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Zinc News

HudBay quarterly revenue slid 21%

By: Liezel Hill     4th November 2009 Toronto-based HudBay Minerals on Tuesday reported a 21% decline in revenue for the third quarter, after weaker copper and zinc prices offset higher gold prices. Revenue fell to C$194,6-million from C$247,4-million a year earlier.  

HudBay announces restart of Manitoba mine, concentrator

By: Liezel Hill     30th October 2009 TSX-listed Hudbay Minerals will restart its Chisel North mine and concentrator in Snow Lake, Manitoba, effective immediately, at a capital cost of about C$7-million, the company announced on Friday. The operations will ramp up to full production, likely by the second quarter of 2010, and will... 

Chinese group commissions 150 000-t/y copper smelter in Zambia, despite economic slowdown

30th October 2009 Zambia’s President Rupiah Banda last week commissioned the Chambishi copper smelter, which is owned by China Nonferrous Metal Mining Group (CNMMG). 

Debt paydown still top priority for Teck

By: Liezel Hill     29th October 2009 Vancouver-based Teck Resources may find itself sitting a lot more comfortably than was the case six months or so, but CEO Don Lindsay made it clear on Thursday that he won't be happy until the company's term loan is paid down and it once again merits investment-grade ratings. One year ago, Teck... 

Lundin Mining earned $3,7m in Q3

By: Liezel Hill     29th October 2009 Toronto-based Lundin Mining on Thursday posted net income for the third quarter of $3,7-million, compared with a $199-million net loss a year earlier. (The company recorded $228,2-million in noncash charges in last year's third quarter.) 

Teck Q3 profit up 44%

By: Liezel Hill     29th October 2009 Vancouver-based Teck Resources said on Wednesday that net income for the third quarter rose to C$609-million, compared with earnings of C$424-million in the same period a year earlier. Profit was helped by increased coal revenue, but the company's copper and zinc units also showed improved sales... 

Inmet Q3 earnings slide 18%, cuts full-year output targets

By: Liezel Hill     27th October 2009 Canada's Inmet Mining reported third-quarter net income of C$61,55-million on Tuesday, compared with C$75,06-million in the same period last year, and lowered its production forecasts for 2009. On a per share basis, profit slid 29%, to C$1,10 a share, from C$1,55 a year earlier. 

Australia’s Bass to build new base metals mine in Tasmania

By: Esmarie Iannucci     21st October 2009 Sydney-based Bass Metals on Wednesday reported that it was on track to kick-start the development of its Hellyer base metals project, in Tasmania, after a definitive feasibility study at the Fossey deposit proved it to be financially robust. The project was based on an initial ore production of... 

Goldcorp produces first concentrates at Penasquito

By: Liezel Hill     13th October 2009 Canada's second-biggest gold-miner, Goldcorp, has produced the first lead and zinc concentrates from its new Penasquito mine, in Mexico, the firm announced on Tuesday. Initial concentrates have been produced as a by-product of the commissioning process and currently total about 450 t of lead... 

Aurcana plans to start building Texas silver mine next year

By: Liezel Hill     9th October 2009 Canadian silver miner Aurcana expects to begin work on its second mine, the Shafter project in Texas, next year, and will likely start production at the operation early in 2012, CEO Lenic Rodriguez said on Thursday. The company has started putting out feelers for the $40-million that it needs to... 

HudBay surges on production plans for new Lalor deposit

By: Liezel Hill     9th October 2009 Shares in Toronto-based HudBay Minerals leapt on Thursday after the company announced it will spend C$85-million to build a production ramp linking the Chisel North mine, in Manitoba, to the new Lalor deposit. The ramp will allow near-term production of zinc-rich ore, as well as access to the... 

Vedanta reports strong first-half production results

By: Chanel de Bruyn     8th October 2009 London-listed Vedanta Resources has significantly boosted production at the majority of its operations, as well as its sale of electricity, in the second quarter of the 2010 financial year, while its large capital expenditure projects remain on track. Iron-ore production increased by 27% to... 

SA contract miner clinches Zambia deal

By: Talent Ngandwe     2nd October 2009 Zambia’s largest copper producer, Konkola Copper Mines (KCM), has engaged South African mining contractor Moolmans to undertake mining operations at its Chingola openpit A. 

Donner Metals already looking to next big Matagami discovery

By: Liezel Hill     26th September 2009 After watching one high-grade zinc and copper exploration target in the Matagami mining camp of Quebec go from discovery to feasibility phase in a whirlwind three years, TSX-listed Donner Metals is now setting its sights on finding and advancing the next one, chairperson Dave Patterson said in an... 

Farallon will raise C$10m in bought-deal offering

By: Liezel Hill     22nd September 2009 Vancouver-based Farallon Mining will raise about C$10-million in a bought-deal offering of shares, and plans to use the funds to study a mill expansion and for exploration at its zinc/copper mine in Mexico. The company has inked an agreement with a syndicate of underwriters led by Paradigm... 

HudBay pursues output at Lalor as 'highest priority', finds new copper/gold zone

By: Liezel Hill     22nd September 2009 Canada's HudBay Minerals has had some significant copper and gold drill hole intersections at its Lalor deposit, in Manitoba, and believes it has found a new copper/gold-rich zone of mineralisation, the firm announced on Tuesday. The Lalor deposit is located near HudBay's Snow Lake concentrator,... 

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,... 

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