Canada's First Quantum Minerals (TSX:FM) (LON:FQM) said Thursday it is selling its nickel, copper and platinum-group metals Kevitsa mine in Finland for $712 million to Boliden AB, as part of ongoing efforts to reduce debt.The Swedish mining and smelting company will pay cash for the mine that has nickel, copper and platinum-group metals, subject to customary adjustments, First Quantum said. The sa...Read More
A second exploration company is making plans to work inside Nunavut's caribou calving grounds - this time on the range of the dwindling Bathurst herd.And once again, it happened with the approval of the Nunavut Impact Review Board, and against the advice of the N.W.T. government.Last spring Tundra Copper sought, and received, permission to search for copper on the Bluenose East calving grounds.R...Read More
Chile's environmental watchdog has pressed charges against Sierra Gorda SCM, firm jointly owned by Poland's KGHM Polska Miedz and Japan's Sumitomo Metal Mining, saying it was found guilty of committing nine environmental infractions.KGHM could face fines and have the licence for its Sierra Gorda mine revoked.According to the Superintendence for the Environment (SMA), the "serious" to "mild" breach...Read More
Toronto, - Optimism and opportunity abounded at the PDAC 2016 Convention of The Prospectors & Developers Association of Canada in spite of recent industry challenges, indicating a positive shift in sentiment amongst the industry's key players.A clear sense of industry confidence was evident as more than 22,000 attendees from more than 100 countries gathered at the annual PDAC convention where in...Read More
It was recently reported in the Financial Post that in-situ leaching of copper is an unproven technology. After personally spending 5 years working at the in-situ copper leaching operation at San Manuel, Arizona I can state that it has definitely been proven. I believe a little history is required to understand this technology since it is not widely known.In-situ leaching itself is not a new t...Read More
China-backed miner MMG Ltd (HKG:1208) revealed Wednesday it lost $1.05 billion last year as metals prices traded at multiyear lows, forcing it to book a $784.3 million write down.The overseas unit of China's largest state-owned copper and zinc producer said revenue fell 21% to $1.95 billion in the year to Dec. 31, despite achieving record copper production, as prices for the industrial metal we...Read More
Well, that was shortlived. The rally that had investors clambering back into mining stocks came to an abrupt end today, as disappointing export data from China showed continuing signs of weakness in the world's top commodities consumer.Traders were quick to hit their sell buttons as official figures released in Beijing today showed exports in February were down a whopping 25.4 percent from the pre...Read More
Karl Simich, Managing Director and CEO of Sandfire Resources (Screengrab)It hasn't been much fun for base metal producers in recent years. As Karl Simich, Managing Director and CEO of Sandfire Resources, puts it bluntly, the price of copper has made the business of mining the stuff "hard work."Low oil prices and weak currencies for ex-USA miners offers some reprieve. But they have only softened th...Read More
Courtesy of: Visual CapitalistPresented by: Red Cloud Klondike Strike (Equity crowdfunding in mining)Apple launched the first iPhone in 2007, and since then the iconic smartphone has sold over 700 million units around the world.This best-selling handset sets the standard for smartphone performance and features. However, the iPhone would not be possible without the extraordinary raw materials that...Read More
Teck Resources's CEO, Don Lindsay, says the company is not considering selling its stake in the Fort Hills oil sands project.In an interview on Business News Network, he was asked whether the company has discussed selling its 20 per cent ownership in Fort Hills."Not a single discussion. Not a single hint of it," said Lindsay. "We're building a long-term franchise."Read more...Read More
The recent surge in prices of gold, oil and other commodities has come prematurely, says the bank, arguing that lower prices are needed for markets to rebalance.Goldman Sachs (NYSE:GS), one of the most influential banks in commodity markets, poured cold water on the growing belief that metals and oil prices have "bottomed out," and warned the current rally is "not sustainable."In a series of repor...Read More
Two workers died and five are missing at Glencore's (LON:GLEN) Katanga Mining operation in the Democratic Republic of Congo after a pit wall collapsed on Tuesday.The "geotechnical failure" - or a landslide - occurred on the north wall of the KOV open pit mine, Glencore-owned Katanga said in a statement. It added that all relevant authorities had been informed and that all activity on site had al...Read More
According to a recent EY report, financial distress among mining and metals companies is expected to shape merger and acquisition (M&A) activity in the sector in 2016, with divestments picking-up pace on the back of volatility and uncertainty on the timing of a recovery."The value and volume of Canadian deals was at a 10 year low in 2015," says Bruce Sprague, EY's Canadian Mining & Metals Leader....Read More
Escondida, the world's largest copper-producing mine. Image courtesy of BHP BillitonCopper mining companies operating in Chile, the world's top producer of the industrial metal, have begun bringing contractors in-house and bracing for salary hikes ahead of a pro-worker reform bill, which on track to be approved this month.Miners are not happy about the upcoming legislation because they believe it...Read More
Ontario Recognizing Milestone for Key Research InstitutionThe Ontario Geological Survey is celebrating 125 years of documenting the geology of Ontario and providing modern, independent and credible geoscience data and knowledge to the public.Since its establishment, the Ontario Geological Survey has contributed significantly to fostering investment in Ontario, protecting public health and safety,...Read More
Groundbreaking report from AME BC highlights need to clarify land access and use policiesToronto - This week, the Association for Mineral Exploration British Columbia (AME BC) is highlighting how restrictive land access and use regulations and policies are putting the future mineral exploration and development industry at risk. The AME BC report, Framing the Future of Mineral Exploration in Brit...Read More
The latest World Exploration Trends report from SNL Metals & Mining reveals that the global exploration sector continues to struggle against strong market headwinds. The analysis showed a 19% decline in worldwide nonferrous metals exploration budgets in 2015 compared with the previous year, as well as the lowering of the sector's aggregate market capitalization to levels not seen since early 2009....Read More
Minnesota is on its way to developing its first copper-nickel mine, with the state's Department of Natural Resources deciding last week to approve a complex environmental analysis of the project.In its final environmental impact statement on the proposed copper, nickel and cobalt mine, the agency called the 3,000-plus page environmental impact statement "adequate", thus concluding the state's envi...Read More
Frenzied investors piled into the metals and mining sector on Friday as a rally on commodity markets led many to believe the market has reached a bottom after more than three years of declines.On the Comex market in New York copper for delivery in May climbed as much 4.3% to $2.3040 a pound or some $5,078 a tonne before paring some of those gains. Up 7% on the week it's copper's best weekly perfo...Read More
Peru's economy expanded at the fastest pace in almost two years in the fourth quarter of 2015, and it is expected to keep growing this year, driven by surging mining output that is set to offset sluggish investment.According to a new study published this week by BMI Research, the South American nation will see real GDP growth accelerate in 2016, as its extractive sector will remain among the stron...Read More