Copper mining has been taking place in Africa for thousands of years and still occurs today. Here's a look at three companies that are currently mining the red metal on the continent.
Copper prices are up on the London exchange supported by a weak dollar and better-than-expected economic data from Japan.
Last month's landslide at Utah's Bingham Canyon, one of the world's largest copper mines, triggered significant discussion on possible copper shortages.
Rio Tinto could be a few short weeks away from exporting metal from the Oyu Tolgoi mine in Mongolia.
South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) announced that all of the resolutions that shareholders were asked to consider were approved at its 2013 Annual and Special Meeting. Six directors were elected and a special resolution was passed that authorizes the Company to change its name to "Solidus Resources Corp."
IMX Resources Limited (TSX:IXR,TSX:IXR.WT,ASX:IXR), with JV partner Oz Minerals, announced updates from exploration activities for their Mt Woods Copper-Gold Joint Venture Project.
loomberg reported that Freeport-McMoRan Copper & Gold Inc is taking on a safety review after a tunnel collapse at their Indonesian unit caused multiple fatalities and a production halt is raising prices on supply concerns. As quoted in the Bloomberg report:
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Plains Exploration & Production Company (NYSE: PXP) announced that shareholders have voted in support of FCX's proposed acquisition of PXP.
Equinox Copper Corp. (TSXV:EQX) CEO, Corey Dias, spoke with the Investing News Network at PDAC in Toronto on Chile being one of the best mining jurisdictions in the world.
Polymet Mining Corp (TSX:POM) CFO, Douglas Newby spoke with the Investing News Network during PDAC 2013 in Toronto. Polymet is a Canadian company with a large Copper-Nickel project, the NorthMet project, in northeastern Minnesota. The Company is currently at permitting stage for its Minnesota project, Mr. Newby commented that obtaining permits can sometimes be challenging in the U.S. but once a project is fully permitted it is an advantageous jurisdiction.
Excelsior Mining (TSXV:MIN) President and CEO, Stephen Twyerould, spoke with the Investing News Network during PDAC in Toronto on their flagship copper project in Arizona.
Pasinex Resources (CNSX:PSE) President and CEO, Steve Williams, spoke with the Investing News Network during PDAC in Toronto on Turkey as a mining jurisdiction and upcoming plans for their two projects in 2013.
A weakened dollar and a production outage at the world's second-largest copper mine in Indonesia have boosted copper prices.
Reuters reported that copper rallied to a two-week high, lifted by supply concerns after the stoppage in production at Grasberg and on a soft dollar. As quoted in the market report:
opper prices were down on May 21 on the London Metal Exchange due on the back of weak import figures from China.
Reuters reported that an up tick in demand, coupled with sparse inventories, have pushed Chinese copper premiums to a 7-month high.