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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (31013)	1/11/2009 7:02:45 PM
From: LoneClone	Read Replies (1) \| Respond to of 193893

Commission: Copper price in Chile to keep low in 2009, 2010 news.xinhuanet.com The price of copper, Chile's main export item, will remain low during the next 18 months, affecting the country's revenue, the Chilean Commission of Copper (Cochilco) said Wednesday. The slump has been caused by sluggish demand from major importers, including China, the U.S. and Japan, amid a world economic downturn. Copper price will drop more, from an average of 1.60 U.S. dollars per pound in 2009 to 1.50 dollars in 2010, the Cochilco said. Chilean copper prices reached 4.028 U.S. dollars per pound on March 6, 2008, and have been falling ever since. Prices for copper, oil and other raw materials have consistently dropped in the international market in the aftermath of the global financial crisis. However, Cochilco said that copper production in Chile will reach 5.47 million metric tons this year, a rise of 3.7 percent compared with 2008. For 2010, Cochilco projected an output of 5.8 million metric tons, an increase of 6 percent on the forecast for this year.

To: LoneClone who wrote (31013)	1/11/2009 8:17:34 PM
From: LoneClone	Read Replies (1) \| Respond to of 193893

Barrick: To Spend $69 Mln To Expand Argentina Veladero Mine Last update: 2:54 p.m. EST Jan. 9, 2009 marketwatch.com{4649F085-202B-4972-AD1B-359E2CC79C21}&dist=msr_1 BUENOS AIRES, Jan 09, 2009 (Dow Jones Commodities News via Comtex) -- Barrick Gold Corp. (ABX) plans to invest 238 Argentine pesos ($69 million) to expand its Veladero gold mine in Argentina, company spokesman Vince Borg confirmed Friday. Barrick will make the investment to increase its crushing capacity from 50,000 to 85,000 tons per day, Argentina's Mining Ministry said in a release Friday. The Veladero mine, located in the important mining province of San Juan, came on line in 2005 after an investment of more than $520 million, according to the Ministry. The investment comes as positive news to provincial authorities, which have seen mining activity drop in recent months due to tight credit and falling metals prices . Exploration in San Juan province last year fell 14% from 2007 to 175 million pesos ($51 million), according to a study from the provincial mining ministry. In addition to Barrick's Veladero mine, development projects include Yamana Gold Inc.'s (AUY) Gualcamayo mine and Xstrata PLC's (XTA.LN) $1.8 billion-to-$2 billion El Pachon copper mine project. Barrick also hopes to develop its $2.4 billion Pascua Lama gold-mine project in San Juan, but the company's plans are on hold as Argentine and Chilean officials continue to negotiate tax sharing for cross-border mine projects like Pascua Lama. -By Shane Romig, Dow Jones Newswires; 54-11-4590-2438; shane.romig@dowjones.com (END) Dow Jones Newswires 01-09-09 1454ET