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Dec 2, 2012

Steel slump puts crimp in Labrador Trough

TORONTO, Dec 2 (Reuters) – “Strike while the iron is hot,”
the old saying goes, and a legion of iron ore miners setting up
in Canada’s remote Labrador Trough want to do just that. But,
for now, they have to wait.

Iron ore, the main component of steel, has turned ice cold
in recent months, with the benchmark price
plunging to $86.70 a tonne in September from $149.40 in April.
It has since recovered to about $116 a tonne.

Dec 2, 2012

Steel slump puts crimp in Labrador Trough

TORONTO, Dec 2 (Reuters) – “Strike while the iron is hot,”
the old saying goes, and a legion of iron ore miners setting up
in Canada’s remote Labrador Trough want to do just that. But,
for now, they have to wait.

Iron ore, the main component of steel, has turned ice cold
in recent months, with the benchmark price
plunging to $86.70 a tonne in September from $149.40 in April.
It has since recovered to about $116 a tonne.

Nov 29, 2012

Ecuadoreans ask court to seize Chevron Canada assets

TORONTO, Nov 29 (Reuters) – Lawyers for Chevron Corp
asked an Ontario judge on Thursday to toss out a bid by Amazon
villagers to seize its Canadian assets to help pay a $19 billion
award granted by an Ecuadorean court in decades-old pollution
case.

The hearing marks the first time the plaintiffs, 47 Amazon
villagers, have sought to persuade a foreign court to collect
damages awarded to them for environmental contamination in the
South American country dating back to the 1960s. Chevron
Canada’s assets are worth more than $12 billion, the plaintiffs
say.

Nov 28, 2012

Inmet turns down First Quantum bid, adopts rights plan

TORONTO, Nov 28 (Reuters) – Inmet Mining Corp said
on Wednesday that it had turned down a C$4.86 billion (US$4.89
billion) unsolicited takeover bid from its larger rival First
Quantum Minerals Ltd, sending Inmet shares up more than
17 percent.

The Canadian base metal miner, which is building the massive
Cobre Panama copper mine in Central America, also said it had
adopted a shareholder rights plan, giving it more time to
evaluate bids and potentially seek alternatives to a takeover.

Nov 23, 2012

Talison’s Chinese suitor gets regulatory nod, shares up

TORONTO, Nov 23 (Reuters) – Talison Lithium Ltd
said on Friday its Chinese suitor, Chengdu Tianqi Industry Group
Co, has secured Australian regulatory approval for its proposed
takeover of Talison, sending shares of the lithium producer up
more than 2 percent.

The nod from Australian regulators comes just two days after
rival suitor Rockwood Holdings Inc said it was not
interested in a bidding war. Talison adjourned a meeting to vote
on Rockwood’s offer until Dec. 13.

Nov 21, 2012

Talison shares drop as Rockwood rejects bidding war

TORONTO, Nov 21 (Reuters) – Shares of Talison Lithium Ltd
dropped more than 7 percent on Wednesday after suitor
Rockwood Holdings Inc said it was not interested in a bidding
war, even as Talison indicated it plans to open talks with a
rival bidder.

Rockwood, a U.S.-based chemical producer, said late
on Tuesday that Australian authorities had approved its C$724
million ($725.71 million) takeover of Perth-based,
Toronto-listed Talison.

Nov 8, 2012

Molycorp posts loss on rare earth prices

Nov 8 (Reuters) – Rare earth producer Molycorp Inc
reported a third-quarter loss on Thursday, as lower rare earth
prices and higher production costs outweighed a boost in output.

The company also said the expansion and modernization of its
Mountain Pass rare earth project in California is on track to be
completed by the end of the year, with some 80 percent of
facilities already operating at their Phase 1 expanded capacity.

Nov 7, 2012

Goldcorp briefly eclipses Barrick by market cap

TORONTO, Nov 7 (Reuters) – Goldcorp Inc briefly
surpassed Barrick Gold Corp to become the world’s
biggest gold miner by market capitalization this week, even
though Barrick owns more mines and produces far more gold than
its growth-focused peer.

Barrick battled back late on Wednesday to land slightly
above Goldcorp.

Goldcorp has been creeping up on Barrick for years, but this
week was the first time the smaller producer surpassed the
longtime top dog, which is under pressure due to delays and
rising costs at its massive Pascua-Lama gold and silver project
on the border between Chile and Argentina.

Nov 7, 2012

Goldcorp takes Barrick’s thunder as top gold miner by market cap

TORONTO, Nov 7 (Reuters) – Goldcorp Inc has surpassed
Barrick Gold Corp to become the world’s biggest gold
miner by market capitalization, even though Barrick owns more
mines and produces far more gold than its growth-focused peer.

Goldcorp has been creeping up on Barrick for years, but this
is the first time the smaller producer has surpassed the
longtime top dog, which is under pressure due to delays and
rising costs at its massive Pascua-Lama project in South
America.

Nov 1, 2012

Barrick’s Pascua-Lama costs rise again, shares dive

By Julie Gordon

(Reuters) – Barrick Gold Corp (ABX.TO: Quote, Profile, Research, Stock Buzz) reported a sharp drop in third-quarter profit on Thursday and again increased its cost estimate to build the massive Pascua-Lama mine, pushing back the date when production at the project will begin.

Shares of the world’s top gold miner dropped more than 9 percent after Barrick delayed the mine’s start date to the second half of 2014 from a previous target of mid 2014.

    • 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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