Inmet Mining Corp. is mothballing a copper project in Turkey after a court there rejected the company’s appeal of an injunction against development activities at the site.
The news came after Inmet reported a first-quarter profit of $106.7 million yesterday.
Inmet also said the Trabzon Regional Administrative Court rejected an appeal by the Turkish Ministry of Energy and Natural Resources over the injunction against the Cerattepe copper property.
With the rejection, Inmet said, “the injunction will continue to prevent (its subsidiary) from carrying out further development work on the Cerattepe property until the end of this year.”
That’s when Inmet expects the Rize Administrative Court to render its decision on applications filed on cancelling operating licences for the project.
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Metso Minerals will supply a complete processing system for copper ore beneficiation to Zinkgruvan Mining AB for its mine in Southern Sweden. The delivery will be completed during the last quarter of 2009. The value of the order is approximately EUR 16 million.
Metso’s delivery covers the primary and secondary crushing stages, grinding, flotation and pressure filtration, as well as the pumping and conveying of processed copper ore. The contract includes supervision of erection and start-up. The order is for a new copper processing line, which will be built parallel to the existing zinc and lead processing lines at Zinkgruvan. Once completed, the new line will increase Zinkgruvan’s ore processing capacity by a third.
Zinkgruvan Mining AB is 100% owned by the Lundin Mining Corporation, a base metal producer with mining activities in Sweden, Ireland, Spain and Portugal. Lundin Mining is listed on NYSE, TSX and OMX and employs altogether some 3,500 people. The Zinkgruvan mine has been in operation since 1857. Metso has had an ongoing service agreement with the mine for over 10 years.
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London Metal Exchange copper for delivery in three months added as much as 0.9 percent to $8,650 ton, and stood at $8,570 at 4:32 p.m. Singapore time. The contract rose to a record $8,880 a ton on April 17 as workers at Codelco, the world’s largest producer, went on strike.
July-delivery copper on the Shanghai Futures Exchange climbed as much as 790 yuan, or 1.2 percent, to 64,990 yuan ($9,286) a ton, before closing at 64,140 yuan.
Aluminum traded 0.5 percent lower at $3,061 a ton, even as traders and analysts including Barclays Capital’s Gayle Berry expect the metal to outperform other industrial metals next year. Read more
Anaconda Copper Mining Company one of the largest trusts of the early 20th century which owned all the mines on Butte Hill, Montana, USA. The Anaconda Company was purchased by Atlantic Richfield Company (ARCO) on January 12, 1977. At present (2007), Anaconda exists only as an environmental liability for BP, the current owner of ARCO.
The area of Butte, Montana, Anaconda, Montana, and the Clark Fork River were highly contaminated. Milling and smelting produced wastes with high concentrations of arsenic, as well as copper, cadmium, lead, zinc, and other heavy metals. That’s why, beginning in 1980s, the Environmental Protection Agency designated the Upper Clark Fork river basin and many Read more
SYDNEY (Thomson Financial) – One of the South Pacific’s largest copper and gold mines, which was at the center of a decade-long secessionist war, could be reopened, the Papua New Guinea government said on Tuesday.
The huge Panguna mine on PNG’s most eastern island, Bougainville, was forced to close in 1989 after continuous attacks by secessionist rebels in a war that cost an estimated 10,000 lives.
As part of a peace agreement, Bougainville was granted autonomy by the PNG government in June 2005, but the island has struggled financially and been plagued by poverty and law and order problems.
For the past 18 months, Bougainville’s autonomous government has been seeking to gain control of the island’s mining powers and functions from the PNG government.
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LONDON (Thomson Financial) – Discovery Metals Ltd said results from the soil geo-chemical survey at the Quirinus prospect confirms copper mineralisation as its strike length has been increased to at least 3,300 meters from 1,500 meters.
Assay results are pending and a diamond drilling program is planned to further assess the prospect, it added.
Managing director Brad Sampson said: ‘These results demonstrate the exploration potential of the company’s 6,400 km square tenement package in addition to the inferred mineral resources previously defined at Zeta, Plutus and Petra.’
‘We still have hundreds of strike kilometres of potentially copper enriched rocks in our tenements that we intend to explore,’ he added.
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VANCOUVER — /PRNewswire-FirstCall via COMTEX/ — El Nino Ventures Inc. (“El Nino”) (TSX.V: ELN; OTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce the appointment of Mr. Allan Lines as Exploration Manager for the company’s exploration in the Democratic Republic of Congo.
Mr. Lines has worked in the mineral exploration industry for the past 13 years, exploring for VMS base metals in eastern Canada, greenstone gold exploration in West Africa and, for the past several years has been managing exploration programs in the DRC Copperbelt for a TSX/ASX listed copper producer and a NYSE listed major company.
Mr. Lines started working in the Democratic Republic of Congo in early 2005. Since then he designed and supervised geochemical sampling programs, advised on project acquisitions, authored baseline environmental studies and planned and managed RC and diamond drilling programs totaling well over 50,000 meters.
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