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Alcoa earnings rebound on better market conditions
Click here to read the whole story or read an excerpt below. By Steve James NEW YORK — Aluminum producer Alcoa Inc. surprised Wall Street with a first-quarter profit after a loss in the fourth quarter of 2011 as global markets improved, especially in the aerospace and automobile sectors. The results, which beat analysts’ forecast for a loss, sent the company’s stock up 6% to US$9.80 in after-hours... [Read more]
Avion Gold Q1 production rises in Mali
Click here to read the whole story or read an excerpt below. Avion Gold Corp reported a 30 percent rise in first-quarter production at its Tabakoto and Segala projects in Mali, but said its mill expansion may be delayed as the coup-hit West African country limps back to normal. President Amadou Toumani Toure resigned on Sunday, paving the way for the soldiers who ousted him [Read more] Read More →
An IPO shines brightest among Rio’s diamond options
Click here to read the whole story or read an excerpt below. A stock market flotation is likely to top the list of options when Rio Tinto reviews the future of its diamond business, as a shortage of heavyweight buyers prompts the miner to turn instead to funds betting on Asia’s appetite for luxury. The Anglo-Australian mining giant could add to the allure of an initial public offering (IPO) by first... [Read more]
Silver: poor man’s gold turning to fool’s gold?
Click here to read the whole story or read an excerpt below. Silver bulls may be hoping that the metal’s healthy first-quarter price rise is the first step back towards record highs. Not so fast. Its advocates say silver, which occupies a middle ground between industrial metals like copper and investment vehicles like gold, can benefit both from the fledgling economic recovery that is lifting copper... [Read more]
Gold declines on concern physical buying is slowing
Click here to read the whole story or read an excerpt below. Gold dropped for the first time in three sessions in New York on concern that physical purchases are declining and as a rise in the dollar reduces the appeal of the metal as an alternative asset. The All India Gems & Jewellery Trade Federation said that members extended a strike for an 18th day to protest a levy on non-branded gold products.... [Read more]
IC Potash shares jump after deal with Yara
Click here to read the whole story or read an excerpt below. Shares of Canada’s IC Potash (ICP) rose 15 percent on Monday after it struck a deal to sell a 19.9 percent stake in the company to Norwegian fertilizer maker Yara for C$39.8 million ($39.9 million). The deal, announced late on Friday, will result in Yara paying C$1.32 a share, a near 50 percent premium – for 30.1 million new shares in... [Read more]
Gold: For richer, for poorer as crisis cools
Click here to read the whole story or read an excerpt below. Extreme strain in the global economy has given way to something less hair-raising. So does the last investor in “safe-haven” gold, switch out the lights? After a storming start to 2012, bullion prices have lost some of their lustre in recent weeks in line with a reassesment of global economic health. Jumbo-sized liquidity taps are off... [Read more]
Stornoway wins ‘social licence’ in talks with Cree for Quebec diamond project
Click here to read the whole story or read an excerpt below. By Nicolas Van Praet MONTREAL • At a time tension between First Nation communities and the resource sector remains high in many parts of the country, one junior company is bending traditional corporate practice in an attempt to win a “social licence” for Quebec’s first diamond mine. Stornoway Diamond Corp. on Tuesday signed a binding... [Read more]
Rio Tinto looks to sell diamond business
Click here to read the whole story or read an excerpt below. By Sonali Paul and James Regan MELBOURNE/SYDNEY – Rio Tinto, the world’s third-largest miner, effectively invited bids on Tuesday for its diamonds business, on its books at US$1.2-billion, and joined rival BHP Billiton in backing away from a business that has lost its sparkle. Rio Tinto, which runs three mines in Australia, Canada and... [Read more]
Deripaska ready to buy RUSAL’s Norilsk stake: source
Click here to read the whole story or read an excerpt below. Russian tycoon Oleg Deripaska is ready to buy RUSAL’s 25 percent blocking stake in Norilsk Nickel to resolve a shareholder dispute at the world’s largest aluminium producer, a source close to the RUSAL board said on Monday. Deripaska’s gambit seeks a way out of a row with minority shareholder Viktor Vekselberg, who quit as RUSAL’s... [Read more]
From gold dust, a billion dollar claim
Click here to read the whole story or read an excerpt below. By Ed Cropley SEMONGKONG, Lesotho – They came on horseback or by foot, trudging through Lesotho’s highlands and clutching tattered identity documents to back their claims that South Africa’s gold mining firms ruined their lungs. On one day in January alone, around 40 former gold miners and widows crowded into a municipal office in Semongkong,... [Read more]
IAMGOLD upgraded at Macquarie
Click here to read the whole story or read an excerpt below. By Jonathan Ratner IAMGOLD Corp. was upgraded to outperform from neutral at Macquarie Capital Markets after the recent underperformance of the company’s shares. The stock has fallen roughly 25% since the gold miner reported earnings on February 23, while its peer group has dipped an average of just 13%. [Read more] Read More →
Mining boom to drive economic growth in Canadian North
Click here to read the whole story or read an excerpt below. By Chantal Mack Canada’s North is poised to lead the country in economic growth over the next two years as a boom in mining projects takes hold, a new report predicts. The economies of the three territories are expected to grow by more than seven per cent in both 2012 and 2013, says the Conference Board of Canada’s Territorial Outlook-Winter... [Read more]
Gold set for another annual gain as investors hoard metal
Click here to read the whole story or read an excerpt below. Gold is poised for a 21 percent gain in 2012, extending its bull market to 12 consecutive years, as investors hoard record amounts and central banks expand reserves for the first time in a generation. Bullion may rise to $1,897 an ounce in New York by Dec. 31 from $1,566.80 at the end of 2011, based on the average of 14 respondents in a survey... [Read more]
Kinross faces new $4-billion class action
Click here to read the whole story or read an excerpt below. By Peter Koven Kinross Gold Corp. has been slapped with an enormous class action lawsuit related to the troubles at its Tasiast mine in Mauritania, the second such suit filed against the miner in less than a month. The latest suit, a $4-billion class action filed by Canadian firm Koskie Minsky LLP, comes after a similar claim was filed in... [Read more]
New fronts open in aluminium storage battle
Click here to read the whole story or read an excerpt below. New fronts are opening up in Europe and Asia in the battle between banks and trading houses to expand their storage hubs for aluminium, a metal meant for use in manufacturing but increasingly viewed as a store of value. Until recently, the battle was almost exclusively confined to one location, Detroit in the United States, where there is... [Read more]
PDAC 2012: Competitors not delivering value, says Randgold CEO
Click here to read the whole story or read an excerpt below. By Peter Koven There is no question that gold equities have badly underperformed the gold price in recent years. To Mark Bristow, the chief executive of African miner Randgold Resources Ltd., a big part of the problem with miners is that they are growing production by just expanding capacity rather than making new discoveries. The result... [Read more]
PDAC 2012: Nickel price slide likely to continue, research firm says
Click here to read the whole story or read an excerpt below. By Eric Lam The five-year losing streak for nickel prices is likely to continue for at least one more year, as several major long-delayed projects come online potentially flooding the market with excess supply, research firm Wood Mackenzie said at PDAC Monday. Andrew Mitchell, principal nickel analyst with the U.K.-based energy and metals... [Read more]
PDAC 2012: Quartermain strikes gold again, 30 years later
Click here to read the whole story or read an excerpt below. By Peter Koven When Robert Quartermain meets with investors, he brings along some stunning high-grade drill core from his Brucejack and Snowfield gold projects in British Columbia to show them in person. “I’ve been in the business 35 years, and only saw anything like this at the Royal Ontario Museum and Red Lake,” the chief executive... [Read more]
Copper extends bull streak
Click here to read the whole story or read an excerpt below. Copper traders are bullish for a fourth consecutive week, the longest streak since October, as manufacturing strengthens from China to the U.S. and stockpiles decline to the lowest in more than two years. Thirteen of 29 analysts surveyed by Bloomberg expect the metal to gain next week and six were neutral. Inventories tracked by the London... [Read more]
