The biggest rally for mining company shares since 2009 risks fizzling out as gains have largely been driven by funds reversing bets on lower prices rather than long-term investors looking for value.The benchmark FTSE 350 mining index, which tracks the performance of the UK's 11 biggest listed miners, is up 26 percent this year, the biggest quarterly gain since September 2009, and marking a revival...Read More
March madness reached the commodities markets on Thursday as investors piled into the mining sector on the back of a jump in the copper price and a renewed iron ore rallyOn the Comex market in New York copper for delivery in May climbed as much 2.8% to $2.2925 a pound or some $5,050 a tonne. It's the highest closing value since November 4 and the red metal is now up more than 18% from a six-y...Read More
MINING.com joined Keith Laskowski, Vice President of Technical Services for Sandstorm Gold at PDAC 2016. Mr. Laskowski has over 35 years in the mining industry working as a specialist in resource evaluation. He's visited over 60 countries and 100's of projects to determine if there is value in the ground. Formerly, he was the Principal Mining Specialist for the World Bank- International Finance Co...Read More
The seven miners that went missing last week after a "geotechnical failure" led to landslide at Glencore's (LON:GLEN) Katanga Mining operation in the Democratic Republic of Congo are now considered dead.The company, which has so far recovered three bodies from the site, said Thursday it has officially ended the search for the other four following a 10-day effort.Operations were halted last year...Read More
In an unexpected announcement, mining giant Rio Tinto (ASX, LON, NYSE:RIO), the world's second largest miner, said Thursday its chief executive, Sam Walsh, would retire on July 1 and that Jean-S?(C)bastien Jacques, the copper and coal division boss, would take the reins of the company.Walsh, who has led the Anglo-Australian group since 2013 and overseen a cost-cutting drive as the mining sector fa...Read More
McMillian LLP Lawyer Robin Junger, who specializes in aboriginal land claims, sorting through maps in his Vancouver Office l Chung ChowSettling native land claims is ostensibly supposed to bring some certainty to land-use questions in B.C.But two recent decisions by the provincial government are creating even more uncertainty for mining and mineral exploration in B.C. and sending a negative signal...Read More
MINING.com correspondent, Andrew Nelson, interviews the newly appointed President of McEwen Mining, Colin Sutherland, at the most anticipated mining conference of the year, PDAC 2016 in Toronto. Mr. Sutherland has over 20 years of financial and operating experience in the gold mining industry and most recently was the CEO of Archipelago Resources growing it to a 200,000 ounce gold producer. He als...Read More
The pain at Anglo American (LSE:AAL) has finally reached the corner office.Today the struggling mining major with roots going back more than a hundred years to South Africa's gold and diamond fields, said CEO Mark Cutifani's total pay last year fell 8 percent, from ?3.7m to ?3.4m. The Australian, who joined Anglo in 2013 replacing Cynthia Carroll, also saw his bonus plummet by almost 40 percen...Read More
Youtube user Tito4re is causing quite a sensation with his latest stunt, pouring molten copper on a Big Mac.In the video, liquid copper which has a melting point of 984 ?F or 1,085 ?C, is ladled onto the legendary hamburger, then pulled apart by a set of metal tongs as it slowly disintegrates. The video has so far earned 783,428 views.Hat tip: Mashable Read More
Toronto Ontario, March 11, 2016 - Nautilus Minerals Inc. (TSX:NUS, OTCQX:NUSMF, OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") announces, on behalf of the Solwara 1 Joint Venture (comprising Nautilus 85% and Eda Kopa (Solwara) Limited 15%, a subsidiary of Petromin Holdings PNG), that the three Seafloor Production Tools ("SPTs") have arrived safely at Duqm Port in Oman.The three S...Read More
The death toll from a landslide at Glencore's (LON:GLEN) Katanga Mining operation in the Democratic Republic of Congo climbed Thursday as a third body was recovered from the pit.The search for the remaining four missing individuals continues with "all available resources," Glencore said in a statement.Seven workers went missing Tuesday after a "geotechnical failure" led to the collapse of the nort...Read More
Activists in the Democratic Republic of Congo are pressing the government to revive plans for a new mining code, claiming the country, which is Africa's top copper producer, needs the higher revenues the revised legislation would generate.Congo began reviewing the 2002 mining code in 2012 and last year it proposed hiking profit taxes to 35% from 30%, raising the state's free share of new mining pr...Read More
Canada's First Quantum Minerals (TSX:FM) (LON:FQM) said Thursday it is selling its nickel, copper and platinum-group metals Kevitsa mine in Finland for $712 million to Boliden AB, as part of ongoing efforts to reduce debt.The Swedish mining and smelting company will pay cash for the mine that has nickel, copper and platinum-group metals, subject to customary adjustments, First Quantum said. The sa...Read More
A second exploration company is making plans to work inside Nunavut's caribou calving grounds - this time on the range of the dwindling Bathurst herd.And once again, it happened with the approval of the Nunavut Impact Review Board, and against the advice of the N.W.T. government.Last spring Tundra Copper sought, and received, permission to search for copper on the Bluenose East calving grounds.R...Read More
Chile's environmental watchdog has pressed charges against Sierra Gorda SCM, firm jointly owned by Poland's KGHM Polska Miedz and Japan's Sumitomo Metal Mining, saying it was found guilty of committing nine environmental infractions.KGHM could face fines and have the licence for its Sierra Gorda mine revoked.According to the Superintendence for the Environment (SMA), the "serious" to "mild" breach...Read More
Toronto, - Optimism and opportunity abounded at the PDAC 2016 Convention of The Prospectors & Developers Association of Canada in spite of recent industry challenges, indicating a positive shift in sentiment amongst the industry's key players.A clear sense of industry confidence was evident as more than 22,000 attendees from more than 100 countries gathered at the annual PDAC convention where in...Read More
It was recently reported in the Financial Post that in-situ leaching of copper is an unproven technology. After personally spending 5 years working at the in-situ copper leaching operation at San Manuel, Arizona I can state that it has definitely been proven. I believe a little history is required to understand this technology since it is not widely known.In-situ leaching itself is not a new t...Read More
China-backed miner MMG Ltd (HKG:1208) revealed Wednesday it lost $1.05 billion last year as metals prices traded at multiyear lows, forcing it to book a $784.3 million write down.The overseas unit of China's largest state-owned copper and zinc producer said revenue fell 21% to $1.95 billion in the year to Dec. 31, despite achieving record copper production, as prices for the industrial metal we...Read More
Well, that was shortlived. The rally that had investors clambering back into mining stocks came to an abrupt end today, as disappointing export data from China showed continuing signs of weakness in the world's top commodities consumer.Traders were quick to hit their sell buttons as official figures released in Beijing today showed exports in February were down a whopping 25.4 percent from the pre...Read More
Karl Simich, Managing Director and CEO of Sandfire Resources (Screengrab)It hasn't been much fun for base metal producers in recent years. As Karl Simich, Managing Director and CEO of Sandfire Resources, puts it bluntly, the price of copper has made the business of mining the stuff "hard work."Low oil prices and weak currencies for ex-USA miners offers some reprieve. But they have only softened th...Read More