Incoming Codelco CEO ‘optimistic’ about long-term copper price

Pan American Silver Corp. (TSX: PAAS, NASDAQ: PAA.T) first-quarter profit fell 46% as the costs of acquiring a Mexican gold and silver operation covered a revenue increase.

Over the past decade, mining investment in Latin America has more than doubled, even after experiencing a sharp drop in 2009. According to a report by the Metals Economic Group, Latin America is now the primary destination for mining exploration investment in the world, with 25% of total investment going to Chile, Peru, Brazil, Colombia, Mexico and Argentina.

Brazil's Eike Fuhrken Batista is the world of mining's richest man and he's been on a roll this year – until Tuesday when $1,023,200,000 disappeared from his personal fortune.

First Majestic Silver Corp shed most on the day and industry bellwethers Silver Wheaton and Pan American Silver both hit 52-week lows.

Can it really be worse than last year, when the copper price dropped 26% in a single month?

Mexico, the world’s largest silver producer, is expected to become the next source of “mega” gold projects as experts predict its bullion production will increase considerably in the next five years.

Brazilian tycoon Eike Batista just got richer. CCX, a division of the billionaire’s EBX Group energy arm MPX, announced it has completed a study of coal reserves in the San Juan underground mines in Colombia, discovering a 672 million tons reserve, the fifth largest coal deposit in the world.

Baja Mining stock was up 10% today after the embattled junior miner announced its CEO has resigned.

Mining giant Vale (NYSE:VALE) is having second thoughts about going ahead with its $4 billion Apolo iron ore project in southeast Brazil, which may be affected by the federal government's decision to create a nature reserve in the area.