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Today’s Stocks to Watch include: Copper King Mining (Pink Sheets: CPRK), Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Newmont Mining Corp. (NYSE: NEM), Kinross Gold Corp. (NYSE: KGC)
Copper King Mining (OTC: CPRK)
Trades Even on the Day
Detailed Quote: Detailed Quote: http://www.otcpicks.com/quotes/CPRK.php
Copper King Mining Corporation currently owns approximately 1200 acres in the Drum Mountains of Utah, which are patent deeded mining claims which contain Gold, Silver and Copper. The company recently added to its holdings by filing 6 more claims on land which was inside their holdings, but not patent deeded. Contiguous to that acreage is approximately 1100 acres of claims filed by Western Utah Copper Company. The two companies have recently announced a merger with the new company operating under the Copper King Mining name. The signing and finalization of this merger is imminent.
CPRK News:
January 24 - Copper King Mining Corporation Prepares to Go Green
Copper King Mining Corporation (Pink Sheets: CPRK) has set its sites on "going green" in its ore processing. The minerals which are mined in today's world are the backbone of all industry and civilization. As the demand for copper, gold and silver increases worldwide, the natural concerns of the public turn to how these ores are processed.
Copper King Mining Corporation, on a best efforts basis, will employ the most environmentally friendly processes possible, in the extraction and mining of its ores. The decision to go green reflects conscionable concerns new management has from their many years of experience. As a result of these concerns and the desire of management to have the world know of its efforts in this regard, management is pleased to announce that the company has entered into a contract with Clear Vision International based in Los Angeles, California, to represent the company in several areas of public relations. Clear Vision has been retained to develop an extensive public awareness program in National and International media, based in part on the earth-friendly efforts that the company is making in the development and production of its many assets.
Copper King will always use the best processes available to protect the groundwater and ecosystem as it develops the assets under its control.
Interested parties may view photos and video of the patent deeded areas owned by the company at www.thecopperkings.com and also the mines operated by Western Utah Copper Company at www.westernutahcopper.com.
Freeport-McMoRan Copper & Gold (nyse: FCX)
Up 6.13% to $83.43
Detailed Quote: http://www.otcpicks.com/quotes/fcx.php
FCX’s business consists of three primary operating divisions – North American mining, South American mining and Indonesian mining. Following is a discussion of the reportable segments included in these operating divisions, as well as FCX’s other reportable segment – Atlantic Copper Smelting & Refining.
North American Mining.
North American mining comprises copper operations from mining through rod production, molybdenum operations from mining through conversion to chemical and metallurgical products, and the marketing and sale of both products. The North American mining operating division includes one reportable copper production segment (Morenci), and also includes as reportable segments Rod and Refining and Molybdenum. Other North American mining operations not considered reportable segments include FCX’s other southwestern U.S. copper mines – Bagdad, Sierrita, Safford, Chino, Cobre, Tyrone, Miami, Bisbee and Tohono. In addition to copper, the Bagdad, Sierrita, Morenci and Chino mines produce other metals, including molybdenum, gold, silver and rhenium. Other North American mining operations also include the Miami smelter, which is the most significant source of sulfuric acid for the various North American leaching operations; a sales company, which functions as an agent to purchase and sell copper from the North American mines and also purchases and sells any copper not sold by the South American mines to third parties; and other ancillary operations.
South American Mining.
South American mining includes one reportable copper production segment (Cerro Verde). Other South American mining operations not considered reportable segments include FCX’s other copper mines – Candelaria, Ojos del Salado and El Abra.
Indonesian Mining.
Indonesian mining includes PT Freeport Indonesia’s Grasberg copper and gold mining operations and PT Puncakjaya Power’s power generating operations (after eliminations with PT Freeport Indonesia).
Atlantic Copper Smelting & Refining.
Atlantic Copper, FCX’s wholly owned smelting unit in Spain, smelts and refines copper concentrates and markets refined copper and precious metals in slimes.
FCX News:
Jan. 23 - Freeport-McMoRan Falls on Copper Prices
On Wednesday Freeport-McMoRan reported its fourth-quarter earnings fell 3% in spite of a surge in sales because of the decline in copper prices at the end of the quarter compared with the beginning.
“Here we had a quarter in which we met our production guidance, our costs were in line with expectations and the financial results simply reflect the pricing of the marketplace,” said Chief Executive Officer Richard Adkerson.
The miner earned $414 million, or $1.05 per share, compared with $426 million, or $1.99 per share in the prior year. But the company was slammed by one-time charges of $120 million, or 29 cents per share, including accounting-related adjustments on the price of copper, higher property, equipment costs, and debt reduction.
Meanwhile, sales surged to $4.2 billion, from $1.6 billion in the prior year, which the company attributed to its strength in large-scale copper and molybdenum operations in the Americas.
Analysts polled by Thomson Financial forecasted a profit of $1.68 per share on sales of $4.4 billion, excluding one-time charges.
Copper has been hit hard over the last few months as sagging real estate construction cut into consumption of the metal, sending prices down. This leaves Freeport-McMoRan dependent on demand from China and the rest of the developing world.
The United States currently accounts for about 13% of global copper consumption, while China uses 20% to 30%.
Freeport-McMoRan acquired copper miner Phelps Dodge in March for $25.9 billion and just finished paying off the $10 billion in debt in the fourth quarter.
The company began producing copper in December at a new mine in Safford, Ariz. And it plans to ramp up production at the mine to 240 million pounds of copper per year by mid-2008.
Freeport-McMoRan said it expects to expand production in 2008 in the Democratic Republic of Congo, the Americas, and Indonesia.
The company forecasts consolidated sales from mines in 2008 of 4.3 billion pounds of copper, 1.3 million ounces of gold, and 75 million pounds of molybdenum.
Newmont Mining (NYSE: NEM)
Up 2.47% on Thursday
Detailed Quote: http://www.otcpicks.com/quotes/nem.php
Newmont Mining Corporation engages in the exploration, acquisition, and production of gold properties in the United States, Australia, Peru, Indonesia, Ghana, Canada, Bolivia, New Zealand, and Mexico. As of December 31, 2006, it had proven and probable gold reserves of approximately 93.9 million equity ounces and an aggregate land position of approximately 44,470 square miles. The company also produces copper in Indonesia. Newmont Mining Corporation was founded in 1916 and is headquartered in Denver, Colorado.
Nem News
Jan. 24 - Newmont Announces Completion of Miramar Offer
Newmont Mining Corporation announced recently the successful completion of the offer by Newmont Mining B.C. Limited, an indirect wholly-owned subsidiary of Newmont, to acquire all of the outstanding common shares of Miramar Mining Corporation (TSX: MAE, Amex: MNG). At the time of expiry, Newmont took-up and accepted for payment an additional 5,957,442 common shares of Miramar that, together with the 189,399,621 common shares previously taken-up under the offer and the 18,500,000 common shares already indirectly owned by Newmont, represent approximately 96 percent of the outstanding common shares of Miramar.
Newmont has mailed a notice of compulsory acquisition pursuant to the Business Corporations Act (British Columbia) to acquire all the remaining common shares of Miramar that were not acquired pursuant to the offer.
Kinross Gold Corporation (Toronto:K.TO)(NYSE:KGC)
Detailed Quote: http://www.otcpicks.com/quotes/kgc.php
KGC News:
Jan. 23 - Kinross Launches US$400 Million Offering of Convertible Notes
Kinross Gold Corporation (Toronto:K.TO - News)(NYSE:KGC - News) ("Kinross") announced today that it has launched a private offering of approximately US$400 million of senior unsecured convertible notes due March 2028 (the "Convertible Notes"). Kinross expects to grant the initial purchasers in the offering a 30-day option to purchase up to an additional US$60 million of Convertible Notes.
The final terms of the offering have not been fixed. Kinross currently expects that the Convertible Notes will be convertible into Kinross common shares at a fixed conversion rate reflecting an effective conversion price higher than the closing share price on the day the offering is priced, and that any conversion right will be contingent on Kinross' common shares trading at a premium to that effective conversion price or upon the occurrence of certain other specified conversion events. Kinross expects that the terms of the Convertible Notes will provide that Kinross may elect, in lieu of delivering Kinross common shares, to settle any conversion obligation in cash or in a combination of cash and Kinross common shares. The offering of Convertible Notes is expected to close, subject to market conditions and satisfaction of closing requirements, on or about January 30, 2008.
Kinross intends to use a portion of the expected net proceeds of the offering to repay indebtedness under its secured term loan facility, and expects to use the balance of the net proceeds to fund capital expenditures and for general corporate purposes.
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