Copper

Hedge funds and other large speculators held a net-short position, or bets on price declines, of 4,991 U.S. copper futures and options contracts in the week ended Aug. 23, according to Commodity Futures Trading Commission data released three days later. They switched from a net-long position, or wagers on a rally, of 2,237 a week earlier.

The possible plant closure, which could cost around 2,000 jobs, is part of a global restructuring plan announced in September that could see CAT cutting as many as 10,000 jobs globally in the coming years.

An increase in industrial action is usually bad news, but copper producers should be cheering the souring relationship between Chilean mine workers and firms.

Exploration at Hot Chili Ltd.'s Productora copper project, located in Chile, has uncovered a gold resource at Sierra Zapallo, prompting analyst Trent Barnett of Hartleys to upgrade the company to a Speculative Buy.

South Africa's Public Investment Corporation (PIC), which owns 14.5% of Anglo, believes the mining giant may not realize the full value of its assets.

George Bee will assume as vice president of the Argentine side of the project effective Sep. 12.

Conflict comes as Rio Tinto donated its majority stake in the operation to both Papua New Guinea and the Autonomous Region of Bougainville last month.

Just as government threatened to withdraw the licences of mining firms which refused to pay the increased taxes so did the mining companies threaten to stop their mining activities.

Dependent upon diesel-driven power plants which supply almost 200MW of electricity to the FQM mining operation at Kalumbila, almost 120 kilometers west of Solwezi the provincial capital needs an extra 30 percent for it to operate at full capacity.