Vale to postpone developmental projects
Vale said it will delay projects in the conceptual phase of development as the company copes with the economic climate.
Vale said it will delay projects in the conceptual phase of development as the company copes with the economic climate.
Brazilian mining giant Vale has followed the gloomy trend set by BHP and Xstrata by announcing it will lay-off workers at its coal operations.
Vale has teamed up with the University of São Paulo to identify bacteria and fungi capable of eating copper in a move which could generate an additional $1.4 billion in gross revenue for the Brazilian mining giant.
The company reports additional reserves of 210,000 gold equivalent ounces at its Molejon project
Reservoir Minerals (CVE:RMC) was up 48.39% to $3.22 a share after releasing drill results for its Timok Project in eastern Serbia showing 160 metres grading 10.16% copper equivalent.
The downturn in potash prices claimed more victims this week.
"We are not going to see the spectacular growth rates of 10, 12 percent per year."
The company highlights its RC-12-ARI-011: 292m averaging 0.10% Cu, 0.32 g/t Au and 1.1 g/t Ag, including 186m averaging 0.11% Cu, 0.43 g/t Au and 1.4 g/t Ag.
Lumina intersects include 730 meters grading 0.57% copper equivalent in 150 meter step out hole to the northeast-includes 156 meters grading 0.90% copper equivalent.
"I believe the recovery will happen soon," José Carlos Martins, the Brazilian miner's director of iron ore and strategy, said during a conference call discussing the firm's second quarter results, adding that a modest recovery in China will boost prices.