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Zinc News

HudBay interim chief Benner preaches 'realism' amid market uncertainty

By: Liezel Hill     16th March 2009 Colin Benner, who stepped in as interim CEO of Canadian base-metals miner HudBay Minerals just under a week ago, set a sombre tone on Monday as he briefed analysts and investors on his plans. Benner replaced Allen Palmiere, who resigned after shareholder disapproval prompted the company to... 

Lundin plans to delist shares from NYSE

By: Liezel Hill     13th March 2009 Toronto-based Lundin Mining will voluntarily delist its common shares from the New York Stock Exchange, after deciding the cost of maintaining the listing outweighs the benefits, the firm said on Friday. Lundin shares will continue to trade on the Toronto Stock Exchange and the Swedish... 

HudBay board replacement would be 'drastic', disruptive – proxy firm

By: Liezel Hill     13th March 2009 An independent proxy advisory firm has formally recommended that shareholders vote against a resolution to replace the board of HudBay Minerals with a new slate, the Toronto-based miner announced on Friday. Glass Lewis & Co, which is owned by HudBay shareholder and leading Canadian investor... 

And then there was one: Silver Wheaton makes good on M&A promise

By: Liezel Hill     12th March 2009 Vancouver-based Silver Wheaton will acquire its only competitor in the business of buying and reselling byproduct silver from mines, through an all-share transaction worth about C$190-million, the firm announced on Thursday. Silver Wheaton buys silver (and now gold) at precontracted prices from... 

International Zinc Association sees more growth from emerging markets  

By: Chanel de Bruyn     12th March 2009 China, the Middle East, India and other emerging markets had great potential to grow their zinc consumption in the future, International Zinc Association (IZA) executive director Stephen Wilkinson said on Thursday. Speaking at a local industry meeting hosted by the International Zinc Association... 

BHP to fund further drilling at Zambia’s Mumbwa project – JV partner

By: Mariaan Webb     12th March 2009 Global diversified-miner BHP Billiton will fully fund the next drilling phase of the Mumbwa project, in Zambia, joint-venture (JV) partner Blackthorn Resources said on Thursday. The Australian company said that BHP Billiton would now have full responsibility for managing and funding all... 

HudBay chief Palmiere quits, Benner steps in temporarily

By: Liezel Hill     10th March 2009 Allen Palmiere has resigned as CEO and a director of HudBay Minerals, and will be replaced on an interim basis by director Colin Benner, the company announced on Tuesday. In a statement, the firm did not give a reason for Palmiere's exit, which is effective March 9. Neither Benner nor Palmiere... 

Excellon seeks financing alternatives

By: Liezel Hill     9th March 2009 TSX-listed Excellon Resources is working hard to reduce costs and conserve cash, as it believes that cashflow from operations “will not be sufficient to meet its objectives”, the firm said on Monday. Excellon owns the Platosa silver/lead/zinc mine, in Mexico, and announced last week it would buy... 

Ailing Redcorp gets protection from creditors

By: Liezel Hill     7th March 2009 Vancouver-based Redcorp Ventures and subsidiary Redfern Resources have sought and been granted protection from their creditors until April 2, under Canada's Companies' Creditors Arrangement Act. The companies opted to seek protection because Redcorp was not in a position to meet its obligations... 

Investors still support M&A – HudBay CEO

By: Liezel Hill     6th March 2009 Shareholders and “knowledgeable” mining investors understand that mining is a long-term business, and support a strategy of growth through acquisitions, HudBay Minerals CEO Allen Palmiere insisted on Thursday. Last week, he backed off a plan to buy copper- and zinc-miner Lundin Mining, after the... 

'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... 

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