Weekly Round-Up: Strong US Jobs Data Boosts Commodities-2

Copper Complete Crushing Plant Investors remain hopeful that a rebound in the Chinese economy, particularly through government stimulus policies including monetary easing, will help bolster demand in the world’s largest copper-consuming nation. In the meantime, the price of the red metal is struggling, particularly because Chinese manufacturing struggled in July. According to the National Bureau of Statistics, the factory purchasing managers’ index in the latest month fell to 50.1, down from 50.2 the previous month. Ivanhoe Mines (NYSE:IVN) has changed its name to Turquoise Hill Resources, and starting August 8 it will be trading on the New York, NASDAQ and Toronto stock exchanges under the ticker symbol TRQ. The name change is part of the company’s financing agreement with Rio Tinto (ASX:RIO), which will allow it complete the Oyu Tolgoi copper and gold project in Mongolia. In other Mongolia-related news, Mongolia’s former president, Nambaryn Enkhbayar, has been sent to jail for four years on corruption charges. The political uncertainties highlighted by the sentence are increasing worries about investing in the country’s mines. In the Philippines, Philex Mining (OTC Pink:PXMFF) has suspended operations at its Padcal copper and gold mine due to typhoon flooding. Government authorities reported that discharges were running out of one of the two underground tunnels that drain clear water, and the company said operations will not resume until the matter is resolved. Geologix Explorations (TSX:GIX) completed its $2.5 million private placement, having issued 12.51 million units at 20 cents a unit. The net proceeds will be used to continue exploration of new target areas and will go towards continued development of the company’s Tepal copper and gold project in Mexico, which is its primary focus. Sand Making Plant Gold Kinross Gold (NYSE:KGC) sacked CEO Tye Burt and appointed J. Paul Rollinson, executive vice president of corporate development, as his successor due to the company’s lackluster performance in recent years. Gold Fields (NYSE:GFI) warned that it may be laying off many workers at its South Deep mine in South Africa as it looks to develop a new operating model. The company remains in negotiations with the National Union of Mineworkers. Granite Processing Plant High Desert Gold (TSXV:HDG) President Ralph Fitch said the latest drilling results at its Gold Springs project in Utah “confirm our prediction that we would find new gold mineralization in undrilled areas below outcropping gold mineralization.” The company also increased its interest in the project to 70 percent, and Fitch stated that “[o]ver the year we have added to our land package in the district and with increased ownership we can drive even greater value for our shareholders in an up-and-coming gold district.”