TORONTO, Aug 31 (Reuters) – AuRico Gold (AUQ.TO: Quote, Profile, Research, Stock Buzz) is having
a difficult time escaping the image of being a miner more prone
to delivering disappointment than gold bars.
The Mexico-focused, Toronto-based company announced a
C$1.46 billion ($1.5 billion) takeover offer for Northgate
Minerals (NGX.TO: Quote, Profile, Research, Stock Buzz) this week, a deal that would double its
production and expand its geographic footprint. Its stock price
TORONTO (Reuters) – Mexico-focused miner AuRico Gold (AUQ.TO: Quote, Profile, Research, Stock Buzz) has offered to buy Northgate Minerals (NGX.TO: Quote, Profile, Research, Stock Buzz) for C$1.46 billion ($1.5 billion) in a friendly deal that would nearly double its output and expand its geographic reach as gold prices soar.
The takeover offer, a 62 percent premium to Northgate’s closing share price on Friday, is the latest in a string of deals involving Canadian gold miners as prices for the metal climb faster than many of the most bullish analysts had forecast.
TORONTO/BANGALORE (Reuters) – Uranium producer Cameco (CCO.TO: Quote, Profile, Research, Stock Buzz) plans a C$520 million ($526 million) hostile takeover bid for Hathor Exploration (HAT.TO: Quote, Profile, Research, Stock Buzz) after talks aimed at a friendly deal with the junior uranium explorer failed.
Canada’s largest uranium producer said on Friday it would offer C$3.75 a share for Hathor, a 40 percent premium on its Thursday close of C$2.67.
TORONTO (Reuters) – Spies and assassins will get moviegoers’ adrenaline pumping at the Toronto International Film Festival this year, while the world premiere of a Winnie Mandela biopic brings a political edge to the event.
The 10-day festival opens on September 8 and will close with David Hare’s “Page Eight”, a contemporary spy film that casts a critical eye on modern intelligence practices.
TORONTO, Aug 14 (Reuters) – With recession fears weighing
on equity markets, resource investors would do well to steer
clear of speculative Canadian mining plays and put their cash
into producing miners with strong balance sheets.
Leading market indicators are pointing to slowing global
growth, which will likely lead to lower demand for resources as
the construction and manufacturing sectors pull back.
TOKYO/TORONTO (Reuters) – Japanese manufacturers concerned about China’s restrictive export quotas on essential rare earths may have found a way to resolve their supply concerns — relocate production to China.
By setting up shop inside China, where some 95 percent of the world’s rare earths are produced, manufacturers can obtain the metals on the cheap and then export the finished products outside the quota system.
TORONTO, Aug 11 (Reuters) – Molycorp (MCP.N: Quote, Profile, Research, Stock Buzz) rose to a
profit on Thursday as the company, which is modernizing its
Mountain Pass mine in California, sold more rare earth products
at higher prices, a trend it expects to continue.
Molycorp chief executive Mark Smith told Reuters that he
believes rare earth prices will stay strong in 2011, despite
recent reports of lower prices for certain of the metals and
declining demand out of Japan.
TORONTO, Aug 9 (Reuters) – Shares of Thompson Creek Metals
(TCM.TO: Quote, Profile, Research, Stock Buzz) climbed off a year low on Tuesday after the molybdenum
miner backed its full-year production outlook and broader
market fears of a double-dip recession calmed.
Shares closed at a year-low of C$6.94 on Monday ahead of
the company’s results. Later it posted a lower quarterly profit
and warned that output at its flagship Thompson Creek mine
would slip in the second half of the year as it produced a
lower-grade ore. [ID:nL3E7J83JC]
TORONTO, Aug 4 (Reuters) – Cameco Corp (CCO.TO: Quote, Profile, Research, Stock Buzz), Canada’s
largest uranium producer, reported a 23 percent drop in second-
quarter profit on Thursday as sales volumes declined, and it
lowered its industry outlook in the wake of Japan’s nuclear
Cameco revised its supply-demand outlook to take into
account Germany’s decision to move away from nuclear in the
aftermath of the nuclear disaster at the Fukushima Daiichi
power plant, and the current state of Japan’s reactor fleet.
TORONTO (Reuters) – Irish rockers U2 and American grunge band Pearl Jam will have the Toronto International Film Festival rocking this year, while George Clooney and Brad Pitt bring some A-List star power to the event that helps launch Hollywood’s Oscar season.
The festival will open on September 8 with the world premiere of “From the Sky Down” by Davis Guggenheim, who directed the Oscar-winning documentary “An Inconvenient Truth”, the first time in the event’s 36-year history that a documentary has been the debut night movie.