Posted: 24 Nov 2013 10:46 PM PST

Chinese state-owned aluminum producer Chinalco will not independently pursue purchase of Glencore's Las Bambas copper project in Peru, the Washington Post reports.

Instead, Chinalco is considering an offer to team up as a minority partner with China Minmetals Corp., the giant government-run metals trader, who has offered Glencore roughly $5 billion for the copper mine.

Las Bambas requires an estimated $5.9bn investment to be fully developed, but it is already 43% completed and production at the mine is due to start in 2015.

The project is expected to produce more than 400,000 tonnes of copper per year once in production, as well as significant amounts of silver and gold.

Iran, world powers clinch nuclear deal

Posted: 24 Nov 2013 05:37 PM PST

After lengthy negotiations, six world powers agreed to a deal with Iran early Sunday morning to limit the Iranian nuclear program in exchange for sanctions relief, potentially bringing Iran out of isolation from the international community.

Israel, Iran's nemesis, was quick to denounce the agreement, calling it "an historic mistake."

Though a number of US senators and congressmen from both major parties also expressed concerns, it's expected that US lawmakers will give Obama's deal some breathing room before taking action.

The deal is does not require ratification by the US Congress, having been signed under force of executive authority.

"For the first time in a decade, we have halted the progress of the Iranian nuclear program and key parts of the program will be rolled back."

"Iran has committed to halting certain levels of enrichment and neutralizing part of its stockpiles.'

"Iran cannot use it next generation centrifuges, which are used for enriching uranium. Iran cannot install or start up new centrifuges."

"Iran will halt work at its plutonium reactor and new inspection will provide extensive access to Iran's nuclear facilities and allow the international community to verify whether Iran is keeping its commitments."

INFOGRAPHIC: 2013 global gold mine and deposit rankings

Posted: 24 Nov 2013 04:59 PM PST

The latest from Visual Capitalist: Global gold mine and deposit rankings 2013.

How rare are 1 million+ oz gold deposits? A meticulous examination of existing and future gold supply:

Also check out the full, 40-page PDF report.

Global Gold Mine and Deposit Rankings 2013

Bitcoin quadruples in a month, breaks through $800

Posted: 24 Nov 2013 04:23 PM PST

Bitcoin was trading at $867 on Japan's Mt Gorex exchange on Sunday, quadrupling in value in just one month.

Last week a US Senate hearing displayed no hostility towards the virtual currency, creating a surge of investment that has pushed bitcoin towards the $1,000 mark.

Chinese buyers have driven the recent frenzy, and investors around the globe will keep an eye on Asian buying activity to better predict whether or not the upward price momentum will last.

Bitcoin has avoided a heavy regulatory hand in the United States, Germany and elsewhere, but if the currency can't break its association with illicit activities, this current climate of tolerance could change.

In October, US authorities seized $3.6 million in bitcoin as part of a larger bust of 'Silk Road', an online black market for drugs, hitmen and hacker tools.

For now, bitcoin is riding high, increasingly used in daily transactions in pubs and shops around the world.

"As acceptance grows, that acceptance will help narrow in on what should be the proper valuation," said Zennon Kapron, from a Shanghai advisory firm.

Chinalco abandons independent Glencore Bambas bid, may team up with Minmetals

Chinalco abandons independent Glencore Bambas bid, may team up with Minmetals

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