The traditional owners’ opposition could mean that Energy Resources of Australia (ERA), a subsidiary of Rio Tinto, has to write down the value of its assets.
A letter from US wire manufacturers to the SEC states this type of investment vehicle in copper would “grossly and artificially inflate prices” and “wreak havoc on the US and global economy”.
The declines wiped $1,744,800,000 from Batista's personal fortune in one day, which means he fared worse than Mark Zuckerberg who suffered more than $1.5 billion in losses as a result of the post Facebook IPO fiasco.
After dreary drilling results last year, Canadian junior miner Endeavour Silver (TSX: EXK), announced exploration drilling at the San Sebastian property in Mexico has discovered a new high grade silver-gold mineralized zone in the Terronera vein.
The frantic legal battle between diversified miner Anglo American (LON:ALL) and its Chilean adversary Codelco, the world’s largest copper producer, was put on hold as the parties announced they were entering into talks.
Australian Foreign Minister, Bob Carr, called local mining companies to look at Latin America as a business destination, as the region was emerging as an important economic powerhouse, hungry for Australian investment.
Osisko stock was down another 3.7% today despite the positive news and has now lost 25% of its value since the fire at the Quebec mine was first reported on May 9th.