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Feb 7, 2013

Teck profit tumbles but miner’s cost cuts help

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.

Jan 14, 2013

Russia’s ARMZ to take Uranium One private for $1.3 bln

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).

Jan 14, 2013

Harry Winston trades diamond tiara for hardhat

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.

Jan 10, 2013

Molycorp lowers 2013 outlook; shares plunge

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.

Jan 9, 2013

Alcoa sees brighter 2013, but remains cautious

By Julie Gordon and Ernest Scheyder

(Reuters) – Alcoa Inc (AA.N: Quote, Profile, Research, Stock Buzz), the largest aluminum producer in the United States, is cautiously optimistic demand for the metal will continue to grow in 2013, helped in part by strong sales to aerospace and construction customers.

Executives offered a positive outlook on Tuesday for 2013, but kept a cautious tone as worries lingered over a looming U.S. budget confrontation.

Jan 6, 2013

BAY STREET: Lower costs could bring shine to major gold miners

TORONTO, Jan 6 (Reuters) – Sagging demand for non-precious
metals – a trend that’s beyond the direct control of Canada’s
embattled gold producers – is shaping up as their best hope for
recovery in 2013 after a year that battered their share prices.

The key to restoring investor faith in the gold miners is
reining in runaway cost inflation, experts say. To that end, a
weakening of prices for base metals, coal and iron ore comes at
just the right time for big bullion producers, who can no longer
use surging gold prices to justify unrestrained spending.

Jan 6, 2013

Lower costs could bring shine to major gold miners

TORONTO, Jan 6 (Reuters) – Sagging demand for non-precious
metals – a trend that’s beyond the direct control of Canada’s
embattled gold producers – is shaping up as their best hope for
recovery in 2013 after a year that battered their share prices.

The key to restoring investor faith in the gold miners is
reining in runaway cost inflation, experts say. To that end, a
weakening of prices for base metals, coal and iron ore comes at
just the right time for big bullion producers, who can no longer
use surging gold prices to justify unrestrained spending.

Dec 28, 2012

SEC halts Southridge shares after Kinross denies partnership

By Julie Gordon

(Reuters) – Market regulators temporarily suspended the trading of shares of Southridge Enterprises Inc two days after the exploration company said it was forming a partnership with Kinross Gold Corp, which the Canadian gold miner has denied.

The U.S. Securities and Exchange Commission said in a statement on Friday that it had halted trading through January 11, 2013, due to “questions regarding the accuracy of statements made by Southridge … concerning, among other things, the company’s business operations and arrangements, including certain claims regarding a joint partnership.”

Dec 17, 2012

Inmet battle goes hostile, investors hope for more

TORONTO/LONDON, Dec 17 (Reuters) – Shares of Inmet Mining
Corp jumped Monday after First Quantum Minerals Ltd
sweetened its offer for its Canadian rival to C$5.1 billion
($5.2 billion) and said it was taking the deal directly to
shareholders in a bid to control one of the world’s largest
untapped copper deposits.

The C$72-a-share cash and paper offer, announced by First
Quantum on Sunday, tops its earlier bids of C$62.50 and C$70,
both rejected by Inmet’s board.

Dec 7, 2012

Harry Winston CEO says will keep luxury brand for now

TORONTO, Dec 7 (Reuters) – Harry Winston Diamond Corp
has no plans to sell or spin off its watch and jewelry
division from its mining division in the next year, though the
retail arm will eventually stand on its own, the company’s chief
executive said on Friday.

“In the fullness of time, it will certainly either become
separated or be sold to someone that can do better with it than
we would be able to,” Chief Executive Robert Gannicott said in a
conference call with investors.

    • 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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