Mining Weekly reported that Cape Lambert Resources Ltd. (ASX:CFE) is going to sell its Leichhardt copper project, which is located near Mount Isa. It will use the A$25 million that it receives for the sale to develop its assets portfolio.
Thanks to its profitable mining giants, Australia has been able to thwart much of the pain that has plagued other governments worldwide. Looking ahead, though, mining groups are increasingly wary of investing too much too fast in mega-projects, and a slowdown in developing major copper mines may be on the horizon.
Bloomberg reported that Aditya Birla Minerals Ltd. (PINK:ABWAF) has stopped work at its Mount Gordon mine after rains caused damage.
Straits Resources Ltd. will sell its idled Whim Creek copper mine in west Australia to explorer Venturex Resources Ltd. for up to $9.2 million. For full story, click here
RWE Aust Business News declared that Sandfire Resources has received further outstanding high grade copper gold assay results from the first diamond core hole completed at its Doolgunna project in Western Australia. For full story, click here
Zambia’s Lumwana Mining Co. Ltd, a unit of Australia’s Equinox Minerals Ltd declared annual copper output will be much lower than the projected 170,000 tonnes due to production setbacks. For full story, click here
Owen Hegarty, the former chief executive officer of Oxiana Ltd., is looking to raise funds for copper and gold acquisitions in Asia and Australia and may seek to sell shares in his investment fund within two years. For full story, click here
China Yunnan Copper Australia Limited reported that the Company made a loss of $454,113 for the half year ended 31 December 2008. For full story, click here
Chilean copper miner Antofagasta is actively looking as far afield as Africa and Australia for its growth prospects as growth by exploration is the core pillar of the strategic plan of the miner. The collapse in copper prices, which have more than halved since their peak in July 2008, has opened up several opportunities for [...]
Australia forecast a 10 percent rise in copper mine output in the year to June 2010, even after factoring in a more prolonged economic recession that has already triggered supply curbs. DJ Carmichael & Co mining analyst James Wilson, stated: These would have been put in the works before the market tanked. For full coverage, click here
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