TORONTO (Reuters) – Pan American Silver Corp, (PAA.TO: Quote, Profile, Research, Stock Buzz) said on Thursday it plans to focus on funneling excess cash directly to shareholders, helping to drive its shares up more than 6 percent a day after it said it was more than doubling its quarterly dividend.
The increased dividend payout may have softened the fourth-quarter loss that Pan American reported late on Wednesday, reflecting an impairment charge to write down part of the value of its Navidad project in Argentina.
TORONTO (Reuters) – Goldcorp Inc (G.TO: Quote, Profile, Research, Stock Buzz), Canada’s second largest gold producer, booked a lower-than-expected drop in adjusted quarterly profit on Thursday and said improved performance at two key mines positioned it for a strong year.
Goldcorp, which in January slashed its 2013 production forecast and increased development costs at growth projects, said fourth-quarter output benefited from a strong performance at its Penasquito gold mine in Mexico and its Red Lake gold mine in Canada. Both mines had struggled with operational issues earlier in 2012.
TORONTO, Feb 14 (Reuters) – Barrick Gold Corp
posted stronger-than-expected results on Thursday and
boosted confidence in its troubled South American project even
as it booked a $3.8 billion charge to write down the value of an
The world’s largest gold miner’s shares climbed as much as 5
percent as it offered evidence that it may have turned a page
after a year of struggling with rising costs, project delays and
long-term production cuts as the gold price flattened.
TORONTO, Feb 13 (Reuters) – Canada’s Kinross Gold Corp
reported on Wednesday a fourth-quarter net loss as an
impairment charge related primarily to its Tasiast gold mine in
West Africa outweighed a boost in revenue.
The gold miner took a $3.21 billion after-tax, non-cash
impairment charge related to Tasiast in Mauritania and the
Chirano gold mine in Ghana, both of which were acquired in the
company’s $7.1 billion takeover of Red Back Mining in 2010.
TORONTO, Feb 13 (Reuters) – Native protesters have blocked
the winter access road to De Beers’ Victor mine in Northern
Canada for the second time in less than two weeks, raising
concerns over supplying the diamond project before the spring
thaw makes the site inaccessible except by air, the company said
De Beers, a subsidiary of Anglo American Plc, has a
window of about 45 days to complete its winter transportation
program on the ice road. The company’s trucks have so far faced
disruptions on eight of 12 days since the program was launched.
TORONTO, Feb 7 (Reuters) – Teck Resources Ltd
warned on Thursday that global economic uncertainty would weigh
on demand for coal through the first half of 2013, sending
shares of the diversified Canadian miner down more than 5
The company plans to produce just 24 million to 25 million
tonnes in 2013 – or at least 2 million tonnes shy of capacity -
because demand for the steelmaking ingredient remains soft. It
also sees a drop in copper output this year.
TORONTO, Feb 7 (Reuters) – Canadian diversified miner Teck
Resources Ltd reported a sharp drop in fourth-quarter
earnings on Thursday as coal prices sagged, though production
cost cuts and strong copper sales softened the blow.
Shares of the company fell more than 3 percent shortly after
the market open as it warned that global economic uncertainty
was still weighing on prices and demand for some of its
products, particularly coal.
MOSCOW/TORONTO, Jan 14 (Reuters) – Russia’s state uranium
company has agreed to pay C$1.3 billion (US$1.32 billion) to
take Canada’s Uranium One Inc private, as the successor
to the Soviet Union’s nuclear industry seeks to strengthen its
grip on supplies.
Atomredmetzoloto and its Effective Energy N.V. affiliate -
together known as ARMZ – said on Monday they would buy the
shares of Uranium One they do not already own in a deal valuing
Canada’s No.2 uranium producer at C$2.74 billion ($2.8 billion).
TORONTO (Reuters) – With proposed sale of its retail arm, Harry Winston Diamond Corp (HW.TO: Quote, Profile, Research) has clearly signalled its ambition to become a leader in Canadian diamond mining, a strategy that make sense for the company despite the risks.
The company – soon to be known as Dominion Diamond Corp – made a clean break from jewellery retailing on Monday with the sale of its luxury arm to Switzerland’s Swatch (UHR.VX: Quote, Profile, Research) for $750 million (466 million pounds) in cash plus the assumption of $250 million of debt.
By Julie Gordon
(Reuters) – Shares of Molycorp Inc (MCP.N: Quote, Profile, Research, Stock Buzz) tumbled on Thursday after the rare earth producer said 2013 revenue would come in lower than previously expected due to a drop in selling prices and a delay in achieving full production at its California processing plant.
The company now expects its Mountain Pass plant to achieve its Phase 1 run rate of more than 19,000 tonnes of rare earth products a year by mid-2013, having failed to meet the earlier deadline of the end of 2012.