SolGold strikes again in Ecuador’s Andean copper belt

North America will head global energy investments this year, driven by boom in unconventional production, with a $392 billion on upstream capital and operating expenditures in the region, say global consultants from IHS.

Newmont Mining Corp. (NYSE and TSX: NEM) reported a 9% increase in first-quarter profit to $561 million, or $1.13 a share, despite the ongoing troubles with its hindered $4.8 billion copper-gold project in Peru, the Conga mine.

Yonhap reported that South Korea will pursue 5 energy and infrastructure development projects in Venezuela worth USD 11.1 billion that could open new business opportunities for local companies in the South American country.

“There is a new level of prices for iron ore globally,” Tito Martins, Vale CFO tells analysts in a conference call Friday.

Corporate Social Responsibility initiatives by mining companies operating in emerging markets in South America, Africa and Asia have become a crucial part of doing business as “above-ground risks are quickly gaining equal footing to traditional geological and engineering considerations for mining projects.”

Mount Kellett Capital Management, a 20% shareholder in Baja Mining (TSX:BAJ), has escalated the war of words between the two companies by demanding the resignation of Baja CEO John Greenslade following a damning announcement of cost overruns at Baja's Boleo project.

Brazil-focused Belo Sun Mining (TSX:BSX) was up 6% today after the Toronto-based company released an updated resource estimate on its Volta Grande gold project.

Vale, the second largest mining company, fell to the lowest in over six weeks today, after reporting its third consecutive drop in quarterly profit driven by declining iron-ore prices and output.

Ecuador needs at least 300 mining engineers and geologists in the near future to be able to deliver on its recent mining contracts, but only about 40 such professionals graduate annually from six universities that offer those programs, according to the agency that regulates Ecuador’s mining industry.