Tiger Resources (ASX:TGS,TSX:TGS) said that the stage-two feasibility study for its Kipoi copper project in the Democratic Republic of the Congo shows an after-tax net present value of $378 million at a copper price of $3.40 in the years 2014 to 2017 and a price of $3 from 2018. Separately, the company said that 2012 production at Kipoi was 36,962 tonnes of copper in concentrate, exceeding the company's previous estimate by 6 percent. It said production in 2013 will be maintained at 37,000 tonnes at average direct cash operating costs of 48 cents per pound.
Nord Resources (OTC Pink:NRDS) entered into a new copper cathode sales agreement with Red Kite Master Fund for 100 percent of the production from the Johnson Camp mine in Arizona after the old agreement expired end of December. The new agreement runs through March of this year, with options for renewable extensions.
Chile's copper commission said the country will delay 11 of 45 copper and gold mining projects, according to Minerandina, a weekly electronic mining publication. It said the delayed projects comprise $38.9 billion in total deferred investments. The commission cited availability and cost of power supplies, environmental assessments and difficulty obtaining building infrastructure permits.
Junior company newsWestern Copper and Gold (TSX:WRN) said the feasibility study of its Casino copper, gold and molybdenum deposit in the Yukon shows that the project has a $1.8 billion after-tax net present value at long-term metal prices. The study recommends that the project be constructed as an open-pit mine and estimates production of 399,000 ounces of gold, 245 million pounds of copper, 15 million pounds of molybdenum and 1.8 million ounces of silver per year in the first four years of production. Nautilus Minerals (TSX:NUS,LSE:NUS) said it has “become aware through a news release” that Michael Bailey and an entity controlled by Bailey intend to make an unsolicited offer to acquire the company. Nautilus said it has had no contact with Bailey, nor did it have prior knowledge of the offer, so it is “unable to make any determinations regarding the offer or its validity.” The company said its board will consider the offer “if and when it is formally made.”