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North America
 
COMPANY REORGANISATION

Veris Gold granted provisional relief in the US

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Gold producer Veris Gold was this week granted provisional relief under Section 1519 of the US Bankruptcy Code in the United States. As of as of Wednesday, the ruling recognised the Canadian proceeding of the Companies' Creditors Arrangement Act...
25th July 2014
 
 
SILVER

Fortune Minerals reports attractive metrics for Colorado silver mine

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TSX-listed Fortune Minerals this week reported attractive financial indicators resulting from a preliminary economic assessment (PEA) undertaken on its recently acquired Revenue Silver mine, in south-west Colorado. The London, Ontario-based...
25th July 2014
 
 
MINING PRODUCTIVITY

Miners need to reverse decade-long productivity decline

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Miners would need to radically transform their business models if they wanted to reverse the decade-long decline in productivity, a new report by professional services firm EY had found. ‘Productivity in mining: A case for broad...
25th July 2014
 
 
DIVERSIFIED MINERS

Anglo CEO backs Ramaphosa’s strike ballot comments

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The introduction of a strike ballot process as suggested by Deputy President Cyril Ramaphosa would be a great step forward for industrial relations in South Africa, Anglo American CEO Mark Cutifani said on Friday. Cutifani was responding to a...
25th July 2014
 
 
GOLD

London gold fix company appoints committee to oversee benchmark

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The company operating the gold price 'fix' has appointed a supervisory committee to oversee the century-old system of benchmarking gold prices ahead of the implementation of stricter regulations, its website showed on Friday. The London Gold...
25th July 2014
 
 
MERGERS & ACQUISITIONS

Anglo, Lafarge sign binding agreement

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Diversified mining major Anglo American has reached a binding agreement for the £885-million sale of its 50% interest in the Lafarge Tarmac joint venture (JV) to cement producer Lafarge. Lafarge Tarmac, formed in January 2013, is a 50:50 JV...
25th July 2014
 
 
FINANCIAL RESULTS

Anglo delivers ‘pleasing’ results despite headwinds

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Mark Cutifani Despite the headwinds faced by diversified miner Anglo American during the first half of the year, the group had delivered a “pleasing” performance at all its operations barring platinum. Anglo American CEO Mark Cutifani on Friday said the...
25th July 2014
 
 
COSTS

New metrics enhance transparency of gold miners' cost reporting

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The World Gold Council’s (WGC’s) supplementary ‘all-in’ cost metrics have helped gold miners to provide more external transparency regarding their cost reporting, while the metrics have enabled them to internally drive change by equipping...
25th July 2014
 
 
IRON-ORE

Brazil miner Vale posts record Q2 iron-ore production

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Brazilian miner Vale said on Thursday its iron ore output in the second quarter was a record high for the period, up 12.6% from a year earlier, as it ramped up production to win back market share from Australian rivals. Vale's preferred shares,...
25th July 2014
 
 
M&A

Big deals surge in Q2

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After a quiet first quarter, mergers and acquisitions (M&A) activity in Canada accelerated in the second quarter, according to professional services firm PwC's 'Capital Markets Flash' report. The second quarter saw 748 deals with a total value of...
24th July 2014
 
 
DIVERSIFIED MINING

Teck Resources' profit falls as coal prices remain weak

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Canadian diversified miner Teck Resources reported a 44% drop in quarterly earnings, mainly due to "significantly" lower coal prices. Teck said coal prices fell to $111/t in the second quarter from $156/t a year earlier. The company said it sold...
24th July 2014
 
 
MINING EQUIPMENT

Caterpillar posts higher quarterly profit

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Caterpillar on Thursday reported higher-than-expected second-quarter earnings as a rebound in sales to builders offset a continued slump in the mining sector. The company, the world's largest maker of earth-moving equipment, posted a...
24th July 2014
 
 
 
 
 
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