LAC-MEGANTIC, Quebec, July 7 (Reuters) – At least five
people died and 40 were missing on Sunday after a runaway train
carrying crude oil derailed and exploded in the center of a
small Canadian town in a disaster that raised fresh questions
about shipping oil by rail.
The train was hauling crude in 72 tanker cars from North
Dakota to eastern Canada. It was parked, without a driver, but
then it rolled downhill, gathered speed and derailed on a curve
in the small town of Lac-Megantic at 1 a.m. (0500 GMT) on
LAC-MEGANTIC, Quebec (Reuters) – Canadian police on Sunday raised the death toll from a massive explosion involving a runaway freight train to three and said they expected to find more bodies in the wreckage of a small Quebec town.
The train, which had been hauling crude oil from North Dakota to eastern Canada, derailed and blew up early on Saturday in Lac-Megantic, a town of 6,000 on the edge of a deep blue lake and ringed by forests of pine and birch. There was no driver on board.
TORONTO (Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) has slowed spending at its Pascua-Lama project in South America, delaying first output to 2016, but that may not be enough for the its shareholders, who worry that the final price tag may creep beyond what the mine is worth.
While the flagship development, which straddles the border of Chile and Argentina, is one of the richest untapped gold deposits in the world, the string of delays and budget overruns have been a nightmare for world’s top producer and its investors.
TORONTO, June 30 (Reuters) – Barrick Gold Corp has
slowed spending at its Pascua-Lama project in South America,
delaying first output to 2016, but that may not be enough for
the its shareholders, who worry that the final price tag may
creep beyond what the mine is worth.
While the flagship development, which straddles the border
of Chile and Argentina, is one of the richest untapped gold
deposits in the world, the string of delays and budget overruns
have been a nightmare for world’s top producer and its
LONDON/TORONTO, June 27 (Reuters) – The gold industry has
released new guidelines for bullion miners under pressure to
disclose the real economics of producing an ounce of metal,
feeding a debate over the sustainability of many gold mines in a
sector battered by falling prices.
Miners have seen gold prices soar since the turn of the
millennium. At their height in 2011, prices were more than six
times the level a decade earlier.
June 17 (Reuters) – Montreal’s new mayor, who pledged to
stamp out corruption when he took office last November, was
arrested and charged with fraud on Monday in another blow to the
reputation of Canada’s biggest cities.
Michael Applebaum, whose predecessor resigned under
pressure, faces 14 charges linked to two real estate deals,
police said during a morning news conference.
June 12 (Reuters) – Freeport-McMoRan Copper & Gold Inc
on Wednesday declared force majeure to free itself from
obligations to deliver copper concentrate from its Grasberg mine
in Indonesia, where work has been suspended after a May accident
that killed 28 people.
“Because of the temporary disruption, (Freeport Indonesia)
has notified its customers of a Force Majeure event under its
concentrate sales agreements,” the company said in a statement.
TORONTO, June 6 (Reuters) – Dominion Diamond Corp,
formerly known as Harry Winston Diamond Corp, on Thursday played
down talk of possible acquisitions and said it is focused on
developing promising assets around its newly acquired Ekati mine
in northern Canada.
Shares of the miner, which reported a sharp increase in
first-quarter profit late on Wednesday on the sale of its
branded luxury business to Switzerland’s Swatch Group,
rose 2.2 percent to C$15.66 by midday on Thursday.
June 5 (Reuters) – Barrick Gold Corp plans to give
Chilean regulators a water management plan for its delayed
Pascua-Lama mine “imminently”, and says the project will be one
of its key assets once production finally starts.
But the world’s largest gold producer said on Wednesday it
could not yet say what impact implementing the water plan would
have on the timing and cost of the project, which is slated to
produce 800,000 to 850,000 ounces of gold and 35 million ounces
of silver a year in its first five years.
TORONTO, May 30 (Reuters) – Toronto Mayor Rob Ford lost two
more staff members on Thursday, two weeks after allegations
first surfaced that the leader of Canada’s largest city was
caught smoking crack cocaine on camera, something he has
Security ushered policy advisor Brian Johnston out of city
hall around midday on Thursday, and he told reporters he had
resigned. Kia Nejatian, the mayor’s executive assistant, also
left his job, the city confirmed in a statement sent to local