Copper

In early morning trade in New York, copper for delivery in December jumped 5.5% from yesterday's 15-month low to trade at $3.23 a pound after France and Germany made positive noises about tackling Europe's debt problem promising a definitive agreement by heads of state "by Wednesday at the latest." Copper is also being lifted by supply worries – Reuters reported on Friday China's copper smelters are slowing their rate of refined copper production as supplies of raw material concentrate and scrap fall. Two strikes at mines owned by US-based producer Freeport McMorran has cut production while shipments from the world's No. 1 copper mine, BHP's Escondida in Chile, could be delayed to next year after recent work stoppages.

Taseko Mines (TSE:TKO) estimates its proposed New Prosperity copper-gold mine would generate $9.8 billion in tax revenues for the federal and BC government over the next 20 years. The Vancouver-based company is taking another run at developing the $1.5-billion project after the federal government rejected it last fall. The gold- copper project in northern British Columbia raised the ire of environmentalists and First Nations groups for the proposed destruction of a lake to be used as a tailings impoundment. A provincial environmental assessment process had approved the project, but the federal government’s own review rejected it last November.

Zambia has stopped issuing and renewing mining licences as part of a shake-up of the mining sector by President-elect Michael Sata and his new government. Mining Minister Wilbur Simusa said in a statement that his "ministry has with immediate effect and until further notice suspended the issuance of new applications, renewal and transfer of mining and non-mining rights."

NovaGold (TSE:NG) has struck an agreement with a native group in Alaska respecting its Ambler project. The company said the agreement consolidates Nova Gold's land holdings with those of NANA Regional Corporation Inc. into a 18,000-hectare land package, and provides a framework for exploring and developing the polymetallic deposit.

The markets hammered copper on Wednesday after the Federal Reserve said in its Beige Book survey that economic prospects in the United States appear to be dimming. The red metal — widely considered a barometer of future economic growth, slipped 4% on Wednesday — the biggest one-day plunge in three weeks as investors fled equity markets. The North American indexes were a sea of red, with the S&P 500 index down over 1% and the TSX Composite off 1.69%.

Buffeted by falling copper prices and labour unrest at Grasberg, Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) reported net income of $1.1 billion, $1.10 per share, compared with $1.2 billion, $1.24 per share duing the same quarter a year ago. Consolidated copper, gold and molybdenum production in the third quarter were all down compared to a year ago. Freeport sold 947 million pounds of copper, 409 thousand ounces of gold and 19 million pounds of molybdenum, compared with 1.1 billion pounds of copper, 497 thousand ounces of gold and 17 million pounds of molybdenum in the third-quarter of 2010. Regarding Grasberg Mine operations, Freeport said the impact of the eight-day strike in July 2011 and the ongoing strike, which started in September 2011, totaled about 70 million pounds of copper and 100 thousand ounces of gold. The strike has recently turned ugly with reports of sabotage and injuries.

Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce that it has retained the services of Wardrop, A Tetra Tech Company ("Tetra Tech") and AMEC, two large multi-disciplinary engineering companies to complete the required studies for the development of its Broken Hammer deposit in Sudbury, Ontario. Tetra Tech will complete the Pre-Feasibility study ("PFS") and the subsequent Feasibility Study ("FS"). AMEC will complete the Environmental and permitting requirements. "The successful delivery of the bulk sample and its expected results have brought this project to the next phases of development namely Pre-Feasibility, Feasibility, and permitting."

VANCOUVER, Oct. 18, 2011 /PRNewswire/ - By a narrow 280 - 246 (53 - 47%) margin, voters in Southwest Alaska's Lake & Peninsula Borough have supported a ballot measure that, if upheld by the courts, would restrict future development that affects more than one square mile of land within the 31,000 square mile borough. The Pebble Limited Partnership (the "Pebble Partnership" or "PLP") and the State of Alaska view the initiative sponsored by anti-Pebble activists as unconstitutional and unenforceable because it seeks to restrict development of state-owned resources on state lands through a municipal ordinance, and will challenge it in Alaska's Superior Court.

News reports from Australia say BHP Billiton may face delays in getting approvals for its $30 billion Olympic Dam expansion, as Greens and other minor parties holding the balance of power in the South Australian Parliament push for an inquiry into the project. The legal agreement between BHP and the State Government will be introduced to parliament on Tuesday or Wednesday, but the Greens now want BHP Billiton officials to appear before a parliamentary committee to investigate the indenture legislation for the expansion. The project will create an open pit mine adjacent to the current Olympic Dam underground operation that would be the world's biggest – trucks will haul overburden 24/7 for five to six years just to reach the ore body.