Copper

Diversified miner Teck Resources doubled its quarterly profit on higher copper and coal prices, the company announced on Thursday. Teck said it brought in $756 million in profits in the second quarter of 2011, a 90 percent increase from the same period in 2010, or $1.12 a share compared to 59 cents per share in Q2 2010. President and CEO Don Lindsay attributed the doubling of profits to higher prices for coal and copper — the company's chief commodities — along with a US$2 billion rights offering in July that cashed up the company to the tune of $3.4 billion. Photo of Teck's Elkview operation in southeastern British Columbia, by Teck Resources Limited.

Barrick, the word's number one gold miner, reported net earnings for Q2 rose 35% to $1.2 billion ($1.16 per share) from $859 million in the prior year period. Q2 adjusted net earnings increased 36% to a record $1.1 billion ($1.12 per share)1 from $824 million ($0.84 per share) in Q2 2010, reflecting higher realized gold and copper prices and higher gold sales volumes, resulting in an annualized return on equity of about 21%. The company is on track to meet its 2011 operating guidance of 7.6-8.0 million ounces at total cash costs of $450-$480 per ounce and lower expected net cash costs of $290-$320 per ounce

Chile's copper output tumbled 8.5 percent to 426,477 tonnes in June after a contract workers' strike, heavy rains and power outages hit operations at the world's top copper producer, the government said on Thursday.

Copper Investing News delves into the history books and takes a look at copper mining on the island of Cyprus which is so closely associated with copper, that the word “copper” is actually derived from the Greek name for the island, Kupros. Cyprus’ copper deposits are being revalued and in 2010, around $13 million worth of copper was exported from Skouriotissa (pictured), the world’s longest producing commercial copper mine first explored in 1914 but exploited since the Bronze Age.

London copper futures rose for a second day on Wednesday as supply worries brought on by an extended strike at the world's largest copper mine countered concerns over protracted talks in the United States to lift its debt limit. But the thin trading volumes in Asian hours and modest gains suggest investors were far from aggressive in pushing up copper prices, now trading just around 3 percent away from historic highs, given a shaky outlook for global demand. Satellite image of Escondida Mine in Chile

The tide of deaths of infants and young children from an outbreak of lead poisoning in Zamfara State, in North West Nigeria did not come like a thief in the night. The stage had been set for the tragic incident several years earlier. Increasing activities of illegal miners and improper processing of lead-contaminated gold ore within households in the community, were largely responsible for the high death toll. Image of an artisinal miner holding wolframite is from Julien Harneis. 

REX Minerals has forecast more copper from its Hillside project in SA, releasing a blueprint for a 12-year mine to almost rival Olympic Dam in size. "The conceptual study supports our view that Hillside is one of Australia's largest copper development opportunities," managing director Steven Olsen said.

The copper mining project that is intended to begin in Namosi next year will inject approximately FJ$2 billion [US$1,161,770,000] into Fiji’s economy.

The race to mine the seafloor took another step forward today. Diamond Fields International said it has completed the world's first NI 43-101 compliant resource estimate for its Atlantis II sea-floor deposit, located about 115 kilometres from Jeddah in the Red Sea. DFI has been exploring the deposit with joint venture partner Manafa International.