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Zinc News

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... 

Lundin 'extremely bullish' on zinc

By: Liezel Hill     7th May 2009 Despite having curtailed zinc production and put development projects on the back burner, Toronto-based Lundin Mining remains “extremely bullish” on the prospects for the base metal, CEO Phil Wright said on Thursday. Current low zinc prices mean that the industry is not investing capital to... 

Farallon gets $30m loan, shares rise

By: Liezel Hill     7th May 2009 Shares in Farallon Resources gained 9,7% on Thursday morning, after the company announced that Credit Suisse had agreed to lend it up to $30-million, in the form of a four-year term loan. The funds will enable Farallon to refinance promissory notes due to mature in September, that the company... 

Lundin reports $8,6m Q1 loss

By: Liezel Hill     7th May 2009 Canadian base-metals miner Lundin Mining on Thursday posted a first quarter net loss of $8,6-million, compared with profit of $78,8-million a year earlier. Sales for the quarter dropped 60% year-on-year, to $123,4-million, with the decline “entirely related to lower metals prices”, Lundin said... 

HudBay chief says no talks to sell company

By: Liezel Hill     6th May 2009 Canadian base-metals producer HudBay Minerals is not talking to any potential buyers for the firm, newly reinstated CEO Peter Jones said on Wednesday. “I can state quite clearly, there are currently no negotiations under way concerning the sale of the company.”  

Teck will sell $4,23bn of notes, almost wipe out bridge loan

By: Liezel Hill     5th May 2009 Vancouver-based Teck Resources will issue $4,22-billion in senior secured notes, and will use the proceeds to almost completely repay the bridge loan that it took out to help fund its acquisition of Fording Canadian Coal Trust last year. After the note sale, the bridge facility, which stood at... 

HudBay posts C$4m loss on lower copper, zinc prices

By: Liezel Hill     5th May 2009 Canadian base-metals producer HudBay Minerals on Tuesday posted a C$4-million net loss for the first quarter of 2009, compared with C$21,6-million profit a year earlier. Revenue for the quarter dropped 40% year-on-year, to C$161,78-million, because of lower copper and zinc prices compared with... 

Teck will sell senior secured notes to help repay bridge loan

By: Liezel Hill     4th May 2009 Canadian diversified miner Teck Resources intends to launch an offering of senior secured notes, and will use the proceeds to repay borrowings under its bridge credit facility, the company announced on Monday. The notes will be priced on Tuesday, Teck spokesperson Greg Waller said on Monday... 

Inmet earnings fall on lower copper, zinc prices

By: Liezel Hill     28th April 2009 Toronto-based Inmet Mining on Tuesday posted net income of C$51,33-million for the first quarter of 2009, less than half the C$106,67-million earned in the same period a year ago. Profit was affected by lower copper and zinc prices, which, despite recovering somewhat this year, were still lower... 

Teck gets room to breathe, debt still number 1 priority

By: Liezel Hill     21st April 2009 Canadian miner Teck Cominco has bought itself some time on at least $4,4-billion of loan payments that were due this year, but management's efforts remain squarely focused on reducing the firm's debt and especially refinancing what remains of a $5,8-bridging loan, CEO Don Lindsay said on... 

Teck surges after lenders agree to rescheduled payments

By: Liezel Hill     21st April 2009 Vancouver-based Teck Cominco has negotiated some breathing room for itself, after lenders agreed to allow the company to defer $4,4-billion of payments due this year, the firm announced on Tuesday. Teck took on a $5,8-billion bridging loan and $4-billion term loan, to buy Fording Canadian Coal... 

Teck earnings down 30% in Q1

By: Liezel Hill     21st April 2009 Vancouver-based diversified miner Teck Cominco posted net earnings of C$241-million for the first three months of this year, compared with C$345-million a year earlier. Before one-off items and positive pricing adjustments, first-quarter profit was C$227-million, and revenue rose 11%... 

Farallon reaches commercial production at G-9 in Mexico

By: Mariaan Webb     6th April 2009 Vancouver-based Farallon Resources has reached commercial production at its zinc-rich polymetallic G-9 mine in Mexico, operating at design capacity of 1 500 t/d, the company announced on Monday. The G-9 mine was commissioned in late 2008, and vessel shipments of concentrates to Asian smelters... 

Squabble brews between Griffin, Ivernia

By: Liezel Hill     3rd April 2009 Toronto-based Iverna on Friday assured shareholders that it plans to respond “in detail” to statements by former suitor Griffin Mining, which said earlier in the day that it was withdrawing a cash-based offer to buy Ivernia. Last week, Ivernia agreed to amend the terms of some secured... 

Lundin will raise C$164m in share sale

By: Liezel Hill     3rd April 2009 Toronto-based Lundin Mining has agreed to sell 80-million shares to a syndicate of underwriters, for a total of C$164-million, which the company will use for working capital and “general corporate purposes”. The syndicate, led by GMP Securities, will buy the shares on a bought deal basis, at... 

Effects of slowdown will differ 
from sector to sector – Deutsche Bank

By: Jonathan Faurie     3rd April 2009 Financial investment company Deutshe Bank predicts a mixed bag for the resource sector over the next six months. 

Pan American Silver produces first silver, zinc at Bolivia mine

By: Liezel Hill     1st April 2009 Vancouver-based Pan American Silver has begun producing silver and zinc concentrates at its San Vincente mine, in Bolivia, the firm announced on Wednesday. Pan American owns 95% of the mine and the balance is held by a State-owned company. 

Griffin Mining plans C$27m offer for Ivernia

By: Liezel Hill     25th March 2009 Aim-listed Griffin Mining, which owns a zinc mine in China, plans to make a cash-based takeover offer for Toronto-based Ivernia, the firm announced on Wednesday. Griffin will offer C$0,15 a share for Ivernia, which represents a premium of about 25% over the closing price of the shares on Tuesday.  

Returning HudBay CEO Jones sees 'bottom' for metals prices

By: Liezel Hill     25th March 2009 Peter Jones, who was reinstated this week as the CEO of HudBay Minerals, believes that metal prices may have reached a bottom, he said in an interview on business news channel BNN. “I think we have bottomed,” Jones said on Wednesday morning.  

New HudBay board plans shareholders meeting by midyear

By: Liezel Hill     24th March 2009 The newly installed board of directors of HudBay Minerals will call a meeting of shareholders before the end of June, to present its view of the base-metals miner's situation, and map out plans for the way forward, chairperson Wesley Voorheis said on Tuesday. An increasingly acrimonious battle... 

HudBay dissidents clinch victory, directors resign

By: Liezel Hill     24th March 2009 The board of base metals miner HudBay Minerals has resigned, conceding defeat to a slate of directors nominated by dissident shareholder SRM Global Master Fund, the firm announced on Monday evening. The Monaco-based fund launched a proxy battle to replace the miner's board, after HudBay... 

Acadian shares leap on news of cash injection

By: Liezel Hill     17th March 2009 Halifax, Nova Scotia-based Acadian Mining has agreed to sell up to 338,11-million shares to Golden River Resources, raising as much as C$10-million for the company, Acadian announced on Tuesday. Shares in the firm gained 75%, to 3,5 Canadian cents, by 14:35 in Toronto. Acadian plans to use the... 

Boleo project cost may fall $100m – Baja

By: Liezel Hill     17th March 2009 Indications are that TSX-listed Baja Mining's Boleo project, in Mexico, may cost just $767-million to build, an improvement of more than $100-million from the firm's April 2008 estimate of $872-million, the company reported on Monday. The figures do not include working capital and financing costs. 

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