By Julie Gordon
(Reuters) – Top U.S. gold miner Newmont Mining Corp (NEM.N: Quote, Profile, Research, Stock Buzz) on Friday posted a $2 billion second-quarter loss after a sharp drop in bullion prices and an impairment charge related to two Australian mines.
Newmont said the one-time $1.8 billion charge was primarily tied to two of its Australian mines, Boddington and Tanami, where sinking gold and copper prices have lowered the value of property, plant and mine development.
July 25 (Reuters) – Police raided the Canadian offices of
Montreal, Maine & Atlantic Railway on Thursday as part of their
investigation into a train crash earlier this month that
destroyed the center of the small town of Lac-Megantic, Quebec,
and killed 47 people.
“We are executing a search warrant,” Sergeant Benoit Richard
of the provincial police, Sûréte du Québec, told Reuters. “We
are searching the offices now.”
TORONTO, July 25 (Reuters) – Teck Resources Ltd on
Thursday reported a sharp drop in second-quarter earnings on
lower copper and coal prices, and cut its capital spending plan
through 2014, delaying new mining projects.
The company, Canada’s largest diversified miner, is slowing
the restarting of its Quintette coal mine in British Columbia
until the steelmaking coal market recovers, and it delayed
development of its Quebrada Blanca Phase 2 copper expansion in
By Julie Gordon
(Reuters) – Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) reported a sharp drop in second-quarter profit on Tuesday and laid out a plan to cut medium-term spending in light of declining metal prices and global economic uncertainty.
The Arizona-based miner said it is clamping down on spending and has cut $1.9 billion in planned capital expenditures and other costs through 2014.
July 19 (Reuters) – Canadian investigators issued their
first recommendations on Friday after a devastating train wreck
in Quebec, urging that trains with dangerous goods not be left
unattended, and pushing for stricter guidelines on railway
Transportation Safety Board (TSB) investigators probing the
July 6 disaster in the lakeside town of Lac-Megantic said that
the “braking force” that had been applied to the train, which
was hauling 72 tanker cars of crude oil, was insufficient to
hold it in place.
July 18 (Reuters) – Canada’s two big railroads are reviewing
safety standards after the deadly train crash on July 6 that
killed some 50 people and destroyed the center of a small Quebec
Canadian Pacific Railway Ltd, Canada’s No. 2
operator, said on Thursday it has already made some changes to
its operating rules. It will no longer park unattended trains
hauling hazardous materials on main lines, and is bringing in
tougher rules on setting the brakes that hold a stationary train
TORONTO, July 16 (Reuters) – Eldorado Gold Corp
said on Tuesday it will cut 2013 capital spending by 35 percent
and push back the start of various projects, making it the
latest producer to curb spending in response to low gold prices.
Eldorado, a mid-tier producer that owns mines in Turkey,
Greece and China, said its operating plan now assumes a gold
price of $1,250 an ounce for the foreseeable future.
LAC-MEGANTIC, Quebec (Reuters) – It was a runaway train that caused this month’s deadly inferno in Lac-Megantic, but the Canadian town’s leaders, business owners and many of its residents see the railway as crucial to their survival and want it operating again as soon as possible.
Fifty people, including 17 still missing, are believed to have been killed on July 6 when a driverless train with 72 oil tanker cars crashed and exploded in the center of the picturesque, lakeside town in rural Quebec. The fire burned for hours and dozens of buildings were leveled.
LAC-MEGANTIC, Quebec (Reuters) – Quebec Premier Pauline Marois lashed out on Thursday at the railway boss whose runaway train leveled the center of a tiny Quebec town, as residents came to grips with the reality that 50 of their neighbors were likely dead.
“The behavior of the company and its president has been absolutely deplorable,” Marois said of the executive, Ed Burkhardt, and the Montreal, Maine & Atlantic Railway, whose driverless train of tanker cars smashed into Lac-Megantic early on Saturday and exploded in a wall of fire.
LAC-MEGANTIC, Quebec, July 11 (Reuters) – Residents of the
town of Lac-Megantic in Quebec were coming to grips on Thursday
with the reality that 50 of their own were most likely dead in
the aftermath of the worst railway disaster in North American in
more than two decades.
Five days after a train hauling 72 cylinders of crude oil
jumped the track and exploded into a wall of fire, provincial
police said they had recovered 20 bodies, with another 30 people
still missing and presumed dead, confirming the worst fears of a
community that had all but given up hope.