Newmont Mining (NYSE:NEM) said Thursday is selling its 48.5% stake in PT Newmont Nusa Tenggara, the operator of its Batu Hijau copper and gold mine in Indonesia, for $1.3 billion to PT Amman Mineral Internasional.The amount, said the Denver-based miner, is comprised of cash proceeds of $920 million expected to be paid at closing and contingent payments of up to $403 million.Newmont has been see...Read More
Base metals have enjoyed a solid 2016 so far with only lead (-3%) in negative territory for the year. While the likes of zinc (+28%) and tin (+16%) have rallied and steelmaking raw materials iron ore (+24%) and coking coal (+12%) have come back strongly, nickel remains stuck in the doldrums.On the LME nickel jumped back above $9,000 on Wednesday, but hasn't been in five-digit territory for near...Read More
Canada's Kinross (TSX:G) (NYSE:KGC), the world's fifth largest gold producer, believes it can increase reserves at its Bald Mountain and Round Mountain mines, which it acquired from Barrick Gold (TSX, NYSE:ABX) late last year.The company, which is looking to strengthen its portfolio in North America, has increased its exploration budget for the year by 50% to $9 million as "promising results" at...Read More
More environmentalists were murdered in Latin America in 2015 than anywhere else in the world, with anti-mining causes costing the most lives, a report by Global Witness shows.According to the UK-based organization, which campaigns against natural resource-related conflict and corruption, the region recorded the highest number of conservationist murders -122 out of a total of 185.Brazil took the l...Read More
He's only been on the job as Tintina Resources CEO for two weeks, but John Shanahan brings a wealth of experience in Montana mining that spans operations and development.The mining veteran was brought onboard to take Tintina and its high-grade Black Butte Copper Project through the home stretch of permitting and development. He replaces Bruce Hooper, who is returning to Australia's Sandfire Resour...Read More
Copper prices soared to a seven-week high on Tuesday morning in London driven by growing expectations of monetary stimulus, a weakening US dollar and slightly more steady global markets.Britain's decision to leave the European Union won't have major long-term implications on the copper market, say analysts, unless it triggers a complete fall apart of the EU.The London Metal Exchange's three-mo...Read More
World's No. 1 mining company BHP Billiton (ASX, NYSE:BHP) (LON:BLT) will raise its annual exploration spending by 29%, allocating nearly all its $900 million budget to finding new copper and oil deposits, which the miner has singled out as the key resources that will bolster its future growth.The budget increase comes despite the Melbourne-based mining giant's decision to cut overall capital expe...Read More
Vancouver - June 23, 2016 | Imperial Metals Corporation ("Imperial" or "Company") (III-TSX) reports that the Ministry of Energy and Mines and the Ministry of Environment have issued the necessary authorizations to allow Mount Polley Mine ("Mount Polley") to return to normal operations making use of its repaired and buttressed Tailings Storage Facility ("TSF").Over the past two years the management...Read More
It was a tale of two markets on Friday as the shares of diversified mining majors were dumped and gold stocks surged after the UK's vote to leave the European union wreaked havoc on financial and commodity markets.In massive volumes in afternoon trade on Friday gold futures in New York for delivery in August, the most active contract, was priced at $1,321 an ounce after earlier in the day peak...Read More
British citizens have dealt the world's political, financial and business scenes quite a blow by voting to leave the European Union, a historic decision set to bring uncertainty as it reverses all past efforts of integration on which the old continent's stability has rested upon in recent years.The unexpected 52% to 48% result of the referendum in favour of the exiting option drove Prime Minister...Read More
While base metals have enjoyed a good 2016 so far with only lead (-5%) in negative territory for the year and the likes of zinc (+27%) and tin (+18%) entering bull markets, molybdenum is making a star turn.A metric tonne of molybdenum on the London Metal Exchange fetched $16,500 on Thursday after customs data from China showed imports of concentrate and oxides surged 131% in May. Over the first f...Read More
WE HAVE UPDATED THE RANKING - CLICK HERE FOR THE NEW TOP 50 MINING COMPANIES As with most rankings, the 13th annual study by PwC of the world's 40 biggest miners elicited a lot of discussion. Following on this debate MINING.com asked our sister organization IntelligenceMine to compile a new list and to update the rankings to take into account the big swings in market valuations and commodity pri...Read More
Technical analyst and newsletter writer Clive Maund explores the link between an anticipated copper rally and an upswing in Chinese markets.In marked contrast to gold, copper looks to be set up for a sizable rally here. On its one-year chart we can see that after its significant drop during May and early June, it is down on an important support level that is certainly capable of generating a rally...Read More
Together with announcing a major management reshuffle and division reorganization, Rio Tinto (ASX, LON:RIO) revived Tuesday rumours of an incoming $9 billion BHP-style spinoff.Soon-to-be Rio's chief executive, Jean-S?(C)bastien Jacques, overhauled the group business divisions, leaving its least loved units - coal, uranium salt, borates and its Iron Ore Co. of Canada - under a new umbrella branded...Read More
Rio Tinto's iron ore will now focus only on the firm's operations in the Pilbara region of Western Australia. Image of the Paraburdoo operation, in the Pilbara, courtesy of Rio Tinto)Ten days before officially assuming as the new chief executive officer of Rio Tinto (ASX, LON:RIO), Jean-S?(C)bastien Jacques has begun making major changes at the top level in an effort to improve the company's balan...Read More
The Australian mining industry is exposing themselves to the unnecessary risk of losing multi-million dollar assets, according to leading legal experts. Despite only taking several minutes online, and costing less than the morning newspaper and cup of coffee, many Australian businesses are failing to protect their legal rights of ownership.The Personal Properties Securities Register (PPSR), a sing...Read More
US-based Mosaic Co. (NYSE:MOS), the world's largest producer of phosphate fertilizer, is said to be in talks with Vale (NYSE:VALE) to acquire the Brazilian mining giant's fertilizer unit, in a deal worth about $3 billion.According to sources quoted by Reuters, a cash-and-stock deal remains the favourite option at this point, though the parties are also discussing other alternatives.Vale is the big...Read More
In Jamaica there is a special fern that grows specifically around copper showings, there's a solid scientific explanation for this and the correlation is very real. This plays a big part in the field mapping and identification of potential mineralization and trench location.Behold! An outcrop covered in said ferns:What's that smell? Skunk?For those who follow Palisade Research, you know that our p...Read More
A resurgent copper price saw investors returning to the biggest names in mining on Wednesday with the world's top listed producer of the red metal leading the charge.In mid-day New York trade on Wednesday copper for delivery in July jumped 3.8% exchanging hands for $2.1190 a pound ($4,672 a tonne) as it recovers from four-month lows hit last week. Copper is now also back to breakeven for the...Read More
Bayan Khundii project went from greenfield prospect to being Erdene's flagship asset in roughly nine months. (Image courtesy of Erdene Resources)Canada's Erdene Resource (TSX:ERD), one of the very few miners to never have encountered issues in Mongolia, has seen its shares soar in the last few months after the company hit the jackpot with a new multi-ounce gold discovery in the country's southwest...Read More