JULY - JANUARY 2009
JANUARY 30 - US coal-miner Foundation Coal will idle its Laurel Creek mining complex, which includes three underground mines an a preparation plant, effective immediately. Foundation said the operation's high-cost structure, “unfavourable” market conditions and difficult mining conditions made the mining complex uneconomic.
JANUARY 29 - Global diversified miner Xstrata on Thursday reported a 35% drop in annual profit, falling from 2007’s record $5,54-billion to $3,59-billion in the 2008 financial year.
JANUARY 27 - Platinum miner Aquarius Platinum says the "dire" global macroeconomic environment has weakened platinum group metals prices further during the second quarter, and warns that the firm will likely post an interim loss of between $75-million and $85-million.
JANUARY 27 - Molybdenum-miner Thompson Creek Metals will reduce its 2009 production from its previous guidance, and plans to shut both its mines for a full month during the summer, citing unfavorable market conditions and reduced demand for molybdenum.
JANUARY 27 - The retreatment of diamond tailings at South Africa's new Lace diamond mine was rendered uneconomic when the prices the mine was receiving for its diamonds fell by 50% in the last quarter of 2008, says DiamondCorp CEO Paul Loudon.
JANUARY 26 - Production at the Transalloys manganese-ore smelting operation in South Africa will cease for two months because of reduced current market demand.
JANUARY 26 - Phoenix-based Freeport-McMoRan Copper & Gold will take additional steps to free up cash, including further reductions in high-cost copper production and the possible sale of as much as $750-million worth of shares.
JANUARY 23 - JSE-listed ferrochrome producer Merafe Resources says that the European benchmark ferrochrome price had dropped by 57% in the first quarter. The quarter’s ferrochrome price had been settled at $0,79/ lb, down from the $1,85/lb in the fourth quarter of 2008.
JANUARY 22 - Iron ore output of Brazilian mining giant Vale plunged 21% in the last quarter of 2008 from a year earlier on lower demand from steelmakers across the globe.
JANUARY 22 - Base-metals miner Lundin Mining will permanently stop production at its Galmoy zinc/lead/silver mine, in Ireland, in May this year.
JANUARY 21 - Gold Fields, the world's No. 4 gold producer, is considering laying off some 1 500 workers at its South African operations due to downsizing at some of its mines, Reuters reports, citing a union official.
JANUARY 21 - TSX- and Aim-listed African Copper reports that its Mowana mine, in Botswana, had been placed on care-and-maintenance, pending the finalisation of negotiations to obtain $15-million working capital.
JANUARY 21 - Iluka Resources, the world's biggest producer of zircon, will close two mines this year, in a move to focus on higher-grade, more profitable operations.
JANUARY 21 - Diversified miner BHP Billiton announces it will cut about 6 000 jobs at a number of operations worldwide, with 2 100 jobs to be cut at its nickel operations in Western Australia.
JANUARY 16 - Diamond giant De Beers Consolidated Mines (DBCM) started a consultation process with union representatives regarding possible retrenchments, after it evaluated the new business environment in which its mines have to operate.
JANUARY 15 - Gem-miner Namakwa Diamonds says it is likely that it will put some of its mines on care-and-maintenance, in a response to weak rough diamond prices.
JANUARY 14 – South African miners Impala Platinum Mvela Resources and Northam Platinum terminated a M&A deal, citing the world’s uncertain economic climate as well as the ongoing volatility in commodity and equity prices.
JANUARY 14 - Canada-based diamond producer BRC DiamondCore says it will maintain the suspension of bulk sampling at its projects in South Africa’s Northern Cape province, and that it will start consultations with labour unions and employees over jobs.
JANUARY 13 - Diversified giant Rio Tinto has decided to postpone work on its Western Australian iron-ore Automated Train Operations programme, estimated to be worth about $371-million. The company says the easing of the market growth, caused by the economic slowdown, has reduced the urgency of this project.
JANUARY 13 - Global diversified mining group Xstrata will put Handlebar Hill zinc operation on care-and-maintenance, and will suspend the planned upgrade of the Pac Rim crushing system, as part of plans to restructure the operations in Australia, following a strategic review.
JANUARY 13 - The world’s second-largest zinc producer, Oz Minerals, announces it will put the Scuddles mine, at its Golden Grove operations in Western Australia, on care-and-maintenance.
JANUARY 12 - TSX- and JSE-listed diamond junior Rockwell has extended its shutdown period to the end of January because of continued diamond-market weakness and is preparing to shed jobs.
JANUARY 12 – Rio Tinto postpones the expansion of its Corumbá iron-ore project in Brazil, citing the global economic downturn.
JANUARY 9 - Diversified minerals exploration company African Eagle Resources places the majority of its advanced projects on care-and-maintenance, while restricting its active operations to the Dutwa nickel project, in Tanzania.
JANUARY 8 - Vancouver-based Teck Cominco will reduce coal production this year to 20-million tons, in response to falling steel demand, and will cut its work force by 13% this year.
JANUARY 7 - Peabody Energy, the biggest coal-miner in the US, has lowered its production targets for the company's Powder River Basin and Australian coal mines, as the global economic downturn weighs on demand.
JANUARY 7 - Equinox Minerals says it will continue to stockpile uranium ore at its Lumwana copper mine, in Zambia as prices for the nuclear fuel do not support the construction of a treatment plant.
JANUARY 6 - Canadian explorer African Queen Mines has relinquished its rights to earn as much as 75% of the Braganza gold project, in order to focus its attention on diamond prospects in Botswana and Namibia. The company says it is prioritising projects in the “difficult” economic environment.
JANUARY 6 - Vancouver-based Western Canadian Coal plans to reduce production at its Brule and Wolverine mines, in British Columbia, in response to rising inventory levels linked to the deferral of shipments by some customers.
JANUARY 5 - Quartz-miner Black Bull Resources informs shareholders that it will investigate its strategic options, as the current economic environment weighs on cash flow.
JANUARY 2 - Midtier gold-miner New Gold has placed its Amapari mine in Brazil on temporary care-and-maintenance, after high costs associated with mining and processing the oxide ore rendered the operation uneconomic.
DECEMBER 31 - Silvercorp Metals Inc says it will remove redundant positions and delay exploration programmes as part of its cost-control measures for its China operations, Reuters reports.The silver producer says it is seeking to preserve cash and maintain positive operating cash flow in light of reduced global commodity prices.
DECEMBER 19 - Australia’s third-largest diversified miner, Oz Minerals, will put its Avebury nickel mine on the west coast of Tasmania on care-and-maintenance, cutting 189 jobs.
DECEMBER 18 - Ferrous-metals miner Assmang will close three high-carbon ferromanganese furnaces at its Cato Ridge works, because of “extensive” steel production cutbacks.
DECEMBER 17 - TSX- and Aim-listed Nautilus Minerals is terminating an agreement with the company that was to have provided the support vessel for its undersea mining project, in a move to preserve the company's cash position.
DECEMBER 17 - Diversified miner Anglo American has halved its 2009 capital expenditure to $4,5-billion.
DECEMBER 17 - The world's biggest platinum producer will restrict its 2009 capex to R9,1-billion, retain its 2008 2,4-million-oz production target in 2009.
DECEMBER 16 - 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.
DECEMBER 15 - Aim-listed Gem Diamonds will put its low-margin Cempaka mine in Indonesia on care-and-maintenance from January 1.
DECEMBER 15 - 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”.
DECEMBER 12 - Namibian diamond producer Namdeb and De Beers Marine Namibia will immediately reduce production for the remainder of 2008 and early 2009, as a result of high inventory levels and low liquidity impacting on wholesale clients’ ability to purchase new rough diamond supplies.
DECEMBER 11 - Africa-focused nickel-miner Albidon is considering reducing its employee numbers, as well as closing its Cape Town exploration office and its Lusaka corporate office, in order to strengthen its balance sheet.
DECEMBER 10 - TSX-listed Aura Minerals has suspended mining at the Aranzazu operation, just six months after it completed the acquisition of the mine.
DECEMBER 10 - Canadian base-metals miner FNX Mining will extend the suspendion of nickel ore mining at its Levack mine, and also plans to halt nickel ore production from the adjoining McCreedy West mine.
DECEMBER 10 - Global diversified miner Rio Tinto will cut net debt by $10-billion, shed 14 000 jobs, sell additional assets, joint-venture (JV) existing projects and lop $5-billion off capital expenditure.
DECEMBER 8 - Companhia Vale do Rio Doce, the world's biggest iron-ore producer, has suspended operations at two pellet plants at the port of Tubarão, Brazil, in response to slumping demand.
DECEMBER 8 - TSX- and ASX-listed minerals company Anvil Mining has begun the process of suspending concentrate production, postponing underground development work, and initiating a care-and-maintenance programme at its 90%-owned Dikulushi copper mine.
DECEMBER 8 - Cliffs Natural Resources, the biggest iron-ore producer in North America, will reduce production of the steelmaking ingredient at its six mines in the US and Canada, in response to falling demand and prices.
DECEMBER 8 - The continued deterioration of the stainless steel market has prompted ferrochrome producer Assmang to close another furnace, cutting output by an additional 45 000 t/y.
DECEMBER 5 - Molybdenum-producer Thompson Creek Metals has cut its spending plans and will postpone a mine expansion, after a “sharp” decline in prices.
DECEMBER 5 - ASX-listed metals producer Fortescue Metals has suspended all of its long-term cost and freight shipping contracts, as a direct response to market conditions demanding greater free-on-board sales.
DECEMBER 4 - Brazil's Companhia Vale do Rio Doce will shut its Copper Cliff South mine, in Sudbury, Ontario, in January, because of weak nickel prices and slumping demand.
DECEMBER 3 - BHP Billiton is reducing manganese and alloy production in line with market weakness.
DECEMBER 3 - Freeport-McMoRan Copper & Gold will cut capital spending in half, reduce copper output and suspend its dividend until market conditions improve.
DECEMBER 3 - JSE-listed diamond producer BRC Diamondcore has implemented a strategic suspension of its bulk sampling projects in the Northern Cape, in view of the current depressed diamond prices.
DECEMBER 3 - South African trade union Solidarity says more than 12 000 mining jobs could be at risk in the country.
DECEMBER 1 - Diamond-miner Petra Diamonds has started an operational review at both its Helam and Star fissure mines in South Africa, in a response to the weakening of rough diamond prices.
DECEMBER 1 - Hernic Ferrochrome has reduced production by about 70%, and is operating only one of the four furnaces at its facility in Brits
DECEMBER 1 - The Xstrata-Merafe joint venture will suspend operations at another five ferrochrome furnaces, bringing the company's offline capacity to 906 000 t/y, or more than half of its annual production capability.
NOVEMBER 26 - Canadian coal-miner Western Canadian Coal will temporarily suspend mining operations at its Willow Creek mine, in British Columbia, at the end of this month.
NOVEMBER 26 - Bindura Nickel Corporation (BNC), majority-owned by Mwana Africa, announces the closure of two nickel mines, and its smelter and refinery operations in Zimbabwe, citing low nickel prices and operational problems.
NOVEMBER 25 - 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.
NOVEMBER 25 - The world's biggest miner, BHP Billiton, calls off its ambitious bid for smaller rival Rio Tinto, citing "the continued deterioration of near-term global economic conditions”.
NOVEMBER 25 - The owners of the Midwest uranium project, in Canada's Saskatchewan province, will postpone development of the mine until economic conditions improve.
NOVEMBER 25 - Ferrochrome producer International Ferro Metals has suspended production at its two ferrochrome furnaces in South Africa in a response to falling demand.
NOVEMBER 24 - Vancouver-based Rockwell Diamonds will extend its usual two-week shutdown to five weeks this year-end, to help the company conserve cash and in response to sliding diamond prices.
NOVEMBER 24 - Norilsk Nickel, the world's biggest producer of nickel and palladium, will put its Waterloo and Silver Swan underground mines, in Western Australia, into care and maintenance.
NOVEMBER 21 - Katanga Mining has temporarily stopped mining operations at the Tilwezembe open pit and ore processing at its Kolwezi concentrator, in the Democratic Republic of Congo, in response to slumping cobalt prices.
NOVEMBER 21 - Apogee Minerals has halted production at its La Solucion silver/lead/zinc mine, in Bolivia, after low metals prices, declining grades and high costs rendered the operation unprofitable.
NOVEMBER 20 - 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. Teck also expects coal sales for the rest of this year and in 2009 to be affected by softening demand for steel.
NOVEMBER 20 - 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. Hochschild has also deferred most of its 2009 capital expenditure, which will now be limited to sustaining capex at existing operations and investments to which it has already committed
NOVEMBER 20 - Impala Platinum has suspended its share buy-back programme, and will review its capital expenditure, in an effort to preserve cash, given the current global financial crisis and economic downturn, the rapid decline in platinum group metal prices, and the increased volatility within the capital markets,
NOVEMBER 19 - Vancouver-based First Majestic Silver, which produces the precious metal from three mines in Mexico, has temporarily suspended all activities at its Cuitaboca project.
NOVEMBER 19 - Platinum-miner Impala Platinum says that the decline in platinum group-metal prices and the increased volatility in global capital markets have complicated the firm's R21,2-billion bid for Mvelaphanda Resources and Northam Platinum.
NOVEMBER 19 - Aim-listed base metals producer Weatherly International is closing two of its copper mining projects in Namibia and would retrench 100 workers from two other operations in the Southern African country, owing to a recent decline in world copper prices.
NOVEMBER 19 - Africa-focused diversified miner Central African Mining & Exploration temporarily suspended copper and cobalt mining operations in the Democratic Republic of Congo, due to weak demand and low prices.
NOVEMBER 18 - US platinum-group metals miner Stillwater Mining will scale down operations at its East Boulder mine, reduce capital expenditure and cut jobs across the group, in an attempt to stay profitable after palladium and platinum prices fell more than 60% from levels earlier in the year.
NOVEMBER 18 - The world's third-largest platinum-miner, Lonmin, announces the closure of South African mines, and says it will halt growth projects. New CEO Ian Farmer says the company is bracing for "blood, toil, sweat and tears".
NOVEMBER 17 - The owners of the Fort Hills oil sands project, in Northern Alberta, Canada, announce that they will delay making a final investment decision on the mine until market conditions stabilise.
NOVEMBER 17 - London-listed diamond producer Gem Diamonds warns that it might post a full-year loss, and that it is reassessing its operations amid the global credit crunch. The company has already halted at least two projects in Africa.
NOVEMBER 17 - Teal Exploration & Mining reports that turmoil in the global commodity market has forced the explorer, a subsidiary of diversified miner African Rainbow Minerals, to cut output at the Lupoto copper project’s small-scale mining operation in the DRC.
NOVEMBER 14 – Denver-based Geovic Mining will delay both construction and fundraising for its Nkamouna cobalt project, in Cameroon, in response to turmoil in global commodity, capital and credit markets.
NOVEMBER 13 - TSX- and ASX-listed copper-miner Anvil Mining has suspended the fabrication and construction works for its Kinsevere Stage II solvent extraction-electrowinning plant, until the company arranges additional funding and global financial and commodity markets stabilise.
NOVEMBER 13 - Xstrata Nickel will cease operations ahead of schedule at the Craig and Thayer-Lindsley mines, in Sudbury, in response to low nickel prices.
NOVEMBER 12 - Copper-miner First Quantum has suspended production at its Bwana Mkubwa plant, in Zambia, and is renegotiating supply contracts to try accelerate the benefits of lower prices for oil and other key consumables, after copper prices fell sharply. The company will also defer nonessential exploration and capital expenditure programs.
NOVEMBER 12 - Ferrochrome producer International Ferro Metals announces 40% production cut and says it will delay some of its capital expenditure projects in what it calls a prudent and swift move to ensure that the company weathers the economic storm.
NOVEMBER 12 - Dutch aluminium producer Vimetco will cut its production in China by a further 15 000 t, in addition to an 80 000-t cut announced in October. The company also says it may cut production in Romania by as much as 65 000 t/y in 2009, resulting in the group's total output being reduced by 160 000 t to about 515 000 t
NOVEMBER 11 - Cameco Corporation says it is “re-examining” expenditures, in response to what it describes as an effective shutdown of the capital debt market.
NOVEMBER 11 - 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.
NOVEMBER 11 - Frontera Copper has suspended mining activities at its Piedras Verdes operation in Mexico, and will cut its workforce by about 100, in response to low metals prices.
NOVEMBER 11 - China's refined nickel output is forecast to fall nearly 10% to around 130 000 t this year from a previous estimate as demands weakens, Reuters reports.
NOVEMBER 10 - 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.
NOVEMBER 10 - Platinum and chrome producer Xstrata Alloys and its South African joint-venture partner, Merafe Resources,will temporarily suspend six furnaces of the Xstrata-Merafe chrome venture. The six South African furnaces would represent about 500 000 t, or 29%, of the annual ferrochrome production of the chrome venture.
NOVEMBER 10 - Phoenix-based Freeport-McMoRan Copper & Gold will cut molybdenum production at its Henderson mine, in Colorado, by 25%, in response to a "sudden and sharp" drop in prices for the metal and weak global economic conditions. The company will also defer the planned restart of the Climax molybdenum mine, where production was previously scheduled to begin in 2010, and is reviewing production levels at its copper-mining operations.
NOVEMBER 10 - Rio Tinto Alcan will review a $10,6-billion aluminium joint-venture with Saudi firm Maaden, Reuters reported.
NOVEMBER 10 - Mining group Rio Tinto will cut its Australian iron-ore production by about 10%, in response to a reduction in demand from its customers and reduced shipments.
NOVEMBER 7 - Eastern Platinum is re-evaluating its short-term development plan in response to lower platinum-group metals prices.
NOVEMBER 7 - TSX-listed Silver Eagle Mines, which owns a silver and base-metals mine in Mexico, is considering "all potential alternatives", including putting itself up for sale, after it was unable to arrange debt financing.
NOVEMBER 6 - Molybdenum-producer Thompson Creek Metals postpones the development of its Davidson underground mine in Canada, after a “dramatic reduction” in molybdenum prices.
NOVEMBER 6 - Canadian metals-miner FNX Mining has cut its spending plans for this year for a second time, and expects to further “dramatically” reduce expenditures in 2009.
NOVEMBER 5 - Peter Hambro Mining is carefully reviewing its exploration, construction, and maintenance expenditure for 2009, and will postpone a planned listing on the main LSE board.
NOVEMBER 4 - HudBay Minerals will delay construction of its Fenix nickel project in Guatemala due to falling metals prices and economic uncertainty.
NOVEMBER 4 - London-listed Aricom is reviewing its iron-ore projects to reduce spending because of the global economic crisis.
NOVEMBER 3 - TSX Venture Exchange-listed Inca Pacific will cancel an order for a ball mill for its Magistral copper/molybdenum project, and will delay ordering any other long-lead-time equipment, in order to conserve working capital.
NOVEMBER 3 - South African trade union Solidarity says that the world's third biggest platinum producer, Lonmin, issued unions a notice of possible retrenchments, as the company planned on cutting back on expenses.
OCTOBER 31 - Norilsk Nickel, the world's largest nickel miner, will cut 10% of the workforce at its central office in Moscow due to the financial crisis, Reuters reports.
OCTOBER 31 - Brazilian miner Companhia Vale do Rio Doce will cut iron ore output by 10% from November, as a global financial slowdown translates into softening demand for steel.
OCTOBER 30 - Barrick Gold, the world's biggest gold-miner, is looking at opportunities to buy rivals or their assets cheaply, after the financial crisis and fears over weakening demand for commodities led to “amazing” declines in valuation.
OCTOBER 29 - Canadian diversified mining and energy group Sherritt International is taking “immediate steps” to reduce costs and capital spending, as commodity prices continue to weaken, including the suspension of significant expansion initiatives.
OCTOBER 29 - Vancouver-based Baja Mining will delay construction at its Boleo copper project, in Mexico, until market conditions improve.
OCTOBER 29 - Denver-based gold major Newmont Mining may delay some projects because of turbulence in the financial and commodities markets, but the company also sees opportunities to benefit from the current environment, president and CEO Richard O'Brien tells analysts.
OCTOBER 29 - Aquarius Platinum places its No. 2 shaft at Marikana, on the Western Limb of South Africa’s Bushveld Complex, on care-and-maintenance, in response to low prices for platinum-group metals.
OCTOBER 28 - Platinum junior Wesizwe Platinum is reconsidering certain options of the project plan for its core 350 000-oz/y platinum-group metals Frischgewaagd-Ledig project, because of volatile metals prices and financial markets.
OCTOBER 28 - Cliffs Natural Resources, will temporarily idle three pellet furnaces in Minnesota, in response to slumping demand for the steelmaking ingredient.
OCTOBER 28 - Fortescue Metals Group, Australia's third-largest iron-ore miner, reports it has deferred some spending on expansion.
OCTOBER 27 - South Africa's Simmer & Jack Mines says it will slow development at its Buffelsfontein gold mine and the Transvaal Gold Mining Estates, after a significant deterioration in capital market conditions to fund new growth projects.
OCTOBER 24 - South African ferrous-metals miner Assmang will switch off two of its ferrochrome furnaces at the Machadodorp works, citing adverse marketing conditions. The move is prompted by a sudden decline in demand for its products in the spot commodity markets, more specifically the demand for ferrochrome and chrome ores.
OCTOBER 24 - Copper and cobalt miner Katanga Mining is re-examining its capital expenditure plans, but, in the meantime, will continue funding the second phase of its Kamoto rehabilitation project.
OCTOBER 23 - Diversified miner Anglo American is reviewing its capital expenditure programme owing to current market volatility and uncertainty.
OCTOBER 23 - Diversified-miner Teck Cominco says it plans to curtail sustaining capital and exploration spending, and will consider selling assets, as it adjusts to slumping metals prices and seeks to pay down debt.
OCTOBER 23 - The CEO of Codelco, the world's largest copper miner, tells journalists that the super cycle of high copper prices has come to an "abrupt" end. The company, owned by the Chilean government is taking steps to adjust to the new pricing environment.
OCTOBER 22 - Uranium One announces that its Dominion mine, in South Africa, will be placed on care-and-maintenance while the company considers looking for a buyer or closing the operation completely. Plummeting uranium prices, cost inflation and a slower-than-expected ramp-up at the mine, which has yet to achieve commercial production, resulted in a “significant deterioration” in the economics of Dominion.
OCTOBER 21 - Diamond giant De Beers will reduce the amount of unpolished gems at its next two sales due to reduced demand, according to Reuters.
OCTOBER 21 - TSX-listed FNX Mining suspends contact nickel production at its Levack Complex, in Sudbury, Ontario, citing low commodity prices and low provisional metal accountabilities, along with high operating costs of mining the deposits.
OCTOBER 21 - Toronto-based North American Palladium will temporarily close its Lac des Iles platinum-group metals (PGM) mine, in Thunder Bay, Ontario, and will lay off about 350 employees. The mine is operating well below breakeven, thanks to plummeting platinum-group metals prices.
OCTOBER 21 - Arizona-based Freeport-McMoRan Copper & Gold will defer mine expansions and put off restarting at least one operation, as it adjusts to slumping commodity prices. The group has plans to restart the historic Miami copper mine, in the US, and will defer incremental expansions at the Sierrita and Bagdad mines, in Arizona.
OCTOBER 20 - TSX-listed First Nicke suspends production at its Lockerby nickel mine, in Canada's Sudbury basin, citing low metals prices and difficult financial conditions. The firm is placing the mine in a care and maintenance programme, which will enable it to restart production when economic conditions improve, and while the company evaluates its options
OCTOBER 20 - Polymetal, Russia's largest silver miner, cuts its production forecast, citing falling metal prices, and says it will consider revising its investment plan for next year.
OCTOBER 17 - Metals analysts say that many platinum projects still in the planning or development stage will battle to remain viable in the current pricing environment. One expert speculates that a number of platinum juniors are "dead in the water".
OCTOBER 15 - Diversified-miner Rio Tinto will review near-term capital expenditure and project costs in light of recent market turmoil, CEO Tom Albanese reports. However, the group says it still believes the long-term outlook for commodities is positive.
OCTOBER 15 - Zambia's Central Bank says that the global financial crisis will adversely affect demand for Zambian copper and hurt the flow of foreign direct investments. An official warns that a severe and prolonged financial crisis would affect demand for copper among major consumers like China and lead to a stagnation of growth in the country's copper mining industry.
OCTOBER 14 - London-listed Gem Diamonds warns it may postpone the start-up of its Gope project, in Botswana, because of expected delays in securing project finance.
OCTOBER 12 - The World Federation of Diamond Bourses urges mining firms to cut back on the supply of unpolished gems to the market amid the world economic crisis. Reuters reports that the organisation says the move is neccessary to the safeguard the strength of the industry.
OCTOBER 13 - ASX- and TSX-listed Intrepid Mines postpones construction of the Casposo gold/silver project, in the San Juan province of Argentina, owing to the impact of the financial market turmoil on the availability of funds.
OCTOBER 9 - Base-metals miner Strategic Resource Acquisition will place its Mid-Tennessee zinc mining complex on temporary care and maintenance, after determining that the project is “uneconomic” at current zinc prices.
AUGUST 21 – Canadian base-metals-miner HudBay Minerals says it will close its Balmat zinc mine and concentrator, in New York, citing low zinc prices, high operating costs and "general inflationary pressures".
AUGUST 7 – Lundin Mining says that its Aljustral project, in Portugal, is not economically viable at current zinc prices. The company records a $152,8-million noncash impairment after writing down the value of the Aljustrel operations, where it has battled falling zinc prices, high input costs and a slower-than-expected ramp-up.
JULY 14 – Teck and Xstrata Resources announce that they will close their jointly owned Lennard Shelf Pillara mine, in Western Australia, after plummeting zinc and lead prices and rising costs made the mine uneconomic. The companies also cite a stronger Australian dollar and lower than expected production.