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Silver News

Hochschild chops spending, plans to cut 150 jobs

By: Chanel de Bruyn     20th November 2008 LSE-listed precious metals producer Hochschild Mining will delay its San Felipe zinc project, in northern Mexico, and retrench 150 workers in an effort to reduce costs. The miner said in a statement on Thursday that it had initiated plans to reduce costs and conserve cash holdings in response to... 

Barrick narrows field to nine teams in $10m competition  

By: Liezel Hill     20th November 2008 The world's biggest gold-miner, Barrick Gold, has selected nine scientific proposals to progress to the third stage of its 'Unlock the value' competition, in which it is offering scientists $10-million for ways to increase silver recovery from the group's Veladero gold mine, in Argentina. Teams... 

First Majestic Silver suspends Mexico project, expansions

By: Liezel Hill     19th November 2008 Vancouver-based First Majestic Silver, which produces the precious metal from three mines in Mexico, has temporarily suspended all activities at its Cuitaboca project, after silver prices plummeted and financial markets clammed up. “Given the current financial environment, management has... 

Minefinders pours first gold, silver dore at Mexico mine

By: Liezel Hill     17th November 2008 Minefinders Corporation, which has suffered several delays as a result of blockades at its Dolores gold/silver mine, in Mexico, has finally poured its first gold and silver dore at the openpit operation. The company has halted development and construction at the mine several times this year,... 

Silver Eagle mulls options as cash dries up

By: Liezel Hill     7th November 2008 TSX-listed Silver Eagle Mines, which owns a silver and base-metals mine in Mexico, is considering "all potential alternatives" after it was unable to arrange debt financing, the firm said on Friday. Shares in the company lost half their value on the announcement, and were trading at C$0,10 a... 

Hecla buys Independence Lead Mines

By: Liezel Hill     7th November 2008 NYSE-listed Hecla Mining has bought the assets of Idaho-based Independence Lead Mines for about $14,2-million in shares. The transaction gives Hecla additional silver exploration properties around the group's underground Lucky Friday silver, lead and zinc mine, in the state. 

Hecla Mining production jumps, sees silver recovery

By: Liezel Hill     4th November 2008 NYSE-listed Hecla Mining reported its second-highest quarterly silver production in two decades for the three months ended September 30, which was the first quarter to fully reflect its now-sole ownership of the Greens Creek mine, in Alaska. The company, which bought Rio Tinto's 70,27% of the... 

Silver Wheaton prioritises debt reduction, still bullish on silver 

By: Liezel Hill     3rd November 2008 TORONTO – Vancouver-based Silver Wheaton expects that silver prices will strengthen over the next six months, president and CEO Peter Barnes said on Monday. The company buys silver from producers on a long-term basis, at predetermined prices, and then sells the metal at the current spot price.  

Nevsun secures $89m for Eritrea project from SA's IDC

By: Liezel Hill     30th October 2008 South African development finance institution, the Industrial Development Corporation (IDC) will put up $89-million in debt funding for the development of Nevsun's Bisha gold project, in Eritrea, the Vancouver-based firm announced on Thursday. The IDC, which has been appointed lead banker for... 

Barrick 'makes progress', mulls options for Pascua Lama  

By: Liezel Hill     30th October 2008 Gold giant Barrick Gold is “making progress” in securing the permits and agreements needed before it can move forward with its giant Pascua Lama mine, which straddles the border between Chile and Argentina, general counsel Patrick Garver said on Thursday. “We have seen a bit of a logjam break,... 

Walkout halts production at Genco's La Guitarra mine

By: Liezel Hill     28th October 2008 TSX-listed Genco Resources has temporarily halted production at its La Guitarra mine, in Mexico, after contract-mining workers staged a walkout. The company said that it did not expect the event to have a significantly negative impact, although silver and gold production could end up below... 

Intrepid puts Argentina precious-metals project on ice

By: Esmarie Iannucci     13th October 2008 ASX- and TSX-listed Intrepid Mines on Monday announced that it would postpone construction of the Casposo gold/silver project, in the San Juan province of Argentina, The firm said the postponement was owing to the impact of the financial market turmoil on the availability of funds. 

Solar energy will become 'robust' driver of silver demand

By: Liezel Hill     8th October 2008 Silver demand for use in the manufacture of photovoltaic (PV) or solar cells could increase to as much as 1 270 t/y by 2012, Virtual Metals estimates in its latest Silver Book, published in collaboration with Fortis Bank. Silver is used as the 'metal of choice' for grids placed on the front and... 

Production halted after water inflow at Mexico mine

By: Liezel Hill     6th October 2008 TSX-listed Excellon Resources has temporarily halted production at its Platosa silver/lead/zinc mine, in Mexico, while it seals a water-bearing fault that was intersected unexpectedly during mine development on Saturday. The water inflow overwhelmed the pumping capacity at the mine, and the... 

Silver Wheaton to buy 25% of silver output from Yukon prospect

By: Liezel Hill     3rd October 2008 Vancouver-based Silver Wheaton has snapped up another silver stream, with an agreement to buy 25% of the payable silver produced at Alexco Resource Corp's Keno Hill project, in Canada's Yukon Territory. Silver Wheaton will pay $50-million upfront, and the lesser of $3,90/oz or the prevailing... 

Ontario fast-tracks mining law revamp to bring much-needed clarity, 'balance' - Minister 

By: Liezel Hill     9th September 2008 Ontario's Minister of Northern Development and Mines, Michael Gravelle, has defended the pace at which his Ministry set about soliciting submissions on changes to the province's century-old Mining Act, saying that a protracted consultation process would only have prolonged the uncertainty for... 

Hecla plans to sell shares to retire acquisition debt

By: Liezel Hill     2nd September 2008 NYSE-listed Hecla Mining plans to sell up to 34,5-million shares in a public offering, and will use the proceeds to repay a $220-million bridge loan facility that was part of the financing for the company's acquisition of 70,27% of the Greens Creek mine, earlier this year. Hecla will sell... 

Maestro Ventures floats plan to spin off some assets into new company

By: Liezel Hill     2nd September 2008 TSX Venture Exchange-listed Maestro Ventures plans to form a new company, dubbed Subco, to hold up to eight of the firm's exploration properties. Maestro holds the rights to some 3 308,38 ha of mineral properties in Nevada and Utah, and aims to achieve better recognition of the value of its... 

Minco calls off merger after due diligence

By: Liezel Hill     2nd September 2008 TSX-listed Minco Silver has scrapped plans to buy Coeur d' Alene, Idaho-based Sterling Mining, after completing a detailed due diligence on the company. The two firms announced in July that they had agreed to a business combination in which Minco would offer 0,51 of a share for each one Sterling... 

Explorer Wildcat announces move to TSX Venture Exchange

By: Liezel Hill     2nd September 2008 Vancouver-based Wildcat Silver Corporation will begin trading on the TSX Venture Exchange on Wednesday, under the symbol WS. The firm is currently listed on the Canadian Tranding and Quotation System Exchange, but would delist from the exchange after markets close of Tuesday, the company said in... 

HudBay unveils initial resource estimate for Lalor Lake deposit

By: Liezel Hill     27th August 2008 Base-metals-miner HudBay Minerals has published a maiden resource estimate for its Lalor Lake deposit, in Canada's Manitoba province. The deposit has NI 43-101-compliant indicated resources of 3,4-million tons, grading 1,9 g/t gold, 20,5 g/t silver, 0,71 g/t copper and 8,82 g/t zinc. 

Perception that miners do not receive support from DTI is erroneous – Deloitte

By: Leandi Kolver     22nd August 2008 There is a perception in the mining industry that it does not receive adequate support from the Department of Trade and Industry (DTI), in the form of grants because there is a special capital expenditure tax deduction system available for mining companies. 

Hochschild buys 50% stake in Peru JV from Newmont

By: Liezel Hill     21st August 2008 Precious-metals miner Hochschild Mining has bought a 50% stake in the Liam joint venture from Newmont Mining Peru, for $33,3-million in cash, the company announced on Thursday. Hochschild will be the new operator of the JV, in which TSX-listed Southwestern Resources owns the other 50%.  

Mexico govt, miners need to take firm stand against 'extortion' – Minefinders chief

By: Liezel Hill     20th August 2008 Vancouver-based Minefinders Corporation, which on Wednesday lowered its production forecast for this year after further blockades at its Dolores mine, in Mexico, believes it is crucial for other miners in the country to take a stand against what it views as “extortion”, president and CEO Mark... 

Silver miner Fresnillo lifts H1 profit 56%

By: Liezel Hill     19th August 2008 The world's biggest primary silver producer, London-listed Fresnillo plc, posted net income for the first six months of this year of $141-million, an increase of 56% from a year earlier, after higher silver prices buoyed earnings. The company produced 17,44-million ounces of silver during the... 

SilverCrest gets environmental go-ahead for Mexico gold/silver mine

By: Liezel Hill     18th August 2008 TSX Venture Exchange-listed SilverCrest Mines has received approval for the environmental-impact assessment for its Santa Elena gold and silver project, in Mexico. The resolution grants the company the right to develop and operate the mine, subject to certain conditions, for a period of 10... 

Coeur d'Alene Mines posts loss on new-mine costs

8th August 2008 Precious-metals miner Coeur d'Alene Mines reported a net loss of $5,4-million for the second quarter, mainly owing to $10,7-million in predevelopment expenses at its Palmarejo silver project, in Mexico, the company said on Friday. Excluding these costs, will be capitalised in future quarters,... 

Yamana sees continued output growth

By: Liezel Hill     7th August 2008 Toronto-based Yamana Gold, which was established five years ago this week, expects to increase production by 470 000 gold-equivalent ounces in 2009, CEO Peter Marrone said on Thursday. Given that the company maintained its output guidance of between 1,1-million and 1,2-million ounces (includes... 

Yamana profit falls 20% to $42,1m on foreign exchange loss

By: Liezel Hill     7th August 2008 Canadian gold-miner Yamana Gold reported net income of $42,1-million, compared with $57,8-million a year earlier, after higher costs and foreign exchange losses related to the strengthening of the Brazilian real against the US dollar, as well as general inflationary pressures, offset the benefits... 

Intrepid awards engineering contract to local firm for new Argentina mine

By: Liezel Hill     6th August 2008 ASX- and TSX-listed Intrepid Mines has awarded the engineering and procurement services contract for its Casposo gold/silver project to Buenos Aires-based Ingenieria Penta Sur. Production at Casposo, which will be the company's second mine, is scheduled to begin in the third quarter of 2010,... 

Silver Wheaton benefits from price increases without cost downside

By: Liezel Hill     30th July 2008 While mining companies across the board are reporting record revenues thanks to strong metals prices and new production coming on stream, the good news is inevitably followed quicker than you can say “profit margin” by ominous warnings on the effects of rising input costs that are besieging both... 

Minco Silver appoints COO

29th July 2008 TSX-listed Minco Silver has appointed Christopher Zahovskis to the position of COO. Zahovskis, who will be based in Vancouver, has experience in managing operations in Canada, Turkey, Indonesia and New Caledonia for various mining companies, including the former Cominco, Inco and, most recently,... 

Explorer Argentex has high hopes for polymetallic prospect in Argentina

By: Liezel Hill     28th July 2008 Vancouver-based Argentex Mining, which began trading on the TSX Venture Exchange on Monday, hopes to complete an initial NI 43 101-compliant resource statement early next year at its flagship Pinguino property, president Ken Hicks told Mining Weekly Online. The Pinguino project is located in... 

Protests delay first pour at Mexico gold, silver mine

By: Liezel Hill     25th July 2008 Vancouver-based Minefinders Corporation has postponed the first gold and silver pour at its Delores mine, in Mexico, for a second time, after being forced to scale back development because of protestors at the mine site. The company now expects to complete the first pour later this quarter, from... 

Silver-, goldsmithing skills centre opens its doors

By: Brindaveni Naidoo     25th July 2008 The Intsika skills beneficiation project, aimed at bridging the skills gap in South Africa’s mining industry and fulfilling government’s vision to achieve economic growth through beneficiation, was officially launched at South African gold refiner Rand Refinery’s premises in Germiston, east of... 

Intrepid to start construction next year on Argentina mine

By: Liezel Hill     23rd July 2008 TSX- and ASX-listed Intrepid Mines is working on the design and procurement of key equipment for its Casposo gold/silver project, in Argentina, and expects construction to get under way in the second quarter of 2009, CFO Steve Smith said this week. Production at Casposo, which will be the... 

Intrepid expects first production in 2010 from Argentina gold mine

By: Liezel Hill     17th July 2008 Gold-miner Intrepid Mines now expects to start production at its Casposo project, in Argentina, in the third quarter of 2010, the firm said on Thursday. The company has completed a review of the March 2007 feasibility study on the project, to include an updated resource statement and cost... 

Kinross may earn 75% in Nevada gold prospect

By: Liezel Hill     16th July 2008 Canadian gold-miner Kinross Gold has entered into an option agreement according to which it could earn a 75% interest in Vancouver-based explorer Midway Gold's Thunder Mountain project, in Nevada, the smaller firm announced on Wednesday. 

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