World’s first seafloor miner inks copper sales deal with Chinese customer

Peru's President Alan Garcia Perez and the Ministry of Energy and Mines have suspended mining concessions in several of the nation's provinces for the next 12 months. The President of the Council of Ministers Rosario Fernandez Figueroa said a multi-sectoral commission has been appointed to study and propose reforms regarding mining concessions.

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has determined to exercise its right to purchase from Trafigura Beheer B.V. its 45.96% net profit interest in Compania Minera Condestable S.A. ("Condestable"), which is the subsidiary through which Iberian holds its approximately 98.73% interest in the Condestable Mine. In accordance with the terms of the CMC Purchase Agreement, Iberian retained the option to purchase the NPI from Trafigura at any time until June 30, 2011 in consideration of the payment of US$60,000,000 (the "NPI Buy-out").

Shares of junior Canadian miners Bear Creek Mining (BCM.V: Quote) and Rio Alto Mining (RIO.V: Quote) fell on Monday, following anti-mining protests […]

Capstone Mining announced the result of a National Instrument 43-101 compliant mineral resource estimate for the Wildfire/Copper Keel area at the Minto Mine in Yukon, Canada. Wildfire/Copper Keel is now recognized as a southeastwardly extension of the Area 2/118 deposit which is currently being pre-stripped in preparation for mining. The combined Area 2/118/Copper Keel/Wildfire mineral resources are now recognized as a single mineral deposit and will be referred to as the Minto South Deposit ("MSD"). The Copper Keel region of this larger deposit model is still open and exploration drilling is currently in progress with two drills. Image of Minto mine from Capstone Mining.

With the vote of two Republicans who crossed party lines, the Nevada State Senate approved Senate Joint Resolution 15, which will eliminate constitutional caps on Nevada's net proceeds of mines tax. Two Republicans, Sens. Ben Kieckhefer of Reno and Michael Roberson of Las Vegas, joined Senate Democrats in voting for the resolution, which now goes to the Assembly.

Yellowhead Mining Inc. ("Yellowhead") (TSX VENTURE:YMI) is pleased to report Hole HC11-87 returned 242.52 m of 0.39 Cu, 1.6 g/t Ag and 0.037 g/t Au, including 33.45 m of 0.65% Cu, 2.1 g/t Ag and 0.071 g/t Au and 17.62 m of 0.96% Cu, 4.5 g/t Ag and 0.069 g/t Au.

A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces." The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."

As it tunes its rigs to near surface oxides Argentex Mining (TSX-V: ATX) continues to churn out strong silver and gold mineralized intercepts at its Pinguino property in Santa Cruz province, Argentina. Of 16 drillholes Argentex recently reported the best of the lot hit 62 metres @ 88.8 g/t silver and 0.94 g/t gold, which included as much as 6 metres at 675.5 g/t silver and 5.99 g/t gold.

Eyeing potential for high-grade gold tonnage, Canada's Southern Arc reports on another swelling gold-silver mineralized vein in Indonesia. A zinger of a drilling result - wide with high-grade gold mineralization - propped up Southern Arc Minerals' theory that the Pelangan target on its West Lombok property in Indonesia may hold other bonanza-grade ore shoots.