Aluminium
Gold lower on US support of IMF bullion sale
by Elaine Frei
The price of gold dropped Monday after the US said it will support a limited sale of gold bullion by the International Monetary Fund in order to cover revenue shortfalls. The IMF holds 3,217.3 tonnes of gold, less than only the United States and Germany, and the US will support the sale of around 401 [...]
Jobs and production lost as South African power crisis continues
by Gill Montia
Gold Fields, the world’s fourth-largest gold miner, has reacted to the power supply difficulties that continue to beset South Africa with the news that it will be reducing production. Last month operations in a number of South Africa’s key mining industries were halted for five days because of power rationing introduced by utility company, Eskom. [...]
Most metals prices lower on session
by Elaine Frei
Most metals prices were lower Friday, with the silver the exception among precious metals and tin the gainer among base metals. March silver added 9 cents to $18.04 per troy ounce in New York, while three-month tin gained $170 to close at $17,570 per tonne in London after going as high as $17,600 per tonne [...]
BHP Billiton and AngloGold remain silent on DRC contract review
by Gill Montia
Following the publication of a review of mining contracts earlier this week by the Congolese Government, BHP Billiton and AngloGold Ashanti are working on responses, which needs to be lodged before the end of this month. The Mines Ministry of the Democratic Republic of Congo (DRC) has reviewed 60 mining contracts but has not yet [...]
Rio Tinto to sell Cortez Gold Mine
by Jo Black
Rio Tinto has reached agreement on the second sale under its planned programme to divest at least US$15 billion of assets. The Group has signed an agreement to sell its interest in the Cortez gold mine in Nevada, USA to a subsidiary of its joint venture partner, Barrick Gold Corporation. The Cortez gold mine is [...]
Red Rock commences 2008 drilling program
by Jo Black
Red Rock Energy Inc. announces that, as of February 5, it has commenced drill campaign number #1 of the 2008 season at its Red Block 2 property which encompasses the former Lake Cinch and Cenex mines area. In addition, Red Rock has now received the balance of analytical results from the its 2007 Diamond Drilling [...]
Globex updates on Getty Royalty property
by Jo Black
Globex Mining Enterprises Inc. provides shareholders with an update regarding drilling at Globex’s Getty Zinc-Lead Royalty Property held by Acadian Mining Corporation in Nova Scotia. Acadian Mining Corporation announces assay results for 25 additional drill holes, bringing the total released to date to 54 of the 100 hole diamond drilling program on its Getty zinc-lead [...]
Metals prices see gains
by Elaine Frei
Metals prices were higher on Thursday as investors sought out commodities as a hedge against inflation. April gold added $11 to $948.80 per troy ounce in New York after going as high as $958.40 per troy ounce earlier in the session. An early-morning 6.3 magnitude earthquake in a major gold mining region in Nevada caused [...]
Pan American raises silver reserves
by Gill Montia
Pan American Silver, the Vancouver-based miner, has increased its estimated proven and probable silver reserves from 213.3 million ounces (January 2007), to 228 million ounces. The additional reserves apply to group’s Huaron and Morococha mines in Peru, and its San Vicente mine in Bolivia (7.6 million ounces, 3.8 million ounces and 11.5 million ounces, respectively). [...]
Central Sun extends new zone at Limon
by Jo Black
Central Sun Mining Inc. has completed the first three diamond drill holes of a planned 10,000 metre program in the Limon Mine area. The first three holes have successfully intersected a major new zone that significantly extends the potential downdip and on strike extensions of the Santa Pancha orebody. The Santa Pancha orebody, which has [...]
Constitution completes phase 1 at Atena
by Jo Black
Constitution Mining Corp. announces the completion of the first phase of a three-phase exploration program at its Atena gold property in Salta Province, northwest Argentina. Previous exploration by Rio Tinto and others at Atena has led to the identification and mapping of approximately 11 kilometers of mineralized vein structure. Although there remained several large unexplored [...]
First Narrows updates on Sonora
by Jo Black
First Narrows Resources Corp. provides an update on its exploration activities in the north-western state of Sonora, Mexico. Over the past 15 months, since announcing that its wholly owned subsidiary, Minera FNR de Mexico, S.A. de C.V., (FNR), acquired the rights to the past-producing Susana D’Oro copper-gold property, the Company has conducted a comprehensive prospecting [...]
Gold, silver prices gain as platinum falls back slightly
by Elaine Frei
Metals prices were mixed on Wednesday, with gold and silver higher as platinum fell from record highs. April gold added 8 to $937.80 per troy ounce as investors looked for a hedge against inflation after oil prices rose above $100 per barrel and US consumer prices were reported up in January. March silver was also [...]
Rio’s China sales rocket
by Gill Montia
Global mining group, Rio Tinto, is predicting that its 2007 sales to China will have increased by around 42.8% year-on-year. Rio’s China sales stood at $4.062 in 2006, representing 15% of global sales. Last year’s sales are estimated at around $5.8 billion giving China 18% of the group’s total sales volume. According to Julie Song, [...]
AmMex acquires rights of Cold Creek
by Jo Black
AmMex Gold Mining Corp. has signed a Memorandum of Understanding to acquire 100% of the mining rights to the Cold Creek Gold Project, located in Cassia County, Idaho, near the Utah-Nevada border. Historical drilling of the gold mineralization at Cold Creek delineated a non NI 43-101 compliant 85,000 ounce gold equivalent resource. It also indicated [...]
Windimurra Vanadium raises $A54.8m
by Jo Black
Windimurra Vanadium has raised $54.8 million to take its world class vanadium project into production, following successful closure of its heavily oversubscribed entitlement issue. The raising completes all funding requirements for development of the Company’s Windimurra Vanadium project in WA’s Mid West, which is due to be commissioned in the last quarter of 2008. Windimurra [...]
Midwest rejects Sinosteel proposal
by Jo Black
The Directors of Midwest Corporation Limited advises shareholders of the current status of Sinosteel Corporation’s (Sinosteel) Proposal. On 7 December 2007, Midwest advised it had received a proposal from Sinosteel to acquire all of the outstanding shares in Midwest for $5.60 cash per share. The Proposal was incomplete, non-binding, and subject to due diligence and [...]
Platinum, gold in significant gains
by Elaine Frei
Metals prices were higher on Tuesday, with platinum hitting another new high and gold jumping due to multiple factors. April platinum added $88.30 to $2,152 per troy ounce after going as high as $2,174 per troy ounce in overnight trade, a new record. Platinum has now gained over $700 since 22 January, but analysts say [...]
DRC completes review of mining contracts
by Gill Montia
The Democratic Republic of Congo (DRC) has given mining companies in the country until 26th February to analyse the findings of a Government commission set up to reviewing mining contracts. The DRC’s Mines Ministry has this week completed a review of 60 contracts, after a series of lengthy delays and the findings are now available [...]
WSR Gold to acquire stake in Big Mac
by Jo Black
WSR Gold Inc. and MacDonald Mines Exploration Ltd. have entered into a Letter of Intent pursuant to which WSR has agreed to acquire a 75% legal and beneficial interest in the Big Mac Property. The Big Mac Property includes 51 Claim Blocks, approximately 11,200 hectares, in the “Ring of Fire”, McFauld’s Lake, Ontario, near Noront’s [...]