Kinross profit drops 58%, Mauritania mine underperforming

Canada’s third-largest gold miner Kinross Gold on Tuesday reported a 58% year-on-year drop in net first-quarter earnings to $105.7-million, or 9c a share, as a result of one-off tax costs. A $110.3-million remeasurement of deferred tax...

Ecuador reaches compensation deal with Petrobras over assets

Ecuador agreed to pay Petrobras $217-million as compensation for seizing assets from the Brazilian state-run oil company in 2010, at least 30 percent more than a previous proposal. Ecuador took control of the oil assets owned by Petrobras in the...

SRK to re-enter Peru after merger with SVS Ingenieros

A merger between diversified resources consulting group SRK Consulting and its Peruvian counterpart SVS Ingenieros will see the re-entry of SRK into Peru, as well as the diversification of mining services currently offered by SVS in that country.

Convention grows in leaps and bounds

The goal for the Prospectors and Developers Association of Canada (PDAC) 2012 convention is to once again be the world’s leading convention for the mineral exploration industry and to be the premier networking and educational event for a...

Riding out commodity uncertainty, producers limit output, close plants

While mining firms enjoyed massive profits last year as commodity and metals prices remained elevated in the first half of 2011, the US debt downgrade in August and the eurozone’s wobbles have brought about fresh fears.

Lundin to pursue 'bolt-on' copper, zinc deals

Base metals producer Lundin Mining is rummaging around for acquisitions that could add immediate or near-term copper and zinc production, but it has ruled out any transformational deals after its proposed merger with Inmet Mining fell through last...

SA improves in global mining ranking – survey

South Africa ranked 54th out of 93 global mining jurisdictions in this year’s Survey of Mining Companies, compiled by Canada’s Fraser Institute. This compared with South Africa’s 67th place out of 79 jurisdictions last year. South...

Fraser Institute poll names New Brunswick most attractive mining jurisdiction

New Brunswick has snatched the title as the most attractive jurisdiction to explore for minerals and build mines in the Fraser Institute’s yearly survey, jumping from last year’s position of twenty-third to beat Alberta. Of the 93...

Kinross, Ecuador bump heads over mine investment deal

Canada’s Kinross Gold is squaring up for tough negotiations with the Ecuador government, as the company seeks to get a sweeter tax and royalties deal for the mine it hopes to build there than the one it initially agreed to in December. CEO Tye...

Salazar's high-grade copper-zinc project attracts Lundin, Silvercorp

Toronto-based Lundin Mining has bought a 15.4% stake in Salazar Resources, which owns copper-zinc properties in Ecuador, after taking up over 80% of the units on offer in a $3-million equity financing. Silvercorp, the Vancouver-domiciled,...

Goldcorp agrees to higher 5% royalty in Guatemala

Canada’s second-biggest gold miner, Goldcorp, has struck a deal with Guatemala to increase its royalty rate by four percentage points to 5% of gross revenue, the company said on Friday. The government announced the previous day that royalties...

Kinross takes a pounding on likely project delays, potential Tasiast write down

Kinross Gold’s shares plunged nearly 20% on Tuesday, after the company said it was embarking on a six- to nine-month review of the timing, costs and mining methods at its three largest projects. Canada’s third-biggest gold producer also said...