Euan's Feed
Oct 31, 2013

Barrick to shelve much-delayed Pascua-Lama, for now

TORONTO (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research) said on Thursday it would stop development of its Pascua-Lama mine in South America indefinitely, a surprise reversal on a project that has already cost the world’s largest gold producer more than $5 billion.

Pascua-Lama, which Barrick has been counting on to provide a large share of its future gold production, has been plagued by political opposition, permitting issues, labor unrest, cost-overruns and a sharp drop in bullion prices.

Oct 31, 2013

Barrick to shelve troubled Pascua-Lama, for now

TORONTO, Oct 31 (Reuters) – Barrick Gold Corp said
on Thursday it would stop development of its Pascua-Lama mine in
South America indefinitely – a surprise reversal on a project
that has already cost the world’s largest gold miner more than
$5 billion.

Pascua-Lama, which the company has been counting on to
provide a large share of its future gold production, has been
plagued by political opposition, permitting issues, labor
unrest, cost-overruns and a sharp drop in bullion prices.

Oct 30, 2013

Barrick mulls options to raise cash, reduce debt: sources

TORONTO (Reuters) – Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz), which is attempting to reduce its debt load, is considering a wide range of options from a strategic equity investment to further streaming deals that yield upfront cash, according to several sources familiar with the situation.

The sources, who asked not to be named because the talks are confidential, said the discussions have so far been exploratory in nature and no deals are imminent at this time.

Oct 28, 2013

Exclusive: Agnico eyes selling minority stake in Arctic project – sources

TORONTO (Reuters) – Canadian gold miner Agnico Eagle Mines Ltd (AEM.TO: Quote, Profile, Research, Stock Buzz) (AEM.N: Quote, Profile, Research, Stock Buzz) is considering selling a minority stake in its Meliadine gold project in the Canadian sub Arctic, according to two sources familiar with the situation.

The Toronto-based miner, which owns operations in Canada, Finland and Mexico, has held some preliminary discussions with interested parties, said the sources, who asked not to be named as they are not authorized to discuss the matter with the media.

Oct 24, 2013

Billionaire Ackman trims CP railway stake, adding to fund’s cash pile

BOSTON/TORONTO (Reuters) – Billionaire investor William Ackman announced on Thursday that he sold 6 million shares in Canadian Pacific Railway Ltd (CP.TO: Quote, Profile, Research, Stock Buzz) after a huge run-up in the stock, adding a large pile of cash to his $11 billion hedge fund.

Just over a year after winning a proxy fight and installing a new chief executive at Canada’s second-largest railway, the sale will add roughly $800 million to Ackman’s Pershing Square Capital Management fund.

Oct 23, 2013

Canada’s Telus agrees to buy start-up Public Mobile

TORONTO, Oct 23 (Reuters) – Canadian telecom company Telus
said on Wednesday it has agreed to buy 100 percent of
struggling startup Public Mobile from private equity firm
Cartesian Capital and Thomvest Seed Capital, a Toronto-based
investment vehicle backed by Peter Thomson.

The terms of the deal were not disclosed.

The Canadian government said in a separate statement that it
has approved the transfer of Public’s spectrum licenses to
Telus, paving the way for the deal to proceed.

Oct 22, 2013

Sobeys-Safeway deal approved by Canada’s Competition Bureau

TORONTO (Reuters) – Empire Co Ltd (EMPa.TO: Quote, Profile, Research, Stock Buzz), the operator of Canadian grocery chain Sobeys, said on Tuesday that Canada’s competition watchdog approved its acquisition of substantially all of Safeway Inc’s (SWY.N: Quote, Profile, Research, Stock Buzz) assets in Canada.

To win approval from the Competition Bureau, Empire agreed to divest some 23 stores in British Columbia, Alberta, Saskatchewan and Manitoba. The stores being sold include 13 Safeway stores and 10 stores that operate under different banners owned by Empire.

Oct 21, 2013

Canada’s Maple Leaf Foods explores sale of Canada Bread stake

TORONTO/WINNIPEG, Manitoba, Oct 21 (Reuters) – Canadian food
processor Maple Leaf Foods said on Monday it may sell
its controlling stake in Canada Bread Company as it
determines whether to exit the bakery business and focus on meat
products.

Toronto-based Maple Leaf said it has recently completed a
comprehensive review of opportunities to accelerate profitable
growth across its bakery business. But before committing
resources, it decided to explore strategic alternatives,
including a sale of its 90 percent stake in Canada Bread.

Oct 17, 2013

Lenovo signs non-disclosure deal with BlackBerry: WSJ

TORONTO (Reuters) – Chinese personal computer maker Lenovo Group Ltd has signed a non-disclosure deal to examine the books of troubled Canadian smartphone maker BlackBerry Ltd, the Wall Street Journal said on Thursday, quoting unnamed sources.

Smartphone pioneer BlackBerry said in August it was exploring options that could include an outright sale.

Oct 16, 2013

Telecom tycoon says Ottawa’s policy imperils Wind, foreign investment

TORONTO, Oct 16 (Reuters) – Lack of clarity around Ottawa’s
telecommunications policy has jeopardized foreign investment in
Canada and cast doubt over the future of Wind, the largest new
player in the Canadian wireless market, said Egyptian telecom
magnate Naguib Sawiris on Wednesday.

Sawiris bankrolled the start-up of new telecom player Wind
Mobile in 2008, but he lost his ties with the company after his
controlling stake in Orascom was sold to European telecoms firm
Vimpelcom Ltd in 2011.

    • About Euan

      "Euan Rocha covers mining and minerals in Canada, where he focuses on gold, base metals and fertilizer companies. Euan, who is currently based in Toronto, has previously worked with Reuters in the United States and India. While based in New York for four years, Euan headed the Reuters Alerts team, before moving on to cover the U.S. chemical industry. Euan began his career with Reuters in Bangalore, India in 2004."
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