Ecuador’s new mining policy backs large-scale projects

FoxBusiness.com quotes an analyst at an industry conference in Rio de Janeiro as saying on Tuesday Brazil's steel industry is "almost at crisis point," due to the country's strong currency and soaring raw-materials costs. Steelmakers have been hit by soaring prices for raw materials, including metallurgical coal and iron ore, prices for which reached record-high levels earlier this year. Some steelmakers have intensified their own iron-ore production activities in Brazil to shield themselves from high ore prices, but Brazil lacks sufficient coking coal resources.

Grupo Mexico and miners at its U.S. copper mining unit Asarco agreed to extend their existing contract for two more years, the Mexican company said in a statement on Tuesday. The contract covers 2,100 workers at Asarco's operations in Arizona and Texas and will now be valid until 2013.

Canada’s Bear Creek Mining Corp. threatened legal action Monday after the Peruvian government cancelled the company’s plans for a silver mine in the country’s southern highlands. The Vancouver-based company said it hoped a political solution could be found, but that it would "vigorously defend" its rights.

Minera Andes announced drill assay results from the January – May 2011 drill program and a development update for the 100% owned Los Azules Copper Project, in San Juan Province, Argentina. Highlights from the recent drilling include a step-out drill hole, located approximately 250 meters west of the resource that returned 0.50% copper over 269 meters, including 0.95% copper over 45 meters. Infill drilling was generally in line with expectations, for example intersecting 0.66% copper over 395 meters and 0.63% copper over 237 meters.

Operations at the Santa Ana mine in Peru, owned by Canada-based Bear Creek Mining, have been cancelled after violence erupted at the mine on Friday, CNN reported: Following the deaths of five protesters in clashes with police Friday, the Peruvian government agreed to put an end to a private mining project in the southern department of Puno.

Golden Minerals Co said it will buy Canada's ECU Silver Mining in a reverse merger for about C$302.5 million ($309.1 million) in stock and cash, to form a new silver mining company focused on Mexico and Argentina. Under the terms of the deal, ECU shareholders will get 0.05 common shares of Golden Minerals and about $0.000394 in cash for each share they hold.

Dynacor Gold Mines Inc. (TSX:DNG) is pleased to provide a second quarter operations update. In the month of May, Dynacor produced from its custom milling plant a historic best of 4,183 ounces of gold (representing more than 50,000 ounces on an annualized rate). Furthermore, during Q1-2011 the company, using cash directly generated from operations, optimized the plant's yield at the current capacity of 180 tpd (tonnes per day). The expansion program, which included installation of an additional cyanidation tank and a 90 tpd ball mill, will facilitate a capacity increase from 180 tpd to just over 200 tpd during the 2nd part of 2011.

Brazilian miner Vale (VALE5.SA:Quote) said on Wednesday it had scrapped plans to sell stock in its fertilizer division, and would take the unit private, buying shares in the company it does not already own. Vale plans to pay up to 2.2 billion reais (US$1.4 billion) to buy out minority investors of Vale Fertilizantes, whose main asset is a stake in Fosfertil (FFTL4.SA: Quote).

Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX:SUE)(OTCQX:SDDDF) is pleased to announce continued positive exploration results for six new drill holes from the ongoing 70,000 metre drilling program being carried out this year on its 100%-owned Shahuindo Gold and Silver Project in northern Peru