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Which miners can raise debt to boost returns and dividends
Click here to read the whole story or read an excerpt below. By Jonathan Ratner Precious metals producers continue to underperform both gold and silver, which are up roughly 2% and 5%, respectively, year-to-date. This gap is a result of inflation concerns across the mining industry, which are being manifested in the form of growing capital expenditures and cash costs, in addition to an uncertain long-term... [Read more]
Cameco to buy uranium broker for US$136M
Click here to read the whole story or read an excerpt below. By Eric Lam Saskatoon uranium producer Cameco Corp. said Monday it has agreed to purchase Nukem Energy GmbH, a broker of nuclear fuel products and services for US$136-million. Cameco will also assume Nukem’s net debt position of US$164-million, although the company expects to substantially reduce its debt balance through ongoing business... [Read more]
Juniors with cash to spare should consider acquisitions
Click here to read the whole story or read an excerpt below. By Julia Johnson Junior mining companies with deep pockets may have expansion opportunity in acquiring or merging with some of their peers that are cash-strapped and in dire need of project funding. Cannacord Genuity analysts scoped out which juniors have money to burn and which are tight for cash in their May 8 Junior Mining Weekly report.... [Read more]
Ontario moves to open up Far North with $5.1-billion chromite deal
Click here to read the whole story or read an excerpt below. By Tim Shufelt The government of Ontario took a big step toward unearthing the geological treasures of the province’s Far North in announcing an investment to develop the first mine in the mineral-rich Ring of Fire. Cliffs Natural Resources Inc. plans to invest $3.3-billion to establish a chromite mine west of James Bay and build a $1.8-billion... [Read more]
Global miners: Finding new ways to create value
Click here to read the whole story or read an excerpt below. By Jonathan Ratner Rather than make big acquisitions or build massive projects from the ground up, global mining giants should pursue less glamourous paths to value creation, according to a new report from Merrill Lynch. These include low capital intensity developments such as those on existing sites, selling off non-core or under-appreciated... [Read more]
Could Goldcorp be Buffett’s next big buy?
Click here to read the whole story or read an excerpt below. By Rita Nazareth and Katia Porzecanski When it comes to acquisitions, Warren Buffett says his biggest deal is yet to come. That could attract the 81-year-old billionaire investor to companies from Deere & Co. to Henkel AG. Buffett, Berkshire Hathaway Inc.’s chief executive officer, said the US$204 billion company he built with takeovers... [Read more]
Gold drops to four-month low on eurozone uncertainty
Click here to read the whole story or read an excerpt below. By Frank Tang Gold fell below $1,600 an ounce on Tuesday for the first time since early January, losing more than 2% as a lower euro and uncertainty over the European debt crisis triggered a technical sell-off. Read More →
Big gold producers spending faster than earnings rise
Click here to read the whole story or read an excerpt below. By Liezel Hill Capital spending by the largest gold producers is increasing at a faster pace than earnings for a second straight year as the industry’s biggest mining projects are beset by delays and surging labour costs. Barrick Gold Corp. said Wednesday it’s reviewing cost estimates for its US$5-billion Pascua-Lama gold and silver project... [Read more]
Cameco profit jumps on higher uranium sales
Click here to read the whole story or read an excerpt below. By Peter Koven Uranium giant Cameco Corp. reported a 46% jump in first quarter earnings on Tuesday as it benefited from higher uranium sales and stronger realized prices. Saskatoon-based Cameco said its adjusted profit was $124-million, or 31¢ a share. That was better than the consensus analyst estimate of 28¢. [Read more] Read More →
Central banks add to gold reserves
Click here to read the whole story or read an excerpt below. Argentina added to its gold reserves for the first time in nearly six years in September 2011 as the price hit record highs, mirroring the trend among emerging central banks to diversify further from paper currencies such as the U.S. dollar. Data from the International Monetary Fund on Tuesday showed Latin America’s third-largest economy... [Read more]
Sino-Forest analyst joins Allana Potash
Click here to read the whole story or read an excerpt below. By Peter Koven It didn’t take Richard Kelertas long to land a new job. A few weeks after Dundee Capital Markets announced Mr. Kelertas was departing the company, Allana Potash Corp. hired the veteran analyst as head of corporate development. [Read more] Read More →
Mongolia’s ‘ninja miners’ help sate China’s lust for gold
Click here to read the whole story or read an excerpt below. By David Stanway BORNUUR, Mongolia – In a hot, concrete hut filled with acetylene fumes, an elderly Mongolian miner struggles to contain her excitement as she plucks a sizzling inch-long nugget of gold from a grubby cooling pot and raises it to the light. Khorloo, 65, and her sons spent the day scrutinizing half a dozen CCTV screens as... [Read more]
Glencore signs US$6B merger loan
Click here to read the whole story or read an excerpt below. By Tessa Walsh LONDON – Commodities trader Glencore signed a US$6-billion syndicated loan backing its US$90-billion merger with miner Xstrata on Tuesday after raising nearly US$11-billion in syndication, banking sources said on Wednesday. The loan includes a one-year extension option and was underwritten by Citigroup and Morgan Stanley... [Read more]
Analysts raise uranium targets as producers show signs of life
Click here to read the whole story or read an excerpt below. By John Shmuel One year after Japan’s Fukushima nuclear crisis, analysts are hiking ratings and price targets on uranium companies that have posted some impressive gains of late. In Canada, Uranium One Inc. shares are up 37% year to date and Cameco Corp.’s have climbed 14%. [Read more] Read More →
Freeport takeover talk intensifies with low valuation
Click here to read the whole story or read an excerpt below. Freeport-McMoRan Copper & Gold Inc. is offering the best deal in copper for mining companies willing to bet big on the metal. Freeport, the world’s largest publicly traded copper miner, yesterday was valued at 3.3 times its earnings before interest, taxes, depreciation and amortization in 2013, according to analysts’ estimates compiled... [Read more]
Conservatives to streamline, speed environmental reviews
Click here to read the whole story or read an excerpt below. By Jason Fekete The Conservative government’s overhaul of environmental assessments will consolidate federal reviews into three departments, focus resources on major projects and hand significant ecological oversight to the provinces. The Harper government’s legislative plan for “responsible resource development,” announced Tuesday... [Read more]
Gold glitters for mining students
Click here to read the whole story or read an excerpt below. By Julie Gordon When Travis Howard started his degree at the Colorado School of Mines four years ago he decided to pursue a double major in mechanical engineering and metallurgy to give himself the best chance of landing a high-paying job when he graduated. Turns out he had nothing to worry about. The 21-year-old, who dropped his mechanical... [Read more]
South Africa’s PGM production plummets
Click here to read the whole story or read an excerpt below. By Peter Koven South Africa produces three quarters of the world’s platinum, and is also the second largest producer of palladium (known together as the platinum group metals, or PGMs). So production fluctuations in the African nation can have an enormous impact on global supply. That seems to be happening right now. [Read more] Read More →
Gold could return to last year’s record highs: GFMS
Click here to read the whole story or read an excerpt below. By Peter Koven Global gold production continues to rise, bringing new supply into the market. But as long as investor demand for the yellow metal remains sky-high, it may not matter. Gold consultancy GFMS launched its 2012 gold survey on Wednesday, and it took a bullish stance on prices despite a recent correction and a couple of worrying... [Read more]
Comparing mining guidance and performance
Click here to read the whole story or read an excerpt below. By Peter Koven It goes without saying that beating guidance is a good way to earn favour from investors. The market has been simply brutal to mining companies that failed to meet their own expectations — or those of analysts — in the last 12 months (just ask Agnico-Eagle Mines Ltd). So which companies do a good job of meeting guidance,... [Read more]
