News & Features
Mitsubishi to Double Copper Output After Chile Mine Expansion
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By Yuriy Humber
Mitsubishi Corp. (8058), Japan’s biggest commodity supplier, plans to almost double its copper output in 2012 after spending $5.39 billion to buy a minority stake in Anglo American Plc (AAL)’s Chilean unit.
The Tokyo-based trading house’s copper production will rise to 250,000 metric tons, compared with 140,000 tons last year, Mitsubishi said Feb. 1 in an earnings statement on its website. The increase is due to an expansion at the Los Bronces mine in Chile, which will produce 440,000 tons this year from 260,000 tons last year, Mitsubishi said. Read more
February 3, 2012 by Bloomberg · Leave a Comment
Gold Prices Expected To Rise Next Week – Survey Participants
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Most survey participants in Kitco News’ Gold Survey are expecting gold prices to continue to climb next week, building on recent momentum.
In the Kitco News Gold Survey, out of 32 participants, 24 responded this week. Of those 24 participants, 14 see prices up, while seven see prices down, and three are neutral on prices. Market participants include bullion dealers, investment banks, futures traders, money managers and technical chart analysts. Read more
February 3, 2012 by Kitco · Leave a Comment
Indian investor interest in silver surging
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By Shivom Seth
On the back of growing interest by small investors in India, Indian Commodity Exchange, which started operations in late 2009, is to soon introduce micro volumes of gold and silver contracts of up to 1 kilo each. The Exchange is a screen based on-line derivatives exchange for commodities. At the end of last year, it had recorded one of its highest volumes in physical delivery of bullion (gold and silver) on its platform. Read more
February 3, 2012 by Mineweb · Leave a Comment
Zyl finds buyer interest in Mbila coking coal output
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By Robb M. Stewart
AUSTRALIAN mining company Zyl, which last year attracted takeover interest, today said six companies have approached it about securing more than 600,000 tonnes a year of coking coal from its planned Mbila mine in South Africa.
The expressions of interest, including one from an unnamed international mining company, Read more
February 3, 2012 by The Australian · Leave a Comment
Bernanke’s Comments “Lend Support” to Gold, But Precious Metals Dip Following Strong US Jobs News
London Gold Market Report
from Ben Traynor
Friday 3 February 2012, 09:30 EST
Bernanke’s Comments “Lend Support” to Gold, But Precious Metals Dip Following Strong US Jobs News Read more
February 3, 2012 by Ben Traynor · Leave a Comment
Norilsk to Spend $1.1 Billion by 2016 to Boost Copper Output 16%
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By Ilya Khrenniko
OAO GMK Norilsk Nickel (GMKN), Russia’s largest mining company, plans to spend $1.1 billion by 2016 to develop an eastern Siberian copper field and boost output of the highly conductive metal by 16 percent.
The Bystrinsky deposit is expected to yield 62,000 metric tons of copper and 6.3 tons of gold in concentrate a year, First Deputy Chief Executive Officer Yury Filippov said in an e-mailed response to questions. Norilsk plans to complete a feasibility study this quarter and build a processing plant at the site by the end of 2016, he said. Read more
February 3, 2012 by Bloomberg · Leave a Comment
Canadian mining entering period of significant, sustained growth–MAC
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By Dorothy Kosich
A new report by the Mining Association of Canada says Canadian mining “is now entering a period of significant and sustained growth.” Read more
February 3, 2012 by Mineweb · Leave a Comment
Gold jumps on Bernanke signals
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By Matt Day
GOLD futures gained this morning for the sixth time in seven sessions, settling at the highest level in 11 weeks as the Federal Reserve chief urged Congress to tackle the fiscal challenges facing the US.
Gold for April delivery, the most actively traded contract, rose $US9.80, or 0.6 per cent, to settle at $US1759.30 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest settlement price since November 16. Read more
February 3, 2012 by The Australian · Leave a Comment
TSX Mine Financing Alerts: Who’s Got the Money?
The following companies have filed press releases pertaining to a financing on the TSX and Venture exchanges for mining and exploration activities.
Brokers, analysts and investors can use this information to help evaluate whether a company has the funds to continue the business of making mines to feed the mills that create the metals for myriad uses in today’s growing world.
NEW: RITV and shareKNOW.net calculate the value of these projects based on the latest metals prices. The tonnages, grades and recovery rates used are all 43-101 compliant unless otherwise stated, however the values stated are gross values and do not include cost data, which is often available at www.shareKNOW.net using the OPERATING CALCULATOR. Go to www.shareknow.net now to begin evaluating prospective investments!
| Date | Company Name (Click to open profile) | Symbol | How Much? | Status |
| February 2, 2012 | Bannerman Resources Ltd | BAN | $4,266,400. | Closed |
| February 2, 2012 | Allana Potash Corp | AAA | $20,000,000. | Closed |
| February 2, 2012 | NovaGold Resources Inc | NG | $332,766,000. | Amendment |
| February 2, 2012 | Northern Shield Resources Inc | NRN | $2,935,999. | Closed |
| February 2, 2012 | Virginia Mines Inc | VGQ | $4,999,994. | Proposed |
| February 2, 2012 | Orex Ventures Inc | REX | $2,000,000. | Proposed |
| February 2, 2012 | Guyana Frontier Mining Corp | GYG | $500,000. | Closed |
| February 2, 2012 | Oro Gold Resources Ltd | OGR | $5,750,000. | Proposed |
| February 2, 2012 | Northland Resources Inc | NAU | $699,377,998. | Proposed |
February 3, 2012 by resourceINTEL · Leave a Comment
Xanadu in Talks to Sell Mongolian Power-Coal Assets in 6 Months
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By Michelle Yun
Xanadu Mines Ltd. (XAM), an Australian explorer operating in Mongolia, is in talks to sell its thermal coal assets in the nation in the next six months as part of a shift to focus on coking coal.
Discussions are being held at an informal stage and no bank has yet been hired for the sale, Xanadu Chairman Brian Thornton said today by phone from Sydney, without giving details. Read more
February 2, 2012 by Bloomberg · Leave a Comment
Great Basin’s Burnstone gold mine removing obstacles to productivity growth
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By Christy Filen
Since Burnstone mine’s commissioning in February last year it has failed to meet the expectations of management and the investor community alike continually underperforming against budget in its ramp up.
The two main reasons given by the management team for the lower production centre around a fault discovered Read more
February 2, 2012 by Mineweb · Leave a Comment
Glencore and Xstrata in US$80-billion merger talks
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By Clara Ferreira-Marques
LONDON — Mining group Xstrata and commodities trader Glencore are in talks about an all-share deal that could create a combined group worth more than 50 billion pounds (US$79 billion).
The world’s largest diversified commodities trader already owns a 34% stake in Xstrata and a tie-up between the two Swiss-based businesses — potentially the biggest takeover to date in the industry — has long been expected as Glencore aims to add more mines to its trading clout. Read more
February 2, 2012 by Financial Post · Leave a Comment
Good as gold, but no big-bang buy for Newcrest
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NEWCREST is not about to follow up its $9.5 billion acquisition of Lihir Gold in 2010 with another big-bang purchase despite forecasting that gold could race off to as much as $US2500 an ounce in the next five years.
The miner’s new chief executive, Greg Robinson, said yesterday Newcrest was “not really looking to do a large company merger and acquisition”. Read more
February 2, 2012 by The Australian · Leave a Comment
Chinese & Indian Gold Demand Rising as Zero Rates “Distort” Investment Markets, “May Kill Credit”
London Gold Market Report
from Adrian Ash
Thurs 2 Feb., 09:15 EST
Chinese & Indian Gold Demand Rising as Zero Rates “Distort” Investment Markets, “May Kill Credit” Read more
February 2, 2012 by resourceINTEL · Leave a Comment
Copper Extends Gains on U.S. Manufacturing: Commodities at Close
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By Claudia Carpenter
The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.4 percent to 663.08 at 4:52 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.4 percent at 1,592.379. Read more
February 2, 2012 by Bloomberg · Leave a Comment
IRON ORE EXPLORATION: Lac La Fer living up to name with 63% Fe
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QUEBEC – Toronto-based Century Iron Mines reports intersecting 45 metres of 62.67% total Fe at the Lac La Fer iron prospect, part of its Sunny Lake project near Schefferville. The drill hole ended in mineralization at 54 metres.
The company drilled a single hole into Prospect 3, a direct shipping target, based on a gravity anomaly 1,200 metres long and 400 metres wide. Read more
February 2, 2012 by Canadian Mining Journal · Leave a Comment
Continental Gold cuts more strong gold intercepts in Colombia
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By Kip Keen
With nine more drillholes to draw from, Continental Gold (TSX: CNL) expanded two key gold-silver systems at its Buritica project in Colombia. Read more
February 2, 2012 by Mineweb · Leave a Comment
Gold futures rise on weaker US dollar and stronger data
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By Matt Day
GOLD climbed to the highest level in almost two months overnight as investors sought the precious metal as an alternative to the slipping US dollar after a batch of upbeat global economic data.
Gold for April delivery, the most actively traded contract, rose $US9.10, or 0.5 per cent, at $US1,749.50 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest settlement price since December 2. Read more
February 2, 2012 by The Australian · Leave a Comment
Copper Rises as Stronger Manufacturing Bolsters Demand Prospects
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By Agnieszka Troszkiewicz
Copper rose in New York, extending its best start to a year since 2003, as stronger gauges of manufacturing in China and India bolstered demand prospects.
The official purchasing managers’ index for China, the biggest global copper user, gained to 50.5 in January, the country’s statistics bureau said. Indian manufacturing swelled at the fastest pace in eight months. The Institute for Supply Management may say today its U.S. manufacturing measure increased at a swifter rate last month, according to economists. Read more
February 1, 2012 by Bloomberg · Leave a Comment
A.M. Kitco Metals Roundup: Comex Gold Up, Hits Another 7-Week High; Bullish “Outside Markets”
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By Jim Wyckoff
Comex April gold futures prices are trading higher again in early U.S. trading Wednesday, with prices hitting another fresh seven-week high overnight. The bulls have near-term upside technical momentum as the market produced a technically bullish monthly high close on Tuesday, the last trading day of the month. The key “outside markets are also in a bullish posture Wednesday, as the U.S. dollar index is lower and crude oil prices are firmer. April gold last traded up $11.60 at $1,752.10 an ounce. Spot gold was last quoted up $12.60 an ounce at $1,750.00. March Comex silver last traded up $0.598 at $33.86 an ounce. Read more
February 1, 2012 by Kitco · Leave a Comment


