BHP Americas boss says miners must make copper greener

The mining industry in Quebec is roaring, with $2.92 billion in investment in 2010, up from 43% in 2009. The Institut de la statistique du Québec, which released the findings on Wednesday, said that this was the seventh straight year mining investment increased, and in each of the last three years investment was greater than $2 billion. In March the Fraser Institute warned that changes to the province's tax code would harm business investment, and Quebec slid from first to fourth in the institute's list of mining-friendly jurisdictions. If the changes don't weigh on province, 2011 could be a banner year.

By buying the stake held by defunct broker MF Global, JP Morgan has dramatically boosted its influence in the battle to acquire the London Metal Exchange. As the biggest shareholder JP Morgan now has stronger input into any changes proposed by suitors while making a tidy profit from any sale, but retains the option to team up with others to block a takeover, analysts and industry sources told Reuters. JP Morgan now has a stake of 1.4 million shares or 10.9%, jumping ahead of the former dominant shareholder, Goldman Sachs, but the banks have also come under scrutiny over possible conflicts of interest as it also owns metal warehouses and proved brokerage services. One of the last bastions of open outcry trading, the 134-year old exchange handles some 80% of global trade in metals futures.

London-listed base minerals explorer EMED Mining (LON:EMED) enjoyed a 6.5% bump in its share price Wednesday on news that the government of Andalucia is supporting a restart of its Rio Tinto copper mine. The mine has no connection to the Anglo-Australian mining giant of the same name. EMED said "the Junta de Andalucia has made clear public policy statements committing support for the company’s plans to restart the Rio Tinto Mine as soon as possible, the most recent such statement being in Minas de Rio Tinto last week by the Minister for Economy in Andalucia."

Reuters reports copper hit a one-month low on Wednesday, pressured by worries about the outlook for demand after factory growth in top consumer China slowed in November, a poor bond sale in Germany intensified concerns about the euro zone debt crisis and US efforts to tackle its budget continued to flounder. Three-month contracts for the red metal fell to a one-month low at $7,168 a tonne in intra-day trade in London and extended its losses in New York where it was trading at $3.27 a pound by early afternoon, its lowest level since October 25 and down 30% from its 2011 high of $4.61 set in February. Copper used in the power, telecoms and construction sectors is often seen as a barometer for economic growth, but a new research report suggests "Dr. Copper is Dead" and that the red metal, along with oil, have actually been lagging other economic indicators. In short: things may well be even worse than the fall in the copper price suggests.

Imperial Metals (TSE:III) is extending its Huckleberry mine in northern British Columbia by 7 years. The company said it plans to extend the Main zone pit and build a new tailings storage facility, which will keep the mine running until 2021, 7 years later than the previous plan to close the mine in 2014. The pit is estimated to contain 39.7 million tonnes of ore grading 0.343% copper, with an overall strip ration of 1.46 to 1. Since startup in 1997, the mine has produced an aggregate 870 million pounds of copper, 8 million pounds of molybdenum, and 105,000 ounces of gold and 3.4 million ounces of silver.

Boardroom chairs are being shifted at two large diversified mining companies, Vancouver-based Teck Resources and Brazilian powerhouse Vale SA, the world's second largest miner. Teck announced yesterday that Marcia Smith, Vice President, Corporate Affairs, will replace Doug Horswell as Senior Vice President, Sustainability and External Affairs. Horswell, staging into retirement, will work half-time in the company's Zinc and Health program. Meanwhile, Vale announced that coming this Thursday, CEO Murilo Ferreira will submit to the Board of Directors a proposal for a new structure of the company's Executive Board. Among the changes, the most high-profile is the replacement of CFO Guilherme Cavalcanti with Tito Martins, who currently runs Vale’s base metals division.

TSX Venture-listed GobiMin's financial and operating results for the third quarter of 2011 showed the diversified explorer made a handsome profit on the sale of a stake in a Chinese coal project. GobiMin disposed of a 24.49% indirect equity interest in Balikun Coal Project for a total consideration of $30.35 million, recording a gain of $8.21 million. The unaudited interim financial statements also showed the company ended the quarter with $63 million in cash. GobiMin also announced its Sawayaerdun Gold Project has completed drilling works of about 30,100 meters with 84 drill holes and continues for further drilling aiming to maximize the project potential and that it has extended the deadline for obtaining the mining license of Yanxi Copper Deposit to January 31, 2012.

Chilean Government urged state-owned copper producer Codelco and Anglo American Plc (AAL) to seek an out-of court resolution to a contractual dispute over the sale of a stake in Anglo’s mine and smelting assets in the country. Codelco's Chief Executive Officer Diego Hernandez sai today in a public event that while the company is prepared to negotiate with Anglo, the starting point of any discussions would be to recognize Codelco’s right to the full 49 percent stake.

Australia’s plan to impose a 30 percent tax on its booming iron ore and coal sectors cleared its biggest political hurdle on […]