OZ Minerals (ASX:OZL) is betting big on copper with plans to begin mining ore at its Carrapateena underground mine by 2019.In a statement released on Friday, Australia's third-largest copper producer said it aims for output three years from now under a revised AUD$975 million construction plan - a far cry from the original plans back in 2014 for a project valued up to AUD $3 billion. The mine woul...Read More
Williams Lake BC: Wednesday May 6, 2016: BC's First Nation's Women Advocating Responsible Mining (FNWARM) today called on BC Mines Minister Bill Bennett to work with First Nations to address the damning failings of the province's mine monitoring, and massively underfunded liabilities for mine accidents and polluting abandoned projects."Auditor General Carol Bellringer's report vindicates what BC f...Read More
Oyu Tolgoi, a copper-gold mine in the South Gobi region of Mongolia, approximately 550 km south of the capital Ulaanbaatar, holds one of the largest undeveloped high-grade copper deposits in the world. (Image courtesy of Oyu Tolgoi LLC)In a fresh sign that the downturn in the resources industry may be finally over, mining giant Rio Tinto (LON:RIO) and its Canadian affiliate Turquoise Hill (TSE:TRQ...Read More
The price of copper in New York fell on Thursday for the fourth straight day with July futures trading on the Comex market giving up 2% to $2.1430 a pound after optimism about demand from top consumer China began to fade. After a few brutal days of trading copper is down 6.7% this week alone, wiping out year-to-date gains entirely.Growing demand from China - responsible for 46% of the global trade...Read More
Sibanye Gold (JSE:SGL) (NYSE:SBGL), the biggest producer of the precious metal in South Africa, is actively considering more platinum acquisitions, as it seeks to take advantage of its strong current position and the weakness of most competitors.In September, Sibanye acquired Anglo American Platinum's (Amplats) Rustenburg mines for 4.5 billion rand ($330 million at the time). A few weeks later,...Read More
Original Source: Global Risk InsightsThe town of Luanshya, situated on Zambia's copperbelt, serves as a bellwether for the country's economy. However, political developments in Zambia are causing significant uncertainties in the copper industry.With a sustained annual GDP growth rate above 6%, driven primarily by copper, the past decade has been tumultuous for Luanshya. Founded as a service town...Read More
Ratings agency Moody's on Tuesday changed its outlook for Anglo American's credit rating recognizing the world's fifth largest diversified miner's "rapid progress in negotiating material asset sales, a higher than expected valuation for the sale of the niobium and phosphate businesses, and improving prospects for the global diamond market."In February Moody's downgraded Anglo's debt to junk status...Read More
Mining and metals investors were rushing for the exits on Tuesday on fears that the China-inspired rally on commodity markets in 2016 was losing steam.The sell-off led by comeback story Anglo-American, and punters' favourites Freeport-McMoran and Teck Resources, came after a gauge of manufacturing activity in China unexpectedly fell back in April.After recovering sharply to a more-than-a-year...Read More
Risk, from a mathematical perspective, is the probability of an event multiplied by its potential impact.The World Risk Report, which is published each year, looks at the risks of natural disasters in this way. The model used in the report takes into consideration the exposure of countries to natural disasters, but also their ability to cope and deal with such events. The end result is a World R...Read More
With sales and operations at the ends of the earth, few companies are in a better position to take the pulse of the global economy and the resource sector in particular than Caterpillar.The new line of "smart" equipment will be able to communicate, instantly, how it's performing, and what might need fixing soon.The world's number one heavy equipment manufacturer has been hit hard by the decline i...Read More
Shares of Teck Resources Ltd. have almost tripled this year, making the Canadian company the best-performing global miner amid the rebound in commodity prices and a projected fivefold improvement in earnings.The price of Teck's three main products have surged, with metallurgical coal leading and zinc a close second. Until recently, copper had lagged the pack but gains last week have narrowed the...Read More
One of its most comprehensive workforce studies to date, produced by specialist recruitment firm Hays Canada, reveals that 47 per cent of Canadian professionals are unhappy in their current job. A majority (86%) of employee respondents from multiple regions and industries believe their fit' with a company and its people is essential to contentment and success; however, when considering a new job,...Read More
DENVER, May 2, 2016 - Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) today marked its 95th anniversary since its official incorporation on May 2, 1921."This anniversary is a testament to Newmont's enduring success. Then as now, our leadership is rooted in our high quality people and portfolio, our proven strategy, and our track record of meeting commitments. Our 95th year is an oc...Read More
Taseko Mines (TSX:TKO), the owner of Canada's second largest copper-molybdenum mine, is calling shareholders to vote against a dissident group leading a bitter proxy battle against some of the company's key directors.Raging River acquired 5% of Taseko's common shares in January this year.Last month, the shareholder group - collectively known as Raging River Capital LP - launched a lawsuit in BC Su...Read More
Shares in Freeport-McMoRan (NYSE:FCX) rocketed 10.7% on Friday, boosted by a firm oil and copper price, better than expected financial results and good operational news from its South American mines.Volumes were simply massive with more than 74 million shares changing hands on the day, making it the third most actively traded stock on the New York Stock Exchange.The Phoenix-based company, world...Read More
Phil North was no fan of the proposed Pebble Mine, so when he was asked in 2010 to offer feedback on a draft petition urging the Environmental Protection Agency to kill the project, he pitched in with suggested language and edits.Given that Mr. North was then a staff scientist with the EPA working on the Pebble Mine, however, his collaboration with outside advocates, which he discussed in a dep...Read More
In New York trade on Thursday copper for delivery in July continued to drift lower as top producer Chile painted a mixed picture for the metal.July copper futures were lasting trading at $2.27 per pound, just holding onto the psychologically important $5,000 a tonne level. The price of copper is up solid 17.2% from a seven-year low hit mid-January.The Chilean Copper Commission cut its prediction f...Read More
Thirty-eight members of the Women's Mining Coalition (WMC) from 16 states traveled to Washington D.C. for the 24th annual Fly-In meetings on Capitol Hill during the week of April 18, 2016. The women work in the hardrock, coal and industrial minerals industries, and for companies that provide goods and services to mining companies. Since its inception in 1993, WMC has made annual trips to Washingto...Read More
Beleaguered Anglo American (LON:ALL) said Thursday it has reached a deal to sell its niobium and phosphates businesses in Brazil to China Molybdenum Co. Ltd for $1.5 billion in cash, as part of its ongoing drive to offload noncore assets to reduce debt.The niobium and phosphates division, which consists of mines, plants, processing facilities, chemical complexes and deposits, was considered one o...Read More
Canada's Barrick Gold (TSX, NYSE:ABX), the world's largest producer of the precious metal by output, is claiming victory in its turnaround effort."Barrick is back," executive chairman John Thornton said during the company's annual general meeting, held TuesdayBarrick Gold has reduced its debt load, reshuffle management and sold several assets.Known for his flamboyant statements, he added: "We wil...Read More