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Zinc News

First Quantum buys 19.9% stake in Peru-focused junior

By: Matthew Hill     14th May 2012 Base metals miner First Quantum on Friday said it bought a 19.9% stake in Zincore Metals, which owns copper and zinc projects in Peru, for a total of C$7.5-million. The TSX-listed junior had said on May 8 First Quantum took up a stake of some 10% in the company, following through three days... 

HudBay Q1 profit dips 47% on impairments, tax charges

By: Matthew Hill     10th May 2012 Canadian base-metals producer HudBay Minerals generated an $8-million profit for the three months to March 31, 47% lower than the number for the same period in 2011, as one-time, noncash charges ate into earnings, the company said late on Wednesday. On a per-share basis, earnings came in at... 

Prefeas gives Sunridge's Ertirea project $555m NPV

By: Matthew Hill     2nd May 2012 TSX-V- and ASX-quoted Sunridge Gold’s Asmara project in Eritrea has the potential to produce 25 900 t of copper and 61 800 t of zinc yearly, in addition to silver and gold, the company said on Wednesday, announcing the results of a prefeasibility study. At a 10% discount rate, the project has a... 

Xstrata spends A$87m on Australian zinc

By: Esmarie Iannucci     2nd May 2012 Swiss-listed diversified miner Xstrata would invest some A$87-million in its Australian zinc operations to increase yearly production by 5%, or 25 000 t. The company’s zinc division would accelerate production from the Lady Loretta underground mine, and would further extend the life of the... 

Lundin says Q1 profit down by 18%, prices low

By: Henry Lazenby     26th April 2012 Base-metals miner Lundin Mining on Wednesday reported first-quarter profit falling by 18% to $58.3-million or $0.10 a share, as a result of lower prices achieved for its commodities. In its quarterly report, the company said the average metal prices for copper, zinc and lead in the first quarter... 

Zincor closure bodes well for zinc industry’s future

By: Samantha Herbst     20th April 2012 The closure of diversified miner Exxaro Resource’s Zincor, South Africa’s only zinc refinery, at the end of 2011 has generated significant international interest and movement in the zinc industry, says International Zinc Association South Africa (Izasa) regional director Rob White. 

Constancia to cost around $1.5bn to build, says HudBay

By: Matthew Hill     3rd April 2012 Hudbay Minerals, the Canadian base-metals miner, on Modnay hiked the capital cost estimated of its giant Constancia project in Peru by about 50% to $1.5-billion, citing both scope changes and inflation as reasons. A February 2011 feasibility study under the copper-gold project’s previous owners,... 

Scorpio swings to Q4 loss, shares punished

By: Matthew Hill     28th March 2012 Scorpio Mining plunged by over 20% in Wednesday Toronto trading, after the company, which owns a silver mine in Mexico, said it made a fourth-quarter loss as a result of higher costs and lower revenues. Sales for the quarter slid 12% to $13.8-million as metallurgical variances in the concentrate... 

Aquila to publish Back Forty PEA by end-May

By: Matthew Hill     21st March 2012 Aquila Resources, which has a 49% stake in the Back Forty gold and zinc project in Michigan, said on Wednesday it will publish a preliminary economic assessment (PEA) on the asset in the next 60 days. The TSX-listed exploration firm also said it formalised an agreement with Canada’s HudBay... 

Teck agrees to help boost zinc fertiliser use in China

By: Matthew Hill     19th March 2012 Canada’s biggest diversified miner, Teck Resources, has inked a deal with a branch of China’s Agricultural Ministry to promote using zinc as a fertiliser in the country. According to industry body the International Zinc Association, almost half the world’s cereal crops are deficient in zinc, and... 

Nevsun rises on share repurchase announcement

By: Matthew Hill     19th March 2012 Apple Inc. wasn’t the only company looking to give shareholders a bite of its growing cash pile in the way of stock repurchases on Monday morning – Vancouver-based Nevsun made a similar move, though obviously on a much smaller scale. The TSX- and NYSE-listed company, which owns the Bisha gold... 

VMS eyes healthy cash flows at Reed copper project

By: Matthew Hill     13th March 2012 It is more likely that HudBay Minerals, the 70% owner of the Reed Lake project in Manitoba, would make an offer to buy VMS Ventures’ 30% stake in the asset, than bid for the entire company, chairperson and CEO of the junior, Rick Mark, said last week. HudBay is carrying out a prefeasibility... 

Exploration boom to roar on, industry says

By: Matthew Hill     4th March 2012 Mining exploration will probably increase to a new record again in 2012, though the growth rate will slow by between 5% to 15% this year, Halifax, Nova-based Metals Economics Group (MEG) said on Sunday. In its yearly 'Worldwide Exploration Trends' report, the company said the mining industry... 

PDAC fast approaching, promoters will have to fight for funding

By: Matthew Hill     1st March 2012 Ask a junior mining company about the current hardships of trying to raise big money to build a project, and metaphors involving drawing blood from stones might ensue. It should come as no surprise then that Halifax, Nova Scotia-based Metals Economics Group (MEG) found in a study announced... 

Analysts say zinc-miner Trevali in Glencore's sights

By: Matthew Hill     1st March 2012 Giant trading and mining company Glencore has struck a deal to buy a 7.8% stake in Canada’s Trevali, which owns a zinc mine in New Brunswick, for $18-million, sparking speculation that it might be eyeing the entire company. Bigger companies snapping up smaller producers in a string of deals in... 

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

By: Matthew Hill     23rd February 2012 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 year, CEO Paul Conibear said on Thursday. The... 

Lundin profit plunges 71% to $42.5m

By: Matthew Hill     23rd February 2012 Canadian miner Lundin on Wednesday posted a 71% drop in net earnings for the fourth quarter, which came in at $42.5-million, compared with $146.1-million a year ago. Profit took a hit after the TSX-listed company lost out on sales from the Aguablanca nickel-copper mine in Spain, and the company... 

New bond issuance could pay for Teck acqusitions, S&P says

By: Matthew Hill     18th February 2012 Ratings agencies on Friday fixed the ‘BBB’ score to the $1-billion in new bonds Teck Resources sold this week, with Standard & Poor's suggesting the financing flexibility the proceeds provide could go towards acquisitions. Canada’s biggest diversified miner announced earlier this week it would... 

Wall St commodity talent wars: Return of the merchants

By: Reuters     14th February 2012 When it comes to hiring top commodity traders, what goes around comes around. Wall Street, after years of poaching the best and brightest from specialized commodity firms, is losing the war to keep the essential traders who know how to arbitrage copper or store crude. After financial reforms... 

Inmet Mining posts lower Q4 profit

By: Reuters     10th February 2012 Canadian base metal miner Inmet Mining said on Thursday its fourth-quarter profit fell 67%, on the back of lower copper and zinc prices. Toronto-based Inmet said its net income in the quarter was C$48-million, or 69 Canadian cents a share, down from a year-ago profit of C$147-million, or C$2.57... 

Silvercorp to grow production by one-fifth in F2013

By: Matthew Hill     10th February 2012 Silvercorp Metals, which reported a 30% drop in profit for the three months ended December, on Thursday said silver production in its financial year to March 2013 would climb 20%. Gold output would jump 90% to 18 240 oz, while lead and zinc production was set to increase by 12% and 63%... 

Teck taking another look at iron-ore?

By: Matthew Hill     9th February 2012 The mystery C$324-million Teck Resources said on Thursday it had invested into unnamed public companies during the fourth quarter caught the curiosity of analysts, but management of the diversified miner was mum over its intentions. All CEO Don Lindsay would say is that the company took... 

Ivanplats says DRC copper project Africa’s largest

By: Jean McKenzie     8th February 2012 Ivanplats CEO Robert Friedland said on Wednesday his company was developing Africa’s largest copper project in the Democratic Republic of Congo (DRC). “This is the project that we think will set the mark for the rebirth of the mining industry in the Congo,” he told delegates at the Investing in... 

Glencore commodity trading earnings slump in 2011

By: Matthew Hill     8th February 2012 Glencore lost money on agricultural commodities in 2011 by trading volatile cotton markets and saw the profitability of trading metals and oil remaining weak or declining, the commodities giant said on Tuesday. Glencore, which rivals Vitol for the position of the world's largest trader by... 

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

By: Matthew Hill     3rd February 2012 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, China-focused miner, also took up shares in the offering,... 

'No end of approaches' from potential partners, says junior Foran

By: Matthew Hill     30th January 2012 Foran Mining, the Canadian junior that owns a base metals deposit in Saskatchewan, aims to complete a preliminary economic assessment (PEA) at its McIlvenna Bay project in early 2013, corporate development VP Fiona Childe said on Friday. The company has also received “no end of approaches from a... 

Australia-based company acquires required funding, to begin work on Kenyan operations

By: Esmarie Iannucci     27th January 2012 Mineral sands developer Base Resources is in the process of securing further offtake parties for its Kwale product, as the miner looks to start construction of the Kenyan project in April or May of this year. 

Inmet says 2012 zinc output to fall

By: Matthew Hill     17th January 2012 Canadian base metals producer Inmet Mining produced 84 800 t of copper and 80 400 t of zinc in 2011, slightly below what it had expected, the company said after markets closed on Monday. The Toronto-based firm, which owns shares in base-metals and gold mines in Spain, Turkey, Finland and Canada,... 

Kagara unveils plan to save $5m a month as copper, zinc prices fall

By: Esmarie Iannucci     11th January 2012 Base metals miner Kagara has announced a set of cost-reduction initiatives aimed at saving $5-million a month as falling zinc and copper prices eroded operating margins. MD and CEO Geoff Day announced the cost-cutting plan on Wednesday, saying it is designed to protect Kagara’s cash position in... 

Trevali climbs on NB mine startup

By: Matthew Hill     6th January 2012 Trevali, which owns a polymetallic mine in New Brunswick, said on Friday the operation had started producing, sending the company’s shares up nearly 15%. The mine, which contains zinc, lead, silver, copper and gold, will reach its nameplate capacity of 2 000 t/day by end of March, the company said. 

Hyperactive Glencore nabs Namibian zinc mine

By: Martin Creamer     15th December 2011 The hyperactive London-listed Glencore, headed by the South African-born Ivan Glasenberg, has bought the age-old Namibian zinc mine, Rosh Pinah, in a pair of rapid-fire Southern African transactions. In the first deal, Glencore has bought the 50.04% of Rosh Pinah that is owned by the JSE-listed... 

Blackthorn extracts first ore at Perkoa zinc project

By: Esmarie Iannucci     13th December 2011 Australia-based Blackthorn Resources has extracted the first 500 t of development ore from the Perkoa zinc joint venture project in Burkina Faso, it reported on Tuesday. Construction activities at Perkoa were scaled up significantly from early 2011, including the mobilisation of additional... 

Minmetals approves A$157m for Dugald River project

By: Esmarie Iannucci     12th December 2011 Hong Kong-listed Minmetals Resources on Monday approved A$157-million capital expenditure to develop the next stage of its Dugald River zinc project, in Queensland. Once developed, the project was expected to produce some two-million tons of ore and 200 000 t of zinc in concentrate a year, from... 

Canadian Zinc gets environmental nod for NWT project

By: Matthew Hill     10th December 2011 Shares in Canadian Zinc Corp pushed 8.5% higher on the TSX on Friday, after the company announced it received the environmental green light for its Prairie Creek zinc and silver mine in the Northwest Territories. The Mackenzie Valley Environmental Impact Review Board gave the company the... 

Nevsun sees no direct impact from Eritrea sanctions  

By: Henry Lazenby     6th December 2011 Gold miner Nevsun Resources on Tuesday said there would be no direct impact on its operations in Eritrea, following the United Nations Security Council (UNSC) tightening two-year-old sanctions against the State this week, following a UN-report linking the government to funding insurgents in the... 

Corrosion protection to ensure sustainable zinc production

By: Idéle Esterhuizen     2nd December 2011 The demand for corrosion protection will ensure the development and sustainability of zinc-related mining projects currently under consideration and in progress in the Southern African region, says the International Zinc Association of Southern Africa (Izasa). 

Blackthorn board gives nod for Perkoa expansion

By: Esmarie Iannucci     30th November 2011 The board of West Africa-focused Blackthorn Resources has given conditional approval for the company to proceed with the expansion of the Perkoa zinc joint venture (JV) to include silver and lead production. The miner’s JV partner Glencore International, which owns a 50.1% stake in the Perkoa... 

Trafigura to buy rest of Iberian for about C$250-million

By: Matthew Hill     17th November 2011 Iberian Minerals, which produces copper and zinc, surged 37% in Toronto on Thursday after it agreed to a takeover offer from 48% shareholder Trafigura Beheer that offered a 39% premium to its closing share price the previous day. The deal values Iberian at around C$500-million. 

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