Copper

UKZambians reports Zambia's Mines Minister Wilbur Simusa says he expects total cooperation from the mining companies as government engages them on taxation and that they should brace for tough decisions ahead, but he added that he does not anticipate resistance. There is mounting pressure on Zambia's new president Michael Sata who took office on the promise of improving mining conditions and a bigger share of mining profits for Zambians after protests at a Chinese-owned copper mine earlier this month and a brief ban on metal exports to sort out revenue collection in Africa’s top copper producer.

Bloomberg reports Grupo Mexico must return $1.3 billion to Southern Copper Corp. for forcing the unit to overpay for Minera México, a Delaware judge ruled. The court found that the terms of the 2005 merger was unfair to Southern Copper which mines copper and silver in Peru and Mexico. The court determined that Minera Mexico, at the time the second richest copper miner after Chile's Codelco, was only worth $2.43 billion and not the $3.75 billion Southern Copper paid.

China's state news agency reports all production at Freeport McMoran's Grasberg mine in a remote province of Indonesia has been halted after a pipeline was sabotaged, access to the pit and underground operations were blocked and three miners were killed in an ambush. The latest attack follows an incident last week when Indonesian security forces fired on striking workers after a protest turned violent, killing one and injuring a dozen other. Some 12,000 Workers at Grasberg began a strike on 15 September and has vowed to shut down the mine if hourly wages of $1.50 is not upped 8-fold. The local police chief said between 500 – 600 policemen are now billeted at the mine.

Quadra FNX Mining Ltd. ("Quadra FNX" or the "Company") (TSX:QUX) announces that consolidated payable production for the three months ended September 30 increased 9% compared to Q2 2011 and 30% compared to Q1 2011 and totaled 60 million pounds of copper, 26 thousand ounces of total precious metals ("TPMs") and 3 million pounds of nickel. Paul Blythe, President & CEO comments; "This is our strongest quarter since 2009, driven by Robinson and continuing strong performance from our Sudbury operations. We are seeing continuing and significant improvements in production at Robinson. The various measures that we have taken are delivering increased flexibility and productivity.

According to data posted on the website of the Chinese General Administration of Customs, the country reported robust commodities purchases in September as traders took advantage of falling prices. Chinese copper imports hit a 16-month high in September after increasing almost 12% from a month earlier to 380,526 metric tons as domestic stockpiles were reduced by almost half since March. Copper imports have now showed gains for the fourth month in a row.

MELBOURNE, AUSTRALIA--(Marketwire - Oct. 13, 2011) - Robert Friedland, Chairman, and Peter Reeve, Chief Executive Officer of Ivanhoe Australia Limited (TSX:IVA)(ASX:IVA), are pleased to announce that Ivanhoe Australia has finalised its acq...

Crystallex International Corporation (TSX:KRY)(OTCQB:CRYXF) ("Crystallex" or the "Company") is pleased to announce that a wholly-owned subsidiary (the "Issuer") proposes to complete a best efforts private placement offering (the "Offering") of up to 120,000 units (the "Units") at a price of US$1,000 per Unit for aggregate proceeds of up to US$120 million. Each Unit will consist of one face value US$1,000 principal amount senior secured note (the "Notes") bearing simple interest at a rate per annum to be determined payable on maturity or redemption and one contingent value right (the "CVRs").

Australia on Monday gave environmental approval for BHP Billiton to expand its Olympic Dam mine but set more than 100 environmental conditions on the uranium, copper and gold project. The $30 billion expansion of the existing Olympic Dam underground operation will create an adjacent open pit mine that would be the worlds biggest. An idea of the olympian effort required to construct the mine and the size of the undertaking is clear from the fact that trucks will haul overburden 24/7 for five to six years just to reach the ore body. The combined operations would mine 72 Mt ore per year and would produce 750,000 tonnes refined copper, 19,000 tonnes uranium oxide, 800,000 gold ounces and 2.9 Moz of silver per year.

Reports on Monday say Indonesian security forces fired on striking workers at Freeport McMoRan's Grasberg mine in the country's poorest province West Papua after a protest turned violent, killing one and injuring a dozen other, including seven police, some of them critically. The local police chief said between 500 – 600 policemen are now billeted at the mine. About 12,000 workers vowed Friday to paralyse production at the massive gold and copper mine as their strike over pay enters its second month. There is a history of violence at the mine and Freeport, based in Phoenix Arizona, report annual payments reaching an average $5m each year for government-provided security and $12m for unarmed, in-house security at the Grasberg complex dating back to the 1970s.