OTTAWA/TORONTO, March 19 (Reuters) – Joe Oliver brings a
sense of gravitas to his new job as Canada’s finance minister,
an asset the governing Conservatives will want to emphasize as
they prepare to fight an election against young but popular
Liberal leader Justin Trudeau.
Oliver is 73 and spent decades working on Toronto’s Bay
Street, the heart of Canada’s financial industry, before
becoming natural resources minister after his election to
Parliament in 2011. He was named finance minister on Wednesday,
replacing Jim Flaherty, who resigned the day before.
TORONTO (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) said on Monday it plans to sell about 13.5 percent of its holdings in its majority-owned subsidiary African Barrick Gold (ABGL.L: Quote, Profile, Research, Stock Buzz).
Toronto-based Barrick, which currently owns a roughly 303.25 million shares in African Barrick, is selling 41 million shares. The gold miner will still own a majority stake of just over 60 percent in the Africa-focused miner following the close of the transaction.
VANCOUVER/TORONTO, March 9 (Reuters) – Private equity firms
are going underground.
In the past, they have largely shunned mining acquisitions,
as the volatility of commodities prices and cash flow made it
difficult to structure leveraged deals. Those concerns are on
TORONTO, March 3 (Reuters) – Vale’s Canadian unit
has resumed work on its Copper Cliff Deep nickel project in the
Sudbury basin and expects to complete a feasibility study by the
end of the year, a company executive said on Monday.
The project is expected to cost somewhere in the range of a
billion dollars to build and could be one of the unit’s
lower-cost operations, said Kelly Strong, Vale’s vice president
of Ontario and UK operations.
March 3 (Reuters) – Osisko Mining Corp has settled
a lawsuit it filed against Goldcorp Inc in reaction to
Goldcorp’s hostile takeover bid for the Canadian gold miner, a
move that might lead to a negotiated deal or buy Osisko time to
find a white knight.
Montreal-based Osisko sued Goldcorp, one of the world’s
biggest gold miners, in January to try to foil the C$2.6 billion
($2.35 billion) takeover bid, but it said on Monday it has
agreed to terminate the lawsuit.
TORONTO, Feb 27 (Reuters) – Canada blocked a joint venture
of two of the country’s biggest wireless carriers from grabbing
more airwaves on Thursday, sending the latest pointed message
that their dominant positions would be challenged in the fight
to win over consumers.
The government said it had declined a request to transfer 83
wireless spectrum licenses from NextWave to Inukshuk, which is
owned by Rogers Communications and BCE Inc’s
Bell Canada unit.
TORONTO (Reuters) – A trickle of new investment into global miners has created a tidal wave of interest among hundreds of small mineral explorers desperate for cash, a Reuters survey shows, setting the stage for a competition to raise funds that some are sure to lose.
The mining sector has been in a prolonged downturn. Only months ago, it was nearly impossible for small explorers to find investors, reducing some companies to raising as little as C$50,000 ($45,100) at a time.
TORONTO, Feb 26 (Reuters) – A trickle of new investment into
global miners has created a tidal wave of interest among
hundreds of small mineral explorers desperate for cash, a
Reuters survey shows, setting the stage for a competition to
raise funds that some are sure to lose.
The mining sector has been in a prolonged downturn. Only
months ago, it was nearly impossible for small explorers to find
investors, reducing some companies to raising as little as
C$50,000 ($45,100) at a time.
BARCELONA/TORONTO (Reuters) – BlackBerry Ltd unveiled a new, cheaper touchscreen smartphone and a “classic” model with a keyboard on Tuesday, as it tries to stem losses and win back once-devoted security-conscious business and government users.
The news, coupled with more details about the company’s strategy in its services business, helped send shares in BlackBerry surging more than 9 percent.
TORONTO (Reuters) – Many of the small Canadian-listed mineral explorers that supply global major miners with new projects are considering merging with peers, according to a Reuters survey, but for most it may be tough to close deals.
Just over half the Toronto Stock Exchange and TSX Venture-listed miners and explorers that participated in the Reuters survey said they are at least somewhat likely to announce a “merger of equals” over the coming 12 months, but only a handful said such a deal is “very likely.”