Wednesday, September 24, 2008

Arizona mining updates

Nord Resources Corp said it is on track to start mining new copper ore at the reactivated Johnson Camp Mine, 65 miles east of Tucson, in the first quarter of 2009. CEO John Perry said the company expects to get up to full production of 25 million pounds per year by Spring of 2009. [right, Burro pit, Johnson Camp mine. Credit, Nord Resources]

Asarco has asked a U.S. District Court judge to award it $10.2 billion in damages and stock from Grupo Mexico. Asarco wants Southern Peru stock worth $6.7 billion they argue was improperly stripped from the company and award it $3.5 billion in monetary damages. Interestingly, the bankruptcy judge said in a separate action that creditors have to be allowed to vote for either Grupo Mexico's and Asarco's reorganization proposals, but he has not decided if the votes will have any meaning.

A Reuters interview with Freeport McMoRan CEO Richard Adkerson indicates that the company's strong cash flow and sharply reduced debt means the company is moving forward with exploration and development projects worldwide, despite the turmoil in the credit markets.

No comments:

Post a Comment