Mining Companies Exploration and Investment News

Australian Prime Minister Julia Gillard is likely to call an election on Saturday, broadcaster ABC reported on Friday, in a move that could seal the fate of the Labor government’s proposed mining tax.

The government aims to raise A$10.5 billion from 2012 under the watered-down 30 percent tax agreed by global miners BHP Billiton, Rio Tinto and Xstrata, but the conservative opposition has vowed to dump it.

Opinion polls published in Fairfax and News Ltd newspapers put Labor ahead of the conservative opposition at 52 percent versus 48 percent. For a Reuters poll trend, see: Here are some scenarios:
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Gold declined in New York as signs that the global economic recovery is taking root curbed investor demand for the metal as a means of protecting wealth and as yesterday’s gain dampened physical purchases.

Gold yesterday rose 1.2 percent, the most in more than three weeks. Singapore’s government today raised the forecast for full-year economic growth to as much as 15 percent, while Intel Corp. reported record second-quarter sales and topped analysts’ estimates with its forecast for the coming period. Asian shares gained and U.S. index futures rose. European stocks were down 0.5 percent after a six-day rally.
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Copper production in Zambia, Africa’s largest copper producer, fell 13 percent in January 2010 compared with January 2009 due to earlier mine closures but analysts said there were good prospects for higher output.

Zambia has previously said copper production could hit 1.0 million tonnes by 2011 as new mines come on stream and expansions and upgrades take place at existing mines.

Its copper production declined to 54,518 tonnes in January this year from 62,621 tonnes in the same month last year, the central bank said on Tuesday.

Copper exports in January 2010 increased to 56,676 tonnes versus 55,199 produced in 2009, the Bank of Zambia (BOZ) said. (continue reading…)

A major investment by a Chinese company puts a big mining project near Eureka back on track.

General Moly Mines Ltd. expects to begin mining construction of its Mount Hope molybdenum mine in early 2011, with production scheduled to begin 20 months later.

Construction employment is projected to average more than 700 workers, with peak employment near 1,000. General Moly has said the mine will employ 400 people when it’s in operation.

The project had been on a slow track until General Moly reached agreement with Sichuan Hanlong Group about 10 days ago.

The Chinese company will make an $80 million equity investment in General Moly, taking a 25 percent stake in the company headquartered at Lakewood, Colo. (continue reading…)

Jaguar Mining Enterprises, Inc. today announced that they are completing the patio area which is very important for the extraction of the company’s iron ore proven reserves and also to enable (JAGR) rates and overhead to be as efficient as possible in order to show our loyal shareholders the highest return on investment (R.O.I.) as possible. Dale Williams, President & C.E.O., has stated, “We are right on track to have our first crews extracting as we stated in our past release as I am pleased with every member of my staff. We also have a second geological firm coming out to the Mine to ensure the second vein that was discovered just weeks ago can be extracted efficiently as well. (continue reading…)

Goldcorp Inc. today reported gold production of 601,300 ounces at a total cash cost(1) of $289 per ounce for the quarter ended December 31, 2009. Fourth quarter adjusted net earnings(2) amounted to $182.7 million, or $0.25 per share, and operating cash flows before working capital changes(3) for the fourth quarter was $307.6 million or $0.42 per share. For the year, Goldcorp produced 2.42 million ounces of gold at a total cash cost of $295 per ounce, generating adjusted net earnings of $588.2 million or $0.80 per share and operating cash flows before working capital changes of $1.2 billion or $1.61 per share.
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Glencore International AG, the world’s largest commodity trader, will buy back a Colombian coal unit from Xstrata Plc, setting the stage for an initial public offering that may value the trading company at $35 billion.
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Australian gold output rose 14 percent in the fourth quarter last year, helped by Newmont Mining Corp.’s Boddington mine, confirming the country as the world’s second-biggest producer, a research group said.

Gold production in Australia rose to 62 metric tons during the three months to Dec. 31, Melbourne-based Surbiton Associates Pty said in an e-mailed statement. (continue reading…)