Showing posts with label Southern Copper Corp. Show all posts
Showing posts with label Southern Copper Corp. Show all posts

Monday, October 1, 2012

Southern Copper to decide in January on Chancas project

Southern Copper will decide in January if it will go forward with its $1.2-billion Peruvian project Los Chancas, CE Oscar Gonzalez said on Monday.

He added that the company, one of the world's top copper producers, is pushing ahead with its investment program in Peru and Mexico despite the global downturn.

On the Los Chancas project, he said, "Once we have the feasibility study we'll decide if it's viable. We'll make this determination in January."

Southern Copper, controlled by Grupo Mexico, has said a prefeasibility study of Los Chancas showed mineralised resources of 355-million tons, with copper content of 0.62%, molybdenum of 0.05% and 0.039 g/t of gold.

Edited by: Creamer Media Reporter

Wednesday, September 12, 2012

Grupo Mexico files motion against US court decision

Mexican mining firm Grupo Mexico said on Tuesday it had filed a motion against a ruling by the Delaware Supreme Court, which had ordered it to pay around $2-billion to Southern Copper Corp over an asset sale.

The Delaware court on August 27 affirmed an earlier decision by a lower court relating to a 2005 deal in which Southern Copper bought Minera Mexico from Grupo Mexico, which also controlled Southern Copper.

That court ruled in October 2011 that Southern Copper overpaid by $1.263-billion, and ordered Grupo Mexico to repay the difference to Southern Copper. The court added interest to the damage award, which brought the total to about $2-billion.

Grupo Mexico said it had presented on Tuesday a motion at the Delaware Supreme Court for the case to be reheard.

In the August ruling, the Delaware court also affirmed a controversial $304-million attorneys' fee approved by the Court of Chancery for the lawyers representing the shareholders who brought the case.

The attorneys' fee was the largest ever of its kind awarded by Delaware's Court of Chancery, one of the country's busiest courts for big shareholder disputes.

Defendants blasted the fee for amounting to $35 000 an hour, more than 30 times the rate in comparable cases.

Source: Reuters

Wednesday, May 9, 2012

Newmont's Yanacocha lifts Peru March gold output 5.1%

The Peruvian Energy & Mines Ministry reports the country's gold output climbed for a fourth month in March on gains at Newmont Mining's Yanacocha mine which increased production by 27%.

Peru's gold output climbed for a fourth month in March on gains at Newmont Mining Corp. (NEM)'s Yanacocha mine, the government said.

Gold production rose 5.1 percent to 13,758 kilograms from a year earlier, the Energy & Mines Ministry said today in an e- mailed statement. Copper output added 0.9 percent to 108,864 metric tons from March 2011.

Gold output climbed after Yanacocha, Latin America's largest gold mine, increased production by 27 percent. Copper producers Cia. Minera Antamina SA and Southern Copper Corp. (SCCO) boosted output by 25 percent and 15 percent, respectively.

Peru is the world's third-largest copper and zinc producer and No. 6 in gold.

Silver, zinc, lead and molybdenum production all gained in March, while tin, iron and tungsten fell.

On the Comex in New York, gold futures for June delivery fell 2.1 percent to $1,604.50 an ounce, the biggest decline for a most-active contract since April 4. Earlier, the price touched $1,595.50, the lowest since Jan. 4.