TORONTO, April 19 (Reuters) – Barrick Gold Corp,
already under pressure from setbacks at its largest development
project and a slump in the price of gold, now faces a
shareholder revolt over a “troubling” payment to a member of its
A group of Canada’s top pension funds, small but significant
shareholders in the world’s largest gold miner, said on Friday
it opposes Barrick’s $11.9 million signing bonus for co-chairman
John Thornton, the man tipped as the miner’s next chairman.
By Julie Gordon
(Reuters) – Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) sought to shore up shareholder support for its foray into the U.S. energy sector on Thursday by highlighting the benefit of diversifying into oil and gas at a time when metal prices are softening.
A $9 billion takeover of two energy companies, announced by Freeport in December, will add new growth opportunities that compliment plans to boost copper sales to more than 5 billion pounds a year by 2015, Chief Executive Richard Adkerson said during a conference call.
SANTIAGO, April 11 (Reuters) – The high cost of energy in
Chile is threatening the competitiveness of the country’s copper
industry and poses a major challenge for new development,
industry executives at a copper convention in the Andean nation
said on Thursday.
Electricity costs in Chile, the world’s top copper producer,
have risen 11 percent per year since 2000, making it one of the
most expensive places in the world to secure energy for mining
SANTIAGO, April 9 (Reuters) – Rising costs, falling demand
and the dearth of quality new projects dominated talk for the
second year in a row at an annual copper conference in Chile,
creating a decidedly subdued mood at the gathering of the
world’s top copper miners.
Orders from China are down, warehouse stocks of the metal
are at a 10-year high and the London Metal Exchange benchmark
price has remained stubbornly below $8,000 per tonne,
partly due to a deeper market surplus this year.
SANTIAGO, April 8 (Reuters) – Chile could boost copper
exploration by encouraging state-owned giant Codelco,
the world’s biggest producer of the metal, to partner with
private mining companies, industry executives said on Monday.
Chile sits on the world’s largest copper reserves and is
also the world’s largest producer of the metal, but aged, tired
deposits dragged Codelco’s output last year to its lowest level
since 2008, while costs soared 40 percent on the year.
Getting ready to head down to #Chile for #cescoweek2013 . On the lookout for innovative and interesting copper mining tales.
TORONTO, March 26 (Reuters) – Barrick Gold Corp,
the world’s largest gold miner, is seeking a successor to
founder and Chairman Peter Munk, with his co-chairman being
groomed as the prime candidate.
In a letter to shareholders in Barrick’s 2012 annual report,
released on Tuesday, Munk said it was time for the company to
“consider a path to new leadership at our board level.”
March 25 (Reuters) – Walter Energy Inc on Monday
struck back against the British hedge fund that wants to replace
half its board and said its campaign was a “hit and run”
designed to turn a quick profit by driving up Walter’s share
price – something the fund denied.
The U.S. coal miner highlighted what it said were “serious
omissions” in Audley Capital Advisors LLP’s proxy statement,
including an insider trading case against one of the fund’s
nominees. It questioned the accuracy of another candidate’s
By Julie Gordon
(Reuters) – First Quantum Minerals Ltd (FM.TO: Quote, Profile, Research, Stock Buzz) said on Friday it secured enough shareholder support to take over Inmet Mining Corp (IMN.TO: Quote, Profile, Research, Stock Buzz), sealing a C$5.1 billion ($4.98 billion) deal that gives it control of one of the world’s largest untapped copper deposits.
The combination of the two creates one of the world’s biggest and fastest-growing copper companies, while easing First Quantum’s dependence on Africa and particularly Zambia.
March 22 (Reuters) – First Quantum Minerals Ltd said
on Friday it secured enough shareholder support to take over
Inmet Mining Corp, sealing a C$5.1 billion ($4.98
billion) deal that gives it control of one of the world’s
largest untapped copper deposits.
The combination of the two creates one of the world’s
biggest and fastest-growing copper companies, while easing First
Quantum’s dependence on Africa and particularly Zambia.