Company newsRio Tinto (LSE:RIO,ASX:RIO,NYSE:RIO) is considering restarting its copper-gold Panguna mine in Papua New Guinea after abandoning the mine in 1989, Reuters reported. A study by Rio's subsidiary, Bougainville Copper, notes that the mine contains at least 5 million tonnes of copper and 19 million ounces of gold. Another Reuters report notes that Mongolia wants an explanation from Rio Tinto regarding around $2 billion in cost increases at the Oyu Tolgoi copper and gold mine. Tiger Resources (ASX:TGS) announced high-grade copper results from a diamond-drilling program at Judeira South, located within its Kipoi copper project in the Democratic Republic of the Congo. Marengo Mining (ASX:MGO,TSX:MRN) said China Nonferrous Metal Industry's Foreign Engineering and Construction Company has given it a price of $1.42 billion for fixed engineering, procurement and construction — as well as processing facilities, mine infrastructure and port facilities — at the Yandera copper-molybdenum-gold project in Papua New Guinea. It said other infrastructure, including a mining fleet, pre-strip and power transmission line, should cost between $300 and $400 million. The company also expects a Chinese state bank to provide 70 percent of the total development financing needed. Southern Copper's (NYSE:SCCO) Peruvian union workers have eased their wage demands to an 11-percent increase; they had previously been asking for 14 percent more. Union officials said that if they haven't reached a deal with the company by the end of this week, the union could vote to strike, 4-traders.com reported. Lundin Mining (TSX:LUN) has been considering potential copper acquisitions in Eastern Europe, and could fund a deal worth as much as $700 million, Bloomberg reported, citing CEO Paul Conibear. Junior company news Discovery Metals (ASX:DML) shares dropped to their lowest level since September after China's Cathay Fortune Investment decided to drop its AU$830-million bid for the company. Cordoba Minerals (TSXV:CDB) may have discovered a “significant new drill target” at its Cordoba project in Colombia. It said that soil sampling has identified a significant copper-gold anomaly. The company has also been granted a water-use permit, which is required for drilling at the main Montiel copper-gold porphyry target.
Copper Fox Metals (TSXV:CUU) acquired mineral tenures inside the Schaft Creek copper-gold-molybdenum-silver project in Northern British Columbia, as well as tenures that increase the size of its Arizona-based Sombrero Butte copper project.Sunward Resources (TSX:SWD) said that effective immediately, Philip O'Neill will assume the role of CEO as Colin Andrew has stepped down. It also appointed Gil Leathley to the position of chief operating officer. Duluth Metals (TSX:DM) identified two new mineralized areas at the Duluth complex in Northeast Minnesota. One area consists of platinum-group-element mineralization while another's mineralization is comprised of copper, nickel and platinum group elements. Securities Disclosure: I, Ragnhild Kjetland, hold no investment interest in any company mentioned in this article. Copper Drops on High Inventories and Risks to European Recovery from Copper Investing News