Latest Western New Guinea Stories

McMoRan Exploration Co. (NYSE: MMR): HIGHLIGHTS -- Net income for second-quarter 2008 of $60.3 million, $0.75 per fully diluted share, compared with a net loss of $6.5 million, $0.23 per share, in the second quarter of 2007. Second quarter 2008 results included a mark-to-market unrealized loss of $43.2 million, $0.49 per fully diluted share, on open oil and gas derivative contracts. -- Daily production for second-quarter 2008 averaged 294 million cubic feet of natural gas...

BullMarket.com (http://www.bullmarket.com), an online investment newsletter focused on long-term growth and income-generating stocks, announced today that it has provided subscribers with reports on copper stocks, including Freeport McMoRan(NYSE: FCX), Southern Copper(NYSE: PCU), Encore Wire(Nasdaq: WIRE), and Madeco S.A.(NYSE: MAD), among others. All paid and trial subscribers to BullMarket.com can now receive immediate access to the newsletter's exclusive daily reports. As a subscriber,...

By GABRIELA RICO Sumitomo Corp. of America swaps loan for right to buy stake in project The subsidiary of one of Japan's biggest industrial corporations has thrown its support behind the proposed Rosemont mine near Tucson. Sumitomo Corp. of America - which already has existing investments in Arizona copper mines - has loaned Augusta Resources Corp. $40 million in exchange for the right to negotiate a minority ownership interest in the Rosemont project, Gil Clausen, Augusta's president and...

By Bahr, Emilie The end of 2007 marked a turning point for McMoRan Exploration Co. The New Orleans-based energy company ended a two-year earnings skid with a solid fourth quarter and reported profits for the first quarter of 2008. Company officials and analysts pin the positive results on the acquisition of new producing properties last year, strong drilling results and high commodity prices. Despite a net loss of $63.9 million for the year, McMoRan reported net income of $9.7 million for...

General Moly, Inc. (AMEX:GMO) announced that the Company and M3 Engineering & Technology Corporation (M3) have entered into a contractual agreement for the engineering, procurement and construction management (EPCM) of the Mt. Hope molybdenum project. M3 completed the Company's Bankable Feasibility Study of Mt. Hope in August 2007, and has subsequently continued to advance engineering of the project pending this EPCM agreement. M3 Engineering & Technology Corporation is a full-service...

JAKARTA, Indonesia -- Researchers in a remote Indonesian jungle have discovered a giant rat that is about five times the size of a typical city rat and a tiny possum, scientists said Monday.Unearthing new species of mammals in the 21st century is considered very rare. The discoveries by a team of American and Indonesian scientists are being studied further to confirm their status.The animals were found in the Foja mountains rainforest in eastern Papua province in a June expedition, said...

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced today a new organizational structure for its operations management team following a decision by Tim Snider, President and Chief Operating Officer, to retire effective April 1, 2008. The operations will continue to be managed by geographic region, including North America, South America, Indonesia and Africa. The following individuals will comprise the executive operations management team, reporting to Chief Executive Officer...

SYDNEY (Reuters) - Australia is prepared to recognize Indonesian rule over troubled Papua province in a security treaty being planned by the two nations, Foreign Minister Alexander Downer said on Sunday. Relations between the neighbours have been severely strained by Canberra's decision in March to grant 42 Papuans asylum after they arrived by boat. Jakarta recalled its ambassador in protest. Leaders of Australia and Indonesia, facing their most serious disruption in relations since...

By Jason Szep MEDFORD, Massachusetts (Reuters) - Australia's leader should sign a document recognizing Jakarta's rule over West Papua province to resolve a dispute over Canberra's decision to grant 42 Papuans asylum, a senior Indonesia official said on Saturday. Leaders of Australia and Indonesia, facing their most serious disruption of relations since bloodshed over East Timor independence in 1999, plan to meet soon to discuss the dispute, which caused Jakarta to recall its...

CANBERRA (Reuters) - An Australian review of how it grants visas to asylum seekers could undermine the integrity and credibility of its refugee process, human rights group Amnesty International said on Tuesday. Australian Prime Minister John Howard said on Friday that the system was under review after a recent Immigration Department decision to grant asylum to 42 boat people from Indonesia's Papua province strained ties between Canberra and Jakarta. The government is considering...