NEW REPORT SHOWS THAT OVER HALF (52%) OF ALL CANADIAN-LISTED MINING COMPANIES ARE ZOMBIESThe Chart of the Week is a weekly Visual Capitalist feature on Fridays.Canada has a reputation worldwide as the epicenter for mining exploration, and over the years the country's junior-listed companies have created billions of dollars in wealth through new mineral discoveries.However, these days, Canada is ho...Read More
US-based Mosaic Co, the world's top producer of phosphate fertilizer, Switzerland's Eurochem and iron ore and nickel giant Vale SA together with private equity firm Apollo Global have been picked to make final bids for Anglo American's niobium and phosphate business in Brazil reports Bloomberg.The Brazilian operations could fetch as much as $1.5 billion according to the report. BHP Billiton spin...Read More
SNL Metals & Mining tallied the value of planned capital spending announced by mining companies in November.The industry research firm based in Charlottesville, Virginia did the same thing again April 7.Outlays on new mines, sustaining capital, expansions and projects like mine life extensions had surged by nearly $50 billion to $108 billion over the duration of just five months.Of course, some...Read More
Anglo American (LON:AAL) shareholders have rejected the miner's pay policies in the last of several objections to hefty rewards for UK executives.A trio of investor advisory groups had urged Anglo's investors to reject chief executive Mark Cutifani's pay at the annual meeting Thursday. Anglo's boss was awarded a $4.9 million ( ?3.4m) pay package last year, when the firm was among UK's worst-perfor...Read More
Newmont Mining Corp's (NYSE:NEM), the world's 2nd largest gold miner, is reviewing its compliance with US foreign bribery law.Reporting its first-quarter earnings, the Colorado-based company said it had engaged outside counsel as part of a review of its compliance with the Foreign Corrupt Practices Act, which bars the use of bribes to foreign officials.The gold and copper miner didn't specified w...Read More
Sibanye Gold (JSE:SGL) (NYSE:SBGL), the biggest producer of the precious metal in South Africa, said Wednesday it plans to spend $250 million (R3.9 billion) this year boosting infrastructure at most of its assets.Speaking at the European Gold Forum in Zurich, CEO Neal Froneman said the firm will allocate $115 million (R1.6 billion) underground projects at the Kloof and Driefontein gold mines on th...Read More
As Myanmar makes history by electing its first civilian president Htin Kyaw, after 50 years of military rule, we examine a story that helped shape Myanmar's relationship with its neighbours and the world. "A New Dawn" is an unprecedented film that comes at a historic time in Myanmar's history.Myanmar Wanbao was forced to stop construction in 2012 due to local opposition to the copper project...Read More
Amid the topmost stocks in today's market is Southern Copper Corp. (NYSE:SCCO). Southern Copper Corp. had a market cap of 21691.43, indicating that it has a good hold on the market value of the shares outstanding. The current market cap of Southern Copper Corp. exhibits the basic determinant of asset allocation and risk-return parameters for its stocks.The P/E of Southern Copper Corp. is currently...Read More
A delay in the rollout of Rio Tinto's (LON, ASX:RIO) much-anticipated autonomous railway system has forced the miner to cut its iron ore production guidance for 2017 by as much as 20 million tonnes.Delivering its first quarter results Tuesday, the world's No. 2 iron ore producer said that despite the holdup it remains on track to meet output target for this year, which is expected to hit a record...Read More
LONDON, ON, April 18, 2016 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces the appointment of former minister of the Government of the Northwest Territories ("GNWT") Mr. David Ramsay to the Company's board of directors. Mr. Ramsay has more than 20 years of elected public office experience in the Northwest Territories, whi...Read More
Chile's Codelco, the world's No.1 copper producer, said Monday that its El Teniente mine will remain closed until at least Thursday, following torrential rains that hit the central part of the country over the weekend, causing major damages and leaving an estimated 4 million people without drinking water.Codelco warned that for each day the mine remains inactive, it loses about 1,500 tonnes of cop...Read More
Output from Conga was supposed to replace production from the nearby Yanacocha mine (pictured), which is running out of gold. (Image from archives)Newmont Mining Corp's (NYSE:NEM), the world's 2nd largest gold miner, is walking away from its $5 billion Conga copper and gold project in Peru after year of relentless community opposition.In its annual filing with the U.S. Securities and Exchange Comm...Read More
Operations at two of the world's largest copper mines have been suspended following a weekend deluge in central Chile.Bloomberg reported on Sunday that Codelco's El Teniente underground mine put a halt to mining activities after the Cachapoal River broke its banks."Service restoration work to resume production is estimated to take at least three days, equivalent to 5,000 metric tons of copper prod...Read More
Ever since Apple launched its 18-karat gold case watch, speculation about the technology giant and its interest in acquiring large amounts of the precious metal has mounted.Apple recovered last year over 61 million pounds of steel, aluminum, glass, and other materials, including 2,204 pounds of gold.The latest rumour indicates that the California-based company just raked $40 million worth of gold...Read More
The brilliant blue stone lapis lazuli, prized for millennia, is almost uniquely found in Afghanistan, a key part of the extensive mineral wealth that is seen as the best hope for funding development of one of the world's poorest nations.Instead, the stone has become a source of income for the Taliban, smugglers and local warlords, emblematic of the central government's struggle to gain control o...Read More
Shares in Teck Resources (TSX: TCK.B) (NYSE:TCK), Canada's largest diversified miner, were trading moderately lower Thursday after the company confirmed a spill of metal-contaminated water at its Trail smelting and refining plant in British Columbia.The stock was down 0.37% $8.52 in New York at 9:39 am, but it has had an amazing 2016 so far - it has climbed almost 120% since January.In February t...Read More
Record Chinese copper importsChina isn't self-sufficient when it comes to raw material needs, and is thereby the world's largest copper consumer. China needs to import raw copper for its smelters and refining plants. While copper mining is concentrated in Latin America (ILF) (ECH), more than half of the world's copper is consumed in Asia. China is the largest importer of copper ores, anodes, and r...Read More
BHP Billiton chief executive Andrew Mackenzie was upbeat about the outlook for the world's top mining company in an interview published Saturday in the The Australian.A turnaround in the prices of the commodities the Melbourne-based giant produces would be volatile and prolonged and in some cases markets will take "a very long time" to come back into balance Mackenzie told the newspaper."If y...Read More
As it reflects the theoretical cost of buying the company's shares, the market cap of Southern Copper Corp. (NYSE:SCCO) is currently rolling at 20895.88, making it one of the key stocks in today's market. Hence, the existing market cap indicates a preferable measure in comprehending the size of the company rather than its worth.Southern Copper Corp.'s P/E ratio is measuring at 29.57 with a forwar...Read More
Canadians working in the mining industry, one of the country's largest industrial sectors, are the highest paid, surpassing the average earnings of workers in forestry, manufacturing, finance and construction.After a recent salary survey, mining jobs and employment opportunities leader CareerMine found that miners in Canada earn over $110,000 a year, or about $31,000 to $46,000 more than the avera...Read More