Mining
China imports of Mexican minerals rise 10%
Maquila Portal - Export of Mexican minerals to China increased almost 10 percent and amounted to $1.13 billion in 2009. China, the second purchaser of Mexican minerals, has only two mining projects in Mexico, while Canada ranks first with 74 projects.
Grupo Carso plans to spin off mining ventures
Sentido Comun - Grupo Carso, the industrial group owned by Carlos Slim that is the largest in Mexico, said it plans to spin off its mining assets to create a new mining company that will be traded on the stock market and will allow better valuation of its operations.
Minefinders finds new mineralized zone at Dolores
Reuters - Canada's Minefinders Corp. said on Thursday it discovered a new mineralized zone at its Dolores mine in northern Mexico. The company, which sees potential for higher-grade gold and silver mineralization, said a core drilling campaign will be started in this quarter to test the potential.
Grupo Mexico denies Cananea miners to be rehired
Bloomberg - Grupo Mexico, Mexico’s largest mining company, denied a report that the miners’ union had won an injunction allowing them to return to work at the Cananea copper mine. The shares rose 0.6 percent to 33.26 pesos.
Industrial production falls for first time in six months
Sentido Comun - Mexico's industrial production fell 0.4 percent in seasonally adjusted terms in June against May, the first decline in six months. Manufacturing fell 0.1 percent in June compared to May, the mining sector fell 1.2 percent and construction fell 1.4 percent.
Fresnillo profit rises 82 percent
Bloomberg - Fresnillo, the world’s third largest silver producer, said first-half profit surged 82 percent after output and prices of the metal increased. Net income jumped to $220.7 million from $121.1 million a year earlier. Sales rose 49 percent to $636.3 million.
Grupo Mexico to restart Cananea production in Sept.
El Semanrio - Grupo Mexico said it plans to restart copper production at the Cananea mine in September after a more than two-year dispute with union miners. The company plans to reach a capacity of 180,000 tons at the Sonora mine by February 2011.
www.elsemanario.com.mx/news/news_display.php
Grupo Mexico posts 2nd Q profit of $310 million
Reuters - Mining giant Grupo Mexico posted a second-quarter net profit of nearly $310 million on Wednesday, a jump from a year earlier helped by improved metals prices and production from its recently recovered U.S. mining arm Asarco. Last year, the company's second quarter profit was almost $239 million.
Serengeti acquires gold-silver properties
Market Watch - Serengeti Resources Inc. announced the formation of a Mexican subsidiary company, Compania Minera F.B. Integral, and acquisition of 100 percent interest in three gold-silver exploration properties in the State of Chihuahua, Mexico.
www.marketwatch.com/story/serengeti-acquires-gold-silver-properties-in-mexico-2010-07-27
Southern Copper, Asarco merger proposed
Reuters - Shares in Mexican miner Grupo Mexico rose on Friday after the company said its wants to boost efficiency by fusing units Asarco and Peru's Southern Copper, one of the world's biggest copper producers, offering a swap to shareholders in the Peruvian firm.
www.reuters.com/article/idUSN2310182320100723
