Copper Rises From Seven-month Low As Chinese Manufacturing Expands
Rio Tinto (LSE:RIO,ASX:RIO,NYSE:RIO) has secured $3.7 billion in loans from 11 banks to help finance its Oyu Tolgoi copper project in Mongolia, Bloomberg reported, citing unnamed sources.
Codelco's unionized workers announced plans for a 24-hour work stoppage at all units before mid-April in a move aimed at demanding greater job security and pensions, Reuters reported. Meanwhile, copper exports were delayed from Chile as port workers continued a strike that started March 16, Bloomberg reported.
Jiangxi Copper Corporation (SSE:600362) wants to become one of the world's top five mining companies within 10 to 15 years, China Daily reported, citing Chairman Li Baomin. The company is currently ranked number 24. Li said the company wants to make investments and expand into other resources, such as lead, zinc and rare earths.Junior company news Indophil Resources (ASX:IRN) is still studying a potential listing of its shares on the Philippine Stock Exchange after initial plans fell through in 2012, the company's vice president for corporate affairs told BusinessMirror. Euromax Resources (TSXV:EOX) said drilling at its Ilovitza copper-gold porphyry project in Macedonia has confirmed mineralization. “This enables us to complete the re-estimation of resources that will form the basis of our pre-feasibility study, well on schedule for completion half-way through the year,” Pat Forward, the company's chief operating officer, said in a statement. Oracle Mining (TSX:OMN,OTCQX:OMCCF) said an initial indicated and inferred mineral resource estimate at the Oracle Ridge copper project confirms “that mineralization in historical zones could be validated and a resource established.” The indicated mineral resource estimate includes 323 million pounds of copper and 4.2 million ounces of silver. The company plans to resume drilling in the second quarter of this year, with plans to expand and possibly upgrade the mineral resource. Geologix Explorations (TSX:GIX) said a prefeasibility study of its Tepal gold-copper project in Mexico shows an estimated post-tax net present value, at a 5-percent discount, of $421 million. It plans to complete the feasibility study this year and said its next objective is to secure financing for the project's $354-million pre-production capital costs. “We believe this funding should be available through a consortium of metal traders and streamers, smelters, equipment financiers, and commercial bank syndicates,” CEO Dunham Craig said in a statement.
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