says Anglo American to earn into Ecuador project

By: Creamer Media Reporter      25th September 2018 Diversified miner Anglo American has signed a formal earn-in and joint venture agreement with Vancouver-based Luminex Resources, relating to Pegasus A, Pegasus B and Luz concessions in Ecuador. The agreement gives Anglo the right to earn a 60% ownership interest in a JV company indirectly... 

Barrick's Randgold acquisition may spur more gold mining deals

By: Bloomberg     25th September 2018 Gold miners earned the ire of investors including billionaire hedge-fund manager John Paulson for entering into bad deals that destroyed shareholder value in the past. Shareholders of the two companies announcing a merger Monday signaled they think this time may be different. 

Barrick's Randgold acquisition may spur more gold mining deals
Mark Bristow says there are Australian investors interested in Barrick's Kalgoorlie mine.

Kalgoorlie nickel smelter shut after fire

By: Reuters     24th September 2018 HP Billiton said on Monday its Kalgoorlie nickel smelter has been closed after a fire that broke out over the weekend and the plant will remain shut while it assesses the damage. The fire had been put out, there were no injuries and efforts would focus on returning the plant to normal... 

Mongolian court says copper mine nationalisation broke laws

By: Reuters     21st September 2018 The Mongolian government broke laws during a controversial attempt to seize full control over the Erdenet copper mine, a local court said on Thursday, the latest ruling in a long-running ownership dispute over one of Asia's biggest deposits. The Mongolian Copper Corporation (MCC) has been... 

Centaurus resumes Salobo West licensing process

By: Mariaan Webb     21st September 2018 ASX-listed Centaurus Metals will resume the environmental licencing process for its maiden drilling programme at the Salobo West copper/gold project, in Brazil, after an earlier decision to deny the company a drilling and clearing licence was overturned. The key environmental agency responsible... 

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