Glencore will temporarily suspend operations at Lady Loretta and reduce production at George Fisher and McArthur River operations, the company announced on Friday.ABC News reports that 242 workers will lose their jobs at Lady Loretta Mine while while 224 positions will be lost from George Fisher, and 69 at the McArthur mine.The closures gave zinc a bump. The Wall Street Journal says zinc rose 6.7%...Read More
Image by Rawhead RexGFMS Thomson Reuter's closely watched annual base metals review and outlook contains some stark warnings for copper miners.The industry has made progress to reduce costs - since the first quarter of 2014 average cash costs have dropped by $303 a tonne according to GFMS calculations.Over the same period the price of copper is down by $998 a tonne. And since the end of the June q...Read More
Freeport McMoRan Copper and Gold's Grasberg mine is the world's largest gold mine and third largest copper mine.Copper and gold giant Freeport-McMoRan (NYSE:FCX) was trading higher Thursday afternoon after the company announced that Indonesia has promised the company to extent the mining contract for its giant Grasberg mine beyond 2021.The approval will include "the same rights and the same level...Read More
Peru's government declared martial law in parts of its southern highlands last week after protests against the $7.4 billion Las Bambas copper mine, owned by a consortium led by China's MMG Ltd. resulted in at least three deaths. (Image via Twitter @NewsRevo)Social conflicts and red tape have caused the delay of $21.5 billion worth of mining projects in recent years in Peru, one of the world's lar...Read More
Legendary financier Carl Icahn came to an agreement with Freeport McMoran to install two new directors on its board.Icahn's firm owns approximately 100 million shares of FCX common stock, which represents approximately 8.8% of FCX's outstanding shares.News of the deal sent Freeport-McMoran up 9.97% to $13.01.Andrew Langham and Courtney Mather have been appointed to FCX's Board of Directors. With...Read More
Morgan Stanley sees a sharp reversal in commodities with prices rising nearly 20% by 2017 making mining stocks historically attractiveInvestors returned to the metals and mining sector in a big way on Wednesday after an analyst report called a bottom in the commodities rout.On the Comex market in New York copper for delivery in December climbed 1.7% to a three-week high of $2.3960 or $5,280 a tonn...Read More
Brett Kolankowski told The Whigg.com that he is delighted to be working as a bus driver after his mining engineering degree from Queens University didn't quite work out.The Mississauga resident looked for a career in his field, but said jobs were hard to come by within the slumping mining industry. Kolankowski saw an ad for bus drivers and decided to "give it a shot." He told the Whigg that he is...Read More
Bristol Bay is one of the world's richest salmon runs. Image published by Emma Forsberg under Creative Commons license.The Environmental Protection Agency didn't respect proper permitting procedures and relied on hypotheticals when preventing the mine from proceeding after invoking section 404(c) last year, concludes a report released today.Development of the Pebble Bay Mine has been stymied due t...Read More
The drying up of equity and debt markets coupled with new lows in cash reserves have pushed Canada's junior mining industry to the brink says PwC's annual report on the TSX Venture's top 100 junior mining companies.According to report, now in its ninth year, juniors raised $514 million in equity financing in 2015, down 25% from last year, while debt financing fell 27% to $278 million over the sa...Read More
Freeport McMoRan has been mining copper, silver and gold at Grasberg in remote Indonesia since the 1970s. In terms of reserves, Grasberg is still the richest deposit on the planetCopper and gold giant Freeport-McMoRan (NYSE:FCX) was trading higher as much as 6.7% on Tuesday with already more than 28 million shares in the owner of the iconic Grasberg exchanging hands by midday.The Phoenix-based com...Read More
Skeena Resources Limited (TSX.V: SKE) ("Skeena" or the "Company") is pleased to announce the acquisition of a 100% interest in the GJ property (the "GJ Property") from majority owner Teck Resources Limited (TSX: TCK) ("Teck") and its 49% joint venture partner, NGEx Resources Inc. (TSX: NGQ) ("NGEx"). The GJ Property is comprised of 80 mineral claims totaling 37,508 hectares and is located adjacent...Read More
Copper Mountain is located in Canada, 20km south of Princeton. Image from IntelligenceMine.Copper Mountain announced that in the third quarter of 2015 the mine produced 20.4 million pounds of copper.Concentrate shipped during the quarter contained approximately 21.9 million pounds of copper, plus gold and silver, generating an estimated US$60 million in gross revenue. In the third quarter the mil...Read More
Andrew Pullar, CEO of The Sentient Group, a private equity fund, says his plan for investment success is all about identifying companies with long-life, low-cost, world-class assets and supporting them through to production. In this interview with The Gold Report, Pullar plots the course for a handful of what he believes are world-class mining assets.The Gold Report: Please sum up your current vie...Read More
The popular belief that the U.S. economy has been steadily recovering has endured months of disappointing data without losing much of its appeal. A deep bench of excuses, ranging from the weather to the Chinese economy, has been called on to justify why the economy hasn't built up any noticeable steam, and why the Fed has failed to move rates off zero, where they have been for seven years. But the...Read More
The Mining Association of Canada (MAC) expressed its firm support for Canada's participation in the Trans-Pacific Partnership (TPP)."Canada's mining industry has been a strong advocate for liberalized trade and investment flows for many years," stated Pierre Gratton, MAC's President and CEO."NAFTA, free trade agreements with Chile, Peru, Colombia, and other countries in Latin America, Africa, and...Read More
A decision on Friday by a Greek court going in favour of Eldorado Gold's (TSX:ELD) Skouris mine has bumped the stock up by close to 10 percent.Shares in the $3.3-billion market cap company gained 9.63 percent at the close of trading in Toronto, following news that the company can temporarily resume mining until a final court ruling is made. It's the most the Vancouver-based global gold miner has...Read More
Unless you were hiding out in rough rice or lean hogs, commodities were not your friend in the third quarter of 2015.GoldCore compiled three-month relative performance of commodities with data from Finviz.com. Worries out of Asia hurt commodities. China is rebalancing, emphasising consumption over investment. It's stock market gyrations also dragged down metals. The Shanghai Composite Index fallin...Read More
The slowdown in the Chinese economy has been front and centre for commodities markets for a long time, but today's its impact is felt on US interest rate policy and equity markets. China's official GDP growth is expected to slow to less than 7% in 2015, the slowest pace in 25 years.But even at this rate of growth the country would be adding some $700 billion to gross domestic product (and that's e...Read More
Christine Lagarde speaking at the World Economic Forum in Davos, Switzerland. Image from Wikipedia.With China emphasising consumption over investment, there 'could be a prolonged period of low commodity prices', said Christine Lagarde, Managing Director of International Monetary Fund.Lagarde, who was speaking to the Council of the Americas today, said China is transitioning to a new growth model,...Read More
Collahuasi cutsOn Wednesday copper futures staged a comeback from six year lows hit earlier in the week as supply disruptions from top producing countries Chile and Peru lift sentiment in beaten down sector.On the Comex market in New York copper for delivery in December surged as much as 4.7% to a session high of $2.3575 or $5,200 a tonne. Today's advance lifted the red metal out of bear territor...Read More