Newmont, Indonesia make peace: copper exports may resume this week

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.

US stocks were driven down at Tuesday’s start with the Dow Jones falling as much as 250 points as Belgium's Dexia become the first Eurozone bank to be bailed out before making a dramatic about turn during the last hour of trade to end up 153 points or 1.4%. The S&P 500 dropped shortly after the opening bell only to end up 2.25% at 1,124 points, but is still down 18% over the last four months. The resource-heavy TSX composite index were almost at a two-year low before making up some of the lost ground to end down just two-thirds of a percent. Gold could not capitalize on the ongoing volatility and fell further after hours to trade at $1,623/oz. Bullion had briefly dipped below $1,600/oz before noon.

Aleksandra Tomczak, writing for the World Coal Association, says the European Commission is supporting World Bank funding for a new coal-powered plant in Kosovo.

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.

The Independent reports the first coal to be mined in Newcastle upon Tyne for more than 50 years could be dug on the site of a 21st century science park ahead of construction. Up to 60,000 tonnes of coal lie below what was a brewery until recently. The area was mined extensively in the 18th century and the various workings underneath make present-day building work perilous.

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.

Stillwater Mining Company (NYSE: SWC) (TSX: SWC.U) ("Stillwater") and Peregine Metals Ltd. (TSX: PGM) ("Peregrine") today announced the completion of the acquisition of Peregrine by Stillwater.

US stocks were driven down at Tuesday's start as Europe's debt troubles and the US employment outlook continued to rattle investors' nerves. The the major indexes were down for a third session and the S&P 500 Index SPX entered bear market territory, off 20% from its April high. The Dow Jones Industrial Average fell more than 200 points to 10,435. The S&P 500 dropped 1.7% to 1,080 and the Nasdaq Composite Index came off lightest, down 20 points. The resource-heavy TSX composite index fell more than 2% to hit a 20-month low of 11,006 shortly after the open. Unsurprisingly the carnage was greater in the Eurozone where the major indices in London, Frankfurt and Paris all lost more than 3%. The crude oil market declined further with US futures down 2% to under $76. Gold could not capitalize on the uncertainty and traded $10 lower at $1,647/oz.