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Glencore and Xstrata in US$80-billion merger talks
Click here to read the whole story or read an excerpt below. By Clara Ferreira-Marques LONDON — Mining group Xstrata and commodities trader Glencore are in talks about an all-share deal that could create a combined group worth more than 50 billion pounds (US$79 billion). The world’s largest diversified commodities trader already owns a 34% stake in Xstrata and a tie-up between the two Swiss-based... [Read more]
China rare earths safe from WTO ruling on export curbs
Click here to read the whole story or read an excerpt below. A World Trade Organisation ruling against China’s restrictions on raw material exports could force changes to some of its rare earth policies but is unlikely to yield the boost in exports of the metals that consumers want to see. A WTO panel on Monday said China violated global trading rules by restricting exports of raw materials like... [Read more]
Messy guidance at Copper Mountain
Click here to read the whole story or read an excerpt below. By Peter Koven Copper Mountain Mining Corp. released some ugly 2012 production guidance on Monday morning, and one analyst is already warning that he will likely “materially reduce” his estimates as a result. The company said that mined grades at its British Columbia-based Copper Mountain mine will average a paltry 0.35% copper this year.... [Read more]
Gold finally breaks out
Click here to read the whole story or read an excerpt below. By Peter Koven It was a long time coming. After spending the last few months in a downtrend, gold prices jumped by more than US$60 an ounce in the course of two days this week. That boosted the equities, which had a rough start to 2012. The timing of the gold rally was good for investors, as the fourth quarter reporting period for the miners... [Read more]
PMI Gold’s west African gold projects show plenty of potential
Click here to read the whole story or read an excerpt below. By Zara McAlister While the Gold Coast of west Africa is rich with mining prospects and explorers, RBC Capital Markets suggests investors will strike gold if they go with developer PMI Gold Corp. Steuart McIntyre, analyst with RBC, has initiated coverage on the Australian company, listed on the TSX-Venture exchange in Canada, with an outperform... [Read more]
Pan American Silver buys Minefinders
Click here to read the whole story or read an excerpt below. By Peter Koven Pan American Silver Corp. has struck a friendly $1.5-billion deal to buy Minefinders Corp. Ltd., giving the company a big new mine in Mexico to add to its extensive asset base in Latin America. The cash-and-stock deal is worth $15.60 per Minefinders shares. It works out to a premium of 36% over the Vancouver-based company’s... [Read more]
Don’t get carried away with uranium rally
Click here to read the whole story or read an excerpt below. By Peter Koven After months of dreadful performance, uranium stocks have staged a welcome rally so far in 2012. It is one of the first signs of life in the sector since the Fukushima disaster last March. Unfortunately, RBC Capital Markets analyst Adam Schatzker isn’t convinced it can last, as the uranium spot price is still stuck in its... [Read more]
Finning’s Bucyrus rights pickup a winning deal
Click here to read the whole story or read an excerpt below. By Eric Lam Finning International Inc., which holds the franchise selling rights for Caterpillar Inc. in Canada, has acquired the distribution rights to mining equipment producer Bucyrus. The move is seen as a positive one for the company, despite some near-term risks, Ben Cherniavsky, analyst with Raymond James, said in a note to clients.... [Read more]
Gold may hit $2000, end long bull-run: GFMS
Click here to read the whole story or read an excerpt below. Gold may reach a record high above $2,000 an ounce in late 2012 or early 2013, but the precious metal is nearing the end of a decade-long run that has lifted prices by more than 600 percent, metals consultancy GFMS said on Tuesday. Gold has been a top-performing asset since 2001 as portfolio diversification, concerns over sovereign risk and... [Read more]
Miners see gold peaking around $2,000 in 2012
Click here to read the whole story or read an excerpt below. Gold miners expect the price of the metal to continue climbing in 2012, with most respondents expecting a peak around $2,000 an ounce, according to a survey of gold companies by consultants PwC. In a report published on Monday, PwC said 80 percent of those surveyed expected the gold price to increase, with only 6 percent forecasting a decline.... [Read more]
Pan American, Goldcorp to break ground in Argentina as sector expands
Click here to read the whole story or read an excerpt below. By Karina Grazina BUENOS AIRES Argentina expects two Canadian miners, Pan American Silver and Goldcorp, to start construction on sizeable projects over the next six months as the sector continues to expand, the country’s mining secretary said on Tuesday. High metals prices and legal reforms in the 1990s have spurred rapid growth in Argentina’s... [Read more]
Alcoa forced to slash capacity on weak prices
Click here to read the whole story or read an excerpt below. By Peter Koven A weak aluminum market continues to cause problems for Alcoa Inc. On Thursday afternoon, the aluminum giant announced it is shutting down 531,000 metric tonnes of smelting capacity, or 12% of its total capacity. That will result in restructuring charges of US$155-million to US$165-million in its fourth quarter earnings, which... [Read more]
Copper falls as Europe debt, bank troubles weigh
Click here to read the whole story or read an excerpt below. By Silvia Antonioli and Maytaal Angel Copper fell on Thursday as the euro weakened and investors grew concerned that Europe’s debt crisis will further hurt the real economy and crimp metals demand, especially with banks remaining reluctant to lend on easier terms to businesses. Limiting losses, however, was a well-subscribed French bond... [Read more]
Challenging year ahead for gold miners
Click here to read the whole story or read an excerpt below. By Peter Koven Gold miners are enjoying very strong prices these days, but their stock performance has been disappointing as they encounter a host of challenges. Things won’t get easier in 2012, according to Paradigm Capital analysts Don MacLean and Don Blyth. They compiled a list (see below) of important themes for the precious metals... [Read more]
KGHM says Canada, U.S. don’t object to Quadra buy
Click here to read the whole story or read an excerpt below. KGHM, Europe’s No. 2 copper producer, said on Wednesday that Canadian and U.S. competition authorities have raised no objections to its planned $3-billion purchase of Canadian-listed Quadra. [Read more] Read More →
Inmet reaches big milestone in Panama
Click here to read the whole story or read an excerpt below. By Peter Koven The Cobre Panama project is crucial to the future of Inmet Mining Corp. And it is now much closer to becoming a producing mine. On Tuesday, Inmet announced that the Panamanian government approved the environmental and social impact assessment (ESIA) for the copper mine and its related infrastructure, including a coal-fired... [Read more]
Codelco exercises option to buy Anglo American stake
Click here to read the whole story or read an excerpt below. By Moises Avila and Felipe Iturrieta SANTIAGO – Chile state copper giant Codelco on Monday said it had exercised a US$6-billion option to buy mining assets in southern Chile, but global miner Anglo American defied the move, setting the stage for a lengthy legal battle. Anglo responded to Codelco’s announcement by saying it was not obliged... [Read more]
Crystallex close to securing financing before filing for protection
Click here to read the whole story or read an excerpt below. By Peter Koven Crystallex International Corp. was close to securing US$135-million in financing before it entered creditor protection last Friday, according to an affidavit from its chief executive. Now that the filing has been made, the management team has to show stakeholders that it has a viable refinancing plan that benefits everyone.... [Read more]
Perseus Mining finds more gold
Click here to read the whole story or read an excerpt below. By Peter Koven Emerging gold producer Perseus Mining Ltd. continues to find more ounces at its Edikan mine in Ghana. Just ahead of Christmas, the company offered investors some holiday cheer: a 1.03-million ounce increase in Edikan’s gold resources. The successful drilling brings the total resources at Edikan to seven million ounces. Nana... [Read more]
Financiers blur China’s copper import flows
Click here to read the whole story or read an excerpt below. By Andy Home The surge in China’s copper imports last month has been greeted with the predictable hurrahs from metal bulls, who haven’t had a lot to cheer about recently. At almost 344,000 tonnes imports of refined copper were the second highest monthly total on record. [Read more] Read More →
