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Zinc News

Lundin finalises agreement for sale of Aljustrel mine

By: Liezel Hill     23rd December 2008 Base-metals miner Lundin Mining has reached an agreement to sell the Aljustrel zinc mine, in Portugal, to MTO SGPS, and expects the sale to close by the end of January. The transaction is conditional on approval from the Portuguese Securities Market Commission to withdraw Pirites Alentejanas... 

Silver Eagle gets approval to suspend Mexico mine

By: Liezel Hill     16th December 2008 TSX-listed Silver Eagle Mines has reached an agreement with its unionised workers and received approval from the Mexican government to suspend operations at its Miguel Auza mine until June 15, 2009. The company now plans to put the silver/lead/zinc mine on care-and-maintenance, after low prices... 

Teck to shut US zinc mine, cut 165 jobs

By: Liezel Hill     15th December 2008 Vancouver-based Teck Cominco will close its Pend Oreille zinc mine, in Washington, and lay off some 165 employees “due to reduced metal demand and the persistent weakness in zinc prices”. Most of the mine's production is sent to Teck's Trail operations, in British Columbia, for processing, and... 

Lundin closes private placement to HudBay

By: Liezel Hill     12th December 2008 Base-metals miner HudBay Minerals has bought 19,9% of Lundin Mining for about C$135,8-million. The transaction, which was agreed upon by the two companies as a prelude to a friendly merger, provides Lundin with a welcome boost to its working capital. 

HudBay says Jaguar's demand for shareholders' meeting 'not valid'

By: Liezel Hill     11th December 2008 Base-metals miner HudBay Minerals said on Thursday that a request from merchant bank Jaguar Financial that the company call a shareholders' meeting does not satisfy certain conditions, and is therefore invalid. Jaguar opposes HudBay's plan to acquire fellow Canadian Lundin Mining, and has... 

Boliden says cuts zinc output at smelters

By: Reuters     9th December 2008 Swedish copper and zinc miner and smelter Boliden said on Tuesday it was cutting its zinc production at its Finnish and Norwegian smelters due to falling demand. The firm said in a statement it would cut production by 60 000 t on an annual basis and temporarily lay off of around 50 employees.  

Lundin agrees to sell Aljustrel mine in Portugal

By: Liezel Hill     8th December 2008 Base-metals-miner Lundin Mining has entered into a nonbinding agreement to sell its Aljustrel zinc mine, in Portugal to MTO SGPS, a Portuguese company, the firm announced on Friday evening. Besides other conditions, the agreement requires final approval from the boards of Lundin and MTO. 

Lines are drawn in battle for HudBay's future

By: Liezel Hill     5th December 2008 Neither side was giving an inch of ground on Friday, as HudBay Minerals and rogue shareholders Jaguar Financial took turns to argue their cases and trade barbs in successive conference calls. HudBay surprised just about everybody when it announced plans two weeks ago to buy Lundin Mining, a... 

Difficult conditions may last 12, 18 months 'or longer' – Teck's Lindsay

By: Liezel Hill     2nd December 2008 Tough market conditions could persist for another 18 months, “or longer”, Teck Cominco president and CEO Don Lindsay said on Tuesday. According to a transcript posted on the company's website, Lindsay told a conference in New York that the Vancouver-based company will maintain a “conservative”... 

HudBay will respond to Jaguar demands, urges no action for now

By: Liezel Hill     26th November 2008 Canadian base-metals miner HudBay Minerals confirmed on Wednesday that it has received a demand from merchant bank Jaguar Financial Corp, that the company call a shareholders meeting in order to reconstitute the HudBay board. Jaguar, which holds shares in HudBay, said on Friday that it plans to... 

OZ Minerals defers new projects, cuts zinc output 20 000 t/y

By: Liezel Hill     25th November 2008 The world's second-biggest zinc producer, Australia's OZ Minerals, will reduce production at its Century zinc mine and defer about A$495-million in capital spending as it adjusts to a new environment of lower metals prices. The company, which was formed earlier this year from the combination of... 

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... 

Teck cuts Trail zinc output 20%, pulls out of Petaquilla

By: Liezel Hill     20th November 2008 Diversified miner Teck Cominco will suspend dividends, curtail zinc production at its Trail operation, in British Columbia, sell a gold property in Chile to Toronto-based Kinross Gold and reduce overall capital expenditures by C$730-million, the company announced on Thursday. Teck, which had... 

Sumitomo Corp to buy Bolivia mine from Apex Silver

By: Reuters     17th November 2008 Sumitomo Corp, Japan's third-biggest trading house, said it has reached a basic agreement to buy Apex Silver Mines' interest in a Bolivian mine in a deal worth $22,5-million. The purchase of the San Cristobal mine comes amid a plunge in Apex shares and falling metals prices, and analysts said... 

Lundin halts zinc output at Neves-Corvo mine, mothballs Aljustrel

By: Liezel Hill     13th November 2008 Base-metals miner Lundin Mining will suspend zinc production from its Neves-Corvo copper/zinc mine, in Portugal, and put another operation, Aljustrel, on care and maintenance until metal prices recover, the firm said on Thursday. Zinc prices have fallen sharply, as investors predict a global... 

Arehada temporarily shuts China zinc mine, plant on low prices

11th November 2008 TSX-listed Arehada Mining has begun a temporary shut down of operations at its zinc/lead/silver mine and plant, in Inner Mongolia, China, after falling metal prices made the operation unprofitable. The company had made “dramatic” reductions in operational costs and other expenditure over the... 

OZ Minerals reviews spending

By: Liezel Hill     10th November 2008 World-number-two zinc-miner OZ Minerals is reviewing all capital and operational expenditures, in response to “low and volatile” commodity prices, turbulent currency exchange rates and tight credit markets, the firm said on Monday. “The review will be ongoing and will focus on carefully managing... 

Australia’s Kagara secures loans

By: Esmarie Iannucci     7th November 2008 Australia-listed diversified miner Kagara has secured a series of financing arrangements with its bankers, which included a $100-million and $500million facility, its chairperson said on Friday. The $100-million debt facility with the National Australia Bank would expire in October, while the... 

Current zinc, nickel prices 'not sustainable' – HudBay's Palmiere

By: Liezel Hill     5th November 2008 Current base-metals prices are “not sustainable for any period of time”, HudBay Minerals CEO Allen Palmiere asserted on Wednesday. “Fifty cents [a pound] is a zinc price that is going to push the vast majority of zinc operations under water,” he said on a conference call with analysts and... 

Agnico-Eagle profit rises on foreign currency gain, gold output

By: Liezel Hill     29th October 2008 Canadian gold-miner Agnico-Eagle Mines increased third-quarter net income to $14-million, compared with $11,5-million a year earlier, mainly thanks to a foreign currency translation gain. Gold production in the September quarter increased 23% to 68 753 oz, at weighted average total cash costs of... 

Inmet earnings slide on costs, base-metals decline

By: Liezel Hill     28th October 2008 Base metals miner Inmet Mining recorded a 35% fall in profit for third-quarter profit, to C$75,06-million , from C$114,84-million a year earlier. The company blamed the decrease in net earnings on lower zinc and copper prices, higher costs and foreign exchange losses recognised on a US-dollar... 

Subprime panic weakens base metals demand

By: Irma Venter     24th October 2008 Activity in the base metals sector has been dominated by the continued fall-out from the subprime crisis - this according to London-based Natixis Commodity Markets’ (NCM’s) fourth quarter metals review. 

Teck sees 'softening' copper, zinc demand from China

By: Liezel Hill     23rd October 2008 Chinese demand for copper and zinc metal is “softening”, Teck Cominco base-metals marketing VP Andrew Stonkus said on Thursday. Teck posted third-quarter net earnings of C$424-million on Thursday, 13,4% lower than a year earlier, after lower copper and zinc prices took their toll on profits. 

Teck tightens purse strings, may sell assets

By: Liezel Hill     23rd October 2008 Diversified-miner Teck Cominco plans to reduce sustaining capital and exploration spending, and will consider selling assets, as it adjusts to slumping metals prices and seeks to pay down debt. The company has arranged for $9,8-billion in debt to fund its acquisition of Fording Canadian Coal... 

Teck profit falls on declining base metals

By: Liezel Hill     23rd October 2008 Diversified-miner Teck posted third-quarter net earnings of C$424-million on Thursday, 13,4% lower than a year earlier, after lower copper and zinc prices took their toll on profits. However, revenue from the company's coal business leapt 171,5% year-on-year, to C$600-million. 

Canadian junior still bullish on zinc

By: Chanel de Bruyn     20th October 2008 TSX-listed exploration and development company Firestone Ventures had made significant progress during 2008 and was well positioned to withstand the global economic turmoil, the firm said on Monday. Firestone Ventures president Lori Watson said in a statement to shareholders that the company's... 

Metmar may buy 20% of SA zinc and lead concentrate miner

By: Liezel Hill     16th October 2008 At a time when zinc producers around the world are rethinking investments and the viability of mines, JSE-listed commodities trading company Metmar has agreed to buy as much as 20% of Minéro Zinc, which has bought BHP Billiton's Pering zinc and lead mine. Metmar has agreed to pay black-owned... 

Russian miner halts zinc, nickel projects due to financial turmoil

By: Reuters     10th October 2008 The Russian Copper Company has temporarily shelved separate projects to expand into nickel and build a zinc plant with a rival miner due to the global financial crisis, a company spokesman said on Friday. The company, Russia's third-largest copper producer, said all existing projects would... 

Outlook for global mining industry positive – US CEOs

By: Brindaveni Naidoo     10th October 2008 CEs of the US coal, minerals and mining equipment companies described the state of the mining industry a positive both in the US and globally, as growth in the developing world continues to fuel demand for coal, minerals and mining equipment. 

Another zinc miner succumbs to slumping prices

By: Liezel Hill     9th October 2008 Base-metals miner Strategic Resource Acquisition (SRA) will place its Mid-Tennessee zinc mining complex (MTZ) on temporary care and maintenance, after determining that the project was “uneconomic” at current zinc prices. The company announced in August that it had appointed Blackmont Capital,... 

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... 

HudBay names Michael Winship new president and COO

By: Liezel Hill     3rd October 2008 TSX-listed HudBay Minerals has moved its corporate headquarters to Toronto and has appointed former PT Inco COO Michael Winship as president and COO, the miner announced on Friday. HudBay, which completed its acquisition of Skye Resources in August, also named Alan Hair as senior for development... 

Talvivaara produces first metal on schedule

By: Liezel Hill     1st October 2008 London-listed Talvivaara produced the first metal sulphides on Wednesday, from its new €250-million recovery plant, the firm reported in an emailed statement. Mining operations got under way at the company's world-first bioheapleaching nickel mine in April this year, followed by the start-up of... 

Exxaro pays R2bn for Namakwa Sands operation

By: Christy van der Merwe     1st October 2008 South African miner Exxaro Resources has acquired diversified giant Anglo American’s Namakwa Sands minerals sands operation for R2-billion, as the last of the conditions precedent have been fulfilled. Exxaro also bought a 26% stake in Black Mountain Mining for R180-million, it said in a... 

Teck Cominco shortens name, unveils new corporate structure

By: Liezel Hill     1st October 2008 Diversified Candian miner Teck Cominco will shorten its corporate name to simply 'Teck' and has realigned its structure into five strategic business units - copper, metallurgical coal, zinc, gold and energy – the company announced on Wednesday. Teck, which on Tuesday won approval for its... 

International Royalty sees 'infinite opportunities' as cash-crunched miners come a-knockin'

By: Liezel Hill     30th September 2008 Colorado-based mineral royalty firm International Royalty Corp (IRC) finds itself in the enviable position of being able to “pick and choose” between a host of potential deals, as miners and hopefuls seek alternative financing options. “It's been an amazing year in terms of the sheer volume,”... 

Junior leases polymetallic prospect in Nevada

By: Liezel Hill     29th September 2008 TSX Venture Exchange-listed Maestro Ventures has signed a lease agreement for the Gold Ore prospect, in Churchill County, Nevada, from JR Exploration, the firm announced on Monday. The four square mile property comprises 144 unpatented claims, and hosts lead, zinc, silver, copper and gold, as... 

Sentiment changes as the demand side weakens

By: Irma Venter     12th September 2008 The fact that some base metal prices have fallen by more than 50% in recent months, highlights the fact that investment activity in the market can turn quickly from being bullish to bearish, reports London-based Natixis Commodity Markets (NCM) in its third quarter metals review. 

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