PHOENIX (AP) — Freeport-McMoRan Inc. is selling 80 percent of its stake in a copper and gold mine in Chile for at least $1.8 billion.
The mining company announced the sale agreement Monday for the Candelaria-Ojos del Salado mine with Lundin Mining Corp. of Canada. In addition to $1.8 billion in cash, Freeport-McMoRan also said it will receive 5 percent of copper revenues in any year over the next five years if the average price exceeds $4 a pound. It's currently trading at just over $3 a pound. That could total as much as $200 million, the company said.
WASHINGTON (AP) — The number of chronic safety violators among mine operators has fallen sharply in recent years, according to government figures released Thursday.
The Mine Safety and Health Administration says the number has dropped in response to reforms the agency has taken to rein in bad actors. The National Mining Association counters that the industry's own safety program deserves the credit.
FLAGSTAFF, Ariz. (AP) — Former Interior Secretary Ken Salazar did not abuse his discretion or violate any laws in prohibiting new hard-rock mining claims on one million acres near the Grand Canyon, a federal judge ruled Tuesday.
Salazar announced the 20-year ban in 2012 for an area rich in high-grade uranium reserves outside Grand Canyon National Park. Mining industry groups and a Chino Valley resident quickly sued, saying the ban was irresponsible public policy and violated federal laws.
Because Environmental Protection Agency actions regarding the Pebble Mine haven’t been finalized yet, federal courts don’t have jurisdiction to hear complaints about the matter, Judge H. Russel Holland ruled Friday, tossing out a lawsuit filed by Northern Dynasty Ltd., The Hill reports.
NEW YORK (AP) — Peru's president warned Friday that environmental "extremists" could hurt the golden goose of mining revenue.
During an interview with The Associated Press, President Ollanta Humala said his top priority during the annual meeting of world leaders at the United Nations this week had been to sound the alarm on climate change. The Andean nation will host U.N.-sponsored climate talks in December.
But in July, Humala enacted a law that weakens environmental protections in his country.
RENO, Nev. (AP) — The Canadian-based owner of a gold mine in northern Nevada has agreed to pay a $182,000 civil penalty for failing to correctly report to federal environmental regulators the release of millions of pounds of toxic chemicals — including arsenic and cyanide — into the air and ground.
The U.S. Environmental Protection Agency announced the settlement Thursday with Veris Gold USA, a subsidiary of the Vancouver-based Veris Gold Corp.
TUCSON, Ariz. (AP) — Authorities are testing water from the San Pedro River in southern Arizona that may be contaminated with toxic waste that traveled north after a massive copper mine spill in Mexico this summer.
Mexican officials on Monday issued a binational alert that contaminated water had made its way into the San Pedro River, which runs north to Pinal County in Arizona.
The contamination came from Buenavista del Cobre mine in Cananea, said Carlos Jesus Arias, director of the Sonora state civil protection agency.
HERMOSILLO, Mexico (AP) — Authorities in northern Mexico have issued a new alert of a river spill from a copper mine operated by Grupo Mexico, the state director of civil protection said Sunday.
The agency is urging people to avoid using water from the Sonora River after local municipalities complained of a toxic plume, said Carlos Arias, civil protection director for the border state of Sonora, where the spill occurred.
In a notice filed in the Federal Register Friday, the Environmental Protection Agency said it won’t decide until February whether to block work on Alaska’s Pebble Mine, giving itself more time to review the extensive public comments it has received, The Hill reports.
U.S crude prices racked up their first weekly gain since September, as news that China cut interest rates to boost its economy raised expectations of increased oil demand in the future. West Texas Intermediate crude for January delivery was up 66 cents to finish Friday’s Nymex session at $76.51 a barrel, while in London Brent jumped $1.03 to settle at $80.36, Bloomberg reports.
Royal Dutch Shell, Hess Corp., Exxon Mobil Corp. and Chevron Corp. are among major oil companies with new drilling projects in the Gulf of Mexico, a number in deep water, although a continued decline in oil prices could slow development, The Wall Street Journal reports.
Phillips 66 Partners and Paradigm Energy Partners will join forces to construct the 76-mile Sacagawea Pipeline and a 710-acre rail terminal aimed at transporting Bakken crude from North Dakota more effectively, FuelFix reports.
Customers will see substantially higher energy prices as a result of the Environmental Protection Agency’s rule to curb carbon emissions from existing power plants, according to a study commissioned by coal company Peabody Energy and conducted by Energy Ventures Analysis, which offers a state-by-state breakdown of costs, the San Antonio Business Journal reports.
Rep. Raul Grijalva, D-Ariz., is expected to carry the flag for environmental issues -- fighting climate change, in particular -- as he becomes his party’s ranking member on the House Natural Resources Committee in the next Congress, E&E reports.
No matter the winners in significant battleground states in the 2014 elections, voters there support the fight against climate change, the Sierra Club said, citing statistics from a poll conducted by Hart Research Associates, The Hill reports.
Most Americans believe poorer, less developed parts of the world will bear the brunt of climate change, rather than the U.S., according to a survey conducted by the Public Religion Research Institute and the American Academy of Religion, E&E reports.
The world spent less money -- $331 billion -- on fighting climate change in 2013, the second year in a row the figure dropped, according to a study from the Climate Policy Initiative, which attributed the fall in part to the lower cost of solar energy, Reuters reports.
Only 3.87 billion cubic meters of natural gas heading to Europe from Russia moved through pipelines in Ukraine in October, a little over half of the amount transiting in the year-ago period, Platts reports.