Copper

No word yet from China's Jinchuan Group as to whether the company is officially in the market for Canada's Lundin Mining. Canadian media reports claim a consortium headed by Jinchuan, which includes sovereign wealth fund China Investment Corp., was planning a takeover bid for the Canadian base metals miner.

Copper output in Zambia, Africa's top producer of the metal, will rise to 2 million tonnes by 2015 from around 900,000 tonnes this year as new mines open and others are expanded, the country's finance minister said on Saturday.

The months-long saga over the future of Lundin Mining took another interesting twist on Friday, when a consortium of Chinese companies jumped in with a potential bid, according to a story in The Globe and Mail. Lundin has been the target of two takeover bids, the first by Inmet Mining, which recently fell through, and the second by Equinox Minerals, which unveiled a $4.8 billion hostile takeover bid to counter the Inmet offer. That deal was derailed when China's Minmetals Resources tried to acquire Equinox, which has since been acquired by Barrick Gold, which presented a richer offer worth $7.3 billion.

Inmet Mining bettered its earnings in the first quarter compared to Q1 of last year, Reuters reported: Inmet Mining's (IMN.TO) first quarter profit rose on higher metal prices and higher sales volumes, the Canadian copper producer said on Thursday. Inmet earned C$59.4 million, or 97 Canadian cents a share, from continuing operations. That compared with C$49.4 million or 96 Canadian cents a share in the year-ago period. The Toronto-based company sold its 18 percent stake in Ok Tedi Mining for $335 million in January.

Wolverine Minerals Corp. (TSX-V:WLV) min is pleased to announce that after a comprehensive review of historical information and analysis of the results of last year's programs, it has now finalized its work program and budget for the 2011 field season on the Company's Yukon properties optioned from Strategic Metals Ltd ("Strategic"). Estimated expenditures will be approximately $5 million, with the majority of this work to be focused on eight of the Company's core properties. Through Archer, Cathro & Associates (1981) Limited ("Archer Cathro"), all crews, camps, equipment, drills, helicopters and other necessary supplies have been arranged and the following programs will begin on June 1, 2011: Image by Wolverine Minerals Corp.: DDD-Shamrock property.

Russia's two main rail lines into Asia and, in particular China, are increasingly overburdened which is causing a headache for metals firms looking to increase exports.

Barrick's Q1 earnings rose 22% to $1.0 billion, up from $820 million a year ago. The company, which released its quarterly financial results on Wednesday, said the rise was due to better than expected production results and higher prices for copper and gold. Barrick's earnings per share were an even $1.00. The total cash cost per ounce of gold is $437 while net cash cost is $308. Barrick said cash costs were ahead of budget due to higher production at its Cortez, Goldstrike and Veladero operations.

La Quinta Resources Corporation (TSX VENTURE:LAQ) ("La Quinta") is pleased to announce that it has entered into a Letter of Intent (LOI) to acquire the Carruthers Pass, B.C. massive sulfide project from Cariboo Rose Resources Ltd. (TSX VENTURE:CRB) ("Cariboo Rose"). Under the terms of the LOI, the Company can acquire 90% of the project from Cariboo Rose over a six (6) year term by spending $2 million in work commitments on the project, and making payments of $470,000 cash and issuing 2 million shares of the Company's common stock to Cariboo Rose.

Shares in Equinox Minerals (EQN.AX) jumped 7 percent in Australia on Wednesday after the copper miner accepted a $7.7 billion takeover offer from the world's largest gold miner, Barrick Gold (ABX.TO).