SouthGobi Energy Resources and Glencore International AG Sign Marketing Agreement

Alexander Molyneux, President of SouthGobi Energy Resources Ltd., and Gene Wusaty, Chief Operating Officer, announced today that an agreement has been signed with Glencore International AG to provide SouthGobi with coking coal marketing expertise and river barging/vessel loading logistical services for SouthGobi’s Mamahak coal project in East Kalimantan, Indonesia. “We have developed Mamahak... 

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Coalcorp Seeks Declaration of Invalidity on Coal Sales Arrangement

Coalcorp Mining Inc.announced that, following an internal review by the new management of the company, it is filing a notice of arbitration with the London Court of International Arbitration asking for a declaration that a contract which Coalcorp’s agent GC Coal signed with Glencore International in February 2007 is not valid or binding on Coalcorp. Coalcorp was also recently informed by Glencore... 

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Constellation Copper files an assignment in bankruptcy under the Bankruptcy and Insolvency Act

Constellation Copper Corporation announced that it has filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act (Canada). The Lisbon Valley mine was originally financed with a $30.0 million collateralized loan package from Investec Bank (UK) Limited and a $3.0 million subordinated loan from Sempra Metals & Concentrates Corp.. The Investec financing facility was amended in February... 

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Zaruma Resources Updates Luz del Cobre Project

Zaruma Resources Inc. provided a further update on the progress of the Luz del Cobre copper project in the State of Sonora, Mexico. The Company stated that it has not yet been able to arrange additional project financing to finish the development and construction of the mine and production plant. Of the estimated US$37 million capital cost of the project, US$22 million has been paid to contractors... 

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Zaruma Resources Reviews Luz del Cobre Project

Zaruma Resources Inc. provided an update on the progress of the Luz del Cobre copper project in the State of Sonora, Mexico. Field activity started in November, 2007, with open pit mining commencing in September, 2008 and the ore being stockpiled for expected crushing and stacking on the leach pad starting at the end of November. Virtually all the equipment to complete the electricity generating plant... 

Zaruma Resources Starts Drilling at Carrizo Ridge and Reports on Luz del Cobre

Zaruma Resources Inc., (TSX-ZMR), reports that a 2,000 metre drilling programme has started in the Sapo-Carrizo area located 7 kilometres west of the Luz del Cobre copper project, in the Company’s 11,300 hectare San Antonio property (Sonora, Mexico). As previously reported, a number of targets with oxide copper mineralization have been identified in the Sapo-Carrizo area. The first drill holes... 

Jaguar signs letter of intent with Glencore and Constellation Copper on proposed restructuring

Jaguar Financial Corporation announced that it has entered into a non-binding letter of intent with Glencore International AG and Constellation Copper Corporation for the purpose of carrying out a proposed restructuring of Constellation as disclosed by Constellation in its press release dated September 3, 2008. Under the Proposed Restructuring, Glencore and Jaguar will invest $10,000,000 in Units... 

Jaguar enters into letter of intent with Glencore and Majority of Debentureholders on proposed restructuring of Constellation Copper

Jaguar Financial Corporation announced it has entered into a letter of intent with Glencore International AG and certain holders of convertible debentures of Constellation Copper Corporation for the purpose of carrying out a proposed restructuring of Constellation. The parties to the LOI are Jaguar, Glencore and certain holders of Debentures owning in excess of two-thirds of the total principal... 

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Bolivian President Evo Morales to Nationalize Swiss-Owned Mineral Processing Plant

President Evo Morales said Thursday he would nationalize a mineral processing plant owned by the Swiss mining company Glencore International AG, the first step of his plan to take control over a larger share of Bolivia’s mineral wealth. Morales did not state the terms under which his government would take over the Vinto plant on the outskirts of the city of Oruro, 110 miles southeast of La Paz. But... 

Morales submits mining tax ‘reforms’ to Bolivia’s Congress

Celebrating his one-year anniversary as Bolivia’s President with a four-hour speech, Evo Morales announced Monday that he has sent a bill to Bolivia’s Congress calling for an increase in the Complementary Mining Tax (ICM) levied on foreign mining firms operating in Bolivia. Apparently the amount of the ICM to be paid will be based on the price of minerals in the international market. This...