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Latest Stories

100,000 tpy copper smelter planned for northwestern China

Shanghai-listed Western Mining Co Ltd said it plans to build a 100,000-tonne-per-year copper smelter in the northern western Chinese province of Qinghai, Reuters reported: The cost of the project was estimated at 2.28 billion yuan ($347 million), the company said in a statement on Friday, adding that it would seek a partner to build the smelter with the Western Mining holding a majority stake. "The project is going to add pressure to the local supply of copper concentrate," said senior copper analyst Yang Changhua at state-backed research firm Antaike.

First Quantum doubles quarterly profit

First Quantum Minerals posted a US$455 million profit in the third quarter, the Vancouver-based company reported on Tuesday. That compares with $227 million in earnings in the three months ended December 31, 2009. Sales of copper in Q3 were down from the same period last year, from 98,171 tonnes in Q3 2009 to 76,290 in the third quarter of 2010. However, the company ended the year with $1.385 billion in its treasury compared to $959 million in the previous year's Q3.

Capstone returns to profitability

Capstone Mining made a dramatic move into the black last year, earning a US$72.6 million profit compared to a loss of $18.3 million in 2009. Revenues grew from $250 million in 2009 to $310 million last year. The Vancouver-based company had US$192.4 million in the bank at the end of the year, up from $118.4 million the year previously.

Northern Tiger closes $4.7 million private placement for Yukon exploration

Northern Tiger Resources Inc. (TSX-V:NTR) has closed a brokered private placement of 8.622 million flow-through common share at a price of $0.55 per share for proceeds of $4.742 million. The private placement was initially announced on February 14, 2011 and contemplated raising gross proceeds up to $3 million.

Eurasian Minerals Completes $3M Tranche of CAD$17.875M Private Placement

Eurasian Minerals Inc. (TSX-V: EMX) announced the completion of the second tranche of its CAD $17.875 million private placement by the sale of 921,000 units for proceeds of CAD $2,993,250. Each unit, priced at CAD $3.25, consisted of one common share and one-half of one common share purchase warrant. Each full warrant entitles the warrant holder to purchase one additional common share of EMX until March 14, 2013 at a purchase price of CAD $4.00.