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
Anglo American's overhaul reflects the dire straits the global mining industry is in these days. (Image: Screenshot from Anglo American video via YouTube)Shares in Anglo American (LON:AAL) nosedived Tuesday after the miner announced drastic measures meant to cope with an ongoing rout in commodities prices, including massive lay offs, asset sales and an expected suspension of dividend payments.The...Read More
Rob Pease and Scott Shellhaas are the recipients of the AMEBC's E.A. Scholz Award for excellence in mine development for their work in advancing the Mount Milligan copper-gold project.The Association for Mineral Exploration British Columbia Awards Celebration of Excellence Gala will be held on January 27 during the Mineral Exploration Roundup 2016 conference."The annual AME BC awards give us the o...Read More
Over to you, Draghi and Yellen.This month, like many other months recently it's the intentions of central bankers that are dominating the markets. It's widely expected that the ECB and US Fed will drift even further apart in their basic policy stances this month. I'm pretty sure that view will turn out to be correct though as always the devil will be in the details. Increasing certainty ab...Read More
Image by DmyTo | Shutterstock.comMining and commodities giant Glencore (LON:GLEN) said Monday it is cutting production and 80% of the remaining staff at its Collinsville mine in Australia's north Queensland as a result of collapsing coal prices.The cuts would affect around 180 of the 230 people employed at the mine, with most of the layoffs materializing next year, the Swiss company in an e-maile...Read More
If only someone could bottle the experience of finding an overlooked company, investing for pennies a share and cashing in for 10, 20 or 30 times what you paid. Priceless, right? But how to find those companies? Small caps aren't covered by the mainstream press and analysts the way blue chips are, and determining value of an early-stage company before profit and loss statements take on real meanin...Read More
Amid a tempestuous year for the U.S. dollar gold price, gold has quietly moved up about 6% in Canadian dollar terms, squarely placing the focus on gold producers with Canadian operations that generate cash flow, says Ryan Hanley, mining analyst with Mackie Research Capital. In this interview with The Gold Report, Hanley lists his storm-tested top picks, shines light on names with M&A potential, an...Read More
Since the beginning of 2014, the World Bank's Metals and Minerals index has fallen 29% and the Precious Metals index 11%. South Africa's weighted average basket of commodities has also dropped 12% in rand terms despite its significant depreciation. The response has been carnage - Anglo American, for instance, announced its plans to shut 18 shafts, which will result in up to 50 000 job losses. Ad...Read More