MINING.COM MINUTE is a roundup of the biggest stories from the global mining and metals industry.This week's top stories:Rio Tinto set on building long-delayed Simandou - Read moreForget the gold price, copper was most profitable covid-19 trade - Read moreUS moves to boost domestic production of strategic minerals - Read moreNew Century, Vale delay nickel mine deal - Read moreGiant Alaska copper-...Read More
If you have invested in gold, you have reasons to be happy, as the precious metal has gained about 30% this year. It should hit US$2,000 very soon. The party is expected to go on for a long time, as Bank of America predicts the yellow metal will hit US$3,000 an ounce over the next 18 months.Fears about the economy are driving the yellow metal rallyInvestors are pouring their money in the precious...Read More
Image courtesy of Kirkland Lake Gold via Flickr. Kirkland Lake Gold (TSX, NYSE: KL) (ASX: KLA) on Thursday reported strong financial and operating results for the second quarter of 2020 despite disruptions caused by covid-19.Adjusted net earnings came to $219.3 million ($0.79 per share), double the Q2 2019 level of $109.8 million ($0.52 per share) and 22% higher than the $179.2 million ($0.70 per...Read More
Denison Mines' flagship Wheeler River project in Saskatchewan. Image courtesy of Denison Mines The London Court of International Arbitration (LCIA) has recently rendered a final award in favour of Canadian uranium miner Denison Mines (TSX: DML) for the previously disclosed arbitration proceedings between the company and Uranium Industry (UI).In November 2015, Denison completed the sale of its mi...Read More
Image courtesy of Pixabay. While gold has been on a generally positive trend for the past few years, the onset of the global pandemic has made bullion's relevance as a hedge even more apparent - and accelerated its price performance.During the first half of 2020, the price of gold increased by 17%, followed by an additional 10% gain for the month of July, outpacing all major assets.Spot gold set...Read More
Nevada operations. (Image courtesy of Newmont | Flickr) Newmont (NYSE: NEM, TSX: NGT) said on Wednesday that higher gold prices helped generate significant free cash flow in the second quarter.The world's largest gold miner's adjusted net income for the June quarter was $261-million, or $0.32 per diluted share, compared with $92-million, or $0.12 per diluted share, in the prior-year quarter. Th...Read More
Here are three royalty and streaming stocks. They enjoy lower expenses and less risk than their operating peers, while enjoying the upside of any successes.Government responses to COVID-19 are paving the way to a long-term credit crisis, excellent news for precious metals investors, as long as they can stomach a very bumpy ride to profits, says Sprott US Holdings president and CEO Rick Rule."Under...Read More
High-profile investor Eric Sprott invested $20 million in the placement, which could take his interest to about 32%.The placement was priced at $1.10 per subscription receipt, which entitled holders to a unit comprising one share and one half warrant.Sprott had become a major shareholder in a September raising priced at 6.25c per unit.Interest in the company has soared since it reported an assay i...Read More
The June quarter marked a new record for shipments of 47.3 million tonnes, 2% higher than the same quarter of 2019. Full-year shipments were 178.Read More
The order book total compares with circa-$350 million this time last year.The company has 15 drill rigs - nearly a quarter of its total fleet - deployed at Jundee, where it has worked for 15 years. It says the latest two-year contract extension, with a two-year option, was awarded "at Swick's target margins after a competitive tender process".A two-year extension at Perilya's Broken Hill lead-zinc...Read More
Elon Musk...The super-rich super genius responsible for mainstreaming electric cars and sending reusable rockets into space has been getting a lot of flack lately.And not from the folks who've been shitting all over him and his electric car company before it even went public. Most of those folks just hated on Musk because the thought of an environmentally-friendlier vehicle that didn't rely on o...Read More
Talon Metals Corp. (TSX: TLO) is a base metals company, in a joint venture with Rio Tinto, on the high-grade Tamarack Nickel-Copper-Cobalt Project, located in Minnesota, USA, comprised of the Tamarack North Project and the Tamarack South Project.Talon, the Tamarack Project operator (as of October 2019), has an earn-in right to acquire up to 60% of the project. We learned from Sean Werger, Presiden...Read More
Auryn Resources (TSX: AUG; NYSE: AUG) is acquiring Eastmain Resources (TSX: ER) in an all-share deal valued at C$121 million. The transaction will create a new firm, Fury Gold Mines, as well as two independent spin-out entities that will hold Auryn's Peruvian projects. The deal was announced on July 29."Fury Gold will combine the high-grade gold projects: Committee Bay in Nunavut, Homestake Ridge...Read More
The London Court of International Arbitration (LCIA) has recently rendered a final award in favour of Canadian uranium miner Denison Mines (TSX: DML) for the previously disclosed arbitration proceedings between the company and Czech-based firm Uranium Industry (UI).In November 2015, Denison completed the sale of its mining assets and operations located in Mongolia to UI pursuant to an amended...Read More
Probe Metals (TSXV: PRB; US-OTC: PROBF) has entered into a joint venture (JV) agreement with Midland Exploration (TSX: MD) on the Detour Gaudet-Fenelon project, located 75 km northwest of Matagami, Quebec.Under the agreement, Probe and Midland will each have a 50% participating interest in the JV project, with Probe as the project's operator and each party funding its proportionate share of the...Read More
Rio Tinto (ASX, LON, NYSE: RIO) is once again discussing the development of the controversial large-scale Simandou iron ore project in Guinea, as half-year earnings support an investment case for the steel-making material.Iron ore, once again, made the lion's share of the world's second-biggest miner's profits for the first half of the year. The commodity has defied pessimistic predictions, climbi...Read More
Agnico Eagle Mines (NYSE, TSX: AEM) reported on July 29 a near four-fold increase in quarterly profit, owing to a surge in gold prices and a reduction in exploration costs during the second quarter of 2020.For the three-month period ended June 30, the Canadian gold miner posted a net income of US$105.3 million, or 43 ? per share, compared to US$27.8 million, or 12 ? per share, a year earlier.Accor...Read More
More than 90% totalling $4.2 billion was paid in Brazil, where the bulk of its operations are located.The company said the total amount paid corresponded with more than 10% of its total economic contribution last year, estimated at about $31.8 billion, besides operational costs, salaries and employee benefits, among others.The report sets out the principles behind Vale's approach to tax and invest...Read More
CEO John McCluskey this week characterised the June quarter as one of the "most challenging" to date, given the COVID-19 pandemic's various impacts. However, the company had "adapted well" and by June both Island Gold, in Ontario, and Mulatos, in Mexico, had safely returned to normal operating levels.Headline earnings for the three months ended June 30 fell 45% year-on-year to US$9.8 million, or 3...Read More
I'm not a gold bug...I've always operated by the old Mark Twain quote that the definition of a gold mine is "a hole in the ground with a liar standing at the top."When I used to think of gold investing, I imagined an old prospector panning for it in a shallow creek, wearing a ragged hat and muddy overalls. I pictured end-of-the-world preppers screaming about burying gold in your backyard before th...Read More