The profits of Australian mining company OZ Minerals (ASX: OZL) have taken a hit this financial year dropping a drastic 72% at the half year point. Net profits at the copper mining company fell to $113.9 million from $405.7 million in the same period last year. The net profit for the calendar year 2010 had been recorded at $586.9 million.
Gold Hawk Resources has changed its name to Oracle Mining Corporation. The Vancouver based company is listed on the TSX Venture exchange and will now have its shares trade under the symbol OMN starting this Tuesday.
Cartier Resources has reported latest results from the channel samples, which yielded 83.57 g/t silver, 3.03% copper and 1.63% zinc over 10.0 m in a wider interval taken partly across a fold formation grading 31.84 g/t silver, 1.00% copper and 1.11% zinc over 58.0 m at the Cadillac extension project, which is situated 115 km east of Val-d'Or in Quebec.
The Swiss mining company Xstrata has decided to start a $47 million study to transform its Mount Isa mining operation. The firm wishes to develop a large multi-commodity open pit mine at the already present mine in north west Queensland. The study is to begin in August and will be completed by early 2013.
Sono Resources has expanded the high-resolution aeromagnetic survey at its copper-silver project.
VMS Ventures Inc. has announced its results from a drilling program on the Super Zone property which is situated 1.8 km north east of the Reed Copper deposit. Both Super Zone and Northwest Zone properties are part of four properties next to the Reed Copper deposit that is under option to HudBay Minerals Inc.
International PBX Ventures has released additional encouraging results from the current resource expansion and in-fill drilling at its Copaquire porphyry copper property, northern Chile.
Globex Mining Enterprises made a statement on Monday saying that it had intersected high grades of copper and zinc, along with additional gold and silver mineralization, at the Tonnancour property.
A proposed copper mine in Tucson is awaiting federal approval. The south Arizona mine that would have and output of 234 million pounds of copper per year is stuck in limbo as it waits for permit applications to be passed. The Rosemont Copper mine is located 30 miles south east of Tucson on private and public land in the Santa Rita Mountains.
The Chief Executive Officer of Ivanhoe Mines, Robert Friedland is extremely pleased with the progress being made at the Oyu Tolgoi mine in Mongolia. The massive gold and copper mine is expected to begin production ahead of schedule and under budget as per Mr Friedland.
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