Copper, iron ore price rally adds $250bn to top 50 mining companies

Congo's state-owned mining company launches own bid for giant Tenke copper operation despite Freeport's stake sale to Chinese firm signed in May.

The move marks the Vancouver-based miner exit from China.

Current price could bring idled production back and bulky new projects are coming online soon.

Salvador, Codelco’s smallest operation, has been battling to turn a profit after dwindling ore grades pushed up production costs.

In commercial production since 1896, the Mount Lyell copper and gold mine on Tasmania's west coast was put on care and maintenance two years ago.

State-owned copper mining investment holding company wants to branch out into agriculture, energy and manufacturing.

The things that have moved in this market of course have been precious metal production and near term production stories, but people are coming to understand that high quality discoveries are rare.

Hedge funds and other large speculators held a net-short position, or bets on price declines, of 4,991 U.S. copper futures and options contracts in the week ended Aug. 23, according to Commodity Futures Trading Commission data released three days later. They switched from a net-long position, or wagers on a rally, of 2,237 a week earlier.

The possible plant closure, which could cost around 2,000 jobs, is part of a global restructuring plan announced in September that could see CAT cutting as many as 10,000 jobs globally in the coming years.