FROM SCRATCH NEWSWIRE

SCAVENGING THE INTERNET

Archive for the ‘COPPER’ Category

GLOBAL CRISIS HITS $1.7B MINING PROJECTS (Philippines)

Posted by Gilmour Poincaree on January 20, 2009

15:02:00 01/20/2009

by Judy Quiros – Mindanao Bureau

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, PHILIPPINES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

ATLAS SHIPS FIRST COPPER TO CHINA (Philippines)

Posted by Gilmour Poincaree on January 7, 2009

17:44:00 01/06/2009

Reuters

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

Posted in CHINA, COMMERCE, COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, METALS INDUSTRY, MINING INDUSTRIES, PHILIPPINES, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

CHINA COPPER SMELTERS SEEK HIGHER SPOT, TERM FEES

Posted by Gilmour Poincaree on December 16, 2008

16 Dec 2008, 12:24 hrs IST

REUTERS

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CHINA, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, HONG KONG, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, RECESSION | Leave a Comment »

RESOURCE COUNTERS HELP SEND STOCKS TO FIVE-WEEK HIGH (South Africa)

Posted by Gilmour Poincaree on December 10, 2008

December 10, 2008

Reuters and Bloomberg

PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Johannesburg – Stocks climbed to a five-week high yesterday buoyed by firmer mining shares.

The Top40 index rose 5.28 percent to 19 986.66 points on Wednesday, while the broader all share index climbed 4.67 percent to 21 930.94 points, levels last seen on November 5.

Gideon Muller, a trader at Thebe Securities said: “Commodity prices are picking up our market [such as] your mining houses and platinum shares.”

BHP Billiton rose 11.48 percent to R188.95 and rival Anglo American gained 7.71 percent to R230.50.

AngloGold Ashanti rose 11.08 percent to R271.

Anglo Platinum increased 8.92 percent to R455 and Impala Platinum advanced 2.5 percent to R121 after platinum prices firmed.

Pallinghurst Resources fell 2.25 percent to R4.35. The company and the Bakgatla Ba Kgafela tribe would invest $175 million (R1.8 billion) in Platmin to allow the company to fund the construction of its Pilanesberg platinum mine in the North West.

Sasol climbed 7.01 percent to close at R299.63.

Kumba Iron Ore slipped 3.7 percent to R157, the biggest decline since November 28. The iron ore producer plans to proceed with an R8.5 billion expansion as its competitors slash output.

Banking stocks, which are sensitive to interest rate moves started to march higher after a report showed retail sales slumped for a sixth month, raising speculation the central bank will cut rates today.

African Bank Investments Limited rose 6.11 percent to R28.12 and Standard Bank ticked up 1.09 percent to R83.49.

Garth Mackenzie, the head of derivatives trading at BoE Stockbrokers, said:

“The stimulus packages continue to boost growth expectations. “We are also seeing quite big gains in the local retailers ahead of the interest rate announcement.”

MTN surged 7.7 percent to R102.99. JD Group increased 8.7 percent to R33.95.

Tiger Brands rallied 3.5 percent, to R147.

Simeka Business Solutions added 7.7 percent to 42c, rising for the first time in six days. The information technology company said first-half earnings a share advanced as much as 40 percent.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘BUSINESS REPORT’ (South Africa)

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, GOLD, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, IRON ORE, METALS, MINING INDUSTRIES, PLATINUM, PRECIOUS METALS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SOUTH AFRICA, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »

MITSUBISHI MATERIALS CORPORATION ADVANCES $28.75 MILLION FOR COPPER MOUNTAIN PROJECT

Posted by Gilmour Poincaree on December 3, 2008

December 2, 2008

PUBLISHED BY ‘CNW GROUP’ (Canada)

TSX: CUM – VANCOUVER, Dec. 1 /CNW/ – Copper Mountain Mining Corporation (“CMMC” or the “Company”) is pleased to announce that Mitsubishi Materials Corporation (“Mitsubishi”) has agreed to advance up to Cdn$28.75 Million by way of a bridge-loan to Similco Mines Ltd. (“Similco”), a wholly-owned subsidiary of the Company. Similco holds the assets of the former Similco mine, which the Company plans to re-develop into a producing mine (the “Project”). The funds will be used for development activities necessary to achieve the planned production start for the Project at the end of 2010. The Company and Mitsubishi continue to work on the definitive agreements in accordance with the MOU announced on October 1, 2008 and it is anticipated that the definitive agreements will be finalized as soon as possible. Mr. O’Rourke, Chief Executive Officer of the Company stated: “I am extremely pleased that Mitsubishi agrees to help us develop this Project by the bridge-loan in a very challenging financial time. Despite the current economic turbulence, we have added confidence that the project will be developed within the budget and schedule. We are taking a long term positive view on the price of copper and expect an improvement in the global economic situation by 2011 when the mine is scheduled to be operating.”

About Mitsubishi Materials Corporation:

Established in 1950, Mitsubishi is one of the world’s largest diversified materials companies and is a leader in metal smelting and refining, cement products, fabricated metals and advanced materials for electric components. Mitsubishi has invested in 4 (four) copper mines now under operation, namely Los Pelambres, Escondida (both in Chile), Huckleberry (Canada) and Batu Hijau (Indonesia). Mitsubishi’s high-level research and development programs are instrumental in enabling it to maintain its dominant position in key markets. Mitsubishi comprises 227 subsidiaries and affiliates in 25 countries, employing 19,467 people.

About Copper Mountain Mining Corp.:

CMMC is a BC resource company that owns 100% of the Project located 15 km south of the town of Princeton in southern British Columbia. The Company recently completed an independent feasibility study that confirmed the viability of restarting this past open pit copper and precious metal producer. Development is based on the construction of a new 35,000 tonne per day concentrator to produce approximately 100 million pounds of copper per year in a copper concentrate with gold and silver credits by the end of 2010. The mine resource includes; a Measured and Indicated Mineral Resource of 186 million tons averaging 0.411% Cu containing 1.5 billion lbs copper and an Inferred Resource of 92 million tons averaging 0.344% Cu containing 0.6 billion lbs copper (see press release July 28, 2008). A copy of the Independent 43-101 Technical Report pertaining to the interim resource estimate and a video presentation on the Copper Mountain Project may be found on the company’s website. The Company’s common shares currently trade on the TSX Exchange under the symbol CUM and additional information is available on the Company’s web site at http://www.CuMtn.com.

On behalf of the Board of COPPER MOUNTAIN MINING CORPORATION

“Rodney A. Shier”

Rodney A. Shier Chief Financial Officer

Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents, filed by the Company on SEDAR at http://www.sedar.com, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts’ expectations or estimates or, subject to the requirement of securities laws, to release publicly any revisions to any forward-looking statement.

For further information: Don Graham: Director, Investor Relations, (604) 682-2992 ext. 224, Email: don@CuMtn.com, Website: http://www.CuMtn.com, or B&D Capital, (604) 685-6465

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CNW GROUP’ (Canada)

Posted in COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INTERNATIONAL, JAPAN, METALS INDUSTRY, MINING INDUSTRIES, THE FLOW OF INVESTMENTS | Leave a Comment »

COPPER SHED 6 PER CENT OVERNIGHT AS BLEAK ECONOMIC PROSPECTS FANNED RENEWED CONCERNS ABOUT DEMAND DESTRUCTION

Posted by Gilmour Poincaree on November 13, 2008

November 12, 2008

Article from: Reuters

The slide in copper and most other industrial metals in London and New York came one day after a Carvings on yellow copper. Cairo, 9th November 2008Chinese stimulus plan sparked a broad-based rally in the complex.

“The market is basically trading as if the Chinese package is not sufficient, at least not at the moment, to provide support,” said Jesper Dannesboe, senior commodity strategist at Societe Generale.

Copper for December delivery dropped US10.40 cents, or 5.9 per cent, to settle at $1.6480 a pound on the New York Mercantile Exchange’s COMEX division.

Yesterday, the metal — often seen as a key gauge of real economic activity — jumped more than 11 per cent to $US1.89 on China’s $US586 billion ($855 billion) fiscal package.

Copper for three-month delivery on the London Metal Exchange fell to a session low of $US3622 per tonne, before closing at $US3640. It also surged 11 per cent yesterday, closing at $3875.

At the end of October, it hit its lowest level in more than three years at $US3590 per tonne.

“I am not surprised to see base metals give up their gains today,” said Catherine Virga, senior base metals analyst with CPM Group in New York. “The fundamentals have not been strong with inventories up day after day, and broader market sentiment down.”

Stocks of copper in LME-registered warehouses rose another 4625 tonnes to 265,475 tonnes — their highest since March 2004.

In November alone, they are up more than 27,000 tonnes.

“We are increasingly of the view that the current environment is disastrous and that the market may not be factoring in how bad it is going to be over the next three months,” said analyst Max Layton at Macquarie Bank.

The World Bank slashed its 2009 economic growth forecast for developing countries and offered new financing of more than $US100 billion over the next three years to help them cope with the global financial crisis.

Also, Merrill Lynch chief executive John Thain said the global economy was in a deep slowdown and would not recover quickly, while the environment recalls 1929, the advent of the Great Depression.

China’s imports of copper showed a rise in October but analysts did not see the trend continuing near term.

The world’s top consumer of copper imported 231,212 tonnes of unwrought copper and semi-finished copper products, versus September’s 213,782 tonnes, customs said.

In the same month, China exported 47,622 tonnes of unwrought aluminium, down from 64,851 tonnes in September.

“We saw some arbitrage flows in September and October, and it’s one of the reasons why imports were firm,” said Yingxi Yu, an analyst at Barclays Capital.

CPM Group’s MsVirga agreed, adding that since the end of October the market had shifted to where the LME copper price regained its premium over the Shanghai price.

“The data since late October suggests weaker reported imports, especially for the month of November,” Ms. Virga said.

LME aluminium fell $US42 or 2.1 percent to $US1948, shrugging off announcements by a number of producers about plans to cut production or re-evaluate expansion plans.

Alcoa was the latest to cut aluminium production, announcing a 350,000-tonne-per-year global reduction.

Australia’s Alumina, a joint venture partner with Alcoa, suspended expansion plans for Australia’s Wagerup alumina refinery until market conditions improve.

Lead was down $US85 at $US1270 a tonne, tin dropped to $US14,150/14,200 from $US14,675 and zinc ended at $US1110 from Monday’s $US1100/1,105.

Nickel fell 6.7 per cent, or $US775, to $US10,725.

Reuters

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE AUSTRALIAN’

Posted in ALUMINUM, COMMERCE, COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, LEAD, METALS, METALS INDUSTRY, TIN, ZINC | Leave a Comment »