Workers at Freeport-McMoRan's (NYSE:FCX) Cerro Verde copper mine in Peru will begin Friday a 48-hour strike to protest what they describe as the near disappearance of their profit-sharing bonus this year.The Arizona-based company, which own a majority stake in the mine, has informed workers they are scheduled to receive an average bonus of $146 (483 soles) this year based on 2015 profits, down fro...Read More
While global copper production was up 3.5% in 2015, Chinese output declined.At 1.66 million tonnes, China's mine production accounts for 8.7% of global supply of just over 19 million tonnes last year. That contrasts with Chinese demand for the metal which is expected to grow to 46% of worldwide copper consumption by 2018.China is the world's number two producer but is likely to be overtaken by Per...Read More
Reviving an underused technique on the TSXRights issues are the best way of raising funds in a way that does not disadvantage existing shareholders+ The practice is the established norm in the London and Australian markets+ With the paucity of funds from traditional flippers that Bay St cultivates for privateplacements, the rights issue may be about to return to its p...Read More
The latest edition of the closely followed GFMS Annual Copper Survey forecasts primary production to continue to grow over next three years, albeit at a slower pace than in the recent past, as miners deliver on investments made during the boom years.World mine production was up 3.5% or 652,000 tonnes in 2015 to just over 19 million tonnes, compared with a 2.1% increase in 2014, but down substant...Read More
Shares in copper and gold giant Freeport-McMoRan (NYSE:FCX) showed little reaction on Tuesday to news that the company is removing the top management of its oil and gas business and reintegrating the operation into the larger group.The Phoenix-based company announced in October that it's trimming its board and reviewing the oil and gas division which could include an outright sale, but today's...Read More
Aerial view of Codelco's Andina (left) and Anglo American's Los Bronces (right-front) copper mines in Chile. (Image from archives)Embattled miner Anglo American (LON:AAL) has reiterated it won't sell its stake in the Los Bronces and Collahuasi copper mines to Codelco or any other rivals, despite its plans to raise between $3bn and $4bn this year by offloading assets."We don't need to sell them. A...Read More
A map of British Columbia's "Golden Triangle" - IDM Mining PhotoThis is a story about past, present and future in a mineral-rich corner of the North American continent. High-grade gold mines like Snip and Eskay Creek helped give northwestern British Columbia its Golden Triangle moniker. If those two operations are symbolic of the region's rich past, Red Chris holds a strong claim on the present.Th...Read More
BHP Billiton and a security firm that guards major government buildings are among hundreds of Australian names linked to a Panama law firm that helps the rich hide money.The ABC's Four Corners program revealed the links involving the mining giant and Wilson Security as part of an investigation into a massive leak of 11.5 million documents from Mossack Fonseca.A Gold Coast businessman and a Hong Ko...Read More
In the final part of our probe into the curious case of Khan Resources, and the reallocation of its uranium mine to Russian control, we review events leading to the seizure of the company's Mongolian assets and its chairman's unusual death in an Ulaanbaatar hotel.In April 2015, a 59-year-old Canadian named James Doak travelled to Ulaanbaatar to negotiate with Mongolia's government.His company, Kha...Read More
By Gwen PrestonIt's been a bad few years for copper.Prices have been falling for five years. By last year the situation had deteriorated enough to prompt a slew mine cutbacks, totaling several hundred thousand tonnes.For several years now copper miners have been doing their all to make money despite the weak copper price. It's a process that starts with efficiency, with high-grading, with all the...Read More
In the second installment of the curious case of Khan Resources, we explore Khan's turbulent history in Mongolia and document a deal with Russia's leadership to swap Khan's uranium mines for hundreds of millions of dollars in aid and debt forgiveness.Even before Mongolia awarded itself the right to Khan's uranium deposits, the writing was on the wall.Speculation was rife that Russia was yearning f...Read More
Against expectations and in some instances seemingly in defiance of fundamentals, commodities managed to climb a wall of worry during the first quarter of 2016.While nervousness returned to the sector with a vengeance this week, many metals and minerals have clung to year-to-date gains.It's down sharply from an insane 19% jump in a single day to above $60 a tonne, but iron ore remains th...Read More
This week saw the S&P 500 rally to its highest levels of the year, but the most revealing signals about the state of the current global economy -- and where stock markets are headed -- can be found elsewhere: in the dollar and copper. Shown below is the five-year chart of the PowerShares DB US Dollar Index Bullish (UUP) , an exchange-traded fund that tracks the value of the dollar against a ba...Read More
A new internet scam in Sudbury is preying on people in the mining industry who are looking for work.At first glance, the website for Red Maple Mining seems real.It features photos, a company biography, and a list of job descriptions the company is supposedly hiring for in Sudbury. Positions include underground labourers, mining engineers, field technicians, and supervisors.Continue reading...Read More
McKinsey and Co's March survey of nearly 2,800 executives shows the mood of those in charge of global corporations taking a decidedly dark turn in the new year.Compared with the previous survey in December, when opinions were buoyant, respondents are now "more likely to report negative than positive views on both global and domestic economic conditions" says the management consultancy.The notion...Read More
A rare public protest in Mongolia's capital on Wednesday drew thousands of demonstrators who criticized foreign mining concessions and demanded action to prop up the tottering economy.More than 2,000 demonstrators in Ulaanbaatar's Freedom Square also called for parliament to be dissolved and a new government formed over alleged corruption and the economic crisis battering the vast, landlocked nati...Read More
On Wednesday, Lockheed Martin signed the first customer for the LMH-1, the giant defense contractor's hybrid airship. The LMH-1 is a unique new aircraft which is part helium dirigible, part cargo helicopter, part passenger airliner and part hovercraft.UK-based Straightline Aviation signed a letter of intent with Hybrid Enterprises, the exclusive reseller of the hybrid airship, to purchase up to...Read More
Despite falling to a one-month low on Monday after three straight weeks of declines, year to date gold is holding onto a 15% gain, silver and platinum are up 10% while copper's trading more than 15% higher than its January lows.Industrial metals have all advanced in 2016 led by zinc which has jumped by more than 20% in three months. Volatile iron ore at $55.20 on Monday is the best performer with...Read More
China is stashing away copper from London warehouses at a breakneck pace, which may put downward pressure on the price.While copper has rebounded 15 percent since mid-January, copper investors may be lulled into a false sense of security. That's because there is mounting evidence that the industrial metal is really just being stockpiled rather than imported to satisfy increasing demand for coppe...Read More
State-owned Zijin Mining, China's largest listed gold producer, said Friday net profit for 2015 dropped by almost 30% to $261 million (1.7 billion yuan) from the previous year's $353m (2.3 billion yuan) as a result of weak metal prices.The firm, which also mines copper, zinc and lead, said it aims to increase gold production this year by 15% to 42.5 tonnes this year. It also expects to hike copper...Read More