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Zinc News

Lundin sells Russian asset for $35m

By: Liezel Hill     18th September 2009 Canada's Lundin Mining has sold its 49% interest in the Ozernoe zinc project, in Russia, to former partner MBC Resources, the company reported on Friday. The asset was sold for $35-million, $3,5-million of which was received on closing and the balance will be paid over 10 months. 

Nyrstar to buy US zinc mine from Glencore in $126m deal

By: Esmarie Iannucci     14th September 2009 Belgium-based Nyrstar has signed an agreement to buy Glencore’s East-Tennessee zinc mine complex for $126-million, the world’s biggest producer of zinc said on Monday. The Glencore group, which bought the operation for $65-million in 2006, placed the mine on care-and-maintenance in February. 

Exxaro suspends operations at SA zinc refinery after fatal blast

By: Mariaan Webb     10th September 2009 South African diversified-miner Exxaro Resources has suspended operations at its Zincor refinery in Springs, Gauteng, after an explosion killed three people and left 12 injured on Thursday. Exxaro said operations were halted to allow for investigations to take place, as well as for the full... 

Inmet in talks with Korea Resources but denies equity sale reports

By: Liezel Hill     9th September 2009 TSX-listed Inmet Mining has held talks with Korea Resources Corporation on possible transactions, the firm said on Wednesday, but denied press reports that it had agreed to sell shares to the government-owned South Korean firm. “While Inmet and Korea Resources have been in discussions concerning... 

Aurcana posts C$2,8m Q2 profit

By: Liezel Hill     3rd September 2009 Vancouver-based Aurcana Corp earned C$2,8-million in the second quarter of this year, thanks to a C$2,5-million foreign-exchange gain and a gain on debt settlement of C$1-million. A year earlier, the firm had a net loss of C$2,9-million. 

Aurcana studies optimisations at La Negra mine

By: Liezel Hill     18th August 2009 Vancouver-based Aurcana Corp is now running the La Negra mine, in Mexico, itself, and is studying the possibilities of improving the operation, it said on Monday. Aurcana , which owns 92% of the silver/copper/lead/zinc mine, said in June it had decided not to renew an operating agreement with... 

HudBay reports increased profit on Lundin stake sale

By: Liezel Hill     6th August 2009 Canadian base-metals miner HudBay Minerals earned C$89,4-million in the second quarter, compared with C$33,2-million in the same period a year earlier, the company reported on Thursday evening. The increased profit was mainly thanks to a gain of C$99,9-million on the May sale of HudBay's 16,7%... 

Lundin Mining earned $43,5m in Q2

By: Liezel Hill     6th August 2009 Canadian base-metals miner Lundin Mining posted second quarter net income of $43,5-million on Thursday, compared with a $108,4-million loss in the same period last year, when it recorded a $152,8-million noncash impairment charge. The Toronto-based firm also reported a first-quarter net loss of... 

Teck ramps up zinc output, settles coal pricing

By: Liezel Hill     30th July 2009 Vancouver-based Teck Resources had more good news for the market on Thursday, announcing that it will return its Trail smelter, in British Columbia, to full production from September 1. The company has also settled coal contracts with most of its traditional customers on 2009 coal year... 

Kazakhmys’ first-half copper output up 8%

By: Esmarie Iannucci     30th July 2009 Kazakhstan’s largest copper producer, Kazakhmys, on Thursday reported an 8% increase copper production in the first half of the year, but CEO Oleg Novachuk warned that output could be lower in the second-half of the year. Interim copper cathode production increased to 170 000 t, as the company... 

Hecla heading in the right direction with higher output, lower costs

By: Liezel Hill     29th July 2009 After extricating itself from some choppy financial waters early this year, US miner Hecla Mining is now enjoying much smoother sailing, with output on the rise and waning producing costs. The Coeur d'Alene, Idaho-based firm produced a best-ever 3-million ounces of silver in the second quarter... 

Imnet earnings fall on lower prices, volumes

By: Liezel Hill     28th July 2009 Canadian base-metals miner Inmet Mining earned C$66,53-million in the second quarter, compared with C$67,71-million a year earlier, after lower metal prices and sales volumes weighed on profit. Lower copper and zinc prices reduced sales by C$57-million in the quarter, compared with the second... 

Anglo-suitor Xstrata puts its best production foot forward

By: Martin Creamer     28th July 2009 Anglo American-suitor Xstrata on Tuesday put its best production foot forward ahead of Anglo’s own presentation of financial results on Friday. The London- and Swiss-listed diversified miner, which wants Anglo to join it in a merger of equals to create a combined entity that could go toe-to-toe... 

Grupo Mexico upbeat as copper price strengthens

By: Chanel de Bruyn     23rd July 2009 Prices for copper-miner Grupo Mexico’s metals continued on an upward trend in the second quarter of the year, owing to a continued restocking in China and a significant increase in investment capital in the commodities sector, the group reported on Wednesday. Copper prices increased by 81%, zinc... 

Excellon appoints Douchane as new CEO

By: Mariaan Webb     15th July 2009 TSX-listed Excellon Resources has appointed Andre Douchane, the former chairperson of North American Palladium, as its new CEO, the company announced on Tuesday. Douchane’s appointment will be effective July 15. He will be appointed to the board at the next board meeting.  

Metmar wraps up R80m zinc/lead acquisition

By: Creamer Media Reporter      13th July 2009 JSE-listed commodities trading company Metmar has completed the acquisition of a 20% stake in Minéro Zinc, which had taken over ownership of BHP Billiton's Pering zinc and lead mine, in South Africa’s North West province, on July 1. The commodities trading company announced in October last year... 

SADC mining sector reeling under the effects of the economic squeeze

By: Jonathan Faurie     10th July 2009 Since the onset of the global economic crisis, mining companies have been severely affected with issues such as funding and increased overheads causing many to ramp down unnecessary projects. 

Lundin restructures credit facility

By: Liezel Hill     7th July 2009 Canadian base-metals miner Lundin Mining has executed an amendment to its credit agreement, which has been restructured to a three-year, fully-revolving line of credit of $225-million. The company has been in negotiations with lenders to revise its $575-million revolving facility, after it was... 

Teck to erase more debt thanks to C$1,74bn Chinese investment

By: Liezel Hill     3rd July 2009 Canadian diversified miner Teck Resources has announced the latest, if somewhat unexpected, milestone on the road to improving its balance sheet by paying off bank debt, and ultimately returning the group to investment grade credit rating. Chinese State-owned sovereign wealth fund China... 

Belgium-based metals major moving into mining

By: Keith Campbell     3rd July 2009 BELGIAN metals company Nyrstar has announced that it is to expand into mining. This was revealed with the release of the company’s Strategic Review last week. Nyrstar is a major global multi-metals producer, and is the world’s biggest producer of zinc metal and alloys and a leading global... 

Hecla prepays $18,2m on term loan

By: Liezel Hill     30th June 2009 Idaho-based Hecla Mining has repayed $18,2-million of a term loan ahead of schedule, bringing its total debt repayments to $341,7-million of the $380-million drawn down in the credit facility. The facility was put in place last year, before the financial crisis froze credit markets, to fund... 

Creditors reject plan to reopen Doe Run Peru smelter

By: Francisca Pouiller     29th June 2009 Doe Run Peru may face opposition to a proposed financial recovery plan aimed at reopening the metals smelter, which includes a $31-million capital injection from its parent company, US-based Renco Group. On Friday, Ysaac Cruz, the GM of miner El Brocal, which is one of Doe Run's creditors,... 

S&P launches global base metals index

By: Liezel Hill     25th June 2009 Index compiler Standard & Poor's (S&P) on Thursday launched its new S&P/TSX Global Base Metals Index, which aims to provide investors with an investable index of global securities involved in the production or extraction of base metals. The new index is a subset of the existing S&P/TSX Global... 

Acquisitive HudBay already has 'irons in the fire' 

By: Liezel Hill     19th June 2009 Canadian base-metals miner HudBay Minerals intends to put its strong cash position to good use by going shopping, and could look at deals worth as much as C$1-billion, CEO Peter Jones said on Friday. Acquisitions or potential joint ventures will be a “high priority” this year for the company,... 

Metals industry's health depends on China – research firm

By: Creamer Media Reporter      12th June 2009 China’s role was now more “pertinent” to the health of the metals industry than at any other time in the last century, with the hope for the metals industries in 2009 resting with the Asian giant, independent research firm AME Mineral Economics said in its latest AME Focus newsletter. The... 

Vatukoula investors OK investment by Canadian Zinc

By: Liezel Hill     11th June 2009 Shareholders in Vatukoula Gold Mines (VGM) have approved a £1,2-million investment by Vancouver-based Canadian Zinc, which will buy 200-million shares, representing 20,01% of VGM's issued capital. The companies have agreed that Canadian Zinc will be invited to participate in any future financing... 

HudBay wants 10%-15% higher zinc price to reopen Chisel mine

By: Liezel Hill     9th June 2009 Toronto-based HudBay Minerals only needs to see a “relatively modest” increase in the price of zinc from current levels for it to consider reopening its shuttered Chisel North mine, in Manitoba, CEO Peter Jones said on Tuesday. Chisel, which is a pure zinc producer, is one of the operations... 

FNX may look to Xstrata to process Sudbury ore

By: Liezel Hill     9th June 2009 Mid-tier miner FNX Mining has held discussions with larger rival in the Sudbury region, Xstrata Nickel, on possibly sending ore from its mines to Xstrata's Sudbury mill, CEO Terry MacGibbon said on Tuesday. FNX has an offtake agreement with the other big miner in the area, Vale Inco, which... 

Lenders extend Lundin debt covenant waiver to July 6

By: Liezel Hill     4th June 2009 Toronto-based Lundin Mining has been granted an extension to July 6 on a waiver for noncompliance with a covenant on its credit facility, the firm announced on Thursday. Lundin sought the extension to give lenders time to review the base-metals miner's revised financial model, and to allow for... 

Michael Shaw appointed COO at Baja Mining

By: Liezel Hill     3rd June 2009 Vancouver-based Baja Mining, which plans to build a copper/cobalt/zinc mine in Mexico, has named Michael Shaw as COO of the company, effective immediately. Shaw, who joined the company in 2007 as vice-president for construction and engineering, will be responsible for overseeing the development... 

Griffin restarts Caijiaying zinc/gold mine

By: Liezel Hill     2nd June 2009 Mining has begun at the Caijiaying zinc/gold mine, in China, Aim-listed Griffin Mining announced on Tuesday. The Caijiaying operation was halted in December for mine development, maintenance work and plant upgrades, and because of low metal prices. 

Base-metals outlook remains weak, gold price seen improving

By: Chanel de Bruyn     1st June 2009 Base-metals prices would likely remain weak in the short term, while the gold price would continue to improve towards the end of this year, analysts said on Monday. Ratings agency Standard & Poor’s (S&P’s) has revised the outlook for metals prices on the back of hopes for a global economic... 

Lundin Mining asks for extension to loan covenant waiver

By: Liezel Hill     29th May 2009 Base-metals producer Lundin Mining is seeking to extend a waiver period granted by its lenders for noncompliance with a covenant on its credit facility. In February, Lundin said that it was in negotiations with its lenders to amend the terms of a $575-million revolving line of credit facility,... 

Farallon announces name change

By: Liezel Hill     25th May 2009 Vancouver-based Farallon Resources has changed its name to Farallon Mining, the company said in a statement on Monday. Farallon's G-9 zinc, copper, silver, gold and lead mine at its Campo Morado property in Mexico reached commercial production last month, and the name change reflects its status... 

Xstrata Zinc resumes mining at George Fisher

By: Creamer Media Reporter      21st May 2009 Diversified miner Xstrata on Thursday reported that the 24-hour suspension of its underground mining activities at its George Fisher zinc mine, in Mount Isa, Australia, has been lifted, following a fatal accident at the operation on Tuesday night. Xstrata Zinc Mount Isa executive GM Kevin Hendry... 

Xstrata suspends George Fisher after fatality

By: Creamer Media Reporter      20th May 2009 Diversified miner Xstrata has suspended all underground mining operations at its George Fisher zinc mine, in Mount Isa, Australia, for 24 hours, following a fatal accident on Tuesday night. Xstrata Zinc Mount Isa executive GM Kevin Hendry said that a full investigation had started in order to... 

Gold, base-metal M&A activity declined 25% in '08

By: Liezel Hill     12th May 2009 Total acquisition spending for deals bigger than $25-million in the base-metals and gold sectors fell by 25% last year, Metals Economics Group said on Tuesday. Base metals acquisitions spending in 2008 declined by 25%, to $32-billion, while gold acquisitions decreased by 26%, to $9-billion.  

Final parting of ways for HudBay, Lundin

By: Liezel Hill     11th May 2009 Canadian base metals miner HudBay Minerals will sell all the shares it owns in Lundin Mining, for a handsome C$236-million, the firm announced on Monday. The company expects to make a before-tax gain of C$100-million on the shares, which represent 16,7% of Lundin, and will be sold to GMP... 

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