R/€ = 16.94 Change: 0.14
R/$ = 16.63 Change: 0.15
Au 1788.64 $/oz Change: -1.54
Pt 944.00 $/oz Change: 4.50

Zinc News

'Truly believe zinc will be back in 2010/2011' – Exxaro

By: Martin Creamer     6th March 2009 South African diversified miner Exxaro suffered a loss in its zinc business in 2008, but it is intent on reviewing zinc rather than jettisoning it, even in this period of global economic anxiety.

This is because the company “truly believes” that zinc’s fortunes will improve towards the end of... 

Excellon agrees to buy Silver Eagle, gets access to mill

By: Liezel Hill     5th March 2009 Shares in TSX-listed Silver Eagle Mines dropped 28,6% on Thursday, after the firm announced it had agreed to an all-share buyout by Excellon Resources. Shareholders in Silver Eagle, which received government approval in December to halt its flagship Miguel Auza mine, in Mexico, for six months,... 

HudBay earnings slide on lower copper, zinc prices

By: Liezel Hill     5th March 2009 Canadian base-metals miner HudBay Minerals posted fourth quarter net earnings of C$15,82-million, down from C$28,46-million a year earlier, after sharp falls in zinc and copper prices. Sales for the quarter fell to C$178,78-million, compared with C$242,6-million, HudBay said in a statement on... 

Zinc business will improve in 2010/11 - Exxaro 

By: Martin Creamer     5th March 2009 The under-performing zinc business of the JSE-listed Exxaro will improve towards the end of 2010 or early 2011, Exxaro CEO Sipho Nkosi says. The black-controlled South African diversified mining company suffered a loss in its zinc business in 2008, but is intent on reviewing it rather than... 

State finance body aids fledgling Finnish nickel producer Talvivaara 

By: Martin Creamer     4th March 2009 Fledgling Finnish nickel producer Talvivaara had been granted a facility from a financial company owned by the State of Finland, the London-listed company said on Wednesday. The company said that it might also seek a secondary Nasdaq OMX listing in Helsinki in March-April. 

HudBay launches offensive against move to replace board

By: Liezel Hill     28th February 2009 HudBay Minerals CEO Allen Palmiere came out swinging on Friday, with just under a month to go before shareholders vote on a proposal to replace the company's board of directors. However, on a conference call with analysts and investors, Palmiere faced a grilling of his own, both on the... 

Lundin in talks to amend credit facility, doesn't plan asset sales

By: Liezel Hill     27th February 2009 Canadian base-metals miner Lundin Mining is in negotiations with its lenders to amend the terms of a $575-million revolving line of credit facility, after it was not in compliance with the agreement at year-end, president and CEO Phil Wright said on Thursday. The firm has been granted a waiver... 

Lundin Mining posts steep Q4 loss on write-downs

By: Liezel Hill     26th February 2009 Canadian base-metals miner Lundin Mining Corp reported a net loss of $728,5-million for the fourth quarter, compared with a loss of $436,6-million a year earlier, after the company wrote down the value of assets and recorded $94,3-million in negative pricing adjustments from previous quarters.... 

Funding crisis averted, Hecla gets down to business

By: Liezel Hill     25th February 2009 It is back to business as usual for Idaho-based Hecla Mining, after it raised $65,6-million in an equity offering to repay bridging debt and rescheduled term loan payments to next year. After spending the first part of 2009 in a self-described “crisis mode”, the focus is now squarely on... 

HudBay, Lundin walk away from merger

By: Liezel Hill     24th February 2009 Canadian base-metal miners HudBay Minerals and Lundin Mining have agreed to release each other from any obligations related to a merger agreement announced late in 2008, the firms announced on Monday evening. While the transaction was overwhelmingly approved by Lundin investors last month, but... 

Australian Minister approves Xstrata mine expansion

By: Esmarie Iannucci     20th February 2009 The Australian government has approved diversified miner Xstrata’s McArthur River nickel mine expansion, but has put in place new stringent monitoring requirements to protect the environment. Minister for the Environment, Heritage, and the Arts, Peter Garret, has now strengthened the original... 

Expert calls for circumspection in deploying international mine closure toolkits

By: Leandi Kolver     20th February 2009 South African mining companies need to be careful when deploying international mine closure toolkits and must avoid simply transplanting ideas that might be relevant to another country, but are irrelevant to local circumstances, says the Centre for Sustainability in Mining and Industry’s... 

Agnico-Eagle profit slips on lower zinc, copper prices

By: Liezel Hill     18th February 2009 Canadian gold-miner Agnico-Eagle Mines' net income declined to $21,9-million in the fourth quarter of 2008, compared with $65,2-million a year earlier, after lower zinc and copper prices weighed on earnings. 

Teck could sell coal stake to 'strategic' customer, no plans for equity issue

By: Liezel Hill     17th February 2009 Vancouver-based Teck Cominco may consider selling an interest in its coal assets to a key customer or consortium of buyers, president and CEO Don Lindsay said on Tuesday. Teck took on nearly $10-billion in debt last year to help pay for its acquisition of Fording Canadian Coal Trust, and has... 

Lundin warns on HudBay takeover deal

By: Mariaan Webb     17th February 2009 Base-metals miner Lundin Mining, which has agreed to a takeover offer from HudBay Minerals, said that it could terminate the deal, if HudBay's shareholders did not approve the agreement before March 31. Lundin has issued a breach of agreement notice to HudBay Minerals, it said at the weekend,... 

Inmet swings to Q4 loss on price declines, impairment charge

By: Liezel Hill     10th February 2009 Canadian base-metals miner Inmet Mining posted a net loss of C$32,51-million for the fourth quarter of 2008, compared with profit of C$63,64-million a year earlier, after copper and zinc prices weakened and the company recorded a C$34-million asset impairment charge. The company wrote down the... 

Kagara sells 11,5% stake to raise A$10m

By: Liezel Hill     3rd February 2009 Australian zinc- and copper-miner Kagara has agreed to sell shares representing about 11,5% of the company to ore and concentrate trader Transamine, to raise A$10-million, the firm said on Tuesday. Transamine is a “longstanding” concentrate offtake partner of the company, and will buy 25-million... 

Oz Mineral's Golden Grove zinc output jumps to new record

By: Esmarie Iannucci     30th January 2009 Australia’s third-largest diversified mining company, Oz Minerals, on Friday stated that zinc output at its Golden Grove operation, in Western Australia, had reached record quarterly levels for the three months ended December. Zinc production for the quarter jumped to 59 825 t, which was... 

Sea-floor miner mulling delisting as economic crunch bites, but remains optimistic

By: Irma Venter     30th January 2009 The global economic crisis has taken another victim, this time from the fledgeling marine mining industry. 

Argentex outlines new sulphide-rich mineralisation on Argentina property

By: Liezel Hill     28th January 2009 Vancouver-based explorer Argentex Mining has identified several gossan rock outcrops at its Plata Leon property, in Argentina, the firm reported on Wednesday. The Plata Leon property adjoins the company's flagship Pinguino property, which hosts an large silver/zinc/lead/indium mineralised... 

Vedanta earnings plummet 98% on lower metal prices, writedowns

By: Chanel de Bruyn     28th January 2009 Despite achieving record production volumes of zinc and aluminium, lower London Metals Exchange (LME) prices have led to a "challenging" third quarter for LSE-listed base-metals producer, Vedanta Resources. Reporting on the company's performance in the third quarter ended December 31, Vedanta... 

OSC orders HudBay vote on Lundin deal

By: Liezel Hill     23rd January 2009 The Ontario Securities Commission has set aside a decision by the TSX and ordered Canadian base-metals miner HudBay Minerals to hold a shareholders' vote on its plans to buy Lundin Mining. 

OZ Minerals arranges bridge loan

By: Liezel Hill     22nd January 2009 The world's second-biggest zinc producer, OZ Minerals, has secured a bridging finance facility of up to A$140-million, the firm announced on Thursday. The company has been struggling to refinance about $560-million of debt for months, and will use the money available through the bridge facility... 

Lundin will close Galmoy zinc mine in May

By: Liezel Hill     22nd January 2009 Base-metals miner Lundin Mining will permanently stop production at its Galmoy zinc/lead/silver mine, in Ireland, in May this year. The company, which is battling depressed metals prices, indicated in November that it would likely close the mine earlier than planned, after announcing that it... 

Australian Minister plans to approve Xstrata zinc mine proposal

By: Esmarie Iannucci     22nd January 2009 Australia’s Environment Minister Peter Garrett plans to approve the proposal by diversified mining group Xstrata to expand its McArthur River Mining (MRM) zinc project, as well as the diversion of the McArthur river. “Following a thorough assessment of the information provided to the former... 

Union settles wage agreement with Xstrata zinc ops

By: Liezel Hill     21st January 2009 Members of the United Steelworkers union employed by Xstrata's Matagami zinc operation, in Quebec, have voted in favour of a three-year wage agreement with the company. The 130 union members will receive wage increases of 9,75% over the three years, with an average hourly wage of $25. 

Strategic Resource Acquisition files for bankruptcy protection

By: Liezel Hill     15th January 2009 Erstwhile zinc-miner Strategic Resource Acquisition (SRA) and its US subsidiary have filed for protection in the US under the country's bankruptcy code. SRA announced in October that it would place its Mid-Tennessee zinc (MTZ) mining complex on temporary care-and-maintenance, after determining... 

Base-metals-miner Oz Minerals shuts Australian mine

By: Esmarie Iannucci     13th January 2009 The world’s second-largest zinc producer, Oz Minerals, on Tuesday announced that it would put the Scuddles mine, at its Golden Grove operations in Western Australia, on care-and-maintenance. The company stated that operating costs would be reduced by about $15-million, and zinc production for... 

HudBay halts Manitoba mine, concentrator

By: Liezel Hill     9th January 2009 Base-metals miner HudBay Minerals will suspend operations at its Chisel North zinc mine and concentrator in Snow Lake, Manitoba, because of low metals prices and the economic downturn, the company announced on Friday.  

Oz Minerals reports increased gold, copper, zinc resources

By: Liezel Hill     24th December 2008 The world's second-biggest zinc miner, Australia's Oz Minerals, increased its mineral resources of gold, copper and zinc year-on-year, the company said on Tuesday. On June 30, the firm's mineral resources stood at 19-million ounces of gold, 5,9-million tons of copper and 18,2-million tons of... 

Lundin finalises agreement for sale of Aljustrel mine

By: Liezel Hill     23rd December 2008 Base-metals miner Lundin Mining has reached an agreement to sell the Aljustrel zinc mine, in Portugal, to MTO SGPS, and expects the sale to close by the end of January. The transaction is conditional on approval from the Portuguese Securities Market Commission to withdraw Pirites Alentejanas... 

Silver Eagle gets approval to suspend Mexico mine

By: Liezel Hill     16th December 2008 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. The company now plans to put the silver/lead/zinc mine on care-and-maintenance, after low prices... 

Teck to shut US zinc mine, cut 165 jobs

By: Liezel Hill     15th December 2008 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”. Most of the mine's production is sent to Teck's Trail operations, in British Columbia, for processing, and... 

Lundin closes private placement to HudBay

By: Liezel Hill     12th December 2008 Base-metals miner HudBay Minerals has bought 19,9% of Lundin Mining for about C$135,8-million. The transaction, which was agreed upon by the two companies as a prelude to a friendly merger, provides Lundin with a welcome boost to its working capital. 

HudBay says Jaguar's demand for shareholders' meeting 'not valid'

By: Liezel Hill     11th December 2008 Base-metals miner HudBay Minerals said on Thursday that a request from merchant bank Jaguar Financial that the company call a shareholders' meeting does not satisfy certain conditions, and is therefore invalid. Jaguar opposes HudBay's plan to acquire fellow Canadian Lundin Mining, and has... 

Boliden says cuts zinc output at smelters

By: Reuters     9th December 2008 Swedish copper and zinc miner and smelter Boliden said on Tuesday it was cutting its zinc production at its Finnish and Norwegian smelters due to falling demand. The firm said in a statement it would cut production by 60 000 t on an annual basis and temporarily lay off of around 50 employees.  

Lundin agrees to sell Aljustrel mine in Portugal

By: Liezel Hill     8th December 2008 Base-metals-miner Lundin Mining has entered into a nonbinding agreement to sell its Aljustrel zinc mine, in Portugal to MTO SGPS, a Portuguese company, the firm announced on Friday evening. Besides other conditions, the agreement requires final approval from the boards of Lundin and MTO. 

Lines are drawn in battle for HudBay's future

By: Liezel Hill     5th December 2008 Neither side was giving an inch of ground on Friday, as HudBay Minerals and rogue shareholders Jaguar Financial took turns to argue their cases and trade barbs in successive conference calls. HudBay surprised just about everybody when it announced plans two weeks ago to buy Lundin Mining, a... 

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