TORONTO, Feb 14 (Reuters) – Canada’s Labrador Iron Mines
Holdings (LIM) warned on Friday it needs new investment
to continue mining operations in 2014, underscoring the
challenges facing some of the small and established iron ore
miners in Canada and overseas.
The warning, which sent LIM shares sharply lower, came days
after a Reuters poll indicated that iron ore prices were set to
test five-year lows this year after hitting a six-month trough
in January, on rising global supply and slower growth in Chinese
TORONTO, Feb 13 (Reuters) – Goldcorp Inc reported a
quarterly loss of $1.1 billion on a slew of one-time charges,
but better-than-expected production costs and a rising gold
price pushed the miner’s stock higher on Thursday.
Vancouver, British Columbia-based Goldcorp said a number of
tax and impairment charges hurt results, along with reclamation
and closure costs at its inactive mine sites.
TORONTO/WINNIPEG, Manitoba, Feb 12 (Reuters) – Mexico’s
Grupo Bimbo will buy Canada Bread Company
for C$1.83 billion ($1.66 billion) in cash, Canada Bread said on
Wednesday, allowing the Canadian company’s parent Maple Leaf
Foods to focus on its meat business.
Grupo Bimbo, one of the world’s largest bread makers, will
pay C$72 for each share of Canada Bread, a 7 percent premium to
the Canadian company’s closing price on the Toronto Stock
Exchange on Tuesday.
TORONTO, Feb 10 (Reuters) – Canadian base metal miner HudBay
Minerals Inc said it plans to buy exploration company
Augusta Resource Corp in a bid to gain control of its
Rosemont project in Arizona, an asset widely viewed as one of
the most promising copper projects in the United States.
The strategically timed bid, announced late Sunday, comes
just weeks before Augusta is expected to receive final approvals
that would allow it to begin development and construction work
on the asset that could account for as much as 10 percent of
U.S. copper output, making Rosemont the third largest copper
mine in the country.
Feb 6 (Reuters) – Two of the world’s largest law firms are
picking off lawyers from Canada’s Heenan Blaikie, which moved to
wind down operations on Wednesday in the biggest collapse of a
law firm in the country’s history.
DLA Piper, the world’s largest law firm, is in talks to
recruit a group of 55 to 70 lawyers from the firm’s Toronto and
Calgary offices, while Dentons, which ranks as the world’s
seventh largest firm, has hired five real estate lawyers and
three corporate lawyers in Toronto and Montreal.
TORONTO, Feb 5 (Reuters) – Canada Pension Plan Investment
Board said on Wednesday it will open an office in Sao Paulo in
April, intent on boosting real estate and infrastructure
investments in the region even as money is flowing out of
CPPIB, a global dealmaker intent on diversifying its C$192.8
billion ($174 billion) portfolio, said the timing for opening
its fifth global office is perfect, though it noted competitors
like sovereign wealth funds are also hunting similar assets.
TORONTO, Feb 4 (Reuters) – Silver Standard Resources Inc
said on Tuesday it will buy the Marigold mine in Nevada
for $275 million in cash from joint owners Goldcorp Inc
and Barrick Gold in a move aimed at its boosting its
Vancouver-based Silver Standard, which owns the Pirquitas
silver mine in Argentina, said the transaction adds an operating
mine in a well-established, low-risk mining jurisdiction to its
TORONTO (Reuters) – Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz) (VRX.N: Quote, Profile, Research, Stock Buzz) said on Monday it has agreed to acquire privately held PreCision Dermatology Inc for $475 million in cash to strengthen its skin products business.
The deal, which is set to close in the first half of 2014, is expected to immediately add to Valeant’s cash earnings per share after closing.
TORONTO (Reuters) – Wind Mobile, one of the smallest players in Canada’s wireless market, said on Thursday it was offering a new low-cost unlimited U.S. roaming plan, a traditionally lucrative niche for its much larger competitors.
Wind, backed by Europe’s Vimpelcom Ltd, said it would offer customers unlimited data, talk and text while traveling in the United States for C$15 ($13.42) a month.
TORONTO, Jan 28 (Reuters) – Detour Gold Corp would
consider using a hedging strategy if the price of gold drops
from current levels, the Canadian gold miner’s interim Chief
Executive Paul Martin said on Tuesday.
The board of directors has given approval for management to
hedge up to 50 percent of the output from its Detour Lake gold
mine in northern Ontario, if circumstances require such action,
said Martin, speaking from the sidelines of the TD Securities
Mining Conference in Toronto.