Copper

Baja Mining dropped by almost a third on Friday after announcing class action proceedings seeking $260 million in damages for misrepresenting the true state of affairs at its Boleo project in Mexcio since 2010. It is now worth a paltry $18.7 million on the Toronto big board. During the heady days of 2007 Baja Mining was valued at $836 million.

The board of Codelco has authorized its chief executive, Thomas Keller, to go ahead with feasibility studies to turn its subsidiary Gabriela Mistral into a new business division.

The global miner joined the ‘disappointing results club’ this morning as the London-listed mining group reported that its first-half operating profit dropped almost 40%.

Brad Gordon, CEO of Brisbane-based Intrepid Mines (ASX:IAU), has stated publicly that Indonesia is doing damage to its reputation as a foreign investment destination following the recent legal difficulties experienced by his own company and Churchill Mining.

Foreign investors have raised concerns over uncertainty surrounding Australia's mining and carbon tax regimes, with mining companies attacking a government plan to obtain an additional AUD$1.9 billion in taxes via stronger regulation of cross-border profit-shifting.

Newmont Mining's (NEM) second quarter earnings plunged 28% compared to the same period last year on reduced gold and copper output.

Barrick Gold, the world's largest producer of the precious metal, reported higher-than-expected operating costs and a massive capital cost over-runs on Thursday in its first quarterly report since letting go CEO Aaron Regent in June.

Australian exploration and mining firms are readying themselves for forays into Myanmar following the end of decades of military rule earlier this year and the country's opening up to foreign investment.

Release of a pre-feasibility study for Wafi-Golpu in Papua New Guinea is expected any day now and punters hope drilling results that put the deposit into the same league as Freeport-McMoran’s Grasberg mine across the border in West Papua, Indonesia are confirmed.