Hudbay Minerals granted final permit for $1.9B Rosemont copper mine
The operation is expected to be the third-largest copper mine in the U.S., employing about 500 people and accounting for approximately 10% of the country’s total copper production.
VANCOUVER, Oct. 18, 2011 /PRNewswire/ - By a narrow 280 - 246 (53 - 47%) margin, voters in Southwest Alaska's Lake & Peninsula Borough have supported a ballot measure that, if upheld by the courts, would restrict future development that affects more than one square mile of land within the 31,000 square mile borough. The Pebble Limited Partnership (the "Pebble Partnership" or "PLP") and the State of Alaska view the initiative sponsored by anti-Pebble activists as unconstitutional and unenforceable because it seeks to restrict development of state-owned resources on state lands through a municipal ordinance, and will challenge it in Alaska's Superior Court.
News reports from Australia say BHP Billiton may face delays in getting approvals for its $30 billion Olympic Dam expansion, as Greens and other minor parties holding the balance of power in the South Australian Parliament push for an inquiry into the project.
The legal agreement between BHP and the State Government will be introduced to parliament on Tuesday or Wednesday, but the Greens now want BHP Billiton officials to appear before a parliamentary committee to investigate the indenture legislation for the expansion. The project will create an open pit mine adjacent to the current Olympic Dam underground operation that would be the world's biggest – trucks will haul overburden 24/7 for five to six years just to reach the ore body.
UKZambians reports Zambia's Mines Minister Wilbur Simusa says he expects total cooperation from the mining companies as government engages them on taxation and that they should brace for tough decisions ahead, but he added that he does not anticipate resistance.
There is mounting pressure on Zambia's new president Michael Sata who took office on the promise of improving mining conditions and a bigger share of mining profits for Zambians after protests at a Chinese-owned copper mine earlier this month and a brief ban on metal exports to sort out revenue collection in Africa’s top copper producer.
Bloomberg reports Grupo Mexico must return $1.3 billion to Southern Copper Corp. for forcing the unit to overpay for Minera México, a Delaware judge ruled.
The court found that the terms of the 2005 merger was unfair to Southern Copper which mines copper and silver in Peru and Mexico. The court determined that Minera Mexico, at the time the second richest copper miner after Chile's Codelco, was only worth $2.43 billion and not the $3.75 billion Southern Copper paid.
China's state news agency reports all production at Freeport McMoran's Grasberg mine in a remote province of Indonesia has been halted after a pipeline was sabotaged, access to the pit and underground operations were blocked and three miners were killed in an ambush.
The latest attack follows an incident last week when Indonesian security forces fired on striking workers after a protest turned violent, killing one and injuring a dozen other. Some 12,000 Workers at Grasberg began a strike on 15 September and has vowed to shut down the mine if hourly wages of $1.50 is not upped 8-fold. The local police chief said between 500 – 600 policemen are now billeted at the mine.
Quadra FNX Mining Ltd. ("Quadra FNX" or the "Company") (TSX:QUX) announces that consolidated payable production for the three months ended September 30 increased 9% compared to Q2 2011 and 30% compared to Q1 2011 and totaled 60 million pounds of copper, 26 thousand ounces of total precious metals ("TPMs") and 3 million pounds of nickel.
Paul Blythe, President & CEO comments; "This is our strongest quarter since 2009, driven by Robinson and continuing strong performance from our Sudbury operations. We are seeing continuing and significant improvements in production at Robinson. The various measures that we have taken are delivering increased flexibility and productivity.
According to data posted on the website of the Chinese General Administration of Customs, the country reported robust commodities purchases in September as traders took advantage of falling prices.
Chinese copper imports hit a 16-month high in September after increasing almost 12% from a month earlier to 380,526 metric tons as domestic stockpiles were reduced by almost half since March. Copper imports have now showed gains for the fourth month in a row.
MELBOURNE, AUSTRALIA--(Marketwire - Oct. 13, 2011) - Robert Friedland, Chairman, and Peter Reeve, Chief Executive Officer of Ivanhoe Australia Limited (TSX:IVA)(ASX:IVA), are pleased to announce that Ivanhoe Australia has finalised its acq...
Crystallex International Corporation (TSX:KRY)(OTCQB:CRYXF) ("Crystallex" or the "Company") is pleased to announce that a wholly-owned subsidiary (the "Issuer") proposes to complete a best efforts private placement offering (the "Offering") of up to 120,000 units (the "Units") at a price of US$1,000 per Unit for aggregate proceeds of up to US$120 million.
Each Unit will consist of one face value US$1,000 principal amount senior secured note (the "Notes") bearing simple interest at a rate per annum to be determined payable on maturity or redemption and one contingent value right (the "CVRs").