Aluminium
Aluminium down on rising inventories, weak demand
by Elaine Frei
Metals prices were lower Wednesday, pushed lower by more declines in the price of crude oil.
Aluminium was $90 lower to $3,125 per tonne and went as low as $3,083 per tonne on rising inventories and on weak demand for carmakers after London Metal Exchange stockpiles added 24,825 tonnes to 1.115 million tonnes.
September copper dropped 5 [...]
Colombian Mines provides sampling results
by Jo Black
Colombian Mines Corporation, a mining company focused on the acquisition, exploration and development of high quality mineral properties, announces encouraging channel sampling results, at its totally owned Guayabales project in Colombia.
The results suggest 8.4 meters averaging 4.16 grams/tonne gold (g/t Au) and 32.4 grams/tonne silver (g/t Ag). The company has also commenced its Phase [...]
Orezone signs Essakane mining convention
by Jo Black
Orezone Resources Inc., an explorer and emerging gold producer whose main asset is the Essakane Project, the largest gold deposit in Burkina Faso, West Africa, has signed the mining convention for the Essakane gold with His Excellence Abdoulaye Abdoulkader Cissé, Minister of Mines and Energy for Burkina Faso.
The signing of the convention was the [...]
Riversdale Mining expands management team
by Jo Black
Riversdale Mining, a mining company listed on the Australian Stock Exchange, has appointed a senior executive to expand its management team. The company has appointed Mr Steve Mallyon as the Managing Director, with effect from August 2008.
Mallyon will assume responsibility for the operating activities and financial performance of Riversdale Mining and its operations and projects [...]
Gold gains as other metals prices decline
by Elaine Frei
Gold prices were up early on Tuesday, going as high as $989.60 per troy ounce in New York as the US dollar weakened, but prices fell back and August contracts for the metal ended just $5 higher at $978.70 per troy ounce after crude oil prices dropped steeply on economic concerns after Federal Reserve chairman [...]
Atacama acquires Potash project in Brazil
by Jo Black
Atacama Minerals Corp., a Canada based mineral company, has acquired a large land package in a major new potash region in the state of Bahia covering 1,444 square kilometres (357,000 acres) of lands located 30 kilometres west of the port city of Salvador in northeastern Brazil.
The Salvador Potash Project is located along the Atlantic [...]
Sacre-Coeur starts drilling at Northwest gold project
by Jo Black
Sacre-Coeur Minerals, Ltd., a company engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, has commenced drilling priority targets identified on its more than 450 square mile holdings at its Northwest Gold Project located in the Northwest Region of Guyana.
The company has [...]
Lennard Shelf to stop production
by Jo Black
Teck Cominco Limited, a Canada based diversified mining company and Xstrata Zinc, one of the world’s largest producers, has closed the joint venture Lennard Shelf Pillara mine in Western Australia. The partners expect to cease the operation by early next month.
Lennard Shelf is a 50/50 Joint Venture between Teck Cominco and Xstrata. The [...]
Gold gains on Iran worries
by Elaine Frei
Gold prices were higher Monday on speculation that Israel or the United States are getting ready for an attack on Iran which sent investors looking for a safe place to put their money.
The metal also gained value after the dollar dropped versus the euro following gains early in the session.
August gold was $13.10 higher to [...]
Bechtel signs $200 million agreement for Kitimat project
by Jo Black
Bechtel, one of the world’s premier engineering, construction, and project management companies, has signed an contract with Rio Tinto Alcan for the Kitimat Smelter modernisation project in Kitimat, British Columbia.
The contract, valued at $200 million has scope for engineering, procurement, and construction work.
Andy Greig, president of Bechtel Mining & Metals, said this is an exciting [...]
Threegold completes $162,000 private placement
by Jo Black
Threegold Resources Inc., an innovative mineral exploration company focused on the exploration for gold and base metals in the Province of Quebec, has closed its previously-announced private placement for gross proceeds of $162,000.
The company has issued an aggregate of 648,000 units at a price of $0.25 per unit to investors resident in the provinces of [...]
Miranda Gold provides exploration update
by Jo Black
Miranda Gold Corp., a gold exploration company active in Nevada, provides an update on exploration activities.
The mining company has signed new exploration venture agreements with Queensgate Resource Corporation, CMQ Resources Inc. and Newcrest Resources Inc. The new partners are investing over $1,000,000 on the exploration activities on five of Miranda’s projects.
The company has [...]
Gold, silver see gains
by Elaine Frei
Gold and silver prices were both higher Friday as equities markets and the US dollar declined and as oil prices soared on continuing geopolitical concerns in Africa and the Middle East.
August gold added $18.60 to $960.66 per troy ounce after going as high as $969.10 per troy ounce earlier in the session, while September silver [...]
China’s aluminum smelters cut production
by Gill Montia
China’s 20 largest aluminum smelters, which account for 70% of the country’s output, have agreed to cut production by between 5% and 10%, from this month.
The move was announced yesterday by the China Nonferrous Metals Industry Association and is aimed at mitigating power shortages and higher costs.
The news prompted shares in Chinese aluminum producers to [...]
Wildcat to start drillig at Foster River Zinc project
by Jo Black
Wildcat Exploration Ltd., a Winnipeg-based company exploring for gold and base metals in Canada, has commenced the 2008 summer exploration program on its 11,800 hectare Foster River zinc lead property, which is located some 120 kilometres north of La Ronge, Saskatchewan.
The company claims that the Foster River zinc lead property is characterised by mineralisation resembling [...]
Constantine provides drill results
by Jo Black
Constantine Metal Resources Ltd, which owns the Palmer project, a world class base metal exploration opportunity in an accessible part of southeast Alaska, provides partial analytical results for first 2008 drill hole (CMR08-11) at the Glacier Creek prospect, on sulphide Palmer project near Haines, Alaska.
The results from the upper zone (Zone I) of CMR08-11, [...]
Cabo to drill for Richmont in Colorado
by Jo Black
Cabo Drilling Corp., a drilling services company headquartered in North Vancouver, British Columbia, Canada, says that its Pacific division, Cabo Drilling (Pacific) Corp., has won a contract from Richmont Mines USA, a subsidiary of Richmont Mines Inc, of Rouyn Noranda, Quebec, to complete a minimum of 5,000 meters of NQ2 underground drilling at the Golden [...]
Gold gains, follows oil higher
by Elaine Frei
Gold prices followed crude oil higher Thursday on renewed worries about a possible conflict in the Middle East after Iran carried out more long-range missile tests in the Persian Gulf, while declines in equities markets also pushed metals prices higher.
August gold was up $13.40 to $942 per troy ounce in New York while September silver [...]
Kinross opens Russian gold processing plant
by Gill Montia
Canadian miner, Kinross Gold Corporation, has opened a new gold processing plant in the Far East of Russia.
Work on Kupol plant, which is located in the Anadyr district of the Chukotka Peninsula, has been undertaken by Chukotka Mining and Geological Company, which is 75% owned by Kinross.
The $750 million facility is expected to produce 13.8 [...]
Brazauro and Eldorado to partner on the TZ project
by Jo Black
Eldorado Gold Corporation, a gold producing, exploration and development company actively growing businesses in Brazil, Turkey, China, Greece and the surrounding regions, is set to acquire a stake in Brazauro Resources Corporation’s (BZO) 43,000 hectare Tocantinzinho Project (TZ Project) in the Tapajos District of Para State, Brazil.
Under the deal, Eldorado will explore TZ Project [...]