Molycorp sees Sumitomo deal closing by September

Molycorp expects a $130 million debt and equity deal with Sumitomo Corp to close in August or September and said it continues to see strong demand for all its rare earth products. The Colorado-based miner added that the $781 million redevelopment...

Quadra FNX rises on Sumitomo JV pact

Shares in Canadian copper miner Quadra FNX Mining rose 5,8% on Monday, after the company announced a day earlier it has signed up Japan's Sumitomo Metal Mining and Sumitomo Corp to help fund its big copper/molybdenum project in Chile. The two...

Dahlman raises target on Molycorp, shares rise

Shares in rare-earth-elements (REE) firm Molycorp jumped 15% on Monday, after Dahlman Rose & Co analysts raised their price target on the company to $85 a share, from $49. Colorado-based Molycorp is the only rare earth oxide producer in the US...

Molycorp, Hitachi plan rare-earth production JVs

NYSE-listed Molycorp has signed an agreement with Japan's Hitachi Metals, on joint ventures to produce rare-earth alloys and magnets in the US. The ventures would be focused on the manufacture of neodymium-iron-boron alloys and magnets, used in...

Molycorp agrees rare-earths supply, financing deal with Sumitomo

Sumitomo Corp has signed a memorandum of understanding to buy $100-million of Molycorp shares and provide the US firm with $30-million of debt financing, in exchange for supplies of rare-earth metals. Molycorp will supply Sumitomo with...

Newmont, Sumitomo sell another 7% of Batu Hijau

Colorado-based Newmont Mining and partner Sumitomo Corp have sold another 7% of the company that owns their Batu Hijau copper/gold mine in Indonesia to local entities. PT Multi Daerah Bersaing (PTMDB), a consortium owned by regional and local...

Newmont negotiating with Indonesia govt as divestiture deadline looms

Newmont Mining continues to hold talks with the government of Indonesia, ahead of a November 12 deadline for the sale of a total of 24% of the Batu Hijau copper/gold mine, CEO Richard O'Brien said on Thursday. The company understands that the...

Teck finds buyer for Turkish gold assets

Canada's Teck Resources and Fronteer Development Group have signed a memorandum of understanding with Alamos Gold, for the sale of two gold projects in Turkey for $40-million in cash and four-million shares. Teck owns 60% of the Agi Dagi and...

Newmont, Indonesia extend divestiture deadline

US bullion miner Newmont Mining has reached an agreement with the government of Indonesia to extend the cut-off date for the government to buy a series of stakes in Newmont's Batu Hijau gold/copper mine, CEO Richard O'Brien said on Wednesday....

Teck agrees to sell Mexico gold asset

Vancouver-based Teck Resources has agreed to sell its 78,8% holding the Morelos gold project, in Mexico, to junior Gleichen Resources, for $150-million in cash plus shares representing 4,9% of Gleichen. The transaction is expected to close in the...

Teck closes sale of Pogo stake

Vancouver-based Teck Resources has completed the sale of its interest in the Pogo gold mine, in Alaska, for $245-million, the firm reported on Wednesday. The group, which has been selling noncore assets for cash to repay debt, announced in April...

Newmont taking steps towards selling Indonesia mine stake

Denver-based gold-miner Newmont Mining has been told by lenders that pledges will be lifted on shares that Newmont is required to sell in the company that owns the Batu Hijau mine, in Indonesia, CEO Richard O'Brien said on Thursday.