TORONTO, March 6 (Reuters) – Most of the world’s top miners
are shying away from takeovers this year, clearing the way for
mid-tier producers like HudBay Minerals Inc to make
competitive bids for assets coming up for sale, the company’s
CEO told Reuters at a Toronto mining convention.
After being burned by costly deals made during the boom,
most major metals companies have pledged to rein in costs – with
some even looking to divest non-core assets.
Being a reporter always seems glamorous until you hit a deadline #PDAC2013
TORONTO, March 4 (Reuters) – A growing sense of caution
gripping the mining industry is having a big impact on
exploration service providers such as Major Drilling Group
International Inc, which posted a quarterly loss on
Monday and offered little hope of an early turnaround.
The mining sector’s new emphasis on austerity in the face of
stagnant metal prices has led to a sharp pullback in exploration
spending. Juniors and more established miners alike have delayed
or canceled exploration programs, clouding the outlook for Major
and its rivals for years.