Copper Gains As Industrial China Grows And US Budget Talks Remain In Focus
Copper Fox Metals (TSXV:CUU) said its Schaft Creek copper project in British Columbia will have a nominal milling capacity of 130,000 tonnes per day over a 21-year mine life, according to the most recent feasibility study. That is an increase of 30 percent from the September 2008 study, as well as a 20 percent increase in the capital expenditure expected on the project. The mine is expected to produce a total of 4.88 billion pounds of copper, 4.21 million ounces of gold, 25.1 million ounces of silver and 214.92 million pounds of molybdenum.
Southern Arc Minerals (TSXV:SA) agreed to sell its 90-percent share in the Taliwang gold, silver and copper project in Indonesia to Coke Resources in return for $500,000 and 15 million shares in Coke. The transaction is contingent on Coke completing an initial public offering on the Australian Stock Exchange. Coke expects to issue up to 21 million shares at AU$0.20 per share. Southern Arc will own about 8 percent of the company.
Redhawk Resources (TSX:RDK) plans to pursue an underground development plan for its Copper Creek project in Arizona. It said the underground option is expected to incur smaller capital costs, and the project can be developed in a shorter time. It expects to conclude a preliminary economic assessment based on new resources in the first quarter of 2013.
Copper North Mining (TSXV:COL) raised $775,350 in a non-brokered private placement of 5.17 million shares at $0.15 apiece.Yellowhead Mining (TSX:YMI) raised $441,999 in an additional private placement of shares for $0.65 per share and $0.70 per share. The proceeds will be used for exploratory drilling at its Harper Creek copper, gold and silver project in British Columbia. Securities Disclosure: I, Ragnhild Kjetland, hold no investment interest in any company mentioned in this article. Copper Gains as Industrial China Grows and US Budget Talks Remain in Focus from Copper Investing News
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