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May 1, 2013

Yamana Gold profit falls, targets major cost cuts

TORONTO, April 30 (Reuters) – Yamana Gold Inc is
aiming to sharply reduce its all-in sustaining costs this year,
as the growing Canadian gold producer adjusts to a recent drop
in bullion prices, its chief executive said on Tuesday.

The cost-cutting plan comes after the Toronto-based miner,
which owns mines in Mexico and South America, reported a 40
percent drop in first-quarter profit, as lower gold prices and
higher costs outweighed a boost in production.

Apr 29, 2013

Kinross pegs Mauritania mine expansion at $2.7 bln

TORONTO, April 29 (Reuters) – Kinross Gold Corp on
Monday estimated the cost of a scaled-back expansion of its
struggling Tasiast mine in West Africa at $2.7 billion, more
than some analysts had expected, sending its shares 3 percent
lower.

The company said it was pushing ahead with a feasibility
study for a new 38,000 tonne-per-day mill at the project,
located in remote Mauritania, despite plunging gold prices and
investor pressure in the mining sector to cut back on spending.

Apr 24, 2013

Barrick shows progress on costs, cuts spending

TORONTO, April 24 (Reuters) – Barrick Gold Corp,
making a painful adjustment to a sustained slump in bullion
prices, said on Wednesday it was scaling back capital spending
and reported progress in controlling costs, sending its shares
higher.

The world’s No. 1 gold producer also warned that it could
suspend development at its largest new project, Pascua-Lama,
after a Chilean court halted some work on environmental grounds.
The project straddles the border of Chile and Argentina, high in
the Andes.

Apr 23, 2013

Teck plays down M&A moves as profit hit by coal price

TORONTO, April 23 (Reuters) – Teck Resources Ltd
reported a sharp fall in quarterly adjusted profit on
Tuesday as sagging prices for coal and copper hurt Canada’s
largest diversified miner, whose CEO played down any major
takeover moves.

While the earnings in the first quarter were higher than
market expectations, Teck’s shares fell as much as 7 percent
shortly after the market open as copper prices dropped to a
fresh 18-month low. Some analysts voiced concerns over the delay
of a major Teck development project and the impact of lower
copper and coal prices on the company.

Apr 19, 2013

Barrick faces heat from top Canadian pension funds

TORONTO, April 19 (Reuters) – Barrick Gold Corp,
already under pressure from setbacks at its largest development
project and a slump in the price of gold, now faces a
shareholder revolt over a “troubling” payment to a member of its
board.

A group of Canada’s top pension funds, small but significant
shareholders in the world’s largest gold miner, said on Friday
it opposes Barrick’s $11.9 million signing bonus for co-chairman
John Thornton, the man tipped as the miner’s next chairman.

Apr 18, 2013

Freeport touts energy opportunity as metals prices fall

By Julie Gordon

(Reuters) – Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) sought to shore up shareholder support for its foray into the U.S. energy sector on Thursday by highlighting the benefit of diversifying into oil and gas at a time when metal prices are softening.

A $9 billion takeover of two energy companies, announced by Freeport in December, will add new growth opportunities that compliment plans to boost copper sales to more than 5 billion pounds a year by 2015, Chief Executive Richard Adkerson said during a conference call.

Apr 12, 2013

Rising power costs threaten Chile’s mining prowess

SANTIAGO, April 11 (Reuters) – The high cost of energy in
Chile is threatening the competitiveness of the country’s copper
industry and poses a major challenge for new development,
industry executives at a copper convention in the Andean nation
said on Thursday.

Electricity costs in Chile, the world’s top copper producer,
have risen 11 percent per year since 2000, making it one of the
most expensive places in the world to secure energy for mining
projects.

Apr 9, 2013

High costs, low demand subdue miners at Chile gathering

SANTIAGO, April 9 (Reuters) – Rising costs, falling demand
and the dearth of quality new projects dominated talk for the
second year in a row at an annual copper conference in Chile,
creating a decidedly subdued mood at the gathering of the
world’s top copper miners.

Orders from China are down, warehouse stocks of the metal
are at a 10-year high and the London Metal Exchange benchmark
price has remained stubbornly below $8,000 per tonne,
partly due to a deeper market surplus this year.

Apr 9, 2013

Joint ventures seen boosting Chile’s copper exploration

SANTIAGO, April 8 (Reuters) – Chile could boost copper
exploration by encouraging state-owned giant Codelco,
the world’s biggest producer of the metal, to partner with
private mining companies, industry executives said on Monday.

Chile sits on the world’s largest copper reserves and is
also the world’s largest producer of the metal, but aged, tired
deposits dragged Codelco’s output last year to its lowest level
since 2008, while costs soared 40 percent on the year.

Apr 1, 2013
    • About Julie

      "I currently cover mining and minerals out of the Toronto bureau, where I focus on uranium, silver, platinum, lithium and REEs. Prior to moving to the mining sector, I worked as an online editor and video producer for Reuters.com. I started at Reuters as a TV intern in Chile and before that, I freelanced in Eastern Europe and spent eight months living in the Galapagos Islands."
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