R/€ = 16.70 Change: 0.24
R/$ = 16.18 Change: 0.41
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North America News

Centerra seeks clarification on Kyrgyz suspension reports

By: Liezel Hill     12th May 2008 TSX-listed Centerra Gold is seeking clarification from the government of Kygyzstan, after press reports that the country's Supreme Court had suspended agreements and licences for the company's Kumtor gold mine, the firm said on Monday. 

Aurizon commissions study on Quebec gold prospect

By: Liezel Hill     12th May 2008 TSX-listed Aurizon Mines has commissioned Montreal-based BBA Inc to conduct a prefeasibility study on the company's Joanna gold project, in Quebec, Canada. BBA has completed a preliminary assessment on the project, and believes that the deposit could support a viable standalone openpit... 

BHP Billiton agrees to buy Canada's Anglo Potash

By: Liezel Hill     12th May 2008 The world's biggest mining company, BHP Billiton, had agreed to buy TSX Venture Exchange-listed Anglo Potash for C$8,15 a share, or C$284-million, the companies said on Monday. The offer represented a 34% premium over the closing price of Anglo Potash's shares on Friday, and a 36%... 

DRC project costs rise almost 50% - Anvil

By: Liezel Hill     12th May 2008 TSX- and ASX-listed Anvil Mining now expects its Kinsevere Stage II project, in the Democratic Republic of Congo (DRC) to cost $380-million, $123-million higher than construction cost projections in a feasibility study on the project. Cost estimates had been pushed upwards after the company... 

Tahera receives interest from potential buyers

By: Liezel Hill     9th May 2008 TSX-listed Tahera Diamond Corporation, which has now stopped all operations at its Jericho mine, in Canada, has received a number of preliminary expressions of interest for the company, it said on Friday. The company has put itself up for sale, and is preparing to place the Jericho mine and... 

One down, four to go as Agnico-Eagle pours first gold at Goldex 

By: Liezel Hill     9th May 2008 One might be forgiven for wondering whether someone at Canadian gold miner Agnico-Eagle Mines has a penchant for the number five. The company has just poured the first gold bar at the first of five mines that it will commission over the next eighteen months, in order to grow production by five... 

Gold could ‘easily’ return to $1 000/oz-level – Holland

By: Matthew Hill     9th May 2008 JSE-listed Gold Fields new CEO Nick Holland could "easily see" the gold price returning to levels above $1 000/oz, as economic woes in the US continue, he said on Friday. He also said that surging costs that were affecting the industry could also prop up the price of the yellow metal,... 

New safety move may cut Gold Fields’ output

By: Matthew Hill     9th May 2008 JSE-listed miner Gold Fields would soon have its operations scrutinised in an external audit in a bid to improve its "unacceptable" safety record, and is also doing a review that could see it pull out of some pillar and remnant areas, which account for about one-fifth of its total... 

Gold Fields looking to develop West Wits surface assets  

By: Matthew Hill     9th May 2008 Number-two African gold producer Gold Fields and its bigger competitor, AngloGold Ashanti, have decided against partnering to exploit their West Wits surface uranium and gold assets, but the smaller firm might build its own processing plant, new CEO Nick Holland stated on Friday. Holland said... 

Gold Fields earnings surge, March quarter output falls 14%

By: Matthew Hill     9th May 2008 Gold major Gold Fields on Friday reported a 446% year-on-year jump in headline earnings for the quarter ended March to R1,24-billion, as higher metal prices considerably eclipsed lower output and rising costs. The company reported a 14% drop in production and a 21% rise in costs, compared with... 

Potash prices soaring 130% to 150% on back of fertiliser demand, Investec reports

By: Martin Creamer     9th May 2008 Growing world agricultural demand is causing the prices of agricultural-related mined products like potash to soar, Investec reports.  

Agnico-Eagle profit rises to $28,9m

By: Liezel Hill     8th May 2008 Canadian gold-miner Agnico-Eagle Mines, which is bringing five new gold mines into production over the next two years, lifted first quarter net income to $28,9-million, compared with $24,9-million a year ago.  

Stillwater swings to profit on higher prices

By: Liezel Hill     8th May 2008 US platinum-group-metals miner Stillwater Mining posted a first quarter net income of $3,2-million, compared with a loss of $1,1-million a year earlier, after higher prices for its metals boosted revenue. Stillwater mines and processes platinum and palladium from two mines in the Beartooth... 

Iamgold agrees to sell Peru copper/gold project

By: Liezel Hill     8th May 2008 Toronto-based Iamgold will to sell its La Arena copper/gold project, in Peru, to Rio Alto Mining for $47,55-million in cash and a 5,5% interest in Rio Alto, the company said on Thursday. "The sale of La Arena is part of the rationalisation of Iamgold's noncore assets and we believe that... 

Thomas Ogryzlo named chairperson of Baja Mining

By: Liezel Hill     8th May 2008 Vancouver-based Baja Mining has appointed Thomas Ogryzlo as the new chairperson of its board of directors, effective immediately, the firm said on Thursday. 

Homeland Energy lifts coal resource 30% at key SA project

By: Liezel Hill     8th May 2008 TSX-listed Homeland Energy Group (HEG) has increased the resource estimate for its Eloff coal project, 50 km east of Johannesburg, by 30%, the company said on Thursday. 

Yamana seeks strategic partner on Argentina deposit, may sell noncore assets

By: Liezel Hill     8th May 2008 Toronto-based gold-miner Yamana Gold may sell part or all of some noncore assets, which it believes are not receiving the “appropriate recognition of value”, CEO Peter Marrone said on Thursday. Speaking on a conference call with analysts and investors, he declined to say which assets... 

Rusoro commissions study on expansion at Choco 10

By: Liezel Hill     8th May 2008 TSX Venture Exchange-listed Rusoro Mining has awarded a contract to Vancouver-based mining consultancy Micon International, to conduct a scoping study on the viability of a “significant” expansion at the company's Choco 10 gold mine and mill, in Venezuela. Mico had also been... 

FNX Mining posts lower earnings after nickel prices decline

By: Liezel Hill     8th May 2008 Toronto-based base-metals miner FNX Mining Company reported first-quarter net earnings of C$24,06-million, compared with C$30,19-million a year earlier, after new production from its Podolsky mine failed to offset the effects of lower nickel prices. The average realised price for nickel during... 

Yamana earnings rise to $63,11m

By: Liezel Hill     7th May 2008 Canadian gold-miner Yamana Gold increased first quarter net earnings to $63,11-million, from $27,42-million a year earlier, the company reported after local markets closed on Wednesday. 

Currency, costs and shipping delays weigh on Hudbay's earnings

By: Liezel Hill     7th May 2008 Canadian miner Hudbay Minerals posted net earnings of $21,6-million for the first quarter of this year, compared with $63,1-million a year ago, after a strengthening Canadian dollar, lower sales volumes as a result of shipping delays and higher costs for purchased copper concetrates took their... 

Higher silver prices fail to put a dent in demand

By: Liezel Hill     7th May 2008 Industrial demand for silver rose for the sixth year in a row, and jewellery fabrication slipped by only 2% last year, as high and volatile prices for the metal failed to deter buyers, according to an industry report published on Wednesday. In their World Silver Survey 2008, launched in New York,... 

Funding crunch means more juniors up for grabs – Kinross chief

By: Liezel Hill     7th May 2008 The credit crisis in western financial markets has created more opportunities for large and mid-tier gold companies to target juniors, many of whom are struggling to finance the exploration and development of their projects, Kinross Gold CEO Tye Burt said on Wednesday. "We are seeing a lot... 

Eastplats adopts shareholder rights plan

By: Matthew Hill     7th May 2008 Canada’s biggest platinum producer, Eastern Platinum (Eastplats), has approved a shareholder rights plan to ensure “fair treatment” of investors and give the board more time to reach a decision in the event of a takeover bid, it said on Wednesday. It also gave the board a... 

Gold near one-week high on oil, ETF holdings up

By: Reuters     7th May 2008 Gold held steady on Wednesday, hovering near a one-week high hit the previous day, after crude oil powered to another record and spurred buying of the precious metal by investors seeking to hedge against inflation. An increase in gold holdings in the world's largest exchange-traded fund... 

Xstrata coal output declines, chrome and copper rise

6th May 2008 Diversified miner Xstrata Resources produced 4% less coal during the first quarter of this 2008 than in the same period a year earlier, largely as a result of heavy rains and flooding at its Australian operations. The group produced 18,5-million tons of coal during the quarter, after thermal coal... 

Barrick completes feasibility study on $700m SA PGM mine

By: Liezel Hill     6th May 2008 The world's biggest gold producer, Toronto-based Barrick Gold, will make a decision “in due course” on the way forward at the Sedibelo platinum project, in South Africa, the company said on Tuesday. A feasibility study has been completed on the project, which shows... 

World gold supply trend 'tragic' – Barrick founder Munk

By: Liezel Hill     6th May 2008 The failure of the gold-mining industry to find and exploit large new deposits of the yellow metal was “tragic”, Barrick Gold chairperson and acting CEO Peter Munk said on Tuesday. 

Barrick Gold lifts dividend 33%

6th May 2008 Gold giant Barrick Gold has increased its June dividend to $0,20 a share from $0,15 a share last year, the company said on Tuesday. 

Barrick profit leaps as margins swell on higher prices

By: Liezel Hill     6th May 2008 The world's biggest gold producer, Toronto-based Barrick Gold, increased its first quarter net income to $514-million, compared with a loss of $159-million a year earlier, thanks to its exposure to record gold-price levels. The gold-miner reported a loss in the first quarter of 2007 after... 

Homeland Energy sells further 5% stake in SA unit

By: Liezel Hill     6th May 2008 TSX-listed Homeland Energy Group (HEG) has sold another 5% stake in its South African subsidiary, Homeland Mining and Energy SA, to India's GMR Group, for $15-million in cash, the firm said on Tuesday. 

Frontera implements plan to offset lower sulphuric acid volumes

By: Liezel Hill     5th May 2008 Canadian copper producer Frontera Copper is implementing a new ore-placement and leaching strategy at its Piedras Verdes operation, in Mexico, to reduce the effects of reduced availability of sulphuric acid, the company said on Monday. The mine's main supplier of sulphuric acid had been... 

Resource estimate rises 167% at Ghana gold prospect

By: Liezel Hill     5th May 2008 Vancouver-based AMI Resources has increased the resource estimate at its wholly-owned North Ashanti gold project, in Ghana, by 167%, to 327 621 oz, the firm announced on Monday. 

Equinox commissions water systems at Lumwana

By: Liezel Hill     5th May 2008 TSX- and ASX-listed Equinox Minerals has completed the commissioning of the raw-water systems at its Lumwana copper project, in Zambia, the firm said on Monday.  

Abacus appoints COO

By: Liezel Hill     5th May 2008 TSX Venture Exchange-listed Abacus Mining & Exploration has appointed Andrew Pooler as executive VP and COO, the company said on Monday. 

Coeur restarts Chile mine ahead of schedule

By: Liezel Hill     5th May 2008 Precious metals-miner Coeur d'Alene Mines has resumed operations earlier than expected at its Cerro Bayo silver/gold mine, in southern Chile, after production was halted for upgrades to the mine's electrical infrastructure. The company began implementing a recovery plan earlier this... 

Lundin approves €11,3m expansion to improve recoveries at Portugal plant

By: Liezel Hill     5th May 2008 Base-metals miner Lundin Mining will build an additional circuit in the copper plant at its Neves-Corvo mine, in Portugal, to recover copper and zinc that is currently being lost to tailings, the firm said on Monday. “Since the start of production at Neves-Corvo in 1988, important... 

Cash-flush Goldcorp sees 'significant opportunities' for growth

By: Liezel Hill     5th May 2008 Canada's second-biggest gold-miner, Goldcorp, sees “significant opportunities” for growth initiatives at its existing assets, CEO Kevin McArthur said on Monday. These included an openpit mine at the company's Red Lake mine, in Canada, underground mining opportunities at the... 

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