Why One Firm Would Buy Over Half the LME’s Copper Stocks

Why One Firm Would Buy Over Half the LME’s Copper Stocks

It's unclear why a single buyer — rumored to be London's Red Kite Group — is holding such a large amount of the copper stocks in LME warehouses, but that statistic has certainly caught the attention of investors and analysts.

Taseko Mines Looking to Sue Federal Government

Taseko Mines argued in federal court on Wednesday that the federal government's rejection of its New Prosperity project was improper and the company deserves monetary compensation.

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Mickey Fulp: A Hopeful Optimist in Today’s Markets

At this year’s Prospectors and Developers Association of Canada conference, Investing News Network spoke with Mercenary Geologist Mickey Fulp, who is hopefully optimistic in today’s resource market.

Company News

BHP Billiton Still Not Interested in Expanding Olympic Dam

Reuters reported that the expansion of BHP Billiton Ltd.'s (ASX:BHP,NYSE:BHP,LSE:BLT) huge Olympic Dam copper-gold-uranium mine is still off the table due to "low metals prices and production inefficiencies."

Coro Mining Completes Marimaca Due Diligence

Coro Mining Corp. (TSX:COP) has completed due diligence work on the Marimaca project in Northern Chile. Following the results, Coro has decided to option the project from SCM Compañia Minera Constanza according to terms described in an August 13 news release.

Chilean Government Moves to Help Codelco

The Chilean government has passed a law to aid state-owned copper miner, Codelco, according to Mining.com. The company will receive a special contribution of US$4 billion over the next four years.

Anfield Resources Receives Conditional Approval for Shootaring Mill License Transfer

Anfield Resources Receives Conditional Approval for Shootaring Mill License Transfer

Anfield Resources (TSXV:ARY) reported that the Utah Division of Radiation Control (UDRC) has granted conditional approval for the transfer of ownership of the Shootaring Canyon Uranium Mill radioactive materials license. The UDRC has also extended the license renewal deadline to allow Anfield to prepare a license renewal application for the mill.

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Market News

Doubts Being Raised About a Near Term Copper Surplus

Some analysts and market watchers have been calling for a copper surplus for 2014 and into 2015, but some are raising doubts. In an article for Reuters, Andy Home suggests, "this isn't going to be a year of copper supply surplus at all."

Copper Dips on LME, Rises on Comex

The copper price on the London Metal Exchange declined Wednesday thanks to gains from the U.S. dollar following the release of U.S. durable goods figures, according to Metalbulletin.com.

Copper to Gain on Seasonal China Demand

Reuters reported that LME copper is headed for weekly gains, even though prices dipped slightly on Friday. Copper for three month delivery dipped 0.2 percent to $6,680 a tonne by 0227 GMT. Prices could rise by 0.6 percent this week.

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