Private investors shun mining amid “escalated investor concerns”

Fluor Corp said on Wednesday it won a contract from Quadra FNX Mining Ltd for work on its new Sierra Gorda copper and molybdenum project in Chile. Fluor said it booked $1 billion for the project in the Atacama Desert in the second quarter, and its work will include providing engineering, production and construction management services for the mine's processing plant.

Moly Mines Ltd (MOL.TO: Quote) (MOL.AX: Quote) said it got loans totalling $494 million from China Development Bank Corp(CDB) for the construction of its Spinifex Ridge molybdenum and copper project in Western Australia. The miner said the loans will include a $454 million syndicated loan. CDB will also provide the company with a $40 million working capital loan.

Moly Mines Limited (TSX:MOL)(ASX:MOL) said today it has signed various project debt agreements with China Development Bank Corporation (CDB) totaling US$494 million for the construction of the Spinifex Ridge Molybdenum / Copper mine (Spinifex Ridge), Australia. Image by Moly Mines Limited

Viking Minerals commenced the review of pre-drilling and geological mapping of its South Dolly Varden gold / copper claims in Elko County, Nevada. This mapping is to facilitate a resolution of the zones of mineralization outlined by the surface geochem and rock samples and the 3,000 foot delineated coincident Induced Polarization (IP) anomaly with the intersection of the diamond drill core holes.

Western Copper Corporation (TSX:WRN)(NYSE Amex:WRN) announced that its Board of Directors has unanimously approved a proposal to undertake a spin-out transaction that would reorganize the business and capital structure of the company into three separate public companies to allow Western Copper to focus on the development of its flagship Casino copper/gold/silver/molybdenum project.

BNAmericas reported that Vancouver-based tailings processor Amerigo Resources has resumed operations at its Minera Valle Central complex in central Chile's region VI. The company said that the plant is once again in production, processing both fresh and old tailings from the El Teniente mine. Amerigo halted operations on June 6th 2011 as a result of the ongoing strike by 11,000 contract workers at state copper producer Codelco's El Teniente division. Amerigo's sole business is to process copper and molybdenum tailings from El Teniente, which is by far Codelco's most profitable division.

Mercator Minerals is pleased to announce that that for the first two months of Q2 2011, the Company produced 7,538,130 pounds of copper and 1,128,674 pounds of molybdenum at its wholly owned Mineral Park mine in Arizona, as compared to total Q2 2011 production guidance for the months of April to June, given on March 8, 2011 of 10,163,548 pounds of copper and 1,033,558 pounds of molybdenum, representing 74% of the guided quarterly copper production and 109% of the guided quarterly molybdenum production during a period of two months of a three month quarter, with a full month of production to come. 

Bard Ventures Ltd. (TSX VENTURE:CBS)(FRANKFURT:BVU) is pleased to announce that the drill program on its Lone Pine Property has commenced. The property is located 15 kilometers north-northwest of Houston, BC and is situated in the Omineca Mining Division. The drill program is planned to further evaluate exceptional drill hole results received from all three zones on the property, being the Alaskite Zone, the Quartz Breccia Zone and the 61 Zone.

Quadra FNX Mining announced on Sunday a US$724 million joint venture with Sumitomo Corporation to develop the Sierra Gorda copper-molybdenum project in Chile. The total cost of the mine is estimated at 2.8 billion and production is scheduled to start in 2014. Sumitomo has a 45% stake in the joint venture; Quadra FNX has 55%. Sierra Gorda is a copper exploration project located in the Atacama Desert, Region II of Chile. According to Quadra FNX's recently completed feasibility study, the production from current sulphide reserves will average 483 M lbs of copper, 25 million lbs of molybdenum, and 64 kozs of gold per annum over a 20-year mine life.