Copper market faces larger shortages, supply issues simmer

Over $3 billion and near 15,000 job positions. That is the cost to Honduras, the third poorest country in the Western Hemisphere, as a result of a lack of rules for mining companies operating or wishing to explore in the country.

Peru's Minister of Energy and Mines Jorge Merino Tafur said the government is working hard on creating social programs for the communities and towns of La Oroya, which has been severely affected by the closure of Doe Run’s metallurgical complex three years ago.

Ecometals Limited (the "Company") (TSX VENTURE:EC)(BERLIN:GDQ)(FRANKFURT:GDQ) - The Company is pleased to announce that it has received the Environmental License from the Ministry of the Environment for advanced exploration for its Rio Zarza project in Zamora, Ecuador. The Environmental License encompasses the Rio Zarza and Valle del Inca I licenses and authorizes advanced exploration activities as per the Company's Environmental Impact Study which includes, but is not limited to, diamond drilling.

"We thank shareholders for their support during this unnecessary proxy contest, which has been challenging, costly and disruptive for Baja," said John Greenslade, President and CEO of Baja. "We also caution that strong shareholder support may again be needed at the upcoming Annual General Meeting."

President Ollanta Humala’s administration wants the the South American nation's highest court to throw out an ordinance by the region of Cajamarca banning work on the $4.8 billion copper-gold project.

Mexican silver miner, First Majestic, announced a friendly acquisition of Silvermex Resources for Can$175 million.

Canadian base-metals miner Hudbay Minerals (TSX:HBM)(NYSE:HBM), rose the capital cost estimated of its giant Constancia copper project in Peru by about 50% to $1.5 billion, mentioning both scope changes and inflation as reasons.

Argentinian gold and silver miner, Extorre Gold Mines (TSX:XG), announced a preliminary economic assessment showing their Cerro Moro gold-silver project producing 848,000 ounces of gold and 47.2 million ounces of silver.

The creation of the world’s first national protocol on sustainable and socially responsible mining was discussed at a meeting held in Argentina last week, called by the government of president Cristina Fernandez.