Canada's embattled Nautilus Minerals dropped 11.5% on Wednesday after Papua New Guinea said it is within its rights to terminate a deal made last year for the development of the world's first commercial seabed mine.
Besieged Baja Mining (TSX:BAJ) added another 14% on Wednesday following good gains the day before to trade at $0.205 after announcing it had negotiated a 45-day standstill agreement with lenders for its Boleo project.
London-based Anglo American (LSE:AAL) and Chile's state-owned Codelco have set this Friday as the deadline to resolve a dispute over billions of dollars in copper assets.
Rio Tinto Copper's Chief Executive, Andrew Harding, said the investment will secure low cost copper, gold and molybdenum production for the company in next two decades.
Canada-based Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF)(AIM:NUS) said Monday that despite several meetings with Papua New Guinea's government representatives in the last two weeks, the company is still battling authorities in regards to its obligation to complete the agreement reached in March last year for Nautilus Solwara 1 copper project.
The Democratic Republic of Congo’s Ministry of Mines went on the defensive on Monday about allegedly granting mining licenses to companies with close connections to the government. It qualified those accusations as uninformed and a “double standard."
