Lead

Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE:SWN) is pleased to announce additional drill results from the XY West deposit at Selwyn Project, Yukon.

Rio Alto Mining (CVE:RIO) said that an illegal work stoppage at La Arena Gold Oxide Mine forced it to suspend mining operations. The company's stock opened down 6.82% to $2.46. The company, issuing a statement on Thursday, says that it is in discussions with government representatives, community groups and others to resolve the issue.

President Ollanta Humala signed Peru's new mining law on Wednesday, which will raise about $1 billion a year. The money is to be directed to the poorest parts of the country and help build schools and infrastructure. Mining companies will now pay taxes based on their operating profits, ranging from 1% to 12%, rather than old regime where they paid 1% to 3% based on sales. There will also be a windfall profits tax ranging from 2% to 8.4% of a company's net profits.

Fear that Germany may not pass a crucial vote to shore up the eurozone's rescue fund savaged commodities overnight, with copper falling to its lowest level in 14 months, and taking crude oil and grains down with it. The red metal — widely considered to be a bellwether of the global economy — lost 7% of its value and sustained the second largest drop since the recession of 2008, Melbourne Age reported:

Orvana Minerals Corp. TSX:ORV has applied for a permit to begin mining its Copperwood project in Michigan. The environmental permit is one of 13 permits needed to mine in Michigan.

Researchers have discovered a new way to separate gold, silver, copper and other valuable metals from ore using the flotation processing method, reports MEI Online.

Rio Tinto announced on Tuesday that it paid Can$73 million for 49% of Ivanhoe Mines. Rio Tinto acquired an additional 3,700,000 common shares in Ivanhoe Mines Ltd. through a wholly-owned subsidiary, Rio Tinto International Holdings Limited, increasing Rio Tinto's ownership in Ivanhoe Mines by 0.5 per cent to a total of 361,858,442 common shares or 49 per cent through a privately negotiated share purchase agreement.

Chinese companies and investors are stepping up their purchases of industrial commodities such as copper, in a show of confidence in the global economy that stands in contrast to the turmoil in western markets. The wave of buying is providing support for metals and minerals prices after commodities prices fell this month at worries about a double-dip. Senior executives at trading houses, mining companies and banks said Chinese consumers had used the recent drop in prices to rebuild stocks.

A Kamloops BC TV station reports workers at Teck Resources Highland Valley Copper mine have voted 99.5% in favour of striking if necessary to back wage and benefit demands. The 1,100 unionized workers voted Sunday, less than a week before their contract is due to expire. The Highland Valley Copper mine is the largest copper mine in Canada and one of the largest copper mining and concentrating operations in the world. Teck announced last week a $475 million upgrade of its 40-year-old Highland Valley mill to bring it in line with the mine's 2025 end of life, and a separate $210 million investment at a BC lead and zinc operation.