Sukari gold mine, located 700 km from Cairo. (Image courtesy of Centamin)Toronto and London-listed gold miner Centamin (TSX:CEE) (LON:CEY) said Thursday it expects 2016 production from its main Sukari gold mine in Egypt to increase by 7% to 470,000 ounces, as it continues to ramp-up production in expanded areas of the mine.The company, which also aims to reduce all-in-sustaining costs at the opera...Read More
Last year was a horrible year for commodities and the resources sector, but it appears contrarian investing in the sector is alive and well.According to a new report by private capital tracker Preqin, fundraising for natural resources investment reached record levels in 2015, with 62 funds raising a total of $63bn. That was up 14% compared to 2014 and edged past 2013's banner year when more than 1...Read More
Image courtesy of Imperial Metals.Canada's Imperial Metals (TSX:III) became Wednesday the latest copper producer to announce tough measures aimed to weather the effects of low metal prices by suspending operations at its Huckleberry copper mine in British Columbia.The company, which owns 50% of the mine, said it would lay off 100 of its 260 workers, keeping the rest to mill stockpiled ore."While H...Read More
Courtesy of: Visual CapitalistIt's easy to pontificate about what the future may hold, but sometimes it comes with disastrous results. Instead, the best way to get a taste of the future may be to look at the most recent scientific developments that happened in the last year.Today's infographic from Futurism reviews some of the top science news stories from 2015.These include headlines in the field...Read More
The streaming deal has been a lifeline for many mining companies. In fact, 2015 showcased a record number of streaming deals for gold, silver, and copper. The number of transactions doubled from 11 to 27 year-over-year, with the dollar values associated tripling from $1.1 billion to over $4.0 billion!What was once considered a new and innovative way of raising money - the streaming deal has take...Read More
Unusual and massive storms flooded Chile's Atacama Desert, heart of the country's copper industry, in March last year. (Image: Screenshot via YouTube)The El Ni??o weather event, considered one of the strongest in almost two decades due to droughts caused in Asia and South America, as well as flooding and cyclones in Australia last year, has already peaked and it is likely to be followed by the opp...Read More
Mining companies like Teck Resources (TSX:TCK.B) and Thompson Creek Metals (TSX:TCM) may need to make some hard decisions in 2016 if they are to avoid solvency problems in 2017, warns the Bank of Merrill Lynch.In a recent outlook, Merrill Lynch singled out these two B.C. miners for solvency issues in 2017, and flagged First Quantum Minerals Ltd. (TSX:FQM) for solvency problems in 2018, based on co...Read More
Oracle Mining Corp. (TSX-V:OMN), a Vancouver-headquartered junior mining company focused on a single copper project in Arizona, has gone into receivership, is now halted from trading and its directors and chief executive officers have resigned en masse.Oracle, which has been focused on reviving an idled copper-silver mine-the Oracle Ridge mine near Tucson-has had financial problems since 2014.The...Read More
Image from archives.Global stock markets fell Monday as worries over China's economy and instability in the Middle East combined to scare investors.Chinese bourses tumbled 6.9% in their opening session of 2016, its biggest decline on record for the first trading day of the year, forcing exchanges to halt trade for the first time.This so called "circuit breaker" mechanism, which halts trade for 15...Read More
One of the hardest things for a mining executive to do may be nothing. But in a market that is not rewarding companies for pulling resources out of the ground, Sprott US Holdings Inc. CEO Rick Rule would prefer to see what he calls "optionality" rather than dilution from companies looking to justify salaries. In this interview with The Gold Report, he praises innovative precious metals streams on...Read More
Bill Bennett.Energy and Mines Minister Bill Bennett rang in 2016 with thoughts of a potential rescue package for B.C.'s beleaguered mining industry on his mind to ward off potential mine shutdowns.Options for assistance to mining companies struggling with low commodity prices could include deferrals on payment of power bills and delayed payments on mineral taxes, Bennett said in an interview. Ther...Read More
Despite the ongoing and deepening bear market for commodities and the junior resource sector, MercenaryGeologist.com continues to produce valuable analysis and research on commodities and equities. Our commitment to supply and demand fundamentals and contrarianism allows us to prosper in both good and bad markets.In 2015, the TSX Venture Index made its high of 707 on the year's first trading day...Read More
Mining companies in British Columbia may be able to defer paying their electricity bills, the Mines Minister Bill Bennett tells NEWS 1130.Given low commodity prices and the general struggles of the resource industry, Bennett said mining companies could escape expected Hydro bill rate hikes in 2016 if all "the pieces can be put together.""There might be a deferral opportunity for power costs for th...Read More
Osisko Resources owns 16.2% of the Quebec gold junior Falco Resources (TSX-V:FPC) after purchasing 5.9 million shares for $1.88 million.Falco Resources' Horne Project area in Rouyn-Noranda encompasses the former producing Horne and Quemont mines, according to information on the company's website. The Horne mine, discovered by EH Horne in 1920 and operated by Noranda from 1926 to 1976, was one of t...Read More
Chuquicamata, the world's largest open pit copper mine. (Courtesy of Codelco via Flickr)Chile, the world's top copper producing country, surprised investors by publishing for the first time ever detailed data related to costs for nearly its entire mining industry.According to the recently launched "Costs Observatory," the average cash cost per pound of copper produced in the country during the sec...Read More
Last week we showed you where the wettest mines in the world are located. Topping that list is the Ok Tedi mine in Papua New Guinea where an average of 6,636 millimetres of rain falls each year. This week we're looking at the driest mines in some of the most arid regions of the world. Nearly half the mines on this list get no precipitation at all.Visit IntelligenceMine and learn how you can run yo...Read More
Freeport-McMoRan's Tyrone mine in New Mexico.Shares in Freeport-McMoRan (NYSE:FCX) were trading more than 7.5% lower on Monday morning at about $7 after the company announced its co-founder James Moffett was stepping down as chairman and quitting the board.The move comes a few months after the world's largest publicly traded copper producer added two new directors under pressure from billionaire...Read More
MMG's gigantic Las Bambas mine is the largest China-backed mining projects scheduled to come on stream in Peru next year.Mining projects worth more than $56 billion are expected to come on stream in Peru beginning next year, led mostly by Chinese, American and Canadian companies.According to the official Andina news agency (in Spanish), there are 47 ventures in the last stages of development in th...Read More
The bottom has fallen out of the commodities market and while Canadian mining firms look set to ride it out, there could be a hit to Canada's economy because of low metals and minerals prices.At the end of December:coal is down 32 per cent from its price at the end of last year;iron ore, -24 per cent;palladium, -30 per cent;copper, -25 per cent;zinc, -30 per cent;aluminum, -19 per cent.They're a...Read More
For one of the oldest and most successful teams in Formula One racing, the 2015 season was a big disappointment for McLaren.The team that made Ayrton Senna and Alain Prost into champions finished second-bottom in the 2015 constructor's championship and didn't get a driver on to the podium once in 19 races.But then again, McLaren has more to focus on these days than just the Formula One circus.The...Read More