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Mar 3, 2013
Mar 3, 2013
Mar 3, 2013
Mar 1, 2013

Miners’ meeting to face austere reality of post-boom market

TORONTO, March 1 (Reuters) – The euphoria that dominated the
global mining industry in recent years, when rapid Chinese
growth sent metal prices soaring, is fully spent. With metal
prices now stagnant and profit margins slim, budget cuts and
multibillion dollar writedowns have become the norm.

In reaction, shareholders have demanded blood over the past
year – sometimes in the form of a chief executive’s head -
leaving new management to usher in policies of cost controls and
disciplined spending. Traditional equity financing deals have
all but evaporated, leaving many small miners high and dry.

Feb 26, 2013

First Quantum may extend bid for Inmet by a few days

TORONTO, Feb 26 (Reuters) – First Quantum Minerals Ltd
may extend its hostile C$5.1 billion ($4.97 billion) bid
for rival base metal miner Inmet Mining Corp by a few
days, President Clive Newall said on Tuesday.

“There are a number of regulatory hurdles to go over, and we
hope they’ll all be done by tomorrow, but we may need to extend
slightly,” Newall said while addressing investors at the BMO
Metals & Mining conference in Hollywood, Florida.

Feb 22, 2013

Newmont eyes cost controls as CEO swap looms

TORONTO, Feb 21 (Reuters) – Newmont Mining Corp, the
No. 1 U.S. gold producer, said on Thursday that a more
disciplined approach to spending and cost cuts is its top
priority as leadership of the company shifts to Gary Goldberg,
who takes over as chief executive on March 1.

Newmont also reported a smaller-than-expected 4 percent drop
in adjusted fourth-quarter profit on lower metal production and
higher operating costs, which it vowed to bring under control.

Feb 21, 2013

Pan American focuses on dividend; shares jump

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.

Feb 15, 2013

Goldcorp beats forecasts, sees strong year ahead

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.

Feb 14, 2013

Barrick results soothe investors despite huge charge

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
African mine.

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.

Feb 14, 2013

Kinross reports net loss on mine writedown

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.

    • 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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