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9th May 2010
TORONTO (miningweekly.com) – Shareholders of Canada's Quadra Mining and FNX Mining have approved a plan to merge the two companies.
Both base-metals producers held shareholders' meetings on Wednesday, at which Quadra's shareholder approved the deal by 97,2% of the votes cast, and FNX shareholders approved it by 96.8%.
Under the terms of the deal, first announced on March 23, each FNX share will be exchanged for 0,87 Quadra shares and $0,0001.
The parties intend to seek court approval of the transaction on May 20 and expect the deal to close on May 21.
The new company is expected to have 2011 revenues of $1,5-billion, with combined production estimated at 300-million pounds of copper and 150 000 oz of precious metals, plus gold, platinum and palladium by-product credits, FNX and Quadra said when unveiling the deal.
Koper wss goed in het slop idd de komende tijd....
Staalprijzen VS omlaag bij afvlakking economie
23,310 ( 11:36 ) 0,2050 / 0,89%
(WALL STREET JOURNAL)--De staalprijzen in de VS gaan voor het eerst sinds maanden sterk omlaag, nu de industriele productie vertraagt en consumenten weer voorzichtiger worden met de aanschaf van auto's en andere duurzame goederen.
De prijzen zijn in juni flink gedaald en staalproducenten als ArcelorMittal snijden in de productie.
Staalconsultant Michelle Applebaum van Steel Market Intelligence wijst bovendien op het gevaar dat China staal op de VS-markt kan gaan dumpen, nu de binnenlandse vraag daar afneemt.
Analisten voorzien zeker voor de rest van de zomer nog geen stijging van de vraag naar staal en constateren dat de productie bij het eerste lichte herstel van de economie te sterk is opgevoerd.
De daling van de prijs voor staal heeft ook een neerwaarts effect op de prijzen van andere commodities, zoals ijzererts.
Welkom op de site van Copper Benelux; hét informatiecentrum over "koper"
Tervurenlaan 168 bus 10
+32 2 777 70 90
Als niet commerciële organisatie vervult Copper Benelux een belangrijke functie in het verstrekken van informatie betreffende het metaal koper. Middels advies en publicaties wordt een brede doelgroep bereikt.
U vindt op deze website vele documenten in formaat Acrobat Reader (PDF) die kunnen worden gedownload of geraadpleegd online.
Zoekt U een specifiek thema, dan kan dit met een sleutelwoord worden opgezocht via de interne zoekmotor.
Lumina Copper Starts Drill Program at Taca Taca Copper/Gold/Molybdenum Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 08/09/10) - Lumina Copper Corp. (the "Company") (TSX-V:LCC - News) is pleased to announce that it has initiated a drill program at its 100% owned Taca Taca copper/molybdenum/gold deposit located in Salta province, Argentina in early May 2010. The first phase of the program, utilizing one drill rig capable of drilling to depths in excess of 1.2 kilometres, is designed to evaluate the deep targets generated from the TITAN24 geophysical survey as well as expand the known zone of higher grade copper mineralization within the existing mineral resource to the northeast.
tis wel vroeg,ochtendstond heeft Copper in de mond....
die agendeer ik op 15-12-2010 + koopwaardig??
Afghanistan to Zambia
The $810 million purchase is part of about $5 billion that Chinese companies have spent buying more than a dozen copper mines and deposits from Afghanistan to Zambia in the past four years, according to securities filings and company statements. The foreign acquisitions line up about 1.6 million tons of potential annual supply, based on data compiled by Bloomberg. China would absorb that amount by the end of 2014 at its present growth rate, according to CRU’s forecast.
Former Chinese leader Jiang Zemin began articulating a “going out” strategy of buying resources abroad in 2000. It is one of China’s greatest foreign adventures since the 15th century, when the admiral Zheng He led seven trade missions as far as Africa. Jiang’s successor, Hu Jintao, advanced the policy, and Chinalco is helping execute it.
Peru, on South America’s Pacific coast, is the world’s fastest-growing copper producing country. Exports of iron and copper to China helped its economy expand almost 12 percent in the year through June, the strongest on the continent.
Ik ben het helemaal met je eens dat er alternatieven zijn voor koper, dat is bijvoorbeeld aluminium op het gebied als electrisch geleider.
maar de voorraad hiervan is ook beperkt op wereldschaal.
In mijn visie blijft koper een grondstof met een sterke vraag en daardoor een groot potentieel om in waarde te stijgen.
Capstone nearing completion on Kutcho prefeas
Vancouver-based Capstone Mining expects to complete a prefeasibility study late this year or early in 2011 for the copper/zinc project in British Columbia, CEO Darren Pylot said on Wednesday. The company does not expect that the size of the project will trigger a full federal environmental review, so it will only need approval from the provincial government, he said
November 2, 2010
Abacus Reports on 18,000 Metre Drill Program Underway at Ajax
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2010) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) reports on the status of its 18,000 metre, 65 hole diamond drill program currently underway at the Company's joint venture Afton-Ajax project located 10 kms southwest of Kamloops, B.C.
Since the program commenced during the summer, Abacus has completed 15 holes of exploration drilling, targeting the eastern contact of the host Sugarloaf Diorite beyond the Ajax East pit (the Ajax East Extension area). This is in follow-up to last winter's drill campaign which successfully outlined new zones of near-surface, higher grade copper-gold mineralization, while deeper drilling confirmed the existence of continuous, down-dip mineralization to depths of at least 500 metres below surface - similar to the main Ajax deposit which remains open at depth. Highlights of exploration drilling from the current program indicate that several holes intercepted significant mineralization.
Abacus is an exploration and mine development company with a 43-101 compliant positive preliminary economic assessment report (June 22, 2009) for its Ajax copper/gold project located 10 kms southwest of Kamloops, British Columbia. The report contemplates a 60,000 tonne per day operation producing an average of approximately 110 million pounds of copper (approx. 50,000 tonnes) and 100,000 ounces of gold in concentrate annually. Sensitivity analyses approximating metal prices (US$3.00 per pound copper and US$1,000 per ounce gold) in the assessment indicate a NPV of $1.46 billion discounted 8% over a 23 year mine life, with an IRR of 35.4%, cash costs of $0.90 per pound copper, and payback of 2.0 years. The Ajax extension remains open along strike and at depth. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
COPPER prices have hit a new high, driven by the increasing base metals appetite of China and supply constraint concerns.
Copper reached a record high on Thursday night, with sentiment stoked by strong economic data from China and supply fears as inventories fell.
Three-month copper on the London Metal Exchange hit a record $US8966 a tonne, compared with $US8760 at the close on Wednesday. The previous record peak was $US8940, in July 2008, before prices slumped to below $US3000 in late 2008.
Ben Westmore, a minerals and energy economist at National Australia Bank, said that supply-side concerns had been driving the copper price.
"We also saw overnight the Chinese data, which surprised on the upside," he said.
"There has been some speculation that with the stronger inflation numbers out of China, investors are moving into commodities because they tend to hold their value at times of inflation."
RIO Tinto's 2011 copper production will drop to its lowest in more than a decade.
Grades have continued to slide at its three biggest mines, preventing it from making the most of record copper prices.
In an investor briefing in London, Rio copper chief Andrew Harding said mined copper production would drop 15 per cent next year to about 562,000 tonnes.
Rio had already said lower grades at the giant Escondida mine in Chile, the Grasburg mine in Indonesia and the Kennecott mine in Utah would knock 18 per cent off 2010 production, bringing it down to 661,000 tonnes.
"The world's largest mines are now reaching a mature state with declining head grades," Mr Harding said. "Variability in average copper grade has impacted production in 2010 and is expected to further impact it in 2011."
At current copper prices of about $US3.75 a pound, which is off from a record breach of $US4 earlier this month, the 91,000 tonnes of lost copper production this year represents about $US800 million ($830m) of lost revenue.
Not all of Rio's copper is sold fully processed, so the real number will be less than that.
November 29, 2010
Inmet Mining to Consolidate Ownership of Cobre Las Cruces to 100 Percent
TORONTO, CANADA--(Marketwire - Nov. 29, 2010) - Inmet Mining Corporation (Inmet) (TSX:IMN) and an affiliate are pleased to announce that they have reached a binding agreement with Leucadia National Corporation and an affiliate (Leucadia) to acquire their 30% indirect equity interest and subordinated sponsor loans in the Cobre Las Cruces copper mine (Las Cruces) for total value of US$552 million. The purchase consideration will comprise US$150 million cash and US$330 million in common shares of Inmet. In addition, Leucadia will be released from its guarantee on US$72 million debt owed by Las Cruces to an affiliate of Inmet as a result of the re-financing of the project facility in 2009.
Jochen Tilk, President and CEO of Inmet commented "We are pleased to consolidate our ownership in Las Cruces. Our increased exposure to copper through this world class project will create significant value for our shareholders. This commitment from Leucadia strengthens their share position, while maintaining their one Board seat."
At closing, Inmet will issue to Leucadia 5,442,413 common shares, based on the 10 day volume weighted average price of Inmet common shares on the Toronto Stock Exchange (TSX) as at the close of trading on November 26, 2010. As a result, the number of Inmet's issued and outstanding common shares will increase to 61,549,058 common shares post-closing with Leucadia holding 11,042,413 Inmet shares, or 17.94% of Inmet's issued and outstanding common shares. These shares will be subject to the current registration rights granted by Inmet to Leucadia and to a four month hold period from closing. Closing of the transaction is expected to take place on or by December 31, 2010 and is subject to receipt of TSX approval.
December 1, 2010
Abacus Mining & Exploration Corporation: Feasibility Study Underway on Ajax Copper-Gold Project, B.C.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2010) - Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") through the KGHM Ajax Joint Venture with KGHM Polska Miedz S.A. ("KGHM"), is pleased to provide an update on the Feasibility Study currently underway on the Ajax copper-gold project located 10 kilometres southwest of Kamloops, B.C.
The Feasibility Study commenced shortly after Abacus and KGHM announced the formation of the Joint Venture in May 2010, and is expected to be completed next year. The purpose of the Study is to determine updated estimates for the life of mine production schedule of the Ajax project, initial and sustaining capital, as well as operational costs.
Posted: Friday , 17 Dec 2010
RENO, NV -
Minera Andes, which claims to have one of the world's largest undeveloped copper deposits in the Los Azules deposit, has released an updated preliminary assessment on the Argentinian property.
Located in 80 kilometers from the town of Calingasta in the San Juan Province of western-central Argentina, Los Azules could have a mine life of 25-years at a nominal mill capacity of 100,000 tpd.
Minera Andes CEO Rob McEwen, one of the world's best known gold mining entrepreneur's, said, "The Los Azules Copper Project is an advanced-stage porphyry copper exploration project located in the cordilleran region of the San Juan Province, Argentina, near the border with Chile." The company estimated that 18% of the world's copper resources lie in the Andean Cordillera Region.
The preliminary assessment by Samuel Engineering of Greenwood Village, Colorado, estimated an initial capex cost of $2.85 billion for the open-pit mining project. An updated mineral resource estimate released on June 21, outlined 2.2 billion pounds of contained copper in an indicated resource. The deposit is also believed to contain 0.07 grams per tonne of gold and 1.7 grams per tonne of silver in both indicated and inferred resources.
Minera Andes also claims an inferred resource of 10.3 billion pounds of copper. The project was originally a Battle Mountain Gold property which conducted an exploration program from the mid-1980s the mid-1990s. The property was then acquired by Solitario Resources. It was subsequently drilled by Xstrata Copper in 2004, which eventually elected not to exercise its option to acquire 51% of the project and assigned its stake to Minera Andes in 2009.
Minera Andes controls approximately 28,400 hectares of mining rights in the area of the Los Azules deposit. In addition, the Company owns what it believes are sufficient surface rights for the project. Thus far, only 20% of the system has been drilled, according to Minera Andes.
Samuel Engineering suggested a prefeasibility study be conducted on the project at an estimated cost of $26.9 million.
Among the Minera Andes personnel now involved is the project is COO James Duff, a former executive for Coeur d'Alene Mines in Bolivia during the development of Coeur's San Bartolome silver mine.
haas schreef op 9 aug 2010 om 18:04:
Lumina Copper Starts Drill Program at Taca Taca Copper/Gold/Molybdenum Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 08/09/10) - Lumina Copper Corp. (the "Company") (TSX-V:LCC - News) is pleased to announce that it has initiated a drill program at its 100% owned Taca Taca copper/molybdenum/gold deposit located in Salta province, Argentina in early May 2010. The first phase of the program, utilizing one drill rig capable of drilling to depths in excess of 1.2 kilometres, is designed to evaluate the deep targets generated from the TITAN24 geophysical survey as well as expand the known zone of higher grade copper mineralization within the existing mineral resource to the northeast.finance.yahoo.com/news/Lumina-Copper-...
BANGALORE | Mon Jan 10, 2011 8:09am EST
BANGALORE (Reuters) - Canada's HudBay Minerals Inc (HBM.TO) agreed to buy Norsemont Mining Inc (NOM.TO) to gain access to a major copper deposit in Peru, in a cash-and-stock deal valued at about C$362.8 million ($366 million).
January 11, 2011
Lumina Receives Positive Results From Metallurgical Testing Program at Taca Taca-High Grade Copper and Saleable Molybdenum Concentrates Achievable
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 11, 2011) - Lumina Copper Corp. (TSX VENTURE:LCC) (the "Company") is pleased to announce that it has received the results from the initial metallurgical testing program conducted on its 100% owned Taca Taca copper/gold/molybdenum project located in Salta Province, northern Argentina. The preliminary results indicate that a high grade copper concentrate and a saleable molybdenum concentrate can be produced from both supergene and primary mineralized material.
n Wednesday January 12, 2011, 7:46 pm EST
TORONTO (AP) -- Inmet Mining Corp. and Lundin Mining Corp. said Wednesday they are combining to form a new copper company, Symterra Corp., with a market value of about 9 billion Canadian dollars ($9.12 billion).
The new company will have five mines in Europe as well as two large copper development projects in Panama and in the Democratic Republic of Congo.
For each share held, Inmet shareholders will get 3.4918 shares of Symterra, and Lundin shareholders will get 0.3333 shares of Symterra. The bid offers no premium, the Toronto-based companies said.
Koperprijs naar 10.000 dollar
3 februari 2011, 11:06 | ANP
LONDEN (AFN) - De prijs van koper is donderdag naar een nieuw recordniveau gestegen van 10.000 dollar (7225 euro) per ton. De koperprijs loopt op door het optimisme over het economisch herstel en een beperkt aanbod.
Koper wordt onder meer gebruikt in de bouw, de telecomsector en de industrie. Economen verwachten dat de vraag naar koper alleen maar zal toenemen door de economische groei, vooral vanuit China.
De afgelopen maanden stijgt de koperprijs van record naar record. Ook andere grondstoffen zoals lood, nikkel, tin, zilver en goud gaan al tijden flink in prijs omhoog.
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De aandelenbeurzen in New York zijn vrijdag met verliezen gesloten. Handelsspanningen tussen China en de VS...