Grupo Mexico doubles net, buys drilling firm

Miner Grupo Mexico said on Friday its fourth-quarter net profit more than doubled due to higher metal prices and increased production, and it announced that it acquired an oil drilling company. Grupo Mexico earned 4,76-billion pesos ($363...

Vale starts nickel shipments from Sudbury smelter

Brazilian-owned Vale Inco shipped the first nickel matte product on Thursday from its smelter in Sudbury, Ontario, since restarting the plant last month. Vale announced in January it would resume operations at the smelter at 50% of capacity,...

Xstrata Sudbury deal has 'no bearing' on Vale

The United Steelworkers (USW) union said on Friday that a recent contract agreement between Xstrata Nickel and its Sudbury workers should send Vale Inco back to the bargaining table with its own striking employees, but the company responded that a...

Thompson Creek terminates $35m credit facility

Molybdenum producer Thompson Creek Metals has terminated its $35-million credit facility, a move expected to improve financial flexibility, the company said on Friday. The facility was originally set up in 2006, “when the company was in a...

More investment demand for gold on way – Gold Fields

There will be more investment demand for gold in 2010, says Gold Fields CEO Nick Holland. His view is that 2009 saw only the start of investment demand for gold and that the world would see more in the current year. "There'll be continued growth...

Australian explorer Kings to acquire rest of San Anton

ASX-listed gold explorer Kings Minerals on Friday reported that it had agreed, in principal, to acquire all the issued and outstanding shares of its 71,3% controlled subsidiary, San Anton Resources Corporation, in exchange for Kings shares. Kings...

Gold Fields negotiating six-day week at Driefontein, Kloof

JSE-listed Gold Fields is upping its operational game to cope with the increased operational volatility of government stoppages and the consequent restarting delays as well as the intensity of seismicity at depth. Full calendar operation (Fulco)...

Pallinghurst and Red Rock end Jupiter venture

Australian junior Jupiter Mines on Friday reported that its two largest shareholders, JSE-listed Pallinghurst Resources and Aim-listed Red Rock Resources, had terminated all their voting, sale and cooperation arrangements in Jupiter. The two...