China Molybdenum takes full control of ex-Dreyfus metals unit for $518 million

Reuters reports Peruvian President Ollanta Humala declared a state of emergency late on Sunday banning assembly and giving police special powers of arrest to quell protests against Newmont Mining's Conga gold mine that have caused havoc across the region of Cajamarca for 11 days.

Reuters reports protestors abandoned roadblocks on Saturday after police were called in to secure access for basic goods to Cajamarca on day 10 of the conflict over Newmont Mining’s proposed Conga gold mine in northern Peru.

Bloomberg reported copper traders are bullish on signs that demand is rising due to a drop in global inventories.

Continental Nickel Limited (TSX VENTURE:CNI) ("Continental" or "CNI" or the "Company") is pleased to announce that it has commenced a diamond drilling program on the St. Stephen nickel-copper sulphide project in New Brunswick.

Rockland Minerals Corp has completed the definitive agreement for the Blue Lake copper-nickel-platinum group metals project.

The legal battle between Codelco and Anglo American is escalating. Yesterday, Chile’s state-owned copper company lodged a so-called pre-judicial preparatory measure in the 17th Civil Court of Santiago, seeking details of Mitsubishi’s purchase of a 24.5 percent stake announced on Nov. 9. The measure aims to ultimately annul the $5.39 billion deal between Anglo and Mitsubishi. While this was happening, London-based miner filed a legal action to annul Codelco’s “protection petition” presented Nov.14, which prevents Anglo from keep selling part of its assets.

North American stock exchanges are on a tear today after central banks made more funds available to lenders, giving investors hope for a way out of the European debt debacle. The markets were also cheered by better than expected private sector job growth in the United States. The mining-heavy S&P/TSX Composite was up 2.5% to just over 12,000 at time of writing. The Dow Jones Industrial Average gained 384 points, or 3.3%, the most on a closing basis since Aug. 11, according to Bloomberg. Spot gold was up $32 from yesterday to $1747 which is just above the 20-day moving average of $1744, noted Kitco. Silver was up marginally to $32.86 from yesterday's $31.92, while benchmark copper was up more than 5% to a two-week high of $7,885/tonne. Zinc, lead, aluminum and nickel were also up from Tuesday.

Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") announced today that, in agreement with the government of Peru, it has suspended construction activities at the Conga project (or the "Project") in Peru for the safety of employees and community members. During the past month, the Conga project and the near-by Yanacocha operations have experienced intermittent work stoppages as a result of ongoing protests in the region. Beginning in October 2011, anti-mining activists expressed concerns about perceived impacts of the Project on the local water supply. The Conga Environmental Impact Assessment was approved in 2010 after extensive review by the Peruvian government which included significant engagement and consultation with local communities.

Output of copper cathodes and copper concentrates are beginning to be affected by a work stoppage that began Monday at the giant Collahuasi copper mine in Chile. Reuters reports that the mine, jointly owned by Xstrata and Anglo American, has implemented a contingency plan to deal with the labour action, which about 10% of workers are participating in: Some workers in Collahuasi, which produces about 3 percent of the world's copper, downed tools on Monday over fears of coming layoffs. The company later on Monday announced it had laid off a "limited" number of workers in response to a partial one-day strike in October, a move that could stoke tensions between management and the union.