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Mining news: COBALTCAMEC[miningmx.com] — C CAMEC, the African focussed emerging diversified producer, announces that it has temporarily halted copper and cobalt mining operations in the Democratic Republic of the Congo. ‘The decision is a swift reaction to a sudden steep CAMEC suspends cobalt, copper production in CongoCentral African Mining & Exploration Company said it has suspended copper and cobalt mining operations in the Democratic Republic of Congo after a drop in demand and prices, sending shares down 18 percent. ‘The decision is a swift reaction to a sudden Silence in London, loud in the CongoCamec declines to comment on the halting of its cobalt-copper operations in the DRC, Camec’s only real operating asset. Cobalt’s turn to slumpLike the opaque markets where cobalt trades, there are unconfirmed reports that a major producer has halted production, and is selling from stockpiles. Belvedere upgrades and increases resources by 31% at the Hautalampi nickel cobalt copper project, FinlandExchange: TSX V Symbol: BEL VANCOUVER, Nov. 13 /CNW/ - Belvedere Resources Ltd. BEL:TSX-V Huge fall in Central African copper/cobalt valuations as risk aversion goes nightmareCopper/cobalt miners in the DRC and Zambia have shed USD 16bn in market value, and are now worth a paltry USD 2.5bn. Zambian copper output rises 12.9% in 8-months to Aug, but cobalt declinesZambia’s copper output for the eight-months up to August has risen by 12.9%, when compared to the same period last year, as new mines have come on-stream. CORRECTED-(OFFICIAL)-Consumers fear LME cobalt/moly volatility(Changes quote in paragraph 5, recasts paragraph 1-2 to conform) By Pratima Desai LONDON, Oct 23 (Reuters) - The London Metal Exchange is trying to extend its reach into the world of minor metals with contracts for cobalt and molybdenum, but success Russia’s Norilsk revives cobalt refinery projectRussian mining giant Norilsk Nickel produced 1,160 tonnes of cobalt in the first half of 2008 and has revived a plan to build a refinery to produce high-purity cobalt metal, the company said. ‘A project to build cobalt refining facilities on the Kola Mt Oxide copper-cobalt deal falls throughThe Australian resources sector continues its Stuka dive from the blue sky of a resources boom, with the latest casualty a deal on which the ink was barely dry and seen by the intended acquirer as a company maker – the Mount Oxide project in Queensland. Norilsk revives plans for cobalt refineryNorilsk Nickel has revived plans for a high-purity cobalt refinery on the Kola Peninsula of Russia. Australian nickel miners must grin and bear it well into 2009Western Australia (WA), now a major focal point for global nickel supply with its high grade sulphide mines and more recent nickel-cobalt laterite open cuts, is reeling with the sudden recession for base metals with the outlook most sobering for the now high cost nickel laterite mining and refining projects. Zambian finance minister fears economic consequence of commodity downturnZambia depends on copper and cobalt for more than 63 percent of government revenues. Less demand would translate into reduced foreign exchange earnings. Camec to take stake in Chinese cobalt chemical plantAim-listed Central African Mining & Exploration Company (Camec) has agreed to buy a controlling interest in the Zhejiang Galico Cobalt & Nickel Materials Co, one of the largest chemical salt producers in China specialising in the production of cobalt, nickel and copper inorganic salts and powders. Camec will buy 100% of Joy Rainbow Profits, which owns 78% of Zhejiang Galico, for 73-million new shares, at 0,1p each. Glencore’s Steven Isaacs named interim CEO of Katanga MiningTSX-listed Katanga Mining has appointed Steven Isaacs as interim CEO and Tim Henderson as interim COO with immediate effect, the copper- and cobalt-miner announced on Thursday. Both men are on secondment from the company’s biggest shareholder, Glencore – Isaacs is MD of Glencore Finance and Henderson is executive director of African operations – until permanent appointments are made. Zambia grants licence for cobalt mine, but tax uncertainties cloud futureToronto-based Caledonia Mining has been awarded 25-year mining licences for its Nama cobalt project, in Zambia, but still needs to clear up disparities between an investment licence received from the government and the country’s contentious new tax legislation before it can start raising project finance. The firm recently received a 10-year investment licence from the Zambia Development Agency, but it is still unclear which of the potential tax and duty incentives stated in the investment licence might apply to its local subsidiary, as the new Zambian tax legislation that was enacted earlier in 2008 appears to be in conflict with some of the provisions of the investment licence. Zambia Jan to July copper output rises 14,4%Production of cathode copper in Zambia rose 14,38% to 332 531 t between January and July 2008 compared with the output for the same period last year, the central bank said on Friday. The Bank of Zambia (BoZ) also said cobalt production for the same period fell slightly to 2 655 t, versus 2 673 t in the corresponding period in 2007. Stratabound Announces Latest Copper-Cobalt-Gold Intersections in Captain Drilling << First half copper output rises 20 pct in Zambia. Cobalt up too.Zambian copper production is well on track to reach 600,000 tonnes this year with 1 million tonnes by 2010 in sight. |
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