Co-President Kelvin Dushnisky (right) took over as president of the company in August, as the world's largest gold producer restructured management to boost efficiencies. (Image: Screenshot of a Barrick video, via YouTube)Canadian Barrick Gold (TSX, NYSE:ABX) announced Tuesday early results of its plan to buy back up to $1.15 billion of its own debt, as the Toronto-based miner continues to deleve...Read More
Oyu Tolgoi, a copper-gold mine in the South Gobi region of Mongolia, approximately 550 km south of the capital Ulaanbaatar, holds one of the largest undeveloped high-grade copper deposits in the world. (Image courtesy of Oyu Tolgoi LLC)Rio Tinto (ASX, LON:RIO) secured Tuesday a multi-billion agreement to finance a huge expansion of its giant Oyu Tolgoi copper-gold open pit mine in Mongolia and sa...Read More
The Canadian Mining Eye index declined 17% during Q3 2015, compared to a 4% gain in Q2 2015. The Canadian Mining Eye index underperformed the S&P/TSX Composite index which slipped 9% during the quarter. The London Metal Exchange index (LMEX) declined 9% over the quarter.The S&P/TSX Composite Metals and Mining index witnessed a significant plunge of 26% due to extremely bearish sentiment during the...Read More
A $4 billion finance package for the expansion of Rio Tinto's (LON:RIO) Oyu Tolgoi copper and gold mine in Mongolia is likely to be approved this week in Ulan Bator, the capital.Operator Turquoise Hills (TSE, NYSE:TRQ), which owns 66% of the massive project in the Gobi Desert, has long forecast that the deal will be signed before the end of 2015. But, according to the Australian Financial Review...Read More
Sudbury, ON (December ?EUR< 14, 2015) - Canada's Ultra-Deep Mining Network (UDMN) continues to make strides in solving the challenges that impact resource extraction in ultra-deep (below 2.5km) environments launching new Call for Proposals and Network Members share the stage highlighting their innovative solutions and commercially viable products.The $46 million NCE business-led network, now in it...Read More
Codelco's Chuquicamata is the world's largest open pit copper mine.The world's biggest copper miner, Chile's Codelco, will continue reining in costs next year rather than curbing output to navigate a slump in prices that are hitting fresh six-year lows almost daily, the company's chief executive Nelson Pizarro has said.In a weekend interview with local newspaper El Mercurio (in Spanish), Pizarro...Read More
Ian Ball brings us Abitibi Royalty Search, an online platform where mining companies in need of financing can easily submit geological data on their projects for consideration. In the mining sector above average capital allocation yields above average results.The bottleneck in efficiency is in equipment provider innovation. Ian sheds light on our current position in the commodity market cycle, he...Read More
Millrock Resources (MRO - TSXV) is a mineral exploration company following the prospect generator business model. That means Millrock generates exploration targets and finds deeper pocketed partners to pay for the expensive stuff like helicopter rentals and drilling, while Millrock usually retains a project interest, and earns money for managing the work programs.A lot of successful mining investo...Read More
Diamond sorting in Kimberley, South Africa late 1800s. Source: Miningartifacts.orgOn Tuesday Anglo-American announced a "radical portfolio restructuring".Radical indeed.The company with roots going back more than a hundred years to South Africa's gold and diamond fields said it would cut around 85,000 employees, or almost two-thirds of its workforce.That's up significantly from the already eye-wat...Read More
Seafloor exploration equipment. (Image courtesy of Nautilus Minerals)Canadian seafloor miner Nautilus Minerals (TSX:NUS) said Friday it has scored a fresh offtake deal for its upcoming deep-sea operation off the coast of Papua New Guinea with Chinese smelting company Tongling Nonferrous Metals Group.The new agreement replaces the previous three-year contract that would have seen Nautilus supply...Read More
At the end of trading in London on Thursday shares in Glencore plc (LON:GLEN) was priced at 89p, up 7.4% in colossal volumes of more than 134 million shares traded.In New York Glencore's (GLCNY) over the counter stock advanced by more than 10% in equally busy trade bringing the company's market value back to within shouting distance of $20 billion.The reason behind the surge is the Swiss mining an...Read More
What does a veteran mining executive look for when investing his money in junior equities? In this interview with The Gold Report, Rob McEwen, who has been predicting $5,000/oz gold prices since 2011, explains why he still thinks that this is a possibility in the next four years and how companies can take advantage of technology to ensure that a price rise goes to the bottom line-and ultimately s...Read More
On November 30th the International Monetary Fund (IMF) announced that it would admit China's Renminbi currency, commonly known as the Yuan, to the select basket of reserve currencies that make up its Special Drawing Rights (SDR's). Having been stalled by U.S. influence for many years, the long-awaited IMF decision acknowledges the massive transfer of financial power from the old West to the new E...Read More
Buying and selling older houses in Metro Vancouver is now worth more to the provincial economy than the B.C. forestry, natural gas and mining industries combined.Projected dollar volume of residential resales in 2015 through the Real Estate Board of Greater Vancouver is pegged at $38.6 billion, up 41% from a year ago, according to the BC Real Estate Association. Sales of detached houses alone in t...Read More
Shares in Turquoise Hill Resources (TSE,NYSE:TRQ) jumped nearly 5% in early trade on Wednesday after the company announced 2016 production and financial guidance for its Oyu Tolgoi copper-gold mine in Mongolia.By early afternoon Turquoise Hill gave up most of those gains but stayed in positive territory affording the company a $4.9 billion market value on the New York Stock Exchange. The stock is...Read More
Freeport McMoRan is closing its Sierrita copper mine outside of Tucson, Arizona, and is considering selling minority interests in certain mining assets. (Image from archives)Freeport-McMoRan Inc. (NYSE:FCX), the world's largest publically traded copper producer, took a page of Anglo American's books Wednesday and announced it will continue with spending and production cutbacks as it battles to pr...Read More
Image by Brett Weinstein | Flickr Commons.U.S. leading Democratic presidential candidate, Hillary Clinton, intervened in a request from her son-in-law on behalf of a deep-sea mining firm to meet with her or other agency officials while she was secretary of state, Associated Press reported.The 2012 emails from an investor in Florida-based deep sea mining firm Neptune Minerals Inc. were forwarded to...Read More
Courtesy of: Visual CapitalistWe have said previously that Africa is the new land of opportunity for speculators and investors. Although there is no shortage of risks, the continent is home to vast amounts of resource wealth, the fastest growing class of millionaires, and even the world's fastest growing city.The Chinese must agree that there is great opportunity to be found on the second larges...Read More
Tuesday was another bleak day on commodity markets. The prices of crude oil, iron ore and industrial and precious metals all declined pushing a number of commodities to fresh multi-year lows.The world's major mining companies were trading even weaker than their wares with stock valuations of the top tier reaching decade and sometimes record lows.The commodities market is a contrarian's dream at...Read More
Future looks brighterTuesday was another bleak day on commodity markets.The price of crude oil ($37.65) and iron ore ($38.80) dropped again and the globe's two most traded raw materials are now at levels prior to the word supercycle even entering the popular lexicon.Similarly precious metals and industrial continued to drift lower with bellwether copper exchanging hands barely above seven-year l...Read More