Zinc

Augusta Resource Corp. (TSE:AZC) — the company behind Arizona's latest copper mine — suffered a setback last week in its efforts to develop its Rosemont Copper Project.

The WA Government has urged apprentices to stick with their training after new figures indicating four out of ten drop out. At some major training providers up to half of all apprentices quit in their first year, with many moving on to highly paid but unskilled mining jobs.

Businessweek reports on the day it cleared and matched its first gold trade the London Metal Exchange which handles some 80% of global trade in metals futures, told members on Tuesday that it has receive "many" expressions of interest from potential bidders. The 134-year-old exchange is facing increased competition from other exchanges in Asia and is plagued by a backlog of industrial metals particularly aluminum that’s building at warehouses. LME-monitored warehouses contain 6.7 million metric tons of metal and at some warehouses such as Detroit it can take as long as seven months to withdraw metal. The LME is looking to start trading silver next year.

As the price of copper drops to a 14-month low on speculation of sluggish demand for industrial metals, the chief executive of Codelco — the world's largest copper producer — said buyers in China should take advantage, Bloomberg reported.

Metorex Limited (JNB:MEMTX) reached a new high in quarterly copper output, with production rising by 15% to 15,202 tons. Cobalt output rose by 11% to 942 tons.

Mercator Minerals was changing hands for $1.24, down 7.4% and a new year-low, at the opening of trade on Tuesday despite announcing record production at its Mineral Park Mine in Arizona. The counter has had a dismal year and so far is down 68% on the Toronto exchange in 2011 where it is worth $330 million. Production for the quarter totalled 10.5 million pounds of copper, 2.0 million pounds of molybdenum and 178,000 ounces of silver. Recoveries of copper and molybdenum also increased 7.3% and 3.2%, respectively to average 80.0% for copper and 77.8% for molybdenum.

A Chinese company has made another bid to secure iron ore and other metals beyond its borders. On Tuesday Hanlong Mining said it will buy Perth-based Sundance Resources for US$1.57 billion. AFP reported that Hanlong will acquire Sundance through a scheme of arrangement, after lifting its offer to 57 cents cash per share from 50 cents back in July.

A statement put out by Ivanhoe Mines and partner Rio Tinto on Monday saying it has formally informed the Mongolian government it won't renegotiate the terms of the Oyu Tolgoi investment did not have the desired effect and the share was beaten down 6.6% on Monday. The counter’s losses began after rumours – now confirmed – surfaced that the Mongolian government is rethinking a 2009 deal that gave Ivanhoe Mines and Rio Tinto a 66% stake in Oyu Tolgoi and that it now wants half of the $6 billion gold and copper project.

An illegal work stoppage at La Arena Gold Oxide Mine has been resolved and mining operations have resumed, Rio Alto Mining (CVE:RIO) said on its website today.