R/€ = 14.90 Change: -0.06
R/$ = 12.17 Change: -0.04
Au 1331.72 $/oz Change: -4.73
Pt 1012.50 $/oz Change: -0.51

North America News

Still significant upside for gold - Agnico-Eagle's Boyd 

By: Liezel Hill     9th March 2008 Canadian gold-miner Agnico-Eagle Mines, which is bringing five new gold mines into production over the next two years, expects the gold price to continue to strengthen as investment demand for the yellow metal grows, CEO Sean Boyd said on Friday. “We don't sense that the broader... 

Consolidated Thompson gets green light for Quebec iron-ore mine

By: Liezel Hill     7th March 2008 Toronto-based Consolidated Thompson will go ahead with its Bloom Lake project, in Canada's Quebec province, after receiving the necessary government approvals for the mine, the company said on Thursday. The Bloom Lake openpit mine will cost $410-million and is expected to produce... 

NovaGold to raise C$130m in share sale

By: Liezel Hill     7th March 2008 Vancouver-based NovaGold Resources plans to issue about C$130-million worth of shares, and will use the funds to repay debt and to fund exploration and development on its projects, the company said on Thursday.  

Pitchford's African Minerals to buy Canadian explorer

By: Liezel Hill     6th March 2008 Aim-listed African Minerals, which is headed by former African Platinum and Zimbabwe Platinum CEO Roy Pitchford, has agreed to buy Canadian explorer White River Resources for £2,36-million in shares, the company announced on Thursday. 

Canada budgets C$100m over five years for geological mapping

By: Liezel Hill     6th March 2008 Canada's federal government has allocated as much as C$100-million over the next five years for geological mapping, three quarters of which will likely be spent in the icy northern regions of the country, Natural Resources Minister Gary Lunn told delegates at the Propectors and Developers... 

Eldorado Gold resumes output at Turkey mine

By: Liezel Hill     6th March 2008 Vancouver-based Eldorado Gold has reopened its Kisladag gold mine, in Western Turkey, after receiving the go ahead from government, the company announced on Thursday. Eldorado expected to “quickly resume full production”, president and CEO Paul Wright said.  

Top miners move to establish palladium as jewellery brand

By: Matthew Hill     6th March 2008 South Africa's big palladium miners, Anglo Platinum, Impala Platinum, and Lonmin, will join Russia's Norilsk Nickel and US-based Stillwater Mining in developing a new individual brand identity for the metal's use in the jewellery sector. The palladium initiative would be similar... 

Rio still pushing for freight premium in iron-ore price talks

By: Liezel Hill     6th March 2008 Diversified-miner Rio Tinto continued to negotiate for a "freight differential" in its iron-ore pricing talks with Asian steelmakers, CEO Tom Albanese said on Wednesday. The world's biggest iron-ore miner, Brazil's Companhia Vale do Rio Doce, or Vale, announced in February... 

Bigger is better, says Rio's Albanese 

By: Liezel Hill     6th March 2008 Consolidation and operating on a larger scale were important considerations for mining companies to continue to meet the challenges of growing demand for their products, high input costs and competition for exploration ground, Rio Tinto CEO Tom Albanese said on Wednesday. “Scale really does... 

US firm to pay R250m for stake in SA chrome mine

By: Matthew Hill     5th March 2008 NYSE-listed and Illinois-based Amcol announced on Wednesday that it would buy a 74% stake in a South African chrome mine from ASX-listed Chrome Corporation for A$41-million (about R250-million), and was in separate talks to bring a local firm on board to invest in the mine and a plant.... 

PTM taps N American experience to optimise SA project 

By: Liezel Hill     4th March 2008 Vancouver-based Platinum Group Metals (PTM) plans to take a more “North American” approach to the rates of advance in the declines at its Western Bushveld Joint Venture (WBJV) platinum project, president and CEO Michael Jones said on Tuesday. PTM is the operator of the project, which... 

Barrick offers expertise to improve SA safety record

By: Liezel Hill     4th March 2008 A top executive at the world's biggest gold-miner, Toronto-based Barrick Gold, on Tuesday pledged the company's assistance in tackling safety problems in South Africa's mining industry. “I would certainly be very pleased to go to South Africa with some of my safety... 

SA-focused coal firm lists in Toronto 

By: Liezel Hill     4th March 2008 British Virgin Islands-based Homeland Energy Group, which is waiting for government go-ahead to start mining at its Kendal operation, in South Africa, will debut on the TSX on Wednesday. The company expects to receive its mining licence for the Kendal mine “in the next couple of... 

Mining consolidation could (and should) gain pace – expert 

By: Liezel Hill     4th March 2008 Consolidation of the global mining industry can be expected to continue, and more than likely at an accelerated pace in the current environment of high metals prices and input costs, Raw Materials Group president Magnus Ericsson commented on Monday. “We will see increasing corporate... 

Xstrata's '07 profit climbs to $5,5bn

By: Matthew Hill     3rd March 2008 Diversified mining giant Xstrata on Monday reported a 13% profit growth to $5,5-billion for the year ended December 31, with basic earnings rising 9% to $5,78 a share, after it achieved record production for its ferrochrome, coal, nickel and zinc mining businesses. Revenue was up 12% at... 

Platinum deficit will likely widen in '08 

By: Liezel Hill     3rd March 2008 The platinum market is expected to continue in a supply deficit in 2008, HSBC metals analyst Victor Flores said on Sunday, with the actual size of the shortfall likely to be determined by whether prices remain at current or higher levels, what the higher prices mean for jewellery demand, the... 

Former Lundin exec appointed new head of Skye Resources

By: Liezel Hill     29th February 2008 Vancouver-based Skye Resources has named Colin Benner as its new CEO and vice-chairperson, the company announced on Friday. 

Burkina Faso grants mining permit for Orezone's Essakane project

By: Liezel Hill     29th February 2008 Ottawa-based Orezone Resources has been granted a mining permit for its Essakane project, in Burkina Faso, the company said on Friday. The company would now focus its attention on completing the due diligence for a $250-million project loan facility, and would move towards beginning construction... 

Canada’s Etruscan to spend C$15m on African gold exploration

By: Matthew Hill     29th February 2008 Canadian gold exploration and development company Etruscan Resources has allocated C$15-million to its search for the yellow metal on the African continent in 2008, focusing on five countries. The countries that it was drilling in included Burkina Faso, Mali, Cote d'Ivoire, Ghana, and Namibia. 

Lundin reviews asset portfolio as new chief takes stock

By: Liezel Hill     28th February 2008 Base metals miner Lundin Mining is taking a close look at all its operations and investments, with a view to managing assets more actively and improving the quality of its portfolio, new CEO Phil Wright said on Thursday. Wright replaced former chief Karl-Axel Waplan in January. 

Iamgold sells Tanzania project stake for $6m plus royalty

By: Liezel Hill     28th February 2008 Canadian gold-miner Iamgold has sold its 34% interest in the Nyakafuru project, in Tanzania, to ASX-listed Resolute Mining, the company announced on Thursday. Resolute will pay $6-million in cash or shares for the stake, plus a royalty of $10/oz for each additional resource ounce of gold,... 

Crystallex hopeful, but still waiting for Venezuela permit

By: Liezel Hill     28th February 2008 Toronto-based Crystallex International, which is waiting for the Venezuelan government to issue a permit to enable it to start building its Las Cristinas project, in the country's Bolivar state, continues to receive encouraging intimations from various authorities, but has still not got its... 

Barrick, Goldcorp submit study for $2,7bn Dominican Republic gold mine

By: Liezel Hill     27th February 2008 Canadian gold majors Barrick Gold and Goldcorp have submitted a feasibility study for their $2,7-billion Pueblo Viejo project to the government of the Dominican Republic, the firms announced on Wednesday. Barrick, the world's largest producer of the yellow metal, owns 60% of the project,... 

Flow-through shares create 'distortion' – Canadian junior 

By: Liezel Hill     27th February 2008 The flow-through share system, which has been credited with breathing life into the Canadian junior sector, was not necessarily positive in the long run, particularly as increasing numbers of companies grow to rely on the plan, David Watkins, who heads TSX-listed exploration and development firm... 

Analyst says Uranium One directors C$200 000 stock purchase positive move

By: Matthew Hill     27th February 2008 Two Uranium One directors each buying nearly C$100 000 of the troubled company's stock this week was positive and encouraging, an analyst said on Wednesday. The firm disclosed that nonexecutive directors Andrew Adams and Bill Sheriff on Monday each bought 20 000 common shares in the Uranium... 

Canadian explorer cheered by 2,7kg gold nugget find in Mali

By: Liezel Hill     26th February 2008 TSX Venture Exchange-listed African Gold Group (AGG) reported on Tuesday that local artisanal miners had discovered a 2,7 kilogram gold nugget in the north-west quadrant of its Kobada concession, in Mali.  

AngloGold will eliminate effects of SA power crunch by end-'09 - Cutifani 

By: Liezel Hill     26th February 2008 Africa's biggest gold-miner, AngloGold Ashanti, believes the power shortage in South Africa is “manageable” and expects to achieve enough energy savings to elimate the effects of power rationing on output by the end of next year, CEO Mark Cutifani said on Tuesday.... 

US PGM producer prioritises training as skills crunch constrains output

By: Liezel Hill     26th February 2008 US platinum-group metals miner Stillwater Mining is taking a “robust” approach to attracting and training new miners at its Montana mines, after labour issues in 2007 were largely responsible for a 10% decline in production during the year. Despite record high prices for platinum and... 

US coal mine resumes output after roof collapse

By: Liezel Hill     26th February 2008 US coal-miner Consol Energy has resumed production at two of the four sections at its Buchanan mine, in Virginia, which was closed in July last year after roof falls damaged some of the ventilation controls in the mine, necessitating a general evacuation of the mine. Repairs were still needed at... 

Forsys granted water permits to build Namibia uranium mine

By: Liezel Hill     26th February 2008 TSX-listed Forsys Metals has received permits from the Namibian Ministry of Agriculture, Water and Forestry to remove local ground water for use at its Valencia uranium project, the company said this week. 

Tenke Fungurume project may cost more than $900m – Freeport chief

By: Liezel Hill     26th February 2008 The current $900-million capital budget to build the Tenke Fungurume copper/cobalt mine, in the Democratic Republic of Congo (DRC), may be at risk of increasing, Freeport-McMoRan president and CEO Richard Adkerson said on Monday. The DRC is “a place where cost pressures could result in... 

Emperor completes Tolukuma sale to PNG parastatal

By: Liezel Hill     25th February 2008 ASX-listed Emperor Mines has completed the sale of its holding in Tolukuma Gold Mines, which owns the Tolukuma gold mine, in the central province of Papua New Guinea, to Petromin PNG Holdings, the company said at the weekend. 

Silver Wheaton earnings jump, sees further growth on new contracts

By: Liezel Hill     25th February 2008 Vancouver-based silver reseller Silver Wheaton increased full-year net earnings to a record $91,9-million in 2007, compared with $85,2-million a year ago, and expects silver sales to almost double, to 25-million ounces by 2010, the company said on Monday. Silver Wheaton buys silver from... 

Great Basin's Hollister project to produce 80 000 gold equivalent oz this year

     25th February 2008 Great Basin Gold's (GBG's) Hollister project, in the US, is on schedule to mine 80 000 gold-equivalent ounces this year, the company said. 

'Significant potential' for underground mining at DRC gold project - Moto

By: Liezel Hill     25th February 2008 TSX- and Aim-listed Moto Goldmines plans to fast-track the technical evaluation of the viability of underground mining at its Moto gold project, in the Democratic Republic of Congo, after initial studies demonstrated “significant underground mining potential”, the company said on... 

Newmont granted extension to Indonesia divestiture deadline

By: Liezel Hill     25th February 2008 Denver-based gold-miner Newmont Mining has asked for and received an extension to a deadline imposed by the Indonesian government, to March 3, the company said on Monday. The company held urgent talks with the country's government last week, after it received a letter accusing the company... 

Saskatchewan uranium mine to cost C$435m

By: Liezel Hill     25th February 2008 The Midwest uranium project, which Areva Resources Canada, Denison Mines and Ourd Canada plan to build in Canada's Saskatchewan province, will cost about C$435-million, Denison said on Monday. The companies said in December last year that capital costs for the project were estimated at... 

Eastplats appoints Gayton as director

     25th February 2008 Platinum junior Eastern Platinum (Eastplats) said on Monday that it had appointed Robert Gayton as director and that Johannes Spies had assumed his duties as GM at the Crocodile River mine. 

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