Copper

After declaring a 730,000 tonne increase of contained copper in mineral resources at Kennecott Utah Copper, Rio Tinto (NYSE:RIO) expects to head underground. Rio Tinto says that the mineral resource, known as the North Rim Skarn, is a high-grade copper-gold skarn deposit located approximately 300 metres below the current Bingham Canyon pit, the world's deepest open pit mine. The company has committed US$165 million to complete the next stage of exploration and development studies by 2014.

The Mongolian government is discussing possible changes to a 2009 investment agreement for the massive Oyu Tolgoi copper-gold deposit, media reports quoted Mongolia's finance minister, S. Bayartsogt, as saying Tuesday. The 2009 deal gave a 66 percent stake in the multibillion-dollar Oyu Tolgoi project in Mongolia's South Gobi region to the Canadian miner Ivanhoe Mines (Toronto: IVN.TO - news) , in which mining giant Rio Tinto now owns a 48.5 percent stake. The government has the remaining 34 percent stake.

Despite order books that are full and robust commodity prices, Rio Tinto says that customer sentiment is now more cautious and physical markets are softer than they were six months ago. Executives from Rio Tinto, one of the world's largest diversified miners, voiced their concerns at an investor seminar in London and New York on Tuesday. The company is finding that customers are concerned over the health of the OECD economies and persistent volatility in financial markets.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - Empire Mining Corporation (TSX VENTURE:EPC) ("Empire") is pleased to report the final assay results for the remaining drill holes from Phase I drilling at the Demirtepe copper-gold-silver-molybdenum project located in western Turkey, where drilling in the Main Zone has consistently intercepted significant shallow mineralization in every hole completed. The most recent assays include the following significant copper-gold-silver and molybdenum intersections

(Reuters) - Shares of Canadian base metal miners tumbled on Monday as copper prices slid to their lowest level this year on economic jitters and the lingering threat of a Greek default.

Adelaide Now reports BHP Billiton wants to "future-proof" its massive Olympic Dam project, including using driverless haulage trucks and this week put out a recruitment ad for an executive to oversee the high-tech initiative. The system would mean operators can be in a control room on the site or even in the comfort of a city office hundreds of kilometres away. BHP Billiton is in the final stages of the approval process for the $30 billion expansion of its existing underground operation at Olympic Dam to create a new open pit mine that would be the worlds biggest – 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.

Research firm Metals Economics Group reports gold continues to be top exploration target accounting for more than 50% of global exploration of non-ferrous metals for the second consecutive year in 2011. Latin America is set continue to be the industry's favorite regional exploration destination in 2011, while Canada will remain the top overall country. Copper will account for roughly a fifth of 2011 nonferrous exploration budgets that is expected to exceed US$17 billion for expenditures related to precious and base metals, diamonds, uranium, and some industrial minerals. It represents an increase of about 50% from the 2010 total and a new all time high.

New economic numbers from India, the latest forecasts for the country's voracious appetite for gold, iron ore and in particular coal and its plans for a sovereign wealth fund to look at mining deals abroad mean that the GVK-Rinehart tie-up could be the first of many.

The Daily Mercury reports Rio Tinto executive director Sam Walsh says the mining industry has to live with the new resources tax as the best deal that could be done with the current government. The final tax rate had been reduced from 40% to an effective 22.5% rate in the minerals resource rent tax (MRRT), he told the meeting organised by the American Chamber of Commerce in Australia. At a breakfast meeting in Perth on Tuesday, Mr Walsh defended his company's role in closing the tax deal, saying junior miners left out of final negotiations now have a chance to have their concerns heard. On top of the MMRT, Australian miners also have to contend with a proposed carbon tax set to kick in mid-2012.