TORONTO, March 30 (Reuters) – The prospects of a mining boom
in Canada’s Arctic territory of Nunavut – once as bright as the
Northern Lights – are fading fast as costs in the inhospitable
region spiral higher, forcing writedowns on two major gold
The sparsely populated territory has gained a reputation as
one of the most promising regions in Canada for exploration,
with prospectors promoting discoveries ranging from gold to
uranium. But getting the ore out of the ground is a different
TORONTO, March 27 (Reuters) – Demand from mining companies
for alternative financing like stream deals or royalties is at
an all-time high, but deals over $500 million will be few and
far between, with most happening in the mid-tier market, the
head of a leading royalty company said on Tuesday.
With share prices lagging, miners are wary of turning to
equities markets to raise money and are looking at all
alternatives, Franco-Nevada Corp Chief Executive David
Harquail said at the Reuters Mining and Steel Summit in Toronto.
TORONTO (Reuters) – Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz) sees lower cash costs at its Lumwana mine in Zambia in 2013 as mining at the copper project moves out of the lower grade material in the Malundwe pit and into the new Chimiwungo pit, Chief Executive Aaron Regent said on Monday.
“We’ve got to transition into Chimi, stabilize the mining operations at Chimi, and then we do anticipate seeing improved production and copper performance,” said Regent, speaking at the Reuters Mining Summit in Toronto.
March 26 (Reuters) – Japan, which has taken all but one of
its 54 nuclear reactors offline in the wake of the Fukushima
disaster, has not indicated that it is planning a permanent
shift away from atomic power, said the head of Cameco Corp
Cameco, a top global uranium producer, has offered to buy
excess material from Japanese utilities, but they are not
selling, said Chief Executive Tim Gitzel, speaking at the
Reuters Mining and Steel Summit from Saskatoon, Saskatchewan.
TORONTO (Reuters) – Canada’s main opposition party chose heavily favored candidate Thomas Mulcair to replace the late Jack Layton, who died of cancer just three months after leading the leftist party to its strongest ever performance in a federal election.
Mulcair, a former Quebec cabinet minister who is a relative newcomer to the New Democratic Party (NDP), took over the reins after four rounds of voting at the leadership convention, held in downtown Toronto on Friday and Saturday. The Montreal lawmaker, who advocated the party reach beyond its traditional base to appeal to centrist voters, led all four votes of the day, eventually trouncing runner-up Brian Topp, who campaigned to keep the party squarely left-of-center. “Today we have the greatest human capacity, and the greatest potential to put that capacity to work than at any time in our history,” said Mulcair to the crowd of cheering delegates.
After four rounds, Thomas Mulcair is new #ndpldr – now time to file
#ndpldr Mulcair takes #1 in first round of voting, Topp is #2. Time for some dealmaking as NDP elects Canada’s next opposition leader.
TORONTO, March 19 (Reuters) – Toronto’s main stock index
closed lower on Monday after a day of choppy trade as gains in
energy issues were undercut by losses among gold miners and
fertilizer producer Potash Corp.
The gold price rose on Monday after falling sharply last
week, but equity investors were wary as technical factors
suggested the precious metal could tumble further.