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Centerra delays completion of Kyrgyz strategic accord further

By: Mariaan Webb     20th June 2018 TSX-listed gold producer Centerra Gold has agreed to further extend the first longstop date of a strategic agreement it signed with the Kyrgyz government on September 11, 2017. The Toronto-based miner has pushed out the first longstop date – the date by which all conditions precedent to the... 

Hedge funds pick the wrong time to go big on gold as prices drop

By: Bloomberg     16th June 2018 Hedge funds just mistimed their gold bets. Money managers as of Tuesday pushed their wagers on a bullion rally to the highest in seven weeks. The next day, Federal Reserve policy makers signaled more interest-rate increases this year than earlier projected. Gold ended up posting a weekly loss as... 

Big metal is conspicuously tight-lipped on US-China rift

By: Bloomberg     16th June 2018 If mining companies are as bothered by Trump’s tariffs as investors appear to be, they’re not saying. A full-out trade war between the US and China could negatively affect the metals and mining sector in several ways. China could respond to Friday’s US tariffs by cutting imports of raw... 

Gold may hit $1 400 in '19 on 'powerful fuel' of weak dollar

By: Bloomberg     4th June 2018 Gold may have posted two straight months of declines, but is set to shrug off the blues and rise in 2019 as the dollar weakens. The precious metal will start to rebound in the final quarter of this year to average $1 375 an ounce in the last three months of next year and could touch a high of $1... 

Canada to impose tariffs on US, challenge at WTO

By: Reuters     31st May 2018 Canada will impose retaliatory tariffs on C$16.6-billion worth of US exports and challenge US steel and aluminum tariffs under the North American Free Trade Agreement and the World Trade Organisation (WTO), Canadian Foreign Minister Chrystia Freeland said on Thursday. The Canadian tariffs are... 

Strong PEA opens door for Eastmain to advance Eau Claire

By: Henry Lazenby     31st May 2018 Toronto-headquartered gold developer Eastmain Resources says the strong economics demonstrated in the recent preliminary economic assessment (PEA) on its flagship Eau Claire project, located in Quebec’s James Bay region, has opened the door to proceed to the prefeasibility stage, while allowing... 

Iamgold to start drilling at Senegal project

By: Anine Kilian     31st May 2018 Toronto-based IAMGOLD has completed preliminary studies at Aim-listed Stratex International’s 85%-owned Dalafin gold project, in Senegal, and will soon start a 5 750 m drilling programme at the project. This follows the signing earlier this year of an $8-million earn-in agreement on Dalafin... 

Centerra agrees to extend first Kyrgyz agreement longstop date by a month

By: Henry Lazenby     25th May 2018 TSX-listed gold producer Centerra Gold has agreed to a month’s extension of the first longstop date of a strategic accord it signed with the Kyrgyz government on September 11, 2017. The Toronto-based miner said the first longstop date is the date by which all conditions precedent to the... 

Nautilus unveils spider-inspired sediment sampler

By: Henry Lazenby     25th May 2018 Marine mining pioneer Nautilus Minerals has unveiled a new autonomous sediment sampler called the 'Nautilus Jumping Spider’ for use in sampling deep-sea deposits, that could cut exploration costs “by an order of magnitude”, the company reported on Thursday. Nautilus said it has successfully... 

Euro Sun says Rovina Valley mining licence working its way through Romania govt

By: Henry Lazenby     24th May 2018 TSX-listed project developer Euro Sun Mining reported on Wednesday that the mining licence for its flagship Rovina Valley copper/gold project, in Romania, is working its way through government, with the National Agency for Mineral Resources and the Secretary General of Government (SGG) having... 

Cobalt streaming may presage bigger deals as Vale weighs options

By: Bloomberg     23rd May 2018 A streaming deal for cobalt and nickel from a mine in Papua New Guinea may foreshadow other similar arrangements as producers look to capitalise on the battery-commodity boom to raise cash for investments. On Tuesday, Cobalt 27 Capital – a Toronto-listed vehicle designed to invest in the metal –... 

Goldcorp says Peru and Nevada would make portfolio perfect

By: Bloomberg     22nd May 2018 Goldcorp CEO David Garofalo says he’s happy with his company’s portfolio of assets, but that doesn’t mean he doesn’t have a wish list. In an ideal world, the company would have an asset in Nevada’s Carlin Trend. “If you’re an Americas-based gold company, you should be there. Barrick and Newmont... 

Eritrea 'poison pill' complicates miner Lundin's aspirations – sources

By: Reuters     18th May 2018 The weak human rights record of one of Africa's poorest countries is coming between Lundin Mining Corp and its pursuit of a prized European copper and gold asset. Cash-rich Lundin's latest run at fellow Canadian miner Nevsun Resources is designed to bag the Timok project in Serbia, but it had to... 

Rising resource nationalism seen as 'fire burning' for miners

By: Bloomberg     17th May 2018 A rising tide of resource nationalism is causing miners to rethink where they invest and creating volatility for a sector already buffeted by brewing trade wars. “A significant industry issue is resource nationalism,” Rio Tinto Group CEO Jean-Sebastien Jacques told investors at a conference in... 

Paulson keeps stake in gold investments during Q1 – filing

By: Reuters     16th May 2018 New York-based Paulson & Co, led by longtime gold bull John Paulson, kept its stake in gold investments during the first quarter of 2018, while other heavyweights including Soros Fund Management, Jana Partners and Caxton Corp all remained unexposed to the metal. The timing for Paulson appeared... 

Osisko Mining unveils maiden resource estimate for Windfall Lake

By: Henry Lazenby     15th May 2018 Mine developer Osisko Mining has published the first resource estimate for its fully-owned Windfall Lake project, in Quebec’s Abitibi greenstone belt, outlining about 2.8-million gold ounces in the inferred category above the 3 g/t cutoff. Toronto-headquartered Osisko advised in a press release... 

Barrick, Glencore expect to get licence for Tanzanian project

By: Bloomberg     14th May 2018 Executives at Barrick Gold and Glencore expect to receive a new license for their joint venture Kabanga nickel project in Tanzania, having held “productive” talks with the government during the past several months, Barrick said Sunday. Under changes to Tanzania’s mining license structure put into... 

Silver miners report solid results

By: Henry Lazenby     11th May 2018 Canadian silver miners Americas Silver and Excellon Resources have reported strong operational improvements during the first quarter ended March 31, as both companies navigate the dithering silver price environment and focus internally to streamline operations and drive down costs. Toronto-based... 

Kinross reels as two more Africa nations seek mining payoffs

By: Bloomberg     10th May 2018 Kinross Gold is the latest miner to be hit by changing policies in Africa as governments seem increasingly willing to upend historic deals with foreign companies in their quest for more mining revenue. Mauritania’s rejection of a key permit to expand a Kinross project, and a proposed mining code... 

Nevsun snubs C$1.5bn Lundin Mining, Euro Sun proposal 4 times

By: Henry Lazenby     8th May 2018 Canadian base metals producer Nevsun Resources remained mum on Monday regarding a C$1.5-billion unsolicited proposal disclosed by suitors Lundin Mining and Euro Sun Mining. Toronto-based Lundin said it had been unable to successfully engage Nevsun in “meaningful discussions” after several attempts. 

Largo profit takes off as vanadium prices spike

By: Henry Lazenby     7th May 2018 A 164% spike in vanadium pentoxide (V2O5) prices over the past 12 months has resulted in Canadian producer Largo Resources swinging back into the black for the first three months of 2018, the company reported on Monday. Based in Toronto, with its flagship Maracás Menchen mine and mill located in... 

Alcoa ready to resume labour talks for Canada aluminium smelter

By: Reuters     5th May 2018 Aluminium producer Alcoa Corp said on Friday that management at its Quebec smelter have notified the provincial labour ministry they are ready to resume mediated contract talks with the United Steelworkers union. The smelter, which produces some 430 000 tonnes of aluminium annually, has been... 

Anglo American to end investment in deep sea mining company Nautilus

By: Reuters     5th May 2018 Diversified miner Anglo American said on Friday it will end its investment in deep sea mining company Nautilus Mining. "We are exiting our small minority shareholding in Nautilus, as part of the prioritisation of our portfolio on our largest and greatest potential resource assets," Anglo... 

Brazil's Sigma Lithium to list in Toronto next week

By: Reuters     4th May 2018 Sigma Lithium Resources is set to list in Toronto next week, company executives said on Wednesday, as the Brazil-based lithium mine developer eyes a wave of demand for the metal used in rechargeable batteries for iPhones and electric cars. Sigma fell short of raising up to a planned C$30-million... 

Hudbay posts wider profit

By: Henry Lazenby     3rd May 2018 Base metals producer Hudbay Minerals has reported a strong 314% improvement in first-quarter net profit to $41.4-million, or $0.16 a share, which came in below average analyst estimates of $0.18 a share. Revenues for the period grew nearly 50% to $386.66-billion, the Toronto-based company... 

Centerra pulls trigger on Öksüt construction; Q1 headline earnings fall 76% on lower sales

By: Henry Lazenby     3rd May 2018 Canadian gold producer Centerra Gold has started construction of the Öksüt gold project, in Turkey. The Toronto-headquartered miner received the last outstanding pastureland permit in January, paving the way for the project’s future development. Centerra has ramped up expenditures at the site,... 

Kirkland Lake triples Q1 headline earnings as sales, prices rise

By: Henry Lazenby     3rd May 2018 Midtier gold miner Kirkland Lake Gold has more than doubled its first-quarter earnings as higher output and revenue dovetailed with lower production costs and reduced depletion and depreciation costs, the company said on Wednesday. The Toronto-headquartered miner reported 201% year-on-year growth... 

Alamos earnings rise as Island Gold outperforms

By: Henry Lazenby     2nd May 2018 Miner Alamos Gold has swung back into the black for the first quarter, mainly as a result of a better-than-expected performance from the recently acquired Island Gold mine, in Ontario. For the three months ended March 31, the Toronto-based company produced 129 000 oz of gold, as Island Gold put... 

New Gold tumbles as Rainy River issues rain on Q1 earnings parade

By: Henry Lazenby     26th April 2018 Canadian miner New Gold has reported disappointing first-quarter earnings as lower-than-expected gold grade, gold recovery and ore throughput at Rainy River combined with higher than expected milling costs at the Ontario-based processing facility weighed on the bottom line. The Toronto-based... 

Barrick beats Q1 earnings call; halves debt in 3yrs

By: Henry Lazenby     24th April 2018 Canadian mining major Barrick Gold's Porgera Joint Venture mine, in Papua New Guinea, is still operating at only 25% of capacity following a 7.5 magnitude earthquake that struck the island on February 26, the company announced on Monday in its first-quarter earnings release. The earthquake... 

Star Diamond’s Saskatchewan projects shine with C$2bn after-tax NPV

By: Henry Lazenby     17th April 2018 The TSX-quoted equity of project developer Star Diamond (formerly Shore Gold) closed in the black on Monday after a preliminary economic assessment (PEA) on its fully-owned Star-Orion South kimberlite projects reported strong metrics. The PEA reported an after-tax net present value on a... 

Aluminium set for best week in three decades as supply woes mount

By: Bloomberg     13th April 2018 Aluminium prices are heading for the best week in at least three decades as US sanctions on Russian producer United Co. Rusal send buyers scrambling to find supplies. Prices of the metal climbed to the highest since 2012 Thursday, helping push this week’s gain to almost 14%, the most in... 

Barrick warns lower Q1 copper price to impact earnings

By: Henry Lazenby     11th April 2018 The world’s largest gold bullion producer Barrick Gold has reported a 19% drop in first-quarter gold output that totalled 1.05-million ounces for the period ended March 31. Copper output fell 10.5% year-on-year to 85-million, reflecting the company’s strategic divestment of noncore assets as it... 

Canada's Saskatchewan sees smaller fiscal deficit as spending kept tight

By: Reuters     11th April 2018 The Canadian province of Saskatchewan, home to major potash and uranium reserves, said on Tuesday it would run a smaller deficit in the current fiscal year and balance its books in 2019/20 as it keeps a tight lid on spending despite projected higher commodity prices. Saskatchewan, which has... 

Canadian miners report strong Q1 production

By: Henry Lazenby     11th April 2018 Several Canadian miners have started publishing their production results for the three months ended March 31, reporting a strong start to the calendar year. Toronto-based Kirkland Lake Gold has reported strong first-quarter results, with output growing 13% year-on-year to 147 644 oz of gold. 

Lydian nixes Newmont’s Amulsar royalty for fixed payments

By: Henry Lazenby     10th April 2018 The TSX-quoted stock of Armenia-focused project developer Lydian International jumped 9.52% on Monday following the company's announcement that it has terminated a royalty agreement with former joint venture partner Newmont Mining, replacing it with a fixed payment option. Toronto-based Lydian... 

Gold price seen 'moving north' as world fails to replace output

By: Bloomberg     5th April 2018 Bullion prices are set to rise because there’s been a lack of exploration and the global industry isn’t replacing the reserves it’s been mining, according to Stephen Letwin, CEO at Iamgold. “Gold has a much higher probability of moving north as opposed to south,” Letwin said in an interview at... 

Eldorado rises as Greek arbitration panel rejects State's claims

By: Henry Lazenby     4th April 2018 The TSX-listed equity of Canadian gold and base metals producer Eldorado Gold lifted off recent 52-week lows on Wednesday, after the company announced a favourable ruling by an arbitration panel in its dispute with the Greek government over its Madem Lakkos metallurgical plant. Vancouver-based... 

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