Canadian miners had a tough 2018, but optimism remains — EY

Despite a report on Wednesday showing a surge in July, China's copper imports were still down 22% in the first seven months, suggesting slowing demand in the world's top copper consumer is adding to concerns that shaky western economies will knock prices further. However, according to a new study by Canaccord the copper mining industry is operating under 'a high degree of stress' and called robust copper prices the 'new normal' thanks to supply shortages. More than 500,000 tonnes of production have been lost this year due to weather delays, poor deposit grades, worker strikes and mill problems, mostly in Chile, the world's number one producer.

Quadra FNX Mining announced second quarter 2011 profits up 75% at $63.8 million and revenues up 76% to $298 million on Wednesday, but was not spared the stock market mayhem and was trading down over 2% by midday on Wednesday bringing its losses for the month to 18%. The results of the Vancouver-based copper miner with operations in Ontario, the US and Chile were only marred by a jump in cash costs to $2.33 per pound of copper, but after raising $500 million during the quarter now sits on a healthy $1 billion in cash.

Lundin Mining is once again the target of takeover speculation, after the Daily Telegraph fed the rumour mill with talk of JP Morgan advising BHP Billiton and Belgian zinc miner Nyrstar on a joint bid for Lundin. The market reacted favourably to the speculation on Tuesday, bidding up the stock by 14.5% on the TSX, but seasoned investors in Australia say a takeover by BHP is likely not in the cards.

Mining companies in Peru invested $2.95 billion in the first half of 2011, up 70% compared to the same period last year, the government said.

First Quantum announced a 51% increase in gross profit as the 41% higher net realized copper price more than offset the lower sales volume. There was a 3% decrease in copper production from the Kansanshi and Guelb Moghrein mines due to maintenance-related downtime at both operations and the processing of low-grade, high acid consuming oxide ore at Kansanshi.

As the country marked Heroes Day, Robert Mugabe used the occasion to make fresh threats to punish foreign owned companies from Western countries that have imposed targeted sanctions on him and his key ZANU PF officials. The US and European Union slapped the sanctions on Mugabe and his cronies because of human rights abuses.

A copper mine proposed for southern Arizona is stuck in limbo while federal regulatory agencies decide whether to grant the mining company a permit. Canadian Business said Monday that Rosemont Copper is waiting for the U.S. Army Corps of Engineers to grant or deny a permit for the mine, located on a mix of private and public land in the Santa Rita Mountains some 30 miles southeast of Tucson.

Shares of North American base metal miners tumbled on Monday along with the price of copper, zinc, and nickel after the downgrade of the U.S. credit rating by S&P amplified fears of a global economic slowdown.

Newmont Nusa Tenggara, a unit of US miner Newmont Mining Corp , said on Sunday there had been no significant impact on production from several days of protests at its Indonesian copper and gold mine. Local authorities have dispersed the protesters who since Aug. 2 had been blocking access and disrupting operations at the Batu Hijau copper and gold mine in the island of West Sumbawa. Newmont also plans to review its job application process, which had been the focus of the protests. Batu Hijau aims to produce around 275 million pounds of copper and 275,000 ounces of gold in 2011.